Exhibit 10.2

ESCROW AGREEMENT

January 3rd, 2008

This Escrow Agreement is reached between the following parties:

SUCCESS OIL CO., INC. of 8306 Wilshire Blvd. #566, Beverly Hills, California
90211 hereinafter called (collectively, "SUCCESS”),

EGPI FIRECREEK, INC./DENNIS ALEXANDER/CEO, AND FURTHER THROUGH ITS WHOLLY OWNED
SUBSIDIARY FIRECREEK PETROLEUM, INC., of 6564 SMOKE TREE LANE, TOWN OF PARADISE
VALLEY, AZ. 85253 hereinafter called (collectively, "FIRECREEK"), and

CHARLES C. WRIGHT, Attorney at Law, of 201, S. LAUREL AVE., Luling, Texas 78648,
hereinafter called ("WRIGHT"),

WHEREAS, SUCCESS wishes to sell to FIRECREEK, and FIRECREEK wishes to purchase
from SUCCESS, the J.B. TUBB NORTH 40 ACRES, WARD COUNTY TEXAS (RRC #08-33611),
with exact legal description listed and set fourth in the “Assignment and Bill
of Sale” attached hereto on Exhibit "A" (the “Assignment”), hereinafter called
”PROPERTY," so that FIRECREEK can purchase the 75% working interest, and
corresponding 56.25% net revenue interest owned by “SUCCESS”;

WHEREAS, SUCCESS and FIRECREEK have entered into a “Participation Agreement (for
Turnkey Drilling, Multiple Wells)” attached hereto on Exhibit “B” (the
“Participation-Turnkey Program Agreement”) which defines and sets forth the
matters therein including Commencement of the development program for the
prospect wells located on the Property.

WHEREAS, SUCCESS and FIRECREEK executed the Assignment which includes an
assignment to Firecreek of and the property and granting of mineral rights &
easements to the J.B. Tubb north 40 Acres, Ward County Texas described above,
and with a copy being attached hereto again referencing Exhibit "A", and to
deposit same in escrow with WRIGHT see the “Escrow Document” attached on Exhibit
“C” hereto;

WHEREAS, SUCCESS and FIRECREEK executed the Participation-Turnkey Program
Agreement which defines and sets forth all of the matters listed therein
including Commencement of the development program for the prospect wells located
on the Property described above, and with a copy being attached hereto on
Exhibit "B", and to deposit same in escrow with WRIGHT (the “Escrow
Document/Purchase Notification Letter”); and

WHEREAS, pursuant to the Assignment, and Participation-Turnkey Program Agreement
FIRECREEK is to pay SUCCESS One Million and four hundred thousand Dollars
($1,400,000.00) in accordance with the terms of this Escrow Agreement and
further, the final confirmation and acceptance of all items therein listed in
the Escrow Document/Purchase Notification Letter attached on Exhibit “C” hereto.

For consideration of Ten Dollars ($10.00) and the mutual provisions contained
herein, the parties hereto agree as follows:

1.

WRIGHT is to hold in escrow the Escrow Document and the Escrow Funds until one
of the following events:

(a) WRIGHT is informed in writing signed by both SUCCESS and FIRECREEK that
Wright shall pay to SUCCESS the entire Escrow Funds at which time WRIGHT shall
record the Assignment in the WARD County, Texas, an affidavit describing such
action; or

(b) WRIGHT is informed in writing by FIRECREEK that FIRECREEK has elected not to
continue the transaction. If such event is to occur, then any and all of the
Escrow Funds stated herein and covered by this Escrow

- 1 -

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

Agreement shall be returned immediately to Firecreek by Bank Wire to the
designated EGPI FIRECREEK, INC. bank account (“Originating Bank Account”) listed
on attached Exhibit “D” hereto, less attorney’s fees of $500.00.

2.

 WRIGHT shall not be responsible for his actions unless such actions are in
violation of this Escrow Agreement or WRIGHT acts with willful misconduct or
gross negligence.

3.

This agreement supersedes any and all other agreements, either oral or in
writing, between the parties hereto with respect to the subject matter hereof,
and no other agreement, statement, or promise relating to the subject matter of
this agreement that is not contained herein shall be valid or binding unless in
writing signed by all parties.

4.

If any action at law or in equity is brought to enforce or interpret the
provisions of this agreement, the prevailing party shall be entitled to
reasonable attorney's fees in addition to any other relief to which he may be
entitled.

