MEMORANDUM OF UNDERSTANDINGMemorandum Of • August 23rd, 2007 • South Sea Energy Corp. • Mining & quarrying of nonmetallic minerals (no fuels)
This Memorandum of Understanding will confirm the various discussions that have taken place relative to the proposal to terminate discussions underlying the Letter of Intent entered into by South Sea and CBM dated June 15, 2007, as amended (the “LOI”). This Memorandum of Understanding contains terms and conditions mutually acceptable to each party and upon execution, is binding as it relates to the various matters set forth below:
