Document:

Unassociated Document

    Exhibit
      10.27

    (English
      Translation)

    

    Purchase
      and Sales Contract for Industrial and Mineral Products

    (Stamp
      for supervision of economy contract of Harbin
      Administration of Industry and Commerce)

    

    The
      Supplier: Beijing Zhongxin Chemical Technology Development Co.

    The
      Buyer: Harbin Pacific Dragon Fertilizers Co., Ltd

    Contract
      No.: 070211 

    Signed
      at: Harbin

    Date:
      Jan
      15th
      2007

    
      

      
        	
                1.

              	
                
                  Product
                    Name, Trade Mark, Specification, Manufacturer, Quantity, Date
                    of Delivery
                    and Quantity

                

              

      

    

     

    
      	 	
              Date
                of Delivery and Quantity

            
	
              Product
                name

            	
              Trade
                Mark

            	
              Specification

            	
              Manufacturer

            	
              Measurement
                Unit

            	Quantity	
              Unit
                Price

              RMB

            	
              Total
                Amount

            	
              total

            	 	 	 	 	 
	
              Specific
                fulvic acid

            	 	 	 	
              Ton

            	
              2,000

            	
              9,100

            	
              18,200,000

            	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              Total
                in RMB (capitalization) : 18,200,000

            

    

    (Indication:
      if blanks are not enough, please add.)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              2.

            	
              Quality
                requirement, technology standard, the requirements and terms of quality
                responsibility from the supplier: 

              Products
                should meet the national quality
                requirement standards

            

      	 	 

      	3. 	Place of delivery and mode: As
              the buyer required.

    

    

    
      	
              4.

            	
              Term
                of Shipment, port of destination and expense: 

              The
                supplier should deliver the goods to the
                buyer’s railway or highway destination, and the buyer take the
                responsibility to deliver the goods to the plant.
                

            

    

    

    
      	
              5.

            	
              Reasonable
                loss and calculating method:

            

    

    

    
      	
              6.

            	
              Packing
                standard, the supply and reclamation of packing:
                

            

    

    

    
      	
              7.

            	
              Checking
                standard, means, deadline of discrepancy:
                In
                one month

            

    

    

    
      	
              8.

            	
              Spare
                parts, fittings quantity and supply:

            

    

    

    
      	
              9.

            	
              Settlement
                and time limit: 2
                million pre-payment and left amounts will be paid after the arrival
                of
                goods. Price should be given discount on the basis of market
                price.

            

    

    

    
      	
              10.

            	
              If
                assurance is needed, a separate contract should be signed as the
                attachment of this contract:

            

    

    

    
      	
              11.

            	
              The
                liability for breach of contract: 

              The
                breaching party should bear all
                responsibility.

            

    

    

    
      	
              12.

            	
              Settlement
                of disputes: 

              Any
                dispute should be settled through
                negotiation or arbitration in
                Harbin.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              13.

            	
              Other
                clauses: to be discussed.

            

    

    

    
      	
              The
                supplier:
                Beijing Zhongxin Chemical Technology Development Co. 

            	
              The
                buyer: Harbin Pacific Dragon Fertilizers Co., Ltd 

            	
              Comments
                of notary:

               

              Handled
                by:

               

               

              Notarizing
                Agent(stamp)

              Date:

              (Indication:
                except for government regulation, notarization is of one’s own accord.)
                

            
	
              Address:
                (Corporate Seal)

            	
              Address:

            
	
              Legal
                representative:
                /s/ Liu Quan

            	
              Legal
                representative:

            
	
              Authorized
                agent:

            	
              Authorized
                agent:

            
	
              Tel:

            	
              Tel:

            
	
              Telegraphic
                address:

            	
              Telegraphic
                address:

            
	
              Deposit
                bank:

            	
              Deposit
                bank:

            
	
              Account
                No.:

            	
              Account
                No.:

            
	
              Postcode:

            	
              Postcode:

            

    

    

    Term
      of
      Validity: Feb 1st,
      2007-Jan 31st,
      2009

    

