Document:

United States Securities & Exchange Commission EDGAR Filing

EXHIBIT 10.44

AMENDMENT TO 

SECURITIES PURCHASE AGREEMENT

This AMENDMENT TO SECURITIES PURCHASE AGREEMENT (this “Amendment”) is entered into as of June 15, 2009 (the “Effective Date”) by and between Voyant International Corporation, a Nevada corporation (the “Company”), and Ascendiant Capital Group, LLC (“Capital Group”) and Ascendiant Equity Partners, LLC(“Equity Partners” and either Capital Group or Equity Partners, the “Purchaser,” as designated pursuant to Section 6.1(e) of that certain Securities Purchase Agreement dated April 13, 2009 by and between the Company, Capital Group, and Equity Partners (the “Purchase Agreement”).  Capitalized terms used in this Agreement and not otherwise defined shall have the meanings ascribed to them in the Purchase Agreement. 

RECITALS

WHEREAS, pursuant to Section 8.4 of the Purchase Agreement, the Purchase Agreement may be amended by a written instrument signed by the Company and the Purchaser.

NOW, THEREFORE, in consideration of the above premises and the mutual covenants contained below and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties agree as follows: 

AGREEMENT

1.

Amendment to Section 6(e) of the Purchase Agreement.  Section 6(e) of the Purchase Agreement shall be replaced in its entirety with the following:

“(e) 

The Company must inform the Purchaser by delivering a draw down notice, in the form of Exhibit C hereto (the “Draw Down Notice”), via facsimile transmission in accordance with Section 8.3, as to the amount of the Draw Down (the “Investment Amount”) the Company wishes to exercise. The Draw Down Notice shall also inform the Purchaser of the first day of the Draw Down Pricing Period, which shall be the first Trading Day following the date such Draw Down Notice is received (the “Commencement Date”).  At no time shall the Purchaser be required to purchase more than the maximum Investment Amount for a given Draw Down Pricing Period.  The Company shall have the right to notify the Purchaser that Draw Downs shall be continuous pursuant to a Draw Down Notice until such time that the Company elects to suspend such Draw Down Notice.  In the event of a continuous Draw Down Notice, the Company must give at least 2 Trading Days’ written notice of suspension to the Purchaser and in no event shall a suspension of a Draw Down occur prior to the end of any pending Draw Down Pricing Periods.  On or before any Trading Day that a Draw Down Notice is delivered or notice of suspension of Draw Downs is delivered, the Company shall have filed with the Commission a prospectus supplement pursuant to Rule 424 

under the Securities Act setting forth the terms of the Draw Down Notice or suspension notice. Upon receipt of a Draw Down Notice, Capital Group and Equity Partners will determine which party shall act as the Purchaser for such Draw Down and such party will immediately, but no later than one Trading Day after receipt of such Draw Down Notice, notify the Company as to which party shall act as the Purchaser for such Draw Down; provided, however, if neither Capital Group nor Equity Partners notify the Company as set forth herein, then, Capital Group shall be deemed to be the Purchaser for such Draw Down.”

2.

Further Assurances.  The parties hereto hereby agree to execute and deliver such additional documents, instruments, or agreements as may be necessary and appropriate to effectuate the purposes of this Amendment. 

3.

Successors and Assigns.  This Amendment is binding upon and shall inure to the benefit of the successors and permitted assigns of the parties hereto. 

4.

Governing Law.  All questions concerning the construction, validity, enforcement, and interpretation of this Amendment shall be determined in accordance with the provisions of the Purchase Agreement.

5.

Counterparts. This Amendment may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

6.

Effectiveness of Purchase Agreement.  Except as otherwise amended or revised pursuant to this Amendment, the terms, conditions, and provisions of the Purchase Agreement shall be in full force and effect. 

[Remainder of Page Intentionally Left Blank]

  

2

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written. 

