May 6, 2014Letter Agreement • May 12th, 2014 • Virtus Oil & Gas Corp. • Retail-eating & drinking places
First Amendment to the "Letter Agreement" between Tidewater Oil and Gas Company LLC, "Tidewater", and Virtus oil and gas, "Virtus" signed November 14, 2013 and approved by the bankruptcy court on December 11, 2013.
Houston, TX 77002 Re: Letter Agreement Third Party Iron County, Utah acreage Mr. Ferris,Letter Agreement • May 12th, 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 and Gas ("VOG") the working interest in leases owned by Tom Johnson and Bill Berryman ("TJBB") in Iron County, Utah, hereinafter referred to as the "Third Party Acreage" This is approximately 18,690.50 acres and is delivered to VOG with an 80% NRI and a 87.5% working interest. TJBB will retain 12.5% of the Working Interest, and its 12.5% working interest will be carried though the drilling and completion of the initial well drilled on its acreage in Iron County, Utah. Thereafter TJBB will be "heads up" on its participation and subsequent operations covered as described below in paragraph IV.
