THIS EXTENSION AGREEMENT made on September 9, 2009Extension Agreement • October 2nd, 2009 • Mogul Energy International, Inc. • Crude petroleum & natural gas
The Company agreed pursuant to an agreement dated February 11, 2009 (the “Agreement”) to permit Mogul to subscribe for a 40% Members Percentage Interest in the Company. The Members Percentage Interest subscribed by Mogul was in consideration of the Capital Contribution by Mogul to the Company of US$2,300,000. Mogul, the Company and the Members of the Company hereby agree to an extension of time for the payment of the subscription payments. All parties to this agreement are agreeable to the granting of the requested extension and to adjusting the schedule of subscription payments. The parties hereto, in consideration of the mutual covenants set forth herein and other good and valuable considerations hereby acknowledge and agree to the following:
