DRAGON ENERGY CORPORATION NEW ORLEANS, LOUISIANA 70130-6155Farmout Agreement • March 20th, 2006 • Ignis Petroleum Group, Inc. • Metal mining
The First Amendment of Farmout Agreement dated September 30, 2005 ("Amendment") between DRAGON ENERGY CORPORATION ("Dragon") and ARGYLE ENERGY, INC. ("Argyle"), executed concurrently with this Side Letter to First Amendment of Farmout Agreement ("Side Letter") provides for an extension of the Test Well commencement date. The Amendment is subject to and contingent upon the following additional terms and consideration:
DRAGON ENERGY CORPORATION NEW ORLEANS, LOUISIANA 70130-6155Farmout Agreement • March 20th, 2006 • Ignis Petroleum Group, Inc. • Metal mining
When accepted by you in the manner provided hereinafter, this letter shall constitute a contract and agreement ("Agreement") between DRAGON ENERGY CORPORATION ("Dragon") and ARGYLE ENERGY, INC. ("Argyle"), concerning those certain Oil, Gas and Mineral Leases (the "Leases") described more particularly in the list of leases and lands attached hereto as Exhibit "I." Argyle has expressed a desire to acquire an interest in the Leases by drilling a test well in search of oil and/or gas on the Leases, and this letter will evidence the agreement between Dragon and Argyle with respect thereto.
