EXHIBIT 10.16
FIFTH EXTENSION AGREEMENT BETWEEN PIONEER OIL LLC AND DOLPHIN
ENERGY CORPORATION DATED SEPTEMBER 30, 2003
FIFTH EXTENSION AGREEMENT
THIS FIFTH EXTENSION AGREEMENT is made and entered into effective
September 30, 2003, by and between PIONEER OIL, LLC, a Montana limited liability
company, of Billings, Montana ("Pioneer") and DOLPHIN ENERGY CORPORATION, of
Miami Florida ("Dolphin").
WITNESSETH, that:
WHEREAS, Pioneer and Dolphin entered into that certain Lease
Acquisition and Drilling Agreement dated September 30, 2002 (the "Lease
Acquisition and Drilling Agreement") and
WHEREAS, the parties have entered into certain Amending and Extension
Agreements, the same being dated January 4, 2003, January 30, 2003, April 21,
2003, and September 5, 2003; and
WHEREAS, the parties wish to enter into this Fifth Extension Agreement
in order to extend the time for performance by Dolphin of certain of Dolphin's
obligations under the Lease Acquisition and Drilling Agreement.
NOW, THEREFORE, in consideration of the premises and for adequate
consideration, and for the mutual promises and covenants undertaken herein, it
is agreed as follows:
1. Dolphin's obligations under Paragraphs IV-A and V-A under the
Lease Acquisition and Drilling Agreement are hereby extended
to October 16, 2003, subject, however, to the other terms and
conditions of the prior Agreements between the parties.
2. Time shall be of the essence of all obligations and
understandings of the parties pursuant to the Lease
Acquisition and Drilling Agreement and all amendments thereto,
and Dolphin covenants and agrees to timely perform its
obligations under Paragraphs IV-A and VA thereof.
3. This Fifth Extension Agreement shall be signed by the parties
in counterpart and exchanged via facsimile transmission.
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DATED effective September 30, 2003.
DOLPHIN ENERGY CORPORATION
By: /S/ XXXX XXXXXX
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Authorized Officer
PIONEER OIL, LLC
By:
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Authorized Officer
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