Exhibit 10.1
 
AMENDMENT No. 1
FARMOUT AGREEMENT

THIS Amendment No. 1 to the Farmout Agreement (this “Agreement”) is entered into
on August 25, 2011 (“Effective Date”) between SK INNOVATION CO., LTD. (formerly
known as SK Energy Co., Ltd.), a corporation organized and existing under the
laws of the Republic of Korea (“Farmor”), and GULF UNITED ENERGY DE COLOMBIA
LTD., a company organized and existing under the laws of the British Virgin
Islands, (“Farmee”).  Farmor and Farmee are sometimes referred to collectively
as “Parties” and individually as “Party.”

WITNESSETH:

WHEREAS, through the Farmout Agreement, effective July 31, 2010; Farmor entered
into an agreement to transfer the Farmout Interest  to Farmee.

WHEREAS, as of the Effective Date the Parties have not received ANH Approval,  a
Condition to the transfer of the Farmout Interest, and would like to amend the
Cut-Off Date in the Farmout Agreement to extend the time to meet the Conditions
for the Assignment.
 
 
NOW THEREFORE, in consideration of the mutual covenants set forth in this
Agreement, the Parties agree as follows.

1.  
The current Clause 1.7 will be deleted and replaced with the following:

 
“1.7
“Cut-off Date” means October 30, 2011, or a date otherwise agreed to in writing
between the Parties.”

2.  
Unless otherwise revised by this Agreement, all the other terms and conditions
of the Farmout Agreement shall remain unchanged and effective.

 
 

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3.  
All capitalized terms not defined herein will have the meaning ascribed to them
under the Farmout Agreement.

4.  
This Agreement shall be governed by and interpreted in accordance with the laws
of the State of Texas, except for conflict of laws provisions which would apply
the law of another jurisdiction. Any dispute arising out of this Agreement which
cannot be settled by mutual agreement shall be resolved in accordance with the
dispute resolution procedures of Clause 11.2 of the Farmout Agreement.

IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by their
respective, duly authorized representatives.

SK Innovation Co., Ltd.
Gulf United Energy del Colombia Ltd.
           
By:
By:
   
Name:
Name:
   
Title:
itle:
   
Date:
Date:

 
 
 
 
 
 
 

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