Mogul Energy International, Inc. Seattle, WashingtonBusiness Combination Agreement • August 7th, 2007 • Mogul Energy International, Inc. • Crude petroleum & natural gas
Subject to and in accordance with the terms and conditions hereinafter contained, this letter agreement is intended to set forth the basic terms and conditions of a proposed business combination (the “Business Combination”) of Mogul Energy International, Inc. (“Mogul”) and Sea Dragon Energy, Inc. (“Sea Dragon”). This letter agreement is further intended to govern the parties’ conduct until such time as the parties determine to proceed with the Business Combination and execute a binding definitive agreement (the “Definitive Agreement”), or this letter agreement has been terminated in accordance with its terms. This letter agreement shall be superseded in its entirety by the Definitive Agreement.
