TERRA ENERGY & RESOURCE TECHNOLOGIES, INC.Deferral of Repayment of Loan • January 4th, 2008 • Terra Energy & Resource Technologies, Inc. • Oil & gas field exploration services
This letter is intended to confirm our agreement with you regarding the deferral of certain monies that you, individually, have previously advanced to Terra Energy & Resource Technologies, Inc. (the “Company”) and its subsidiaries and related entities (collectively, with the Company, the “Affiliated Entities”). As you have been informed by us, the Company expects to enter into a Securities Purchase Agreement with at third party, Esterna Ltd, which is anticipated to close in December 2007 (the “Purchase Agreement”). As a material inducement to Esterna to enter into the Purchase Agreement and other good and valuable consideration the receipt of which is hereby acknowledged, the Affiliated Entities confirm with you our agreement regarding the repayment of such monies. As of December 12, 2007, we owe you $105,000 for monies that you have previously advanced to the Company, without including any mutually agreeable interest thereon, if any, together with such additional advances as you may m