			
	 
	VOYANT INTERNATIONAL CORPORATION

	 
	 
	 

	 
	 
	 

	 
	By: 

	/s/ David R. Wells

	 
	Name: 

	David R. Wells

	 
	Title: 

	Chief Financial Officer

	 
	 
	 

	 
	 
	 

	 
	ASCENDIANT CAPITAL GROUP, LLC

	 
	 
	 

	 
	 
	 

	 
	By: 

	/s/ Bradley J. Wilhite

	 
	Name: 

	Bradley J. Wilhite

	 
	Title: 

	Managing Member

	 
	 
	 

	 
	 
	 

	 
	ASCENDIANT EQUITY PARTNERS, LLC

	 
	 
	 

	 
	 
	 

	 
	By: 

	/s/ Bradley J. Wilhite

	 
	Name: 

	Bradley J. Wilhite

	 
	Title: 

	Managing Member

3Unassociated Document

    JUNE 2009 AMENDMENT
AGREEMENT

     

    THIS JUNE
2009 AMENDMENT AGREEMENT (this “Agreement”) is made as of June
17, 2009, among Velocity Energy Inc. (f/k/a Sonterra Resources, Inc.), a
Delaware corporation (the “Velocity”), Longview Marquis
Master Fund, L.P., a British Virgin Islands limited partnership (“Marquis”), North Texas
Drilling Services, Inc., a Texas corporation (“North Texas”), Sonterra
Operating, Inc., a Delaware corporation (“Operating”), Velocity Energy
Limited LLC, a Texas limited liability company (“Limited”), Velocity Energy
Offshore LP, a Delaware limited partnership (“Offshore”), Velocity Energy
Operating Inc., a Delaware corporation (“Velocity Operating”), Velocity
Energy Partners L.P., a Delaware limited partnership (“Onshore”; North Texas,
Operating, Limited, Velocity Operating, Offshore and Onshore, each a “Velocity Sub” and, together,
the “Velocity Subs”),
and, solely for the purpose of Section 20 hereof,
Summerview Marquis Fund, L.P., a Delaware limited partnership (“Summerview”).  Each
capitalized term used in this letter agreement and not otherwise defined, shall
have the meaning ascribed thereto in the Purchase Agreement (as defined
below).

     

    W I T N E
S S E T H:

     

    WHEREAS,
Velocity and Marquis entered into that certain Securities Purchase Agreement
dated as of November 13, 2008 (as amended, restated, supplemented, or otherwise
modified and in effect from time to time, the “Purchase Agreement”), pursuant
to which, among other things, Velocity issued in favor of Marquis that certain
Senior Secured Note (Note No.: SR-001), dated November 13, 2008, in the original
principal amount of $8,875,000 (as amended, restated, supplemented, or otherwise
modified from time to time, the “Senior Secured
Note”).

     

    WHEREAS,
Velocity and Marquis entered into that certain letter agreement, dated March 31,
2009, pursuant to which (i) Velocity made an Optional Prepayment (as defined in
the Senior Secured note) pursuant to Section 3(a) of the Senior Secured Note, in
the amount of $2,000,000 (the “Prepayment”), and (ii) the
outstanding principal of the Senior Secured Note was reduced by $2,192,500 upon
Marquis’ receipt of the Prepayment.

     

    WHEREAS,
upon such reduction, the outstanding principal of the Senior Secured Note was
$6,682,500.

     

