Dakota Financial
EXHIBIT 10.7 – Workover Rig Pay-Off Letter
Dakota Financial
March 25, 2010
Xxx X. Xxxxxxx
Chief Financial Officer
000-00 Xxxxxx Xxxx. Suite 901
Forest Hills, NY 11375
Re: Equipment Lease # 7862
Dear Mr. Xxxxxxx:
Per your request, this letter acknowledges your intention to payoff the above referenced Equipment Lease Agreement currently under lease with Dakota Financial, LLC. The payoff for this contract includes all chargeable fees to date and is listed below.
Upon receipt of 550,000 shares of Native American Energy Group, Inc. Common Stock (ticker symbol NAGP) no later than April 5, 2010, Dakota Financial will release all right, title and interest in and to the Equipment Lease Agreement, Lease No. 7862, dated March 1, 2006, including any & all liens, encumbrances and/or rights to that certain real estate property described as 0000 Xxxxx Xxxxxx Xxxxx, Xxxxxxxx, XX 00000 that was pledged by Xxx Xxxxxxx as collateral under the Equipment Lease Agreement.
In addition, Xxxxxx will release all personal guarantors, Xxx Xxxxxxx, Xxxxx Xxxxx, Xxxxxx Xxxxx & Xxxxxx Xxxxxxx from all liabilities under the Lease. The Workover Rig under this Lease will then be free and clear from any liens and/or encumbrances, and title to the equipment will be transferred to Native American Energy Group, Inc..
If you have any questions, please feel free to contact me at any time.
Regards,
/s/ Xxxxxxx Xxxxx
Xxxxxxx Xxxxx
Managing Partner
Dakota Financial, LLC
00000 Xxxxx Xxxxxx Xxxx., Xxxxx 000 Xxx Xxxxxxx, XX 00000 ph. 000.000.0000 fax. 000.000.0000 xxx.xxxxxxxxxxxxxxx.xxx
