AGREEMENT FOR WITHDRAWAL OF EPICENTER OIL & GAS
AGREEMENT
FOR WITHDRAWAL
OF
EPICENTER OIL & GAS
THIS
AGREEMENT is executed by the parties on the dates set forth opposite the parties
signature lines and is made by and between EPICENTER OIL & GAS, LLC
(hereinafter EPICENTER), a Florida Limited Liability Company, and INDIGO-ENERGY,
INC. (hereinafter INDIGO), a Nevada corporation, HUB ENERGY, LLC (HUB), a
Pennsylvania limited Liability company, and GOLDEN EAGLE RESOURCES, INC. (GOLDEN
EAGLE), a Colorado corporation.
RECITALS:
A.
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EPICENTER,
INDIGO, HUB and GOLDEN EAGLE entered into a Joint Venture/AMI Agreement,
dated .July 24, 2006, a true and accurate copy of which is appended
hereto.
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B.
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Goals
of the Joint Venture/AMI Agreement have not been met with respect
to
EPICENTER and EPICENTER has elected to withdraw from The Joint Venture
Agreement.
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C.
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INDIGO,
HUB and GOLDEN EAGLE consent to the withdrawal OF EPICENTER from
the Joint
Venture/AMI Agreement and the parties wish to reduce their agreements
to
writing.
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NOW,
THEREFORE, in consideration of the premises and other valuable considerations,
the receipt and sufficiency of which is hereby acknowledge, the parties hereto
agree as follows:
1.
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From
and after the date hereof, EPICENTER shall no longer be a party to
the
Joint Venture/AMI Agreement, dated July 24, 2006, a true and accurate
copy
of which is appended hereto.
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2.
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INDIGO
Is relieved of any further obligation to pay EPICENTER the balance
of
funds owed for expenses incurred by EPICENTER, its third party vendors
and
others in research, title options and bidding for and purchasing
leases as
provided for in Article I, subparagraph 1.1, of the Joint Venture/AMI
Agreement.
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3.
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EPICENTER,
INDIGO, HUB and GOLDEN EACLE hereby mutually remise, release, acquit,
satisfy and forever discharge each other at and from all, and all
manner
of action and actions, cause and causes of action, suits, debts,
dues,
sums of money, accounts, reckonings, bonds, bills, specialties, covenants,
contracts, controversies, agreements, promises, variances, trespasses,
damages, judgments, executions, claims and demands whatsoever, in
law or
in equity, which any of the parties ever had, now have, or which
any
personal representative, successor, heir or assign of any party hereto
can, shall or may have, for, upon or by reason of any matter, cause
or
thing whatsoever, from the beginning of the world to the day of these
presents, and in particular any and all claims arising out or the
facts,
matters and transactions alleged or concerning the Joint Venture
Agreement
signed by the parties hereto, dated July 24, 2006, a true and
accurate copy of which is appended hereto.
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4.
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Each
party represents and warrants to the others that they have thoroughly
read
and reviewed the terms of this Agreement and the terms and provisions
contained herein are clearly understood and have been fully and
unconditionally consented to by each party.
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5.
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From
and after the date of this Agreement, INDIGO, HUB and GOLDEN EAGLE,
at
their election may, remain members of the Joint Venture Agreement.
Each
acknowledges, however, that EPICENTER is no longer subject to the
terms of
the Joint Venture Agreement or the AMI created pursuant thereto.
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6.
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This
Agreement embodies the complete and entire agreement between the
parties
relating to the subject matter hereof.
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7.
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The
parties agree that this Agreement will not be modified or changed,
unless
the change or modification is in writing and signed by all parties.
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8.
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Each
party hereto represents and warrants to the other party that the
execution, delivery and performance of this Agreement has been: (I)
duty
authorized by the requisite corporate actions; and (II) will not
violate any provision of law, governmental rule or regulation, order
of
court or other governmental agency, its articles of incorporation,
bylaws,
or any provision of any indenture, agreement or other Instrument
to which
it is a party.
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9.
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This
Agreement may be executed in any number of counterparts, each of
which
shall be a duplicate original, but all of which taken together shall
constitute one and the same instrument any of the parties hereto
may
execute this Joint Stipulation by signing any such counterpart or
counterparts. Facsimile copies shall be deemed originals for all
purposes.
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EPICENTER OIL & GAS, LLC | ||
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By: | ||
Print Name: Xxxxxx X. Xxxxxxx |
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Print Title: Member-Manager | ||
Date: 4-30-07 |
INDIGO-ENEIGY, INC. | ||
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By: | ||
Print Title: |
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Date: |
HUB
ENERGY, LLC
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By: | ||
Print
Title:
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Date: |
GOLDEN EAGLE RESOURCES, INC. | ||
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By: |
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By: | ||
Print Title: President |
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Date: 5/5/07 |
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