    WHEREAS,
Marquis and Summerview entered into that certain letter agreement, dated May 29,
2009, pursuant to which (i) Marquis transferred to Summerview and Summerview
acquired from Marquis, a portion of the Senior Secured Note, in the principal
amount of $1,679,748.02, including all of Marquis’ right, title and interest,
legal and equitable, therein and thereto (such transferred portion of the Senior
Secured Note, the “Summerview
Secured Note” and the portion of the Senior Secured Note not so
transferred (i.e., continuing to be held by Marquis), in the principal amount of
$5,002,751.98, the “Marquis
Secured Note”)), and (ii) Marquis transferred and assigned to Summerview
all of Marquis’ rights and obligations under the Purchase Agreement and the
Transaction Documents with respect to the Transferred Securities and Summerview
accepted such assignment of rights and agreed to be bound by the provisions of
the Securities Purchase Agreement and the Transaction Documents as they relate
to the Transferred Securities; and Marquis and Summerview provided notice to
Velocity of such transfer.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
in connection with the transfer of the Transferred Securities from Marquis to
Summerview and in exchange for the Senior Secured Note, Velocity is required to
issue two new notes representing in aggregate the remaining unpaid principal of
the Senior Secured Note, each in the same form as the Senior Secured Note: (i)
one to Marquis in the principal amount of $5,002,751.98, representing the
Marquis Secured Note, and (ii) the other to Summerview in the principal amount
of $1,679,748.02, representing the Summerview Secured Note.

     

    WHEREAS,
Velocity and Marquis desire to amend the terms of the Marquis Secured Note as
provided herein.

     

    NOW,
THEREFORE, in consideration of the agreements, provisions and covenants
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Velocity and Marquis (and
Summerview with respect to Section 20 hereof)
agree as follows:

     

    1. Marquis Payment. On
the date hereof, Marquis shall pay to Velocity cash in the amount of $1,500,000
(such payment, the “Additional
Payment”), by wire transfer of immediately available funds into the
Acquisition Account, in accordance with the instructions set forth on Exhibit A
hereto.

     

    2. Increase of Principal of the
Marquis Secured Note.  Notwithstanding any prohibition or
restriction in, or anything to the contrary in, the Marquis Secured Note or the
Purchase Agreement, effective immediately upon the receipt by Velocity of the
Additional Payment, the principal of the Marquis Secured Note (the “Principal”) shall be increased
by $1,644,375.  For the avoidance of doubt, immediately upon the
receipt by Velocity of the Additional Payment, the Principal will be
$6,647,126.98 (the “New
Principal Amount”).  Velocity shall promptly issue and deliver
to Marquis a note representing the Marquis Secured Note, in the same form as the
Senior Secured Note, stating the Principal as being the New Principal Amount
effective as of the date hereof.

     

    3. Use of Additional Payment
Proceeds.  Velocity shall use the Additional Payment proceeds
solely to fund an Agreed Acquisition as provided in, and subject to the terms
and conditions of, Section 4(d) the Purchase Agreement, and such proceeds shall
be subject to all additional restrictions set forth in the Purchase Agreement,
the Supplemental Account Control Agreement and the other Transaction Documents
applicable to the Acquisition Account.

     

    4. Representations and
Warranties of Velocity.  Velocity and the Velocity Subs jointly
and severally represent and warrant to Marquis that:

     

    a. Authorization; Enforcement;
Validity. Each of Velocity and the Velocity Subs has the requisite
corporate, limited liability company, limited partnership or other
organizational power and authority to enter into and perform its obligations
under this Agreement, the Purchase Agreement, the Marquis Secured Note (as
amended hereby) and the other Transaction Documents.  The execution
and delivery of this Agreement by Velocity and the Velocity Subs and the
consummation of the transactions contemplated hereby, by the Marquis Secured
Note (as amended hereby) and by the other Transaction Documents have been duly
authorized by the respective boards of directors, managers, members or general
partners of Velocity and the Velocity Subs, as applicable, and no further
consent or authorization is required by Velocity, the Velocity Subs or any of
their respective boards of directors, managers, members, general partners or
shareholders.  This Agreement has been duly executed and delivered by
Velocity and each of the Velocity Subs, and each of this Agreement, the Purchase
Agreement, the Marquis Secured Note (as amended hereby) and the other
Transaction Documents constitutes a valid and binding obligation of each of
Velocity and the Velocity Subs (as applicable), enforceable against each of
Velocity and the Velocity Subs (as applicable) in accordance with its terms,
except as such enforceability may be limited by general principles of equity or
applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or
similar laws relating to, or affecting generally, the enforcement of applicable
creditors’ rights and remedies.

