Exhibit 10.3

FORM OF RELEASE

In consideration of the settlement bargained for in the Assignment Agreement,
the receipt and sufficiency of which is acknowledged, the undersigned, Chisholm
Partners II, LLC, a Louisiana limited liability company (“Chisholm”), and any of
its agents, successors, and assigns (collectively “Releasors”), hereby releases,
acquits, and forever absolutely discharges Dala Petroleum Corp., a Delaware
corporation (“Dala”), and Dala’s past and present owners, management members,
subsidiaries, employees, servants, representatives, agents, attorneys,
affiliated entities and persons, subrogees, heirs, executors, insurers,
successors, and assigns (the “Dala Releasees”), from any and all claims in the
amount of $100,000 related to outstanding and/or unpaid fees due to Chisholm in
connection with the Master Services Agreement executed on June 3, 2014 with
Dala. The Releasor also confirms that the Master Services Agreement is
cancelled.

Dated:

5/10/16

 

CHISHOLM PARTNERS II, LLC

 

 

 

 

 

 

 

/s/Clarence Cottman

 

 

 

Clarence Cottman

 

 

 

Managing Member

 

 

 

 

 

 

 

ACKNOWLEDGED BY DALA

 

 

 

 

 

 

 

/s/William Gumma

 

 

 

William Gumma

 

 

 

Chief Executive Officer

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FORM OF RELEASE

In consideration of the settlement bargained for in the Assignment Agreement,
the receipt and sufficiency of which is acknowledged, the undersigned, Chisholm
Partners II, LLC, a Louisiana limited liability company (“Chisholm”), and any of
its agents, successors, and assigns (collectively “Releasors”), hereby releases,
acquits, and forever absolutely discharges Dala Petroleum Corp., a Delaware
corporation (“Dala”), and Dala’s past and present owners, management members,
subsidiaries, employees, servants, representatives, agents, attorneys,
affiliated entities and persons, subrogees, heirs, executors, insurers,
successors, and assigns (the “Dala Releasees”), from any and all claims to
amounts due to Chisholm in connection with the Promissory Note executed on
December 22, 2015 in the amount of $7,315.08 ($7,002 principal plus interest)
owed by Dala.

Dated:

5/10/16

 

CHISHOLM PARTNERS II, LLC

 

 

 

 

 

 

 

/s/Clarence Cottman

 

 

 

Clarence Cottman

 

 

 

Managing Member

 

 

 

 

 

 

 

ACKNOWLEDGED BY DALA

 

 

 

 

 

 

 

/s/William Gumma

 

 

 

William Gumma

 

 

 

Chief Executive Officer

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FORM OF RELEASE

In consideration of the settlement bargained for in the Partial Cancellation
Agreement, the receipt and sufficiency of which is acknowledged, the
undersigned, Clancy Cottman (“Cottman”), and any of his agents, successors, and
assigns (collectively “Releasors”), hereby releases, acquits, and forever
absolutely discharges Dala Petroleum Corp., a Delaware corporation (“Dala”), and
Dala’s past and present owners, management members, subsidiaries, employees,
servants, representatives, agents, attorneys, affiliated entities and persons,
subrogees, heirs, executors, insurers, successors, and assigns (the “Dala
Releasees”), from any and all claims to accrued compensation, totaling $12,500,
as of the date of this release, in connection with Cottman’s position as a
director with Dala.

Dated:

5/10/16

 

/s/Clarence Cottman

 

 

 

Clarence Cottman

 

 

 

 

 

 

 

 

 

 

 

/s/ Bill Gumma

 

 

 

Bill Gumma

 

 

 