    Supervised
      by Harbin
      Administration of Industry and Commerce

    Printed
      by Harbin Northeast Printing Office.SETTLEMENT
      AGREEMENT

     

     

    This
      Settlement Agreement (“Agreement”) is made between Dennis Richter, Michele
      Richter, Patrick Richter, and Glenn M. Charlow (collectively, the “Richters”),
      on the one hand, and Kestrel Energy, Inc.(“Kestrel”), the merger partner of
      Kestrel, Kestrel Holding, LLC (“Holding”) and Samson Oil and Gas Limited
      (“Samson”), the Australian parent company of Kestrel and Holding, on the other
      hand. Kestrel, Samson and Holding are referred to collectively as the “Company”
herein and the Company and the Richters are referred to collectively as the
      “Parties.”

     

    RECITALS

     

    WHEREAS,
      by letters dated August 18, 2006 (the “Notices”), each of the Richters made
      demand for appraisal rights under the dissenters’ rights provisions of the
      Colorado Business Corporation Act, Colo. Rev. Stat. §7-113-101 et seq. (the
“Act”).

    WHEREAS,
      in the Notices, the Richters rejected the consideration of $142 per share of
      Kestrel common stock payable to shareholders of Kestrel pursuant to the terms
      of
      the July 14, 2006 Plan of Merger (the “Plan of Merger”) by and between Kestrel
      and Holding. 

    WHEREAS,
      in the Notices, the Richters demanded the payment of “fair value” pursuant to
      the Act and claimed that the “fair value” of Kestrel shares under the Act is
      $530 per share (the “Claims”).

    WHEREAS,
      the Richters represented in the Notices that they are the beneficial owners
      of
      2,308 shares held by Cede & Co. as nominee, with Dennis Richter holding 988
      shares, Michele Richter holding 551 shares, Patrick Richter holding 539 shares
      and Glenn M. Charlow holding 230 shares (the “Shares”). 

    WHEREAS,
      without admission of liability, the Parties wish to finally settle and terminate
      the Claims and all liabilities, expenses, claims and counterclaims related
      thereto.

     

     

    TERMS

     

    In
      consideration of the mutual promises and covenants set forth herein and other
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the Parties hereby contract, covenant and agree as
      follows:

    1.  Payment.
      On
      October 16, 2006, assuming the full execution of this Agreement, the Company
      shall pay to each of the Richters the following sums (the
“Payments”):

     

    
      	
              Dennis
                Richter

            	 	
              $

            	
              142,163.32

            	 
	
              Michele
                Richter

            	 	
              $

            	
              79,283.39

            	 
	
              Patrick
                Richter

            	 	
              $

            	
              77,556.71

            	 
	
              Glenn
                M. Charlow

            	 	
              $

            	
              33,094.70

            	 

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.  Options.
      No
      later than twenty (20) days after the Payments, Samson will deliver to the
      Richters three year transferable options, issued in their name or in the name
      of
      such nominee(s) as they may direct, to purchase an aggregate of three million
      (3,000,000) freely transferable shares of Samson’s capital stock, of the type
      traded on the Australian Stock Exchange, at an exercise price of AUS$0.42 per
      share (the “Options”), broken down as follows:

     

    
      	
              Dennis
                Richter

            	
              1,284,229
                Options

            
	
              Michele
                Richter

            	
              716,204
                Options

            
	
              Patrick
                Richter

            	
              700,607
                Options

            
	
              Glenn
                Charlow

            	
              298,960
                Options

            

    

     

    3.  Covenant
      Not to Sue.
      The
      Parties agree and covenant not to assert the Claims or any other claims or
      counterclaims relating to the value of the Shares, the adequacy of the
      consideration paid for the Shares, the accuracy or completeness of the
      disclosures made by the Company relating to the Plan of Merger or this
      Agreement, in any other forum or in any other legal action, nor encourage or
      cooperate with others who might bring or threaten similar claims against the
      Company.

