FIRST AMENDMENT TO OPTION TO ACQUIRE LEASES Cook Inlet CBM ProjectOption to Acquire Leases • June 30th, 2006 • Geopetro Resources Co • Oil & gas field exploration services • Alaska
This First Amendment to Option to Acquire Leases (this “Agreement”), effective as of this 20th day of April, 2005 (the “Effective Date”), is by and between GeoPetro Resources Company (“GeoPetro”) and Pioneer Oil Company, Inc. (“Pioneer”). This Agreement completely supersedes and replaces in its entirety that Option to Acquire Leases Cook Inlet CBM Project previously executed by GeoPetro and Pioneer. The term “GeoPetro” shall also include any participant(s) of GeoPetro who desire to acquire interest in the Subject Interests. Subject to the terms hereof, GeoPetro is prepared to acquire Pioneer’s one hundred percent (100%) working interest in the State of Alaska oil and gas leases to be issued to Pioneer in the Cook Inlet Alaskan CBM Project (the “Subject Interests”) which are set forth on Exhibit A attached hereto, and which cover approximately one hundred sixteen thousand eight hundred six and twenty-nine hundredths (116,806.29) acres. GeoPetro may, in its sole discretion, assign this A
