Document:

Exhibit 10.1

    
      

    

     

    Exhibit
      10.1

     

    
      FIRST
        AMENDMENT OF PURCHASE AND SALE & EXPLORATION
        AGREEMENT

      

      

      THIS
        AGREEMENT is made and entered into effective the 1st
        day of
        January 2005, by and between NEW CENTURY ENERGY CORP. a Colorado corporation,
        successor to CENTURY RESOURCES, INC., maintaining offices at 5851 San
        Felipe Suite 775, Houston ,Texas 77057 , herein referred to as “New Century” and
        AQUATIC CELLULOSE INTERNATIONAL CORPORATION, a Nevada corporation, with offices
        at 2504-43rd
        Street
        Suite 5, Vernon, B.C. Canada, VIT 6L1, herein after referred to as
“Aquatic”.

      

      WITNESSETH

      

      WHEREAS,
        New Century and Aquatic are parties to that certain Purchase
        and Sale & Exploration
        Agreement
        , herein
        referred to as “Exploration Agreement” ,dated effective March 1, 2004
        and

      

      WHEREAS,
        New Century and Aquatic desire to amend the Exploration Agreement in accordance
        with the following provisions hereof; and

      

      NOW,
        THEREFORE, in consideration of the mutual covenants and obligations contained
        in
        the Exploration Agreement and herein, New Century and Aquatic hereby amend
        the
        Exploration Agreement as follows:

      

      

      ARTICLE
        I.

      

      The
        Exploration Agreement is amended by deletion of the first two paragraphs
        following the section heading II.
        Option on New Projects and Exploration Drilling Participation,
on
        page
        4, and by insertion of the following:

      

      “Subject
        to and in accordance with the terms, provisions and conditions set forth
        in this
        Agreement, Aquatic shall have an exclusive - transferable right,( transferable
        upon written consent of New Century, which consent cannot be unreasonably
        withheld), but not the obligation, to participate with New Century in new
        drilling prospects on a limited basis as follows:

      

      
        	 	
                a.

              	
                By
                  acquiring up to seventy-five percent (75%) working interest in
                  up to two
                  (2) new drilling (exploration or development drilling) prospects
                  in
                  Wharton or Jackson Counties, Texas developed by New Century under
                  the
                  Viking International 3D Agreement. It is understood that upon Aquatics
                  written notification of election to participate in drilling the
                  selected
                  prospects, the parties shall execute a Participation and Joint
                  Operating
                  Agreement governing all operations and activities on the prospect
                  area,
                  naming New Century Energy Corp as Operator and Aquatic or its assign
                  as
                  Non-Operator. The parties shall further execute such other instruments
                  and
                  or documents as Aquatic may reasonably request of New Century to
                  consummate and evidence the
                  transaction.

              

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

      
        	 	
                b.

              	
                By
                  acquiring up to fifty percent (50%) working interest to participate
                  in the
                  drilling of the initial test well on oil and gas leases comprising
                  the
                  twenty five acre Isaac Holliday tract in the William Cooper Survey
                  in
                  Waller County, Texas (Brookshire Dome Field Area). If Aquatic does
                  not
                  elect to participate in the initial well on the Holliday tract,
                  they will
                  forfeit the right to participate in any subsequent wells proposed
                  or
                  drilled on the Holliday tract by New
                  Century.

              

      

      

      Aquatic
        will have the option to participate in these two project areas on a non-
        promoted basis, subject only to existing leasehold burdens or back-in interest
        or overrides reserved by Viking International under the Viking 3D Agreement.
        Aquatic will pay its pro-rata share of project expenses. If Aquatic elects
        in
        writing at its sole discretion, to participate in any of these prospects,
        Aquatic will upon presentation of an invoice and within 10 days, reimburse
        New
        Century for its pro-rata share of any third party expenses incurred by New
        Century relating to the subject leases and project areas, including but not
        limited to lease bonus payments, landman and legal expenses, title expenses,
        geological and geophysical expenses. Aquatic will make its election to
        participate, on a prospect by prospect basis as they are presented to Aquatic
        by
        new Century. Aquatic will exercise this preferential right of participation
        within a period of 30 days are receipt of notice and detailed project
        information, including 3D seismic information from new Century as each prospect
        is presented, OR a shorter time period- if a time period less than 30 days
        has
        been imposed on New Century by a third party or mineral owner. New Century
        will
        provide such prospect project information to Aquatic prior to the expiration
        of
        the term of this agreement. (See Article IV below)

      

      If
        Aquatic declines to participate or rejects any individual prospect , within
        the
        allotted time period to respond, then New Century shall own the project or
        prospect free and clear of this Agreement, and Century shall have the right
        to
        market same to third parties without further obligation to Aquatic.
“

      

      

      ARTICLE
        II.