     

    
      
        
        

      

      
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    b. Issuance of
Securities.  The amendment of the Marquis Secured Note in
accordance herewith is exempt from registration under the Securities Act of
1933, as amended, and applicable state securities laws, based upon the
representation made by Marquis herein that Marquis is an “accredited
investor.”

     

    c. No
Conflicts.  The execution and delivery of this Agreement by
each of Velocity and the Velocity Subs, as applicable, the performance by each
of Velocity and the Velocity Subs (as applicable) of their respective
obligations hereunder, under the Purchase Agreement, under the Marquis Secured
Note (as amended hereby) and under the other Transaction Documents, and the
consummation by each of Velocity and the Velocity Subs (as applicable) of the
transactions contemplated hereby, by the Purchase Agreement, by the Marquis
Secured Note (as amended hereby) and by the other Transaction Documents will not
(i) result in a violation of the certificate of incorporation or the bylaws of
Velocity or the organizational documents of any Velocity Sub; (ii) conflict
with, or constitute a breach or default (or an event which, with the giving of
notice or lapse of time or both, constitutes or would constitute a breach or
default) under, or give to others any right of termination, amendment,
acceleration or cancellation of, or other remedy with respect to, any agreement,
indenture or instrument to which Velocity or any of the Velocity Subs is a
party; or (iii) result in a violation of any law, rule, regulation, order,
judgment or decree (including federal and state securities laws and regulations)
applicable to Velocity or any of the Velocity Subs or by which any property or
asset of Velocity or any of the Velocity Subs is bound or
affected.  Neither Velocity nor any of the Velocity Subs is required
to obtain any consent, authorization or order of or, except as required by Section 7 below, make
any filing or registration with, any court or governmental agency or any
regulatory or self-regulatory agency in order for it to execute, deliver or
perform any of its obligations under, or contemplated by, this Agreement, the
Purchase Agreement, the Marquis Secured Note (as amended hereby) and the other
Transaction Documents.

     

    d. No Breach or
Default.  As of the date hereof, neither Velocity nor any
Velocity Subs is in material breach or violation of any representation,
warranty, covenant or other provision of, or in default under, the Purchase
Agreement, the Marquis Secured Note or any of the other Transaction
Documents.

     

    e. Outstanding
Note.  As of the date hereof, the Marquis Secured Note and the
Summerview Secured Note are the only Notes outstanding.

     

    
      
        
        

      

      
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    f. Subsidiaries.  As
of the date hereof, the Velocity Subs and the Excluded Subsidiaries are the only
Subsidiaries.

     

    g. Other
Representations.  The representations and warranties of
Velocity and each of the Velocity Subs (as applicable) in the Purchase Agreement
and in the other Transaction Documents are true and correct as of the date when
made and as of the date hereof as though made at that time (except for
representations and warranties that speak as of a specific date, which were true
and correct as of such date) and Velocity and each of the Velocity Subs (as
applicable) has performed, satisfied and complied with the covenants, agreements
and conditions required by the Purchase Agreement and the other Transaction
Documents to be performed, satisfied or complied with by Velocity at or prior to
the date hereof.

     

    5. Representation and
Warranties of Marquis.  Marquis represents and warrants to
Velocity that (i) Marquis is a validly existing limited partnership and has the
requisite limited partnership power and authority to enter into and perform its
obligations under this Agreement, (ii) this Agreement has been duly and validly
authorized, executed and delivered on behalf of Marquis and is a valid and
binding agreement of Marquis, enforceable against Marquis in accordance with its
terms, and (iii) Marquis is an “accredited investor,” as that term is defined in
Rule 501(a) of Regulation D.

