--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 
 

 10.  Agreement for Cancellation of Shares dated April 17, 2009

 
 
Agreement

To: 
Current and past members of the Board of Directors, Officers, and Consultants of
Freestone Resources, Inc.

From: 
Mike Doran: Chairman and CEO of Freestone Resources, Inc.

Date: 
April 17, 2009

Re: 
The cancelation of all shares from the aforementioned parties, and the return of
this stock to Freestone Resources, Inc.

RECOMMENDED ACTION:

 I, Mike Doran, recommend that the remainder of any and all stock issued to
Clayton Carter, Mike Doran, Jimmy Carter, Tom Bonner, Lloyd Lane including any
entities of which the parties have control over and were issued stock as
described in the 8-K dated November 1, 2007, should be canceled and returned to
corporate treasury.  The Memorandum dated October 10, 2008 states that each of
the aforementioned parties will cancel three million (3,000,000) shares of
restricted stock.  The purpose of this current memorandum is to recommend the
action of canceling the remainder of the stock that was issued.

Whereas, Tom Bonner agrees to cancel the certificate dated June 23, 2008.
Whereas, Lloyd Lane agrees to cancel the certificate dated June 23, 2008.
Whereas, Jimmy Carter agrees to cancel certificates dated June 23, 2008.
Whereas, Clayton Carter agrees to cancel the certificate dated June 23, 2008.
Whereas, Mike Doran agrees to cancel the certificate dated June 23, 2008.

These include but are not limited to numbers: 4098, 4099, 4100, 4101, and 4103

        In addition Jimmy Carter agrees to cancel all restricted and free
trading stock which was issued to him and any and all of his corporations by the
company.  If these corporations are not wholly owned by Jimmy Carter he will get
the needed signatures and corporate resolutions needed in order to cancel this
stock.  Jimmy Carter also agrees to cancel any stock obtained via any and all
lawsuits.

The company will also contact Rocky Web and Coy Turner in order to correct any
past stock issuances that never occurred.

By signing below you agree to the “recommended action” stated above and will
allow Freestone Resources, Inc. to take the proper steps in order to complete
the cancelation of the aforementioned shares.  Corporate Resolutions will be
drafted in order to complete these actions.
 
 
 
 
 

--------------------------------------------------------------------------------

 

 

By: /s/ Mike Doran
By: /s/ Tom Bonner
Freestone Resources, Inc.
Tom Bonner
Mike Doran, Chief Executive Officer
     
By: /s/ Clayton Carter
 
Freestone Resources, Inc.
 By:/s/ Lloyd Lane
Clayton Carter, President
Lloyd Lane
   
/s/ Jimmy Carter
 
Capital Financial Consultants
 
Jimmy Carter, Member
 

 
2

--------------------------------------------------------------------------------