FREEDOM PETROLEUM, INC. 650 Poydras Street, Office 15 Suite 1400 New Orleans, LA 70130Purchase and Sale Agreement • April 29th, 2015 • Freedom Petroleum Inc. • Crude petroleum & natural gas
This letter is regarding the Purchase and Sale Agreement (the "Agreement") dated October 10, 2014 entered into by and between Shalex Corporation ("Shalex") and Freedom Petroleum, Inc. ("Freedom"). Freedom has decided not to meet the payment terms of the Agreement due to recent changes in global oil markets and a declined interest in the industry from investors, therefore, management has determined it would be in our shareholders' best interest not to continue pursuing the transaction contemplated under the Agreement and therefore we would like to terminate it. Based on the terms of the Agreement, it can be terminated through mutual consent. Accordingly, we hereby request your consent to terminate the Agreement pursuant to Section 6.16(c) of the Agreement.
