LOAN AGREEMENT
THIS AGREEMENT made the 22nd day of March, 2006
BETWEEN:
XXXXX XXXXX, of 0000 Xxxxxxxxx, Xxxxxxx, Xxxxx, 00000; and
L.XXXXXX XXXXXX, of 0000 Xxxxx Xxxxxx, Xxxxxxx, Xxxxx, 00000;
(the "Lenders")
OF THE FIRST PART
AND:
GULF UNITED ENERGY, INC., a company incorporated pursuant to the
laws of Nevada with an office at 000 Xxxxxxxxx Xxxxxx Xxxxx, Xxx
000, Xxxxxxxxx, Xxxxxxx, Xxxxxx X0X 0X0
("Gulf United")
OF THE SECOND PART
WHEREAS:
A. Gulf United requires funding in connection with its proposed participation
in a joint venture agreement with Cia. Mexicana de Gas Natural, S.A. de
C.V. (the "Mexican Agreement");
B. The Lenders are prepared to loan the sum of US$200,000 (the "Loan") to
Gulf United on certain terms and conditions contained herein;
NOW THEREFORE THIS AGREEMENT WITNESSETH that for and in
consideration of the sum of TEN DOLLARS ($10.00), and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:
1. The Lenders hereby agrees to advance the Loan to Gulf United, or on
its behalf, at the Lenders' option, forthwith upon the execution of this
Agreement.
2. The Loan shall be unsecured and bear simple interest at a rate of
10% per annum, calculated in arrears on a monthly basis commencing on the date
of the Loan and continuing until the entire Loan amount is paid in full.
3. The Loan, as well as all accrued interest, shall be due and payable
from Gulf United to the Lenders on June 4, 2006. Gulf United shall not be
penalized for early repayment.
4. At any time, Gulf United may satisfy the repayment of the Loan and
all interest accrued by transferring by way of xxxx of sale all of its interest
in the Mexican Agreement to the Lendors.
5. All funds and dollar amounts referred to in this Agreement are in
the lawful currency of the United States of America.
6. This Agreement shall be interpreted in accordance with the laws in
effect from time to time in the State of Texas.
IN WITNESS WHEREOF the parties hereto have hereunto affixed their
respective hands, both as of the day and year first above written.
GULF UNITED ENERGY, INC.
/s/ Xxxxx Xxxxx PER:/s/ Xxxxx Xxxxxxxxx
__________________________ ________________________
Xxxxx Xxxxx Authorized Signatory
/s/ L. Xxxxxx Xxxxxx
__________________________
L. Xxxxxx Xxxxxx