       

5.

The validity of this agreement and of any of its terms or provisions, as well as
the rights and duties of the parties hereunder, shall be governed by the laws of
the State of Texas.

6.

This agreement may be executed in one or more counterparts, each of which shall
be deemed an original, but all of which together will constitute one and the
same instrument.

7.

All notices, requests, demands and other communications required or permitted to
be given hereunder shall be in writing and shall be deemed to have been duly
given if sent by hand-delivery, by facsimile (followed by first-class mail), by
nationally recognized overnight courier service or by prepaid registered or
certified mail, return receipt requested, to the addresses set forth below:

 

If to the Firecreek:

 

 

 

EGPI Firecreek, Inc.

6564 Smoke Tree Lane

Scottsdale, AZ 85253

Attention:  Chairman of the Board and Chief Financial Officer
Facsimile No.: (480) 443-1403

 

 

 

If to SUCCESS:

 

 

 

SUCCESS OIL CO., INC.

Attn:  Jeru Morgan, Pres.

8306 Wilshire Blvd. #566

Beverly Hills, Ca. 90211

FAX #:  (310) 861-0228

 

 

 

If to Wright:

 

 

 

Charles C. Wright Esq.

201 S. Laurel Ave.

Luling, Texas 78648

830-875-3492 FAX:830-875-9266

- 2 -

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

EXECUTED this______day of_________ 2008, effective__________ 2008.

______________________

Charles C. Wright

SUCCESS OIL CO., INC.

                                                                                             

By___________________________

JERU MORGAN

President of  SUCCESS OIL CO.

Firecreek Petroleum, Inc.,

a wholly owned subsidiary of

[ex102001.jpg] [ex102001.jpg]EGPI Firecreek, Inc.

By __________________________

Dennis R. Alexander

President, on behalf of EGPI Firecreek, Inc.,

sole shareholder of Firecreek Petroleum, Inc.

                                       

FUNDS WIRED TO:   Citizens State Bank

200 S. Magnolia P.O. Box 350

Luling, Texas 78648  PH. #830-875-2472

Routing Number: 114916488  Credit funds to:

Charles C. Wright Esq. (IOLTA Trust Account No. 09680950)

Charles C. Wright Esq.

201 S. Laurel Ave.

Luling, Texas 78648

830-875-3492

FAX:830-875-9266

- 3 -

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

EXHIBIT “A”

TO AN ESCROW AGREEMENT

DATED JANUARY 3RD, 2008

Legal Description

Description of Lands and Leases:

J.B. TUBB NORTH 40 ACRES:

J.B. TUBB "18-1", being the Wl/2 of the NW1/4 of Section 18, Block B-20, Public
School Lands, Ward County, Texas, containing Eighty (40) acres more or less.
     (Area of contract highlighted in yellow)

[ex102002.jpg] [ex102002.jpg]

- 4 -

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

EXHIBIT “A” CONTINUED

TO AN ESCROW AGREEMENT

DATED JANUARY 3RD, 2008

“Assignment and Bill of Sale” Agreement which includes an assignment of the
property and granting of mineral rights & easements to the J.B. Tubb north 40
Acres, Ward County Texas

SECOND AMENDMENT TO ESCROW AGREEMENT OF JANUARY 3, 2008

WHEREAS the Escrow Agreement dated January 3, 2008, by and between SUCCESS OIL
CO., INC. (“SUCCESS”) and FIRECREEK PETROLEUM, INC. a wholly owned subsidiary of
EGPI FIRECREEK, INC. (“FIRECREEK”) involving the purchase by FIRECREEK from
SUCCESS of an interest in the J. B. Tubb North 40 acre Lease, located in Ward
County, Texas, and CHARLES C. WRIGHT (“WRIGHT”) as escrow agent, did not deal
with the release of existing liens and/or judgments existing against the subject
property; and

WHEREAS an amendment to Escrow Agreement as to subparagraph 1(a) on page 2 was
signed but is now necessary for certain funds to be released to SUCCESS earlier
than first anticipated.