Chief Executive Officer

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FORM OF RELEASE

In consideration of the release of all claims against Will E. Gray (“Gray” or
“Releasor”) by Dala Petroleum Corp., a Delaware corporation and Dala Petroleum
Corp., a Nevada  corporation (collectively referred to as the “Dala entities”),
including all actions, causes of action, claims, debts, liabilities, accounts,
demands, damages, causes, claims for indemnification or contribution, or any
other thing whatsoever whether known or unknown, suspected or unsuspected,
certain or speculative, accrued or unaccrued that either Dala entity ever had or
now have relating to or arising out of past actions, work product, agreements,
contracts, obligations and relationships written or verbal with the Dala
entities, the undersigned, Gray, and any of his agents, successors, and assigns
(collectively “Releasors”), hereby releases, acquits, and forever absolutely
discharges Dala Petroleum Corp., a Delaware corporation and Dala Petroleum
Corp., a Nevada corporation, and the Dala entities’ past and present owners,
management members, subsidiaries, employees, servants, representatives, agents,
attorneys, affiliated entities and persons, subrogees, heirs, executors,
insurers, successors, and assigns (the “Dala Releasees”), from any and all
claims to outstanding debt owed to Gray, totaling $59,178 as of the date of this
release (whether or not any of the conditions of Gray’s separation agreement are
ever met by the Dala entities in the future), and from any and all other
actions, causes of action, claims, debts, liabilities, accounts, demands,
damages, causes, claims for indemnification or contribution, or any other thing
whatsoever whether known or unknown, suspected or unsuspected, certain or
speculative, accrued or unaccrued that the Releasors ever had or now have
relating to or arising out of past actions, work product, agreements, contracts,
obligations and relationships written or verbal with the Dala entities.

Dated:

5/10/16

 

/s/E. Will Gray

 

 

 

E. Will Gray

 

 

 

 

 

 

 

 

 

 

 

/s/ Bill Gumma

 

 

 

Bill Gumma

 

 

 

Chief Executive Officer

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FORM OF RELEASE

In consideration of the settlement bargained for in the Partial Cancellation
Agreement, the receipt and sufficiency of which is acknowledged, the
undersigned, Bill Gumma (“Gumma”), and any of his agents, successors, and
assigns (collectively “Releasors”), hereby releases, acquits, and forever
absolutely discharges Dala Petroleum Corp., a Delaware corporation (“Dala”), and
Dala’s past and present owners, management members, subsidiaries, employees,
servants, representatives, agents, attorneys, affiliated entities and persons,
subrogees, heirs, executors, insurers, successors, and assigns (the “Dala
Releasees”), from any and all claims to accrued compensation, due as of the date
of this release, in connection with Gumma’s service as an officer and director
of Dala.

Dated:

5/10/16

 

/s/ Bill Gumma

 

 

 

Bill Gumma

 

 

 

 

 

 

 

 

 

 

 

/s/ Bill Gumma

 

 

 

Bill Gumma

 

 

 

Chief Executive Officer

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FORM OF RELEASE

For good and valuable consideration related to the closing of the Partial
Cancellation Agreement, the receipt and sufficiency of which is acknowledged,
the undersigned, Pacific Oil & Gas Company, LLC (“Pacific”), and any of
his/her/their agents, successors, and assigns (collectively “Releasors”), hereby
releases  acquits, and forever absolutely discharges and forgives Dala Petroleum
Corp., a Delaware corporation (collectively “Dala”) of its obligation to pay
that $39,639.31 (consisting of $35,802.41 in principal and $3,836.90 in
interest) portion of that certain Promissory Note issued by Dala on June 8,
2015, plus all accrued and unpaid interest thereon.

Dated:

5/10/16

 

 

PACIFIC OIL & GAS COMPANY, LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/Clarence Cottman

 

 

 

 

Clarence Cottman, Trustee

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FORM OF RELEASE

In consideration of the settlement bargained for in the Partial Cancellation
Agreement, the receipt and sufficiency of which is acknowledged, the
undersigned, Jonathan Wimbish (“Wimbish”), and any of his agents, successors,
and assigns (collectively “Releasors”), hereby releases, acquits, and forever
absolutely discharges Dala Petroleum Corp., a Delaware corporation (“Dala”), and
Dala’s past and present owners, management members, subsidiaries, employees,
servants, representatives, agents, attorneys, affiliated entities and persons,
subrogees, heirs, executors, insurers, successors, and assigns (the “Dala
Releasees”), from any and all claims to accrued compensation, totaling $12,500,
as of the date of this release, in connection with Wimbish’s position as a
director of Dala.

Dated:

5/10/16

 

/s/Jonathan Wimbish

 

 

 

Jonathan Wimbish

 

 

 

 

 

 

 

 

 

 

 

/s/ Bill Gumma

 

 

 

Bill Gumma

 

 

 

Chief Executive Officer