      

      The
        Exploration Agreement is amended by deletion under the section heading
        A.
        Project Areas., on
        page
        4. all of sub
        paragraphs c.; d.; and e.

      

      ARTICLE
        III.

      

      The
        Exploration Agreement is amended by deletion of the paragraph following the
        section heading B.
        Stock Consideration for this Option on New Projects and Exploration Drilling
        Participation, on
        page
        4, and by insertion of the following:

      

      “
As
        partial consideration hereunder, Aquatic shall deliver to New Century shares
        in
        Aquatic Cellulose International Corporation, as detailed on Exhibit “C” attached
        to and made a part of this Agreement.”

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        IV.

      

      The
        Exploration Agreement is amended by deletion of the following under section
        heading

      
        	 	
                C.

              	
                General
                  Provisions, 3. Term. on
                  page 5, and by insertion of the
                  following:

              

      

      

      
        	 	
                3.

              	
                “Term.
                  The term of the Agreement shall be for a period of one (1) year
                  beginning
                  on January 1, 2005 and ending on December 31, 2005. If Aquatic
                  fails to
                  exercise its right to participate in any prospects under Section
                  II Option on New Projects and Exploration Drilling
                  Participation - Article I
                  on
                  page 4., this right to participate will automatically terminate
                  on the
                  earlier of the following, the date Aquatic elects in writing not
                  to
                  participate in the drilling prospects or December 31, 2005, which
                  ever is
                  earlier. Upon termination of this Agreement there will be no further
                  obligations or liabilities on the part of either party, except
                  for
                  existing obligations under the Operating Agreement or for prospects
                  and
                  properties jointly owned, or any work or drilling in progress as
                  of said
                  termination date. Aquatic at its sole discretion may at any time
                  terminate
                  this Agreement by delivering written notice to New Century of Aquatic’s
                  election to terminate this Agreement, whereupon this Agreement
                  will
                  terminate without further obligation or liabilities on the part
                  of New
                  Century or Aquatic, except those obligation for any work in progress,
                  and
                  for those obligation set forth in the Operating
                  Agreement.”

              

      

      

      ARTICLE
        V.

      

      The
        Exploration Agreement is amended by deletion of EXHIBIT “A-1” in its
        entirety.

      

      ARTICLE
        VI.

      

      The
        Exploration Agreement is amended by deletion of the shares allocated to
Edward
        R. DeStefano..........
        3.45 million/ (15%) contained in Exhibit “C”
        and by
        the insertion of the following:

      

      New
        Century Energy Corp.---------------------------------------1.725 million/
        (7.5%)

      

      ARTICLE
        VII.

      

      Except
        as
        expressly modified by this Amendment, the terms and conditions of the Purchase
        and Sale & Exploration Agreement shall remain in full force and
        effect.

      

      All
        of
        the terms, provisions and conditions of this First Amendment shall be binding
        upon and shall inure to the benefit of and be enforceable by the parties
        hereto
        and their respective successors and permitted assigns.

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement in the spaces
        provided below.

      

      
        	
                CENTURY
                  RESOURCES, INC. 

              	
                NEW
                  CENTURY ENERGY CORP. 

              
	 	 
	
                By:
                  /s/
                   EDWARD
                  R. DeSTEFANO

              	
                By: /s/ 
                   EDWARD
                  R. DeSTEFANO

              
	
                EDWARD
                  R. DeSTEFANO

              	
                EDWARD
                  R. DeSTEFANO 

              
	
                President
                  

              	
                PRESIDENT
                  & CEO

              

      

      

      AQUATIC
        CELLULOSE INTERNATIONAL CORP.

      

      By: 
        /s/ Sheridan Westgarde

           
        SHERIDAN WESTGARDE

           
        President and CEO

       

       

      3Exhibit 10.1

    
      

    

     

    Exhibit
      10.1

     

    

      FIRST
        AMMENDMENT

      TO

      PURCHASE
        AND SALE AGREEMENT

      Of
        July 30, 2004

      

      By
        and
        Between

      Aquatic
        Cellulose International Corp

      

      and

      

      Titan
        Oil and Gas (Formerly Titan Consolidated Inc.)