IT IS THEREFORE AGREED that subparagraph 1(a) on page 2 of the Escrow Agreement,
as originally written and as first amended, is replaced by the following:

“(a)

WRIGHT is informed in writing signed by both SUCCESS and FIRECREEK that
FIRECREEK has elected to complete the transaction. WRIGHT is to then record the
Assignment in Ward County, Texas, retaining in trust what WRIGHT believes in
good faith to be sufficient funds to obtain and record the release of all
judgments involving the J. B. Tubb Lease and all recorded liens as to the J. B.
Tubb Lease, as shown  by the title run sheet of December 21, 2007, from First
Tex Star Title, while paying the balance of the Escrow Funds to SUCCESS prior to
the obtaining of such releases. After the obtaining and recording of releases of
judgments and liens, WRIGHT shall pay SUCCESS any remaining Escrow Funds in his
possession.”

EXECUTED in multiple parts this _____ day of January, 2008, to be effective
January 3, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Charles C. Wright

 

 

 

 

Charles C. Wright

 

 

 

 

 

 

- 5 -

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

AMENDMENT TO ESCROW AGREEMENT OF JANUARY 3, 2008

WHEREAS the Escrow Agreement dated January 3, 2008, by and between SUCCESS OIL
CO., INC (success) and FIRECREEK PETROLEUM, INC., a wholly owned subsidiary of
EGPI FIRECREEK, INC. (“FIRECREEK”) involving the purchase by FIRECREEK from
SUCCESS of an interest in the J.B. Tubb North 40 acre Lease, located in Ward
County, Texas and CHARLES C. WRIGHT (“WRIGHT”) as escrow agent, did not deal
with the release of existing liens and/or judgments existing against the subject
property.

IT IS THEREFORE AGREED that subparagraph 1 (a) on page 2 of the said Escrow
Agreement is replaced by the following:

“(a) WRIGHT is informed in writing signed by both SUCCESS and FIRECREEK that
FIRECREEK has elected to complete the transaction.  WRIGHT is to then record the
Assignment in Ward County, Texas, proceed to use part of the Escrow Funds to
obtain and record the release of all judgments involving the J. B. Tubb Lease
and all recorded liens as to the J. B. Tubb Lease, as shown by title run sheet
of December 21, 2007, from First Tex Star Title, after which WRIGHT shall pay to
SUCCESS the balance of the Escrow Funds after deducting WRIGHT’s fees and
expenses.”

EXECUTED in multiple parts this 7th day of January, 2008, to be effective
January 3, 2008.

 

 

 

 

 

 

 

By:

/s/ Charles C. Wright

 

 

 

 

CHARLES C. WRIGHT

 

 

 

 

 

 

 

 

 

SUCCESS OIL CO., INC.

 

 

 

 

 

 

 

 

By:

/s/ Jeru Morgan

 

 

 

 

JERU MORGAN, President

 

 

 

 

 

 

 

 

 

FIRECREEK PETROLEUM, INC.

 

 

 

 

a wholly owned subsidiary of

 

 

 

 

EGPI FIRECREEK, INC.

 

 

 

 

 

 

 

 

By:

/s/ Dennis R. Alexander

 

 

 

 

DENNIS R. ALEXANDER

 

 

 

 

President, on behalf of EGPI Firecreek, Inc.,

 

 

 

 

sole shareholder of Firecreek Petroleum, Inc.

 

- 6 -

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

To: Charles C. Wright

You are hereby notified that FIRECREEK has elected to proceed with the purchase
from SUCCESS of the interest in the J. B. Tubb North 40 acre Lease, Ward County,
Texas (RRC# 08-33611) and you are instructed to record the Assignment and use
and dispense the $1,400,000.00 escrow funds as per the Escrow Agreement of
January 3, 2008, as amended by Second Amendment thereto.

SIGNED this 8th day of January, 2008.

 

 

 

SUCCESS OIL CO., INC.

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Jeru Morgan

 

 

 

 

Jeru Morgan

 

 

 

 

President

 

 

 

 

 

 

 

 

FIRECREEK PETROLEUM, INC.,

 

 

 

a wholly owned subsiary of EGPI FIRECREEK, INC

 

 

 

 

 

 

 

By:

/s/ Dennis Alexander

 

 

 

 

Dennis Alexander

 

 

 

 

President, on behalf of EGPI Firecreek, Inc.,

 sole shareholder of Firecreek Petroleum, Inc.

- 7 -

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

EXHIBIT “B”

TO AN ESCROW AGREEMENT

DATED JANUARY 3, 2007

PARTICIPATION AGREEMENT (Turnkey Drilling, Re Entry, and Multiple Wells) By and
Between Success Oil Co., Inc. and Firecreek Petroleum, Inc., a wholly owned
subsidiary of EGPI Firecreek, Inc.

