SETTLEMENT AGREEMENT AND RELEASESSettlement Agreement and Releases • June 27th, 2014 • Worthington Energy, Inc. • Crude petroleum & natural gas
This Release and Settlement Agreement (“Settlement Agreement”) is made and entered into by and between (1) Montecito Offshore, LLC (“Montecito”), (2) Worthington Energy, Inc. (“Worthington”), formerly known as Paxton Energy, Inc., and PaxAcq, Inc. (“PaxAcq” and Worthington are collectively referred to herein as “Paxton”), and (3) Alva Terry Staples, et al. (“Debenture Holders”), a complete listing of whom is attached as Exhibit A. The parties to this Settlement Agreement are sometimes referred to individually as a “Party” and collectively as “Parties.” Any references to Paxton contained in this Settlement Agreement shall be deemed to refer to each of Worthington and PaxAcq, individually, and to both of them jointly.
