PARTIAL CANCELLATION AGREEMENTPartial Cancellation Agreement • May 17th, 2016 • Dala Petroleum Corp. • Crude petroleum & natural gas • Delaware
THIS PARTIAL CANCELLATION AGREEMENT (“Agreement”), dated May 10, 2016, and is to be considered effective as of even date herewith (the “Effective Date”), by and among Dala Petroleum Corp., a Delaware corporation (“Dala DE”), Dala Petroleum Corp., a Nevada corporation (“Dala NV”), Chisholm Partners II, LLC (“Chisholm II”), a Louisiana limited liability company, and certain members of Chisholm Partners II, LLC set forth on the signature pages hereto (each individually a “Chisholm Member” and collectively the “Chisholm II Members”).
FORM OF RELEASEDala Petroleum Corp. • May 17th, 2016 • Crude petroleum & natural gas
In consideration of the settlement bargained for in the Assignment Agreement, the receipt and sufficiency of which is acknowledged, the undersigned, Chisholm Partners II, LLC, a Louisiana limited liability company (“Chisholm”), and any of its agents, successors, and assigns (collectively “Releasors”), hereby releases, acquits, and forever absolutely discharges Dala Petroleum Corp., a Delaware corporation (“Dala”), and Dala’s past and present owners, management members, subsidiaries, employees, servants, representatives, agents, attorneys, affiliated entities and persons, subrogees, heirs, executors, insurers, successors, and assigns (the “Dala Releasees”), from any and all claims in the amount of $100,000 related to outstanding and/or unpaid fees due to Chisholm in connection with the Master Services Agreement executed on June 3, 2014 with Dala. The Releasor also confirms that the Master Services Agreement is cancelled.
