LOAN AGREEMENT
Exhibit 10.3
THIS AGREEMENT is dated for reference this 31st day of December, 2003.
BETWEEN:
Silver Star Energy Inc., a body corporate duly incorporated Under the laws of the State of Nevada, and having an office at #800 00000 Xxxx Xxxxxxx Xxxx Xxx Xxxxxxx, Xxxxxxxxxx 00000
(Hereinafter called the “Company”)
| AND: | OF THE FIRST PART |
Xxxxxx XxXxxxxx, an individual with an office at #000 0000 Xxxx 0xx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0.
| OF THE SECOND PART |
WHEREAS:
Xxxxxx XxXxxxxx has advanced the Company loans totaling $445,000 US to meet the commitments of December 2003 for the Following:
For the North Franklin Prospect Agreement the following funds have been advanced as follows:
| 2003 | |||
| Prospect Purchase: | $ | 85,000.00 | |
| Land: Title & Lease | |||
| Lease Administration | |||
| Totals | $ | 85,000.00 |
For the Winter Pinchout South Sacramento Valley Exploration Program Agreement the following funds have been advanced as follows:
| 2003 | |||
| Prospect Purchase: | $ | 100,000.00 | |
| Land: Title, Legal, Lease | $ | 25,000.00 | |
| Well Data | $ | 10,000.00 | |
| 3-D Data | $ | 175,000.00 | |
| Seismic Reporting & Analysis | |||
| Xxxxxx Management Fee | $ | 10,000.00 | |
| Totals | $ | 320,000.00 |
| 2003 | |||
| New Market Trends Inc.: | $ | 40,000 | |
| Future media communication services to be provided to the Company. |
It is agreed that the Company will make a best efforts attempt to repay the funds to Xxxxxx XxXxxxxx on a timely basis. By advancing the funds to the Company Xxxxxx XxXxxxxx makes no claims for interest, default or any restrictive covenants against the company.
IN WITNESS WHEREOF this Agreement has been executed as of the day, month and year first above written.
| Silver Star Energy Inc. | ||
| Per: | /s/ Xxxxx Xxxxxx | |
| Authorized Signature | ||
| /s/ Xxxxxx XxXxxxxx | ||
| Xxxxxx XxXxxxxx | ||
