Document:

Unassociated Document

    ENERJEX
      KANSAS, INC.

     

    A
      wholly
      owned subsidiary of EnerJex Resources, Inc.

     

    September
      15, 2008 

     

    Euramerica
      Energy Inc.

    c/o
      Antonio Beccari, President

    Via
      Petronance, 13

    25124
      Brescia, Italy

    

    
      	 	
              Re:

            	
              Amendment
                to Amended and Restated Well Development Agreement and Option for
“Gas
                City Property” dated August 10,
                2007

            

    

    

    Euramerica
      Energy Inc. (“Euramerica”) and EnerJex Kansas, Inc., formerly known as Midwest
      Energy, Inc. (“EnerJex”) originally entered into an Amended and Restated Well
      Development Agreement and Option for “Gas City Property,” dated as of August 10,
      2007, which was amended by an Addendum No. 1 (“Addendum No. 1”), dated as of
      November 27, 2007 (collectively, the “Original Agreement”), describing the terms
      for proceeding with an exploration and development program for certain leases
      owned by EnerJex. This letter further amends the Original Agreement as specified
      below (as amended, the “Agreement”) (capitalized terms not otherwise defined
      herein shall have the meanings ascribed thereto in the Original
      Agreement).

    

    RECITALS

    

    WHEREAS,
      Euramerica has elected to exercise its option to purchase the properties as
      set
      forth in Section 16 of the Agreement and has paid prior to the date hereof,
      $600,000.00, constituting a portion of the Purchase Price; and

    

    WHEREAS,
      EnerJex and Euramerica desire to extend certain deadlines in the Original
      Agreement;

    

    NOW,
      THEREFORE, for and in consideration of the foregoing and the mutual covenants,
      agreements, undertakings, representations and warranties contained herein,
      the
      parties hereto agree as follows:

    

    1. As
      described in Section 16 of the Original Agreement, the Purchase Price shall
      be
      paid either in full or in four (4) equal quarterly installments. Euramerica
      has
      elected to make payments under the quarterly installment option. Section 16
      is
      amended to provide that the third and fourth quarterly installment payments
      of
      the Purchase Price totaling $600,000.00 will become due on October 15,
      2008.

    

    2. Section
      18 of the Original Agreement shall be amended and restated in its entirety
      as
      follows: “Title to the Property will transfer upon payment of the balance of the
      drilling commitment on or before November 15, 2008.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3. As
      described in Section 25 of the Original Agreement, Euramerica agreed to pay
      EnerJex $2,000,000 on or before August 31, 2008. Section 25 is amended to
      provide that Euramerica agrees to pay EnerJex the balance of the $2,000,000
      drilling commitment on or before November 15, 2008.

     

    4. Section
      26 of the Original Agreement is amended by replacing the reference to August
      31,
      2008 in the first sentence with November 15, 2008.

     

    5. As
      of the
      date hereof, Euramerica and EnerJex will enter into an agreement regarding
      the
      gathering system, disposal wells, easements and right of way and all other
      facilities (the “Facilities”) to be acquired by Euramerica and the use thereof
      by EnerJex with respect to other properties owned by EnerJex. Such agreement
      will provide that Euramerica will reserve and dedicate no less than 30% of
      the
      capacity of the Facilities for such use by EnerJex. 

     

    6. EnerJex
      may, at its option, prior to November 15, 2008 remove the approximately 120
      acres previously identified to Euramerica and any other acreage related to
      the
      Southern Star Central Gas Pipeline, Inc. Piqua gas storage field (the “Piqua
      Field Acreage”), from the Property to be sold to Euramerica and EnerJex will
      either (a) replace it within 30 days after November 15, 2008 with at least
      120
      additional acres, plus any additional acres removed, within the area identified
      in Exhibit D of the proposed Addendum No. 2 to the Original Agreement executed
      by the parties and held in escrow by Stinson Morrison Hecker LLP (“Proposed
      Addendum No. 2”) (it being acknowledged by the parties hereto that Proposed
      Addendum No. 2 is not currently deemed delivered nor effective), or (b) the
      Purchase Price shall be reduced by an amount equal to $13,636 times a fraction,
      the numerator of which is the difference of 120 acres, plus any additional
      acreage removed, minus the actual number of acres acquired by EnerJex for
      replacement pursuant to this Section 6, and the denominator of which is 120
      acres, plus any additional acres removed. If EnerJex elects to remove the Piqua
      Field Acreage from the Property to be sold to Euramerica, it will be then be
      owned solely by EnerJex and any compensation paid by Southern Star Central
      Gas
      Pipeline, Inc. to EnerJex related to the acquisition or release of the Pique
      Field Acreage shall be due solely to EnerJex. 

     

    7. The
      parties hereto acknowledge that (a) Euramerica requires no additional historical
      information regarding the Wells, and (b) Euramerica has received all information
      due or owing from EnerJex, whether explicitly or implied, and EnerJex has met
      each of its obligations of the Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Please
      confirm your agreement to comply with the foregoing by signing in the space
      provided below.

     

    
      	 	 	 
	 	ENERJEX
              KANSAS,
              INC.
	 
 	 
 	 
 
	
            	By:  	/s/
              Steve Cochennet
	 	
              

              Name:
                Steve Cochennet

            
	 	
              Title:
                CEO

            

    

    

    

    AGREED
      AND ACCEPTED, as of the 15th day of September, 2008.

     

    
      	EURAMERICA ENERGY, INC.	 	 	 
	