     

    6. Acknowledgment of Velocity
and the Velocity Subs.  Velocity and each of the Velocity Subs
hereby irrevocably and unconditionally acknowledges, affirms and covenants to
Marquis that:

     

    a.
Marquis is not in default under any of the Transaction Documents and has not
otherwise breached any obligations to Velocity or any of the Velocity Subs;
and

     

    b. there
are no offsets, counterclaims or defenses to the Liabilities (as defined in the
Security Agreement) or Obligations (as defined in the Guaranty), including the
liabilities and obligations of Velocity under the Marquis Secured Note (as
amended hereby), or to the rights, remedies or powers of Marquis in respect of
any of the Liabilities or Obligations or any of the Transaction Documents, and
Velocity and each of the Velocity Subs agree not to interpose (and each does
hereby waive and release) any such defense, set-off or counterclaim in any
action brought by Marquis with respect thereto.

     

    7. Covenants. Prior to
5:30 p.m., New York time, on June 19, 2009, Velocity shall file a current report
on Form 8-K (the “Amendment
Form 8-K”) with the Securities and Exchange Commission (the “SEC”), describing the terms of
this Agreement and including this Agreement as an exhibit thereto, in the form
required by the 1934 Act.  From and after the filing of this Amendment
Form 8-K with the SEC, Marquis shall not be in possession of any material
nonpublic information received from Velocity or any of its affiliates, officers,
directors, employees or agents as a result of this Agreement or any of the
matters referred to herein.

     

    8. Avoidance of
Doubt.  The parties hereto hereby agree, for the avoidance of
doubt, that (a) the term “Notes” as used in the Purchase
Agreement, the Summerview Secured Note and Marquis Secured Note shall include
the Marquis Secured Note, as, and to the extent, amended by this Agreement, and
(b) the terms “Liabilities” and “Obligations” as used in the
Transaction Documents shall include all liabilities and obligations of Velocity
and the Velocity Subs under this Agreement, under the Marquis Secured Note (as
amended hereby) and under the other Transaction Documents, and this Agreement
shall be included within the meaning of the term “Transaction Documents,” and
each of the parties hereto agrees not to take any contrary
positions.

     

    
      
        
        

      

      
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    9. Expenses.  Velocity
hereby covenants and agrees to promptly reimburse Marquis for all of its
out-of-pocket fees, costs and expenses, including attorneys’ fees and expenses,
up to an aggregate of $5,000, incurred in connection with the drafting,
negotiation and execution of this Agreement and the consummation of the
transactions contemplated hereby, including by reimbursement of all of such
fees, costs and expenses incurred by Marquis through the date hereof within one
(1) Business Day after notification thereof.

     

    10. Reservation of
Rights.  Except as expressly set forth herein (and subject to
the terms and conditions hereof), Marquis has not hereby waived, or agreed to
waive, (i) any breach, default or Event of Default that may be continuing under
any of the Transaction Documents or (ii) any of Marquis’ rights or remedies
arising from any such breach, default or Event of Default or otherwise available
under the Transaction Documents or at law.  Marquis expressly reserves
all such rights and remedies.

     

    11. Successors and
Assigns.  This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective successors and
permitted assigns.  The successors and assigns of such entities shall
include their respective receivers, trustees or
debtors-in-possession.

     

    12. Further
Assurances.  Velocity and each of the Velocity Subs hereby
agree from time to time, as and when requested by Marquis, to execute and
deliver or cause to be executed and delivered, all such documents, instruments
and agreements, including secretary’s certificates, stock powers and irrevocable
transfer agent instructions, and to take or cause to be taken such further or
other action, as Marquis may reasonably deem necessary or desirable in order to
carry out the intent and purposes of this Agreement, the Purchase Agreement, the
Marquis Secured Note (as amended hereby) and the other Transaction
Documents.

