Document:

Exh 10.5 Termination of Advisory Agreement

Exhibit 10.5

TERMINATION OF ADVISORY AGREEMENT

The undersigned hereby agree to terminate the Advisory Agreement dated April 1, 2012 effective as of January 1, 2013 except that any Compensation due and owing and any Reimbursable Expenses due but not heretofore paid shall be promptly made upon presentation.

CONTANGO OIL & GAS COMPANY

By: /s/ SERGIO CASTRO   
Name:     Sergio Castro        
Title:  Vice President

JUNEAU EXPLORATION, L.P.
By:  Juneau GP, LLC
        its General Partner

By: /s/ JOHN B. JUNEAU
Name:     John B. Juneau
Title: Sole ManagerExh 10.6 First Right of Refusal Agreement

Exhibit 10.6

First Right of Refusal Agreement

This First Right of Refusal Agreement (this “Agreement”) is entered into as of January 1, 2013 (the “Effective Date”) by and between Contango Oil & Gas Company, a Delaware Corporation (“Contango”) and Juneau Exploration, L.P., a Texas limited partnership (“JEX”).  Contango and JEX may be referred to herein collectively as the “Parties” or individually as “Party”.

RECITALS

Contango is an independent oil and gas company whose business is to explore, develop, produce and acquire natural gas and oil properties onshore and offshore in the Gulf of Mexico. 

JEX is in the business of generating and marketing exploration prospects for oil and gas as well as ownership in production of oil and gas and other related interests.

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, Contango and JEX agree, as follows:

		
	1.
	First Right of Refusal. Subject to the terms and conditions set forth in this Agreement, JEX hereby grants to Contango a first right of refusal to Contango to purchase any exploration prospects generated and recommended by JEX during the term of this Agreement.  JEX will present its recommended prospects to Contango along with its terms and conditions for purchasing each prospect and Contango shall have the first right of refusal to purchase the prospect from JEX for a period of 10 days, subject to mutually acceptable terms.

		
	2.
	Compensation. During the terms of this Agreement Contango shall pay to JEX as consideration for this First Right of Refusal the sum of Five hundred thousand dollars ($500,000) annually to be paid quarterly in the amount of One hundred twenty five thousand dollars ($125,000) at the beginning of each quarter being January 1st, April 1st, July 1st and October 1st during the term of this Agreement.

		
	3.
	Term of Agreement.  This agreement shall commence on the Effective Date and remain in full force and effect through December 31, 2014.  This Agreement may be terminated by either party with 10 days prior written notice with said termination being effective at the end of the quarter for which said First Right of Refusal Compensation has been paid.

		
	4.
	Confidentiality.  Contango agrees that the prospect information shall be kept strictly confidential and shall not be sold, traded, published, or otherwise disclosed to anyone in any manner whatsoever, including by means of photocopy or reproduction, without the prior written consent of JEX.  Furthermore, Contango agrees not to use the prospect 

information or allow the use thereof, for purposes adverse to or in competition with JEX for the acquisition of oil and gas interests located within the prospect

		
	5.
	SOLE RISK.  JEX MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, AS TO THE QUALITY, ACCURACY AND COMPLETENESS OF THE PROSPECT INFORMATION, AND CONTANGO EXPRESSLY ACKNOWLEDGES THE INHERANT RISK OF ERROR IN THE ACQUISITION, PROCESSING AND INTERPRETATION OF PROSPECT INFORMATION.  CONTANGO AGREES THAT IT IS NOT ENTITLED TO RELY ON THE ACCURACY OR COMPLETENESS OF THE PROSPECT INFORMATION.  CONTANGO AGREES THAT IT IS ACCEPTING AND USING THE PROSPECT INFORMATION AT ITS SOLE RISK.

		
	6.
	Governing Law. This agreement shall be governed by and interpreted in accordance with the laws of the state of Texas without giving effect to its conflicts of laws provisions.  Venue for any claim or causes of action brought under this agreement shall be in Harris County, Texas.

WHEREFORE, the Parties hereto have executed this Agreement as of the date first above written.

CONTANGO OIL & GAS COMPANY

By: /s/ SERGIO CASTRO
Name: Sergio Castro
Title:  Vice President

JUNEAU EXPLORATION, L.P.