               

               

            	 	 	 
	/s/
              Antonio
              Beccari	 	 	
            
	
              
Name:
              Antonio Beccari	 	 	
            
	Title:
              PresidentUnassociated Document

    Amendment
      3 To Joint Exploration Agreement

     

    This
      Third Amendment
      (“Third
      Amendment”) to that certain Letter Agreement (the “Letter Agreement”) dated
      September 26, 2006, that certain Amendment No. 1 to Letter Agreement dated
      December 12, 2006 (the “First Amendment”), that certain Joint Exploration
      Agreement (“JEA”) dated March 30, 2007, and that certain Amendment 2 to the JEA
      dated March 20, 2008 (the “Second Amendment”) all by and between MorMeg, LLC, a
      Kansas limited liability company, referred to herein as “MorMeg,” and EnerJex
      Resources, Inc., a Nevada corporation, referred to herein as “EnerJex” is
      effective as of November 6, 2008. The Letter Agreement, First Amendment, JEA
      and
      Second Amendment Collectively referred to as the “Black Oaks Documents”. MorMeg
      and EnerJex are jointly referred to herein as “the parties”. 

     

    Recitals

    

    
      	 	
              A.

            	
              Pursuant
                to Section D.5. of the JEA and Section D.5 of the Letter Agreement,
                EnerJex shall, following the minimum funding described therein and
                previously paid,
                within a reasonable length of time, secure and contribute additional
                funding so as not to cause more than thirty (30) days delay of project
                activities due to lack of funding to develop Black Oaks (the “Additional
                Capital Deadline”); and

            

    

    

    
      	 	
              B.

            	
              Pursuant
                to the Second Amendment, the Additional Capital Deadline was extended
                until December 1, 2008;

            

    

    

    
      	 	
              C.

            	
              MorMeg
                and EnerJex desire to amend the Black Oaks Documents to further extend
                the
                Additional Capital Deadline.

            

    

    

    Now
      Therefore,
      for
      and
      in consideration of the foregoing, and of the mutual covenants, agreements,
      undertakings, representations and warranties contained herein, the parties
      hereto agree as follows:

     

    
      	
              1.

            	
              Section
                D5 of the Letter Agreement and JEA are hereby amended and restated
                in
                their entirety as follows: 

            

    

     

    
      	 	
              5.

            	
              Notwithstanding
                anything to the contrary herein or elsewhere, EnerJex shall have
                until
                June 1, 2009 (the “Additional Capital Deadline”) to contribute additional
                capital towards the development of Black Oak, and within a reasonable
                length of time thereafter, secure and contribute additional funding
                so as
                not to cause more than thirty (30) days delay of project activities
                due to
                lack of funding to complete the project. In the event EnerJex is
                not
                successful in obtaining additional funding, or all funding, to complete
                the Black Oaks development described in Section 6, MorMeg may cancel
                and
                declare the JEA of no force and effect from the point of cancellation
                forward. In the event of cancellation of the JEA by MorMeg, the following
                procedure and formula will be used to distribute the ownership and
                pay the
                debts of the project.

            

    

     

    
      	
              2.

            	
              Sections
                D5A, and D5B of the JEA and Letter Agreement, as amended remain
                unchanged.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

            	
              In
                the event of a conflict between this Third Amendment and the Black
                Oaks
                Documents and any amendments thereto, this Third Amendment shall
                supersede
                and prevail to the extent of such
                conflict.

            

    

     

    
      	
              4.

            	
              Other
                than as specifically provided in this Third Amendment, or as reasonable
                to
                conform to the provisions or intent of this Third Amendment, all
                other
                provisions of the Black Oaks Documents shall remain in full force
                and
                effect. This Third Amendment constitutes the sole and entire agreement
                between the parties as to the matters contained herein, and supersedes
                any
                and all conversations, letters and other communications which may
                have
                been disseminated by the parties relating to the subject matter hereof,
                all of which are void and of no
                effect.

            

    

     

    
      	
              5.

            	
              Any
                capitilized terms not defined herein have the meaning set forth in
                the
                JEA. 

            

    

     

    
      	
              6.

            	
              This
                Third Amendment may be executed in any number of counterparts, all
                of
                which taken together shall constitute one and the same instrument,
                and the
                parties hereto may execute this Third Amendment by signing any such
                counterpart.

            

    

     

    
      	
              7.

            	
              The
                parties hereby agree to take or cause to be taken such action, and
                to do
                and perform all such other acts and things as are necessary, advisable
                or
                appropriate to carry out the intent and terms of this Third
                Amendment.

            

    

     

    

    In
      Witness Whereof,
      the
      parties have executed this Third Amendment as of the date first above
      written.

     

    
      	 	 	 	 
	MorMeg: 	 
	 	 	 	 
	 	MorMeg,
              LLC,
              a
              Kansas limited liability company 	 
	 	 
 	
               
 

               

               

            	 
	 	By:  	/s/
              Mark
              Haas	 
	 	 	
              
Mark
              Haas, Managing Member 	 

    

     

    
       

      
        	 	 	 	 
	EnerJex:	 
	 	 	 	 
	 	EnerJex
                Resources, Inc.,
                a Nevada corporation	 
	 	 
 	
                 

                 

                 

                
 

              	 
	 	By:  	/s/
                Steve Cochennet	 
	 	 	
                
Steve
                Cochennet, Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00149-of-00352.parquet"}]]