Exhibit 10.4
Natural Resource Group Gathering, LLC
and
New Frontier Energy,
Inc.
This instrument is intended to modify
the agreement between the above parties dated December 26, 2007 which was modified by a
modification agreement dated December 24, 2008. This agreement is intended to further
modify the aforementioned agreements, and is to be effective as of________________, 2009
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WHEREAS |
the New Frontier Energy, Inc. (hereinafter “NFE”) entered into a purchase
agreement with Natural Resource Group Gathering, LLC’s (hereinafter “NRGG”)
purchasing NRGG’s general partnership interest in Xxxxxx Dome Gathering, LLLP
(hereinafter “SDG”) for a purchase of price of $1,075,000, of which $268,750 was
paid by NFE at closing and executed a promissory note in the amount of $806,250.00 bearing
2.5% interest maturing on December 31, 2008 which was modified to mature on December 31,
2009.. NFE has made a installment payments on the note in the amount of $421,500.85
consisting of principal in the amount of $403,305.00 and interest of $18,195.85 leaving a
principal balance still due of $403,125.00. |
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WHEREAS |
the parties desire to extend the due date and payment terms of the
promissory
note whereby $201,565.50 of principal is due December 31, 2009 together with accrued
interest and the remaining principal balance of $201,565.50 together with accrued interest
will be due December 31, 2010. NFE and NRGG agree that NFE has the right of prepayment
with out penalty of any and all of the principal together with accrued interest to the
date of payment;
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IN
WITNESS WHEREOF,
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NFE and NRGG have caused this additional modification to the
Promissory Note and Partnership Interest Purchase Agreement dated December 26, 2007, as
amended on December 24, 2008, to be executed under seal by its duly authorized officers or
members as of__________________________, 2009.
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NEW FRONTIER ENERGY, INC. LLC
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Natural Resource, Group Gathering, LLC
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By:_________________________________
Its: |
Xxxxxxx Xxxxxx
Managing Member |