By Juneau GP, LLC
Its General Partner

By: /s/ JOHN B. JUNEAU
Name: John B. Juneau
Title: Sole ManagerExh 10.7 Advisory Agreement

Exhibit 10.7

ADVISORY AGREEMENT
This ADVISORY AGREEMENT (this “Agreement”) is entered into as of January 1, 2013 (the “Effective Date”), by and between Contaro Company, a Delaware corporation (“Contaro”) and Juneau Exploration, L.P., a Texas limited partnership (“Juneau”).  Contaro and Juneau may be referred to herein collectively as the “Parties” or individually as a “Party”.
RECITALS
A.    Contaro is a company formed for the purpose of investing in Exaro Energy III LLC, a Delaware limited liability company (“Exaro III”) for the exploration of oil and gas prospects in the Jonah Field located in Sublette County, Wyoming, pursuant to an Earning and Development Agreement dated as of April 1, 2012.
B.    Juneau is in the business of providing commercial and technical expertise with respect to oil and gas exploration prospects. 
C.     Contaro and Juneau desire to enter into this Agreement to set forth the terms and conditions for Juneau to provide advisory services to Contaro in connection with Contaro’s investment in Exaro III and the exploration of the Jonah Field located in Sublette County, Wyoming (the “Investment”).
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, Contaro and Juneau agree, as follows:
1.Advisory Services.
a.    Subject to the terms and conditions set forth in this Agreement, Juneau shall perform in good faith such services as may be requested from time to time as directed by the Chairman of Contaro, including, but not limited to, the services (the “Services”) set forth in the Scope of Work attached hereto and incorporated herein as Exhibit A (“Scope of Work”).  Juneau agrees to perform the Services on an exclusive basis for Contaro.
b.    Contaro may, from time to time, request changes in the Scope of Work.   Any changes to the Scope of Work must be mutually agreed upon between Juneau and Contaro before they are incorporated in written amendments to this Agreement.
c.    Juneau shall commence the Services on the Effective Date and shall perform all Services as required during the term of this Agreement.  

        

2.    Term of Agreement.  This Agreement shall commence on the Effective Date and shall remain in full force and effect for a term of one (1) year and each month thereafter unless terminated upon sixty (60) days’ prior written notice by either Party (the “Term”).
3.    Compensation.  Beginning February 1, 2012 and during the term of this Agreement and in consideration of the Services performed by Juneau hereunder, Juneau shall be entitled to receive the following compensation (“Compensation”):
a.    Monthly fee of Ten Thousand Dollars ($10,000) per month, which amount shall be pro-rated for partial months.
b.    Success Fees as defined in Exhibit B attached hereto.
c.    Reimbursement for reasonable and necessary expenses incurred by Juneau in providing the Services (collectively, “Reimbursable Expenses”).
4.    Timing of Payments.  
a.    All Success Fees shall be payable as set forth on Exhibit B attached hereto. 
b.    Contaro shall not withhold, nor shall Contaro be obligated to withhold any, taxes or deductions from payments made to Juneau.  Juneau shall pay, and shall be solely responsible for payment of any applicable taxes on payments made by Contaro to Juneau for Services rendered under this Agreement.
5.    Confidential Status; Disclosure of Information.  All agreements, data, reports, documents, materials or other information developed or received by Juneau or provided to Juneau by or on behalf of Contaro shall be deemed confidential and shall not be disclosed by Juneau without the prior written consent of Contaro.  
6.    Notices.
Any notices, bills, invoices, or reports required by this Agreement shall be deemed received on:  (a) the day of delivery if delivered by hand or overnight courier service during Contaro’s and Juneau’s regular business hours; or (b) on the third (3rd) business day following deposit in the United States mail, postage prepaid, to the addresses heretofore below, or to such other addresses as the Parties may, from time to time, designate in writing.  
If to Contaro:   
 
Contaro Company
3700 Buffalo Speedway, Suite 960 
Houston, Texas 77098 
Attention:  Sergio Castro 
Phone: (713) 960-1901 
Fax:  (713) 960-1065

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If to Juneau: 
 
Juneau Exploration L.P. 
3700 Buffalo Speedway, Suite 925 
Houston, Texas 77098 
Attention:  John B. Juneau 
Phone: (713) 805-4086 
Fax: (713) 524-8197

[Remainder of Page Intentionally Left Blank]

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WHEREFORE, the Parties hereto have executed this Agreement as of the date first above written.
CONTARO COMPANY 
 
By:    /s/ SERGIO CASTRO 
Name:    Sergio Castro
Title:    Vice President

JUNEAU EXPLORATION, L.P. 
 
By: Juneau GP, LLC 
its General Partner 
 
    By:    /s/ JOHN B. JUNEAU 
    Name:     John B. Juneau
Title:    Sole Manager

    

Exhibit A 
 
Scope of Work
(1)    Juneau will provide advisory services with respect to Contaro’s investment in Exaro Energy III LLC and Exaro’s exploration of the Jonah Field Assets.
(2)    John B. Juneau will serve on the board of managers of Exaro Energy III LLC and perform such duties as described in the limited liability company operating agreement of Exaro Energy III LLC.

        

Exhibit B 
 
Success Fee
Juneau shall be entitled to receive a one percent (1%) fee of the cash profit earned by Contaro.  Cash Profit is defined as the amount of cash received by Contango as a result of its investment in Contaro, less the net cash invested by Contango as a result of its investment in Contaro.

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