Exhibit 10.16
November 2, 2005
VIA E-MAIL AND FACSIMILE
Xx. Xxxxxx X. Xxxxx
XXXXXXXXXXXXX
XXXXXXX
XXXXXXXXXXXX
Phone: XXX-XXX-XXXX
Fax: XXX-XXX-XXXX
RE: AMENDMENT TO PURCHASE AND SALE AGREEMENT
Dear Xx. Xxxxx:
Your signature on the line designated below will signify your agreement to
the herein described amendments to the Purchase and Sale Agreement between Xx.
Xxxxxx X. Xxxxx and New Century Energy Corp. ("NCEY") dated November 1, 2005.
If these amendments reflect your agreement with NCEY then sign on the line
provided and return a copy of this letter with your original signature to me at
the address on the letterhead.
The Purchase and Sale Agreement is amended as follows:
1. The Closing Date is January 3, 2006.
2. The Effective Date of the conveyance shall remain October 1, 2005.
However, the net revenue for the month of October, 2005, shall be split
equally between Seller and Buyer.
3. Buyer will wire Seller a deposit in the amount of 10% of the purchase
price, $189,000.00, on November 2, 2005. This deposit shall only be
refundable to Buyer in the event that Seller does not have clear title to
his interest at time of closing. The state of title shall be verified by
Buyer by reviewing the real property records of XxXxxxxx County, Texas
prior to the Closing Date.
4. Buyer will be responsible for all AFE charges for the new proposed LH
#9 well that will spud in the next 30 days. Any charges for the #9 well
paid in advance by Seller prior to October 1, 2005, will be reimbursed to
Seller by Buyer as part of closing. Buyer will also be responsible for all
AFE charges from the date of this Letter Agreement for the workover of the
#4 well. Any charges paid by Seller from this date forward will also be
reimbursed to Seller by Buyer as part of closing.
5. Any unused credits on Seller's XXX statement as of October 1, 2005,
with U.S. Enercorp, Ltd. for drilling the #11 and Fee #1 xxxxx will be
refunded to Seller by Buyer at closing.
Do not hesitate to call me if you have any questions or comments regarding
these matters. Otherwise, I thank you in advance for your cooperation.
Very truly yours,
/s/ J. Xxxxx Xxxxx
J. Xxxxx Xxxxx
Amendment to Purchase and Sale Agreement Agreed to and Accepted:
/s/ Xxxxxx X. Xxxxx /s/ Xxxxxx X. XxXxxxxxx
---------------------- --------------------------
Xxxxxx X. Xxxxx Xxxxxx X. XxXxxxxxx
President & CEO
New Century Energy Corp.
cc: Xx. Xxx Xxxxxx
The Law Office of Xxx X. Xxxxxx
0000 Xxxxxx Xxxx, Xxxxx 0000
Xxxxxx, Xxxxx 00000
Via E-mail and Facsimile
