Exhibit 10.1

 

FIRST AMENDMENT TO THE ASSIGNMENT OF LICENSE AGREEMENT

 

THIS FIRST AMENDMENT TO THE ASSIGNMENT OF LICENSE AGREEMENT (“First Amendment”)
is entered into July 18, 2005 (“Effective Date”) by and between Blast Energy
Services, Inc. (formerly known as Verdisys, Inc.), a California corporation
(“Blast”) and Maxim TEP, Inc., a Texas Corporation (“Maxim”).

 

WHEREAS on March 8, 2005, Blast and Maxim entered into an assignment of license
agreement requiring payments to be made in accordance with a defined payment
schedule;

 

WHEREAS Maxim has failed to pay the balance of One Hundred Thousand ($100,000)
Dollars of the consideration due on June 3, 2005 and has failed to cure the
default within the defined 45 day cure period;

 

WHEREAS Maxim has requested an extended period to pay the additional
consideration due;

 

THEREFORE, in view of the good and valuable consideration stated below, Blast
and Maxim agree as follows:

 

1. Extension Period.

 

1.1 Blast agrees to extend the period that Maxim has to pay the balance of One
Hundred Thousand ($100,000) Dollars of the 6/03/05 consideration to July 25,
2005 (absolute deadline).

 

2. Consideration.

 

2.1 In consideration of this Extension, Maxim shall make a third and final
payment of Five Hundred Thousand ($500,000) Dollars on or before September 2,
2005 in lieu of the original amount due and owing of $400,000.00.

 

All other terms of the Assignment of License Agreement are unchanged and remain
in full force and effect.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written.

 

MAXIM TEP, INC.    

/s/ Robert Sepos, CFO

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July 18th, 2005

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Robert Sepos, Chief Financial Officer

 

Date

BLAST ENERGY SERVICES, INC.    

/s/ David M. Adams

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July 18, 2005

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David Adams, President & Co-CEO

 

Date

Witnessed          

/s/ John O’Keefe 7/18

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