DEREK OIL & GAS CORPORATION Suite 1550 - 355 Burrard Street Vancouver, B. C., Canada, V6C 2G8 Tel.. (604) 331-1757 Fax: (604) 669-5193 October 3, 2003 Mr. Basil Smidt Bateman Engineering Inc., 12200 East lliff Avenue, Suite 100, Aurora Denver...Debt Deferral Agreement • November 5th, 2003 • Derek Oil & Gas Corp • Drilling oil & gas wells
When countersigned by each of the parties, the following will set forth the terms and conditions pursuant to which Derek Oil and Gas Corporation ("Derek") and Bateman Engineering, Inc. ('Bateman") have mutually agreed to defer payment of amounts currently owing by Derek to Bateman:
DEREK OIL & GAS CORPORATIONHeads of Agreement • November 5th, 2003 • Derek Oil & Gas Corp • Drilling oil & gas wells • Wyoming
Further to our recent conversations, I have set forth the following terms pursuant to which Derek Oil & Gas Corporation would enter into an agreement with you and your oil & gas partnership whereby your group would participate in the LAK Ranch Oil Project.
