Re: Letter Agreement Tidewater’s Iron County, Utah acreageLetter Agreement • January 31st, 2014 • Virtus Oil & Gas Corp. • Retail-eating & drinking places • Colorado
This Letter Agreement (the “Agreement”) sets forth our mutual agreement regarding the sale to Virtus Oil & Gas (“VOG”) of Tidewater Oil & Gas Company, LLC’s (“Tidewater”) working interest in Iron County, Utah, which has approximately 36,787 net acres (see Landmap “Exhibit A – Iron County Leases, Iron County, Utah,” for specific leasehold descriptions of Tidewater’s interest in Iron County, Utah), and “VOG’s” purchase 87.5% of Tidewater’s Working Interest with Tidewater retaining a 12.5% Working Interest and a 12.5% carried interest in the initial well in its Iron County, Utah acreage position, which is subject to Bankruptcy Court approval. This Agreement shall not be effective and shall be null and void unless it is approved by the Bankruptcy Court in the Tidewater Chapter 11 bankruptcy case. While Tidewater will proceed to gain approval of the Agreement, it will retain the right to withdraw its Motion for approval as it deems appropriate in the exercise of its duties in the Chapter 11