     

    4.  Delivery
      of Stock Certificates and Documents.
      On
      October 16, 2006, or on a date as soon thereafter as is reasonably feasible
      for
      the Richters’ broker, each of the Richters will deliver to the Company (1) all
      stock certificates and other documents evidencing ownership of the Shares and
      (2) all documents required by the Letter of Transmittal sent to shareholders
      in
      connection with the Plan of Merger, fully completed and executed in accordance
      with the instructions contained in the Letter of Transmittal, including the
      Spousal Signature or Certification of No Spousal Signature Required, the
      Individual’s Certificate of Non-Foreign Status and an IRS Form W-9.

     

    5.  Costs
      of Litigation.
      The
      Parties acknowledge that they bear their own attorneys’ fees and costs relating
      to the Claims.

     

    6.  Richters’
      Release of Claims.
      Each of
      the
      Richters, for themselves and for their respective officers, directors,
      employees, shareholders, attorneys, parents, subsidiaries, affiliates, related
      corporations, agents, heirs, successors, assigns and personal representatives,
      hereby fully and finally release and forever discharge the Company and its
      respective officers, directors, employees, shareholders, attorneys, parents,
      subsidiaries, affiliates, related corporations, agents, heirs, successors,
      assigns and personal representatives (the “Company Released Parties”), from any
      and all claims, debts, liabilities, demands, obligations, damages, losses,
      causes of action, costs, expenses or attorneys’ fees, whether known or unknown,
      accrued or unaccrued, existing or hereafter acquired, arising from any
      agreement, occurrence, matter, fact or thing, existing or occurring from the
      beginning of time to the date of this Agreement, that they may have against
      the
      Company Released Parties, including but not limited to, the Claims.

     

    7.  The
      Company’s Release of Claims.
      The
      Company, for itself and for its respective officers, directors, employees,
      shareholders, attorneys, parents, subsidiaries, affiliates, related
      corporations, agents, heirs, successors, assigns and personal representatives,
      hereby fully and finally releases and forever discharges the Richters and their
      respective officers, directors, employees, shareholders, attorneys, parents,
      subsidiaries, affiliates, related corporations, agents, heirs, successors,
      assigns and personal representatives (the “Richters Released Parties”), from any
      and all claims, debts, liabilities, demands, obligations, damages, losses,
      causes of action, costs, expenses or attorneys’ fees, whether known or unknown,
      accrued or unaccrued, existing or hereafter acquired, arising from any
      agreement, occurrence, matter, fact or thing, existing or occurring from the
      beginning of time to the date of this Agreement, that they may have against
      the
      Richters Released Parties, including but not limited to, the Claims.

     

    8.  Confidentiality.
      The
      Parties agree that, notwithstanding this Agreement, the Payments and the
      releases of the Company Released Parties and the Richters Released Parties,
      the
      confidentiality obligations created by the September 2006 Confidentiality
      Agreements between Kestrel and each of the Richters (the “NDAs”) (a) remain in
      full force and effect, (b) are binding upon and inure to the benefit of all
      of
      the Parties as if they were parties thereto, and (c) shall be interpreted to
      prohibit the disclosure of this Agreement or its terms, which shall for all
      purposes be treated as “Confidential Information” as defined by the Agreement,
      except to the extent permitted by the NDAs, including but not limited to Section
      4 thereof, entitled “Legally Compelled Disclosure. 

     

    9.  Representation
      by Counsel.
      The
      Parties hereby acknowledge that they have been represented by counsel of their
      choice throughout the negotiations which preceded the preparation and execution
      of this Agreement, and that they have carefully and thoroughly reviewed this
      Agreement, in its entirety, with that counsel and that counsel has approved
      it
      as to form.

     

    10.  Survival
      of Obligations.
      The
      rights and obligations of the Parties as set forth in this Agreement shall
      remain in effect without limitation as to time.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    11.  No
      Admission of Liability.
      Nothing
      in this Agreement, including the fact that it was entered into by the Parties,
      shall constitute, or be construed as, an admission on behalf of any of the
      Parties as to the validity of any claims, defenses or allegations concerning
      the
      Claims. This Agreement shall not be admissible in any court, administrative
      agency or tribunal for any purpose, with the exception of a proceeding to
      enforce or interpret the terms of this Agreement.

