AMENDMENT AND REVISION TO DEVELOPMENT AND EXPLORATION AGREEMENT (Wardlaw Property, Edwards County, Texas)Development and Exploration Agreement • July 14th, 2006 • United Heritage Corp • Crude petroleum & natural gas
Effective March 31, 2006, Lothian Oil Inc. (“Lothian”), whose address is 500 Fifth Avenue, Suite 2600, New York, NY 10110, and UHC Petroleum Corporation, and UHC Petroleum Services Corporation, as ratified by United Heritage Corporation (collectively referred to as “UHC”), whose address is 405 N. Marienfeld, Suite 200, Midland, TX 79701, entered into a Development and Exploration Agreement (the “Agreement”) providing for Lothian to loan UHC a sum of up to Two Million Five Hundred Thousand Dollars ($2,500,000.00) for the development of oil and gas leases owned by UHC in the Wardlaw Field in Edwards County, Texas (the “Wardlaw Property”).
DEVELOPMENT AND EXPLORATION AGREEMENTDevelopment and Exploration Agreement • July 14th, 2006 • United Heritage Corp • Crude petroleum & natural gas
Lothian Oil Inc. (“Lothian”), whose address is 500 5th Avenue, Suite 2600, New York, NY 10110, and UHC Petroleum Corporation, and UHC Petroleum Services Corporation, and ratified by United Heritage Corporation (collectively referred to in this Agreement as “UHC”), whose address is 405 N. Marienfeld, Suite 200, Midland, TX 79701, entered into a definitive agreement providing for Lothian to acquire shares of the common stock of United Heritage Corporation (the “Share Transaction”). The stock purchase agreement provides that it is contingent on Lothian and UHCP entering into a Development and Exploration Agreement (this “Agreement”) concerning the ownership, exploration, and development of UHCP’s Oil and Gas Leases in the Cato San Andres Unit, Chavez County, New Mexico; the Tom Tom Field, Chavez County, New Mexico; the Tomahawk Field, Roosevelt County, New Mexico (collectively referred to as the “New Mexico Properties”); and the Wardlaw Field, Edwards County, Texas (the “Wardlaw Property”
