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Exhibit 10.1
FIRST AMENDMENT TO LEASE
DATED DECEMBER 1, 2006
BETWEEN
STATION PLAZA ASSOCIATES (“LANDLORD”)
AND
PACIFIC ASIA PETROLEUM, INC. (“TENANT”)

This FIRST AMENDMENT TO LEASE, dated September 10, 2008 (the “Effective Date”),
is entered into by and between STATION PLAZA ASSOCIATES, a partnership organized
and existing under the State of New York with an office at 595 Summer Street,
Stamford, CT acting herein by Leslie M. Klein, partner duly authorized
(“Landlord”), and, PACIFIC ASIA PETROLEUM, INC. (successor-in-interest to Inner
Mongolia Production Company LLC)  with offices located at 250 East Hartsdale
Avenue, Hartsdale, New York 10530 (“Tenant”).

RECITALS:
A.  
The parties have entered into a certain written Lease Agreement dated December
1, 2006 (the “Lease”), for 1378 rentable square feet on the fourth floor in the
building located at 250 East Hartsdale Avenue, Hartsdale, New York (the “Demised
Premises”).

B.  
Landlord and Tenant intend to enter into this First Amendment to Lease in order
to increase the rental square footage of the Demised Premises to 1,978 rentable
square feet, and to modify and amend the Lease as hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth herein, Landlord and Tenant agree as follows:

1.  
Terms used in this First Amendment to Lease and not otherwise defined herein
shall have the meanings assigned to them in the Lease.

2.  
This First Amendment to Lease shall become immediately effective as of the
Effective Date.

 
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Exhibit 10.1

3.  
Following the Effective Date, the “Rent” for the Demised Premises shall be as
follows:

(i) Effective Date through Build-Out Completion Date (as defined
below):  current monthly rate.
(ii) Build-Out Completion Date to November 30, 2009:  $ 5,095.00 per month.
(iii) December 1, 2009 to November 30, 2010:  $ 5,300.00 per month.
4.  
As of the Build-Out Completion Date, Tenant’s Proportionate Share as defined in
the Lease under Section 2, Subparagraph (c) shall be 7.96%.

5.  
As of the Effective Date, the number of reserved parking spaces provided in
Section 2, Subparagraph (d), of the Lease shall be increased by two (2) to a
total of six (6).

6.  
Pursuant to Section 23 of the Lease, the Landlord currently holds a Security
Deposit in the amount of $6,430.66.  Within three (3) business days following
the Build-Out Completion Date, the Tenant shall deliver to Landlord by bank
check an additional $3,759.34 to be added to the Security Deposit.

7.  
FITUPS AND ALTERATIONS TO ADDITIONAL SPACE:

(i) Landlord will, at Landlord’s cost, provide Tenant with a turnkey build-out
as follows (the “Build-Out”):  wall partitions connecting suites 45 and 46 to
suite 47; matching carpeting and painting; ceiling tiles; blinds; lights.
(ii) The date of completion of the Build-Out to Tenant’s reasonable satisfaction
expressed in writing shall be referred to herein as the “Build-Out Completion
Date.”
8.  
QUIET ENJOYMENT:  Landlord acknowledges that the terms of Section 18(a) of the
Lease (“Quiet Enjoyment; Holding Over”) shall remain in full force and effect
during the Build-Out process as described in Section 7 above and for the
duration of the First Amendment to Lease term, and that Landlord shall take all
reasonable actions necessary to ensure that Tenant may peaceably and quietly
enjoy the Demised Premises free from any interference, molestation or acts of
Landlord or its agents.  Landlord agrees to take all reasonable actions to
minimize disruptions to Tenant during the Build-Out process and shall schedule
Build-Out

 
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Exhibit 10.1

work hours for evenings after 5:00 p.m. and weekends, or other such times as
coordinated with and approved by Tenant in advance.
9.  
AMENDMENT:  Under no circumstances shall the Lease, as amended hereby, be
extended beyond November 30, 2010 unless otherwise agreed upon in writing by the
parties.

IN WITNESS WHEREOF, the parties hereto have affixed their hands to this First
Amendment of Lease as of the date first above written.

LANDLORD:  STATION PLAZA ASSOCIATES

By:           /s/  Leslie M. Klein         
                                                                
Leslie M. Klein
Its Partner, duly authorized

TENANT:  PACIFIC ASIA PETROLEUM, INC.

By:           /s/  Stephen F. Groth      
                                                                
Stephen Groth
Chief Financial Officer
Pacific Asia Petroleum, Inc.

 
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