     

    12.  Authority
      to Execute and Perform.
      All
      action necessary to make the provisions of this Agreement binding on the
      Parties, their respective parents, subsidiaries, related corporations,
      affiliates, successors, assigns, employees, directors and management, has been
      properly taken. The persons signing this Agreement on behalf of the Parties
      are
      duly authorized to execute and to perform this Agreement. This Agreement, when
      executed, will be the legal and binding obligation of the Parties.

     

    13.  Binding
      Effect.
      The
      terms and conditions contained in this Agreement shall inure to the benefit
      of,
      and be binding upon, the successors, assigns, heirs, survivors, and personal
      representatives of the Parties.

     

    14.  Severability.
      If any
      provision of this Agreement is held illegal, invalid or unenforceable, such
      holding shall not affect any other provisions hereof. In the event any provision
      is held illegal, invalid, or unenforceable, such provision shall be limited
      so
      as to effect the intent of the Parties to the fullest extent permitted by
      applicable law.

     

    15.  Enforcement.
      The
      Releases contained herein do not release any claims for enforcement of the
      terms, conditions or warranties contained in this Agreement. The Parties shall
      be free to pursue any remedies available to them to enforce the terms of this
      Agreement.

     

    16.  Warranty
      of Non-Assignment.
      The
      Parties represent and warrant that none of them have assigned or transferred,
      or
      purported to assign or transfer, to any person or entity any claims, debts,
      liabilities, demands, rights, obligations, damages, losses, causes of action,
      costs, expenses, and attorneys’ fees subject to this Agreement.

     

    17.  Entire
      Agreement.
      This
      Agreement is the entire agreement between the Parties. This Agreement supersedes
      any and all prior agreements and cannot be modified except in writing signed
      by
      all Parties.

     

    18.  Execution
      in Counterparts.
      This
      Agreement may be executed in counterparts, all of which shall, upon execution
      and delivery of identical counterparts by all Parties, comprise a single
      agreement. Counterpart signatures may be exchanged by facsimile and shall be
      deemed delivered when received by the Party.

     

    19.  Choice
      of Law and Venue Selection.
      The
      Parties agree that any proceeding or action that might be initiated to enforce
      or interpret the terms of the Agreement will be brought only in Denver, Colorado
      and that Colorado law or, if applicable, federal law will apply in such
      proceeding.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the Parties have executed this Settlement Agreement on the
      dates written below.

     

    
      	 	 	 
	 	DENNIS
              RICHTER
	 
 	 
 	 
 
	Date: October
              17, 2006   	By:  	/s/
              Dennis Richter
	 	
              
 Dennis
              Richter

    

    
      	 	 	 
	 	 	 
	 	MICHELE
              RICHTER
	 
 	 
 	 
 
	Date: October
              17, 2006	By:  	/s/
              Michelle Richter 
	 	
              
Michelle
              Richter 

    

    
      	 	 	 
	 	 
	 	PATRICK
              RICHTER
	 
 	 
 	 
 
	Date: October
              17, 2006 	By:  	 /s/
              Patrick
              Richter 
	 	
              
Patrick
              Richter 

    

    
      	 	 	 
	 	 
	 	GLENN
              M.
              CHARLOW
	 
 	 
 	 
 
	Date: October
              17, 2006  	By:  	/s/
              Glenn M. Charlow 
	 	
              
Glenn
              M. Charlow 
	 	 

    

     

    
      	 	 	 
	 	SAMSON
              OIL
              AND GAS LIMITED
	 
 	 
 	 
 
	Date: October
              20, 2006  	By:  	/s/
              Terry
              Barr
	 	
              
Terry
              Barr
	 	President
&
              Director

    

     

    
      	 	 	 
	 	KESTREL
              HOLDING, LLC
	 
 	 
 	 
 
	Date: October
              20, 2006  	By:  	/s/
              Terry Barr
	 	
              
Terry
              Barr
	 	Manager

    

     

    
      	 	 	 
	 	
              KESTREL
                ENERGY, INC.
                

            
	 
 	 
 	 
 
	Date: October
              20, 2006	By:  	/s/ Terry
              Barr 
	 	
              
Terry
              Barr
	 	President
&
              Director

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