     

    13. Governing Law; Jurisdiction;
Jury Trial.  All questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by
the internal laws of the State of New York, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of New York or
any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of New York.  Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan, for the
adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is brought in an inconvenient forum or that the
venue of such suit, action or proceeding is improper.  Each party
hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof by
registered or certified U.S. mail, return receipt requested, or by a nationally
recognized overnight delivery service, to such party at the address for such
notices to it under the Marquis Secured Note (or, in the case of Summerview, the
Summerview Secured Note) and agrees that such service shall constitute good and
sufficient service of process and notice thereof.  Nothing contained
herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

     

    
      
        
        

      

      
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    14. Counterparts.  This
Agreement may be executed in two or more identical counterparts, all of which
shall be considered one and the same agreement and shall become effective when
counterparts have been signed by each party and delivered to each other
party.  In the event
that any signature to this Agreement or any amendment hereto is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such
signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.  No
party hereto shall raise the use of a facsimile machine or e-mail delivery of a
“.pdf” format data file to deliver a signature to this Agreement or any
amendment hereto or the fact that such signature was transmitted or communicated
through the use of a facsimile machine or e-mail delivery of a “.pdf” format
data file as a defense to the formation or enforceability of a contract, and
each party hereto forever waives any such defense.

     

    15. Section
Headings.  The section headings herein are for convenience of
reference only, and shall not affect in any way the interpretation of any of the
provisions hereof.

     

    16. No Strict
Construction.  The language used in this Agreement will be
deemed to be the language chosen by the parties to express their mutual intent,
and no rule of strict construction will be applied against any
party.

     

    17. Merger.  This
Agreement, the Purchase Agreement, the Marquis Secured Note (as amended hereby)
and the other Transaction Documents represent the final agreement of each of the
parties hereto with respect to the matters contained herein and may not be
contradicted by evidence of prior or contemporaneous agreements, or prior or
subsequent oral agreements, among any of the parties hereto.  Except
as expressly set forth in this Agreement, the Purchase Agreement, the Marquis
Secured Note (as amended hereby) and the other Transaction Documents, neither
Velocity nor Marquis makes any representation, warranty, covenant or undertaking
with respect to such matters.

     

    18. Interpretative
Matters.  Unless the context otherwise requires, (i) all
references to Sections or Exhibits are to Sections or Exhibits contained in or
attached to this Agreement, (ii) words in the singular or plural include the
singular and plural and pronouns stated in either the masculine, the feminine or
neuter gender shall include the masculine, feminine and neuter, (iii) the words
“hereof,” “herein” and words of similar effect shall reference this Agreement in
its entirety, and (iv) the use of the word “including” in this Agreement shall
be by way of example rather than limitation.

     

    
      
        
        

      

      
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    19. Reaffirmation.  Each
of Velocity and the Velocity Subs, as issuer, debtor, grantor, pledgor,
mortgagor, guarantor or assignor, or in other any other similar capacity in
which such Person grants liens or security interests in its property or
otherwise acts as accommodation party or guarantor, as the case may be, hereby
(i) acknowledges and agrees that it has reviewed this Agreement, (ii) ratifies
and reaffirms all of its obligations, contingent or otherwise, under each of the
Purchase Agreement, the Marquis Secured Note (as amended hereby) and the other
Transaction Documents to which it is a party (after giving effect hereto), and
(iii) to the extent such Person granted liens on or security interests in any of
its property pursuant to any such Transaction Document as security for or
otherwise guaranteed the Liabilities under or with respect to the Transaction
Documents, ratifies and reaffirms such guarantee and grant of security interests
and liens and confirms and agrees that such security interests and liens
hereafter secure all of the Liabilities (as amended hereby).  Each of
Velocity and the Velocity Subs hereby consents to this Agreement and
acknowledges that each of the Purchase Agreement, the Marquis Secured Note (as
amended hereby) and the other Transaction Documents, remains in full force and
effect and is hereby ratified and reaffirmed.