[TO BE ATTACHED ON FOLLOWING PAGE OR PAGES WHEN COMPLETED, AS REQUIRED]

- 8 -

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

EXHIBIT “C”

[Escrow Document/Purchase Notification Letter]

TO AN ESCROW AGREEMENT

DATED JANUARY 3RD, 2007

[TO BE ATTACHED ON FOLLOWING PAGE OR PAGES WHEN COMPLETED, AS REQUIRED]

- 9 -

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

January __, 2008

PRIVATE & CONFIDENTIAL

Mr. Charles C. Wright Esq.

201 S. Laurel Ave.

Luling, Texas 78648

Telephone (830) 875-3493,

Facsimile: (830) 875-9266

Re:

 Pending J.B. Tubb Purchase Notification Letter from

SUCCESS OIL CO., INC., Seller

and

Firecreek Petroleum, Inc., Buyer

Gentlemen,

With reference to both an Escrow Agreement and an Assignment and Bill of Sale
dated January 1, 2008, further with respect to EGPI Firecreek, Inc.’s, wholly
owned subsidiary, Firecreek Petroleum, Inc.’s (“Firecreek”) pending purchase
from SUCCESS Oil Co., Inc. (“SUCCESS”) of the J.B. Tubb north 40 Acres One
located in Ward County, Texas (Texas RRC: 09-25860), (Tracts #1 through tract
#12 all inclusive):

Please be noticed that we the undersigned parties, Firecreek and SUCCESS,
herewith are satisfied with the terms and conditions of the Escrow Agreement
including referenced Section 1. (a), and said terms and conditions of the
Assignment and Bill of Sale.

Therefore the undersigned herewith mutually approve the following actions to be
taken in behalf of proceeding with release of funds totaling $1,400,000.00 held
per the instructions listed below and following, thus commencing with and
closing of said transaction.

1.

Mr. Charles C. Wright Esquire is herewith instructed to release to SUCCESS, upon
or simultaneous with the closing in accordance with terms of the Escrow
Agreement and determining effectiveness of the Assignment and Bill of Sale, the
total sum/amount of $1,400,000.00 from your firms IOLTA Trust Account in behalf
of the effective closing of the transaction.

Thank you for your professional courtesies and assistance in this matter.

Sincerely,

SUCCESS OIL CO., INC.                                                 

By___________________________

Jeru Morgan

President of Success Oil Co.,Inc.

FIRECREEK PETROLEUM, INC.

a wholly owned subsidiary of

EGPI Firecreek, Inc.

By __________________________

Dennis R. Alexander

President, on behalf of EGPI Firecreek, Inc.,

sole shareholder of Firecreek Petroleum, Inc.

- 10 -

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

Annex “A”

To The J.B. Tubb north 40 Acres Purchase Notification Letter

Dated January __, 2008

SUCCESS OIL CO., INC.

A Licensed Bond Registered Operating Co.

Operator No. #828326

 

 

 

 

 

CLOSING STATEMENT

 

 

 

 

 

J.B. TUBB NORTH 40 ACRES

WARD COUNTY, TEXAS

 

 

 

 

 

January __, 2008

 

 

 

 

 

 

 

 

 

 

Item

SUCCESS

Firecreek

 

 

 

 

 

 

 

Purchase Price

 

$1,400,000.00

 

 

 

 

 

 

 

 

 

 

 

 

Actual 2007 Property Taxes                              

 

 

 

 

 

 

 

 

 

J.B. TUBB(North 40 Acres)

($74.33)

 

 

 

 

 

 

 

 

 

 

 

 

 

Closing Totals

 

$1,400,000.00

 

 

 

 

 

 

 

TOTAL DUE -

 

$1,400,000.00

 

 

- 11 -

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

EXHIBIT “D”

TO AN ESCROW AGREEMENT

DATED JANUARY 3RD, 2008

In Accordance With Section 1 b.

Bank Wire to the designated EGPI FIRECREEK, INC. bank account (“Originating Bank
Account”)

Wire Instructions

ESCROW ACCOUNT WIRE INSTRUCTIONS

 Wire Instructions for MASTER ATTORNEY TRUST Account:

Gersten Savage LLP

600 Lexington Avenue

New York, NY 10022

Signature Bank

565 Fifth Avenue

New York, NY 10017

ABA # 026013576

Account # 1500885978

FBO EGPI Firecreek, Inc.

- 12 -