       

      THIS
        AMENDMENT
        is made
        and entered into effective the 1st day of June,
        2005, by
        and
        between
        AQUATIC CELLULOSE INTERNATIONAL CORPORATION, a
        Nevada
        corporation, with offices at 2504-43rd
        Street
        Suite 5, Vernon, B.C. Canada, V1T 6L1, herein referred to as "Aquatic" and
        TITAN
        OIL AND GAS (Formerly TITAN CONSOLIDATED INC.)
        a Nevada
        corporation, maintaining offices at The Petroleum Center, Suite E-104, 900
        NE
        Loop 410, San Antonio, Texas 78209, herein referred to as “Titan”
and,

       

      WHEREAS,
        said
        reference is made to a certain Purchase & Sale Agreement made between the
        parties dated July 30, 2004,
        and
        that the parties hereby agree to make the following amendments to the
        agreement.

       

      
        	
                1.)

              	
                The
                  interest acquired by Titan will be transferred from the Prado field
                  to the
                  Viking 3D interest in Wharton County Texas, as per Aquatic’s exclusive
                  agreement with New Century Energy Corp. dated January 1,
                  2005.

              

      

      

      
        	
                2.)

              	
                Aquatic
                  will apply the previous non-refundable deposit to the purchase
                  of the same
                  WI and NR interest as previously agreed for
                  Prado.

              

      

      

      
        	
                3.)

              	
                The
                  47,300,000 shares of Titan common stock, as previously issued by
                  the Titan
                  “Board of Directors, would be consider payment of the outstanding
                  balance
                  owed to Aquatic that became due and payable as of July 30, 2004
                  under the
                  terms of the original Prado agreement and that such shares will
                  be
                  considered as payment on condition that Aquatic can confirm that
                  such
                  shares are able to be used or negotiated by Aquatic. That Titan
                  shall
                  assist Aquatic in the removal of the selling restrictions due to
                  the
                  shares having been authorized for more than one (1) year and the
                  due date
                  of the balance of payment has exceeded more than the one (1)
                  year.

              

      

      

      
        	
                4.)

              	
                It
                  is agreed that the 47,300,000 shares shall reflect the value of
                  the
                  outstanding payment based on the following
                  formula;

              

      

      

      
        	 	
                a.

              	
                45%
                  discount to the market price of June 1, 2005 of
                  $0.0171

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

        
          	5.)	
                  Aquatic
                    will grant Titan the option to back out of the deal under the
                    following
                    terms;

                

        

       

      
        	 	
                a.

              	
                Should
                  Titan back-out of the agreement Titan will be required to pay a
                  penalty
                  for such and that any funds reimbursed to Titan will only be made
                  after
                  such penalty is paid. Since Aquatic is receiving stock as payment,
                  the
                  total amount reimbursed to Titan will not exceed the original amount
                  of
                  the payment due Aquatic from Titan under the terms of the original
                  Prado
                  agreement, however no minimum amount shall apply since there can
                  be no
                  guarantee of the selling price of the
                  stock.

              

      

      

      
        	
              	b.	
                In
                  the event that Aquatic is able to achieve significantly higher
                  net
                  proceeds from the sale or transfer of the Titan stock that Aquatic
                  may
                  elect to certain concessions of working interest participation
                  to Titan.
                  Titan agrees that such working interest participation would have
                  to be
                  negotiated by the parties and that Titan would make consideration
                  to
                  Aquatic with possible trade of Titan’s project working interests that
                  Aquatic may elect to participate
                  in.

              

      

      

      
        	
                6.)

              	
                Titan
                  agrees to a strict non-disclosure of “proprietary information”. This would
                  prevent Titan from disclosing certain elements of the deal that
                  may
                  jeopardize Aquatic and New Century’s ability to do business on the
                  Project. Aquatic would have to approve all disclosure; however
                  such
                  approval shall not be unreasonably withheld provided all information
                  of a
                  sensitive nature has been withheld.

              

      

      

      

      IN
        WITNESS WHEREOF, THIS AMENDMENT SHALL BE EFFECTIVE AS OF JULY 30,
        2004.

      

      EXECUTED
        this __1st_ day of June, 2005.

      

      

      
        	
                AQUATIC
                  CELLULOSE

              	
                TITAN
                  OIL AND GAS INC.

              
	
                INTERNATIONAL
                  CORP. 

              	 
	 	 
	 	 
	
                /s/
                  Sheridan B. Westgarde 

              	
                /s/
                  Kent Jacobson 

              
	
                Sheridan
                  B. Westgarde, CEO

              	
                Kent
                  Jacobson, President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]