July 30, 2002Amendment to Joint Venture Agreement • March 31st, 2003 • Edge Petroleum Corp • Crude petroleum & natural gas
Pursuant to our recent discussions, this will confirm the verbal settlement agreement reached in June 2002 concerning Essex Royalty Joint Venture (Essex I). This letter will further modify the Amendment to Joint Venture Agreement for Essex I between Edge Petroleum Corporation (Edge) and Essex Royalty Limited Partnership dated effective January 1, 2001, reference to which is hereby made. It is agreed that "Sharing Ratio Shift" on account of Essex 1 has occurred, and Essex I will begin paying Edge 40% on account of the after-payout interest of the net royalty distributions from Essex I, effective with the April 2002 cash distribution and monthly thereafter. Essex I will be entitled to deduct from Edge's 40% share of the distributions, 40 % of the following amounts: an accounting fee of $1,000 per month (currently being paid to Richard Dale) subject to increase to cover actual increases in the fee paid to Mr. Dale or another person, actual fees for preparation of Essex I's tax return, and