     

    20. Consent of
Summerview.  Summerview hereby consents to the amendment of the
Marquis Secured Note to increase the Principal thereof to the New Principal
Amount.  Furthermore, notwithstanding Section 9 of each of the
Summerview Secured Note and Marquis Secured Note, (i) Summerview and Velocity
agree that the Summerview Secured Note shall not be amended as a result of or in
connection with such amendment of the Marquis Secured Note, and (ii) Velocity,
Marquis and Summerview agree that such amendment of the Marquis Secured Note
shall be effective even though it does not apply to the Summerview Secured
Note.  Velocity shall promptly issue and deliver to Summerview a note
representing the Summerview Secured Note, in the same form as the Senior Secured
Note.

     

    [Remainder of page intentionally left
blank; Signature page follows]

     

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, this Agreement has been duly executed and delivered by each of
the undersigned as of the date first above written.

     

     

    
      
        	
                VELOCITY ENERGY INC. (f/k/a
      Sonterra Resources, Inc.), 

                a
      Delaware corporation

              
	 
      	 
      
	
                By:

              	/s/
      D.E. Vandenberg  
	
                Name:

              	D.E.
      Vandenberg 
	
                Title:

              	President
	 
      	 
      
	 
      	 
      
	
                LONGVIEW MARQUIS MASTER FUND,
      L.P., 

                a
      British Virgin Islands limited partnership

              
	 
      	 
      
	
                By:

              	
                Summerline
      Asset Management, LLC

              
	
                Its:

              	
                Investment
      Advisor

              
	 
      	 
      
	
                By:

              	/s/
      Robert
      J. Brantman
	
                Name:

              	
                Robert
      J. Brantman

              
	
                Title:

              	
                Co-Managing
      Member

              
	 
      	 
      
	 
      	 
      
	
                SUMMERVIEW MARQUIS FUND,
      L.P.,

              
	
                a
      Delaware limited partnership (solely for purposes of Section
      20)

              
	 
      	 
      
	
                By:

              	
                Summerline
      Asset Management, LLC

              
	
                Its:

              	
                General
      Partner

              
	 	 
	
                By:

              	/s/
      Robert
      J. Brantman  
	
                Name:

              	
                

                  Robert
      J. Brantman

                

              
	
                Title:

              	
                Co-Managing
      Member

              
	 
      	 
      
	 	 
	
                NORTH TEXAS DRILLING SERVICES,
      INC., 

                a
      Texas corporation

              
	 
      	 
      
	
                By:

              	/s/
      D.E. Vandenberg 
	
                Name:

              	D.E.
      Vandenberg 
	
                Title:

              	Vice
      President
	 
      	 
      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      
	
                SONTERRA OPERATING,
      INC., 

                a
      Delaware corporation

              
	 
      	 
      
	
                By:

              	/s/
      D.E. Vandenberg 
	
                Name:

              	D.E.
      Vandenberg 
	
                Title:

              	Presdient
	 
      	 
      
	 
      	 
      
	
                VELOCITY ENERGY LIMITED
      LLC, 

                a
      Texas limited liability company

              
	 
      	 
      
	
                By:

              	/s/
      D.E Vandenberg 
	
                Name:

              	D.E.
      Vandenberg    
	
                Title:

              	Presdient 
      
	 
      	 
      
	 
      	 
      
	
                VELOCITY ENERGY OFFSHORE
      LP, 

                a
      Delaware limited partnership

              
	 
      	 
      
	
                By:

              	/s/
      D.E Vandenberg 
	
                Name:

              	D.E.
      Vandenberg   
	
                Title:

              	Presdient 
      
	 
      	 
      
	 
      	 
      
	
                VELOCITY ENERGY OPERATING
      INC., 

                a
      Delaware corporation

              
	 
      	 
      
	
                By:

              	/s/
      D.E. Vandenberg 
	
                Name:

              	D.E.
      Vandenberg 
	
                Title:

              	Presdient 
      
	 
      	 
      
	 
      	 
      
	
                VELOCITY ENERGY PARTNERS
      L.P., 

                a
      Delaware limited partnership

              
	 
      	 
      
	
                By:

              	/s/
      D.E. Vandenberg 
	
                Name:

              	D.E.
      Vandenberg   
	
                Title:

              	Presdient

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]