Document:

Exhibit 10.C.02

    

     

    
      Agreement

       

      This
        agreement (“Agreement”), effective September 1, 2006, (“Effective Date”), sets
        forth the basic terms and conditions between, EuroMedia Holdings Corp.
        (“Eurocinema” or “Licensor”), 1395 Brickell Avenue, Suite 800, Miami, Florida
        33131 and Tangerine Global, LLC. (“Tangerine” or “Licensee”), with offices at
        13160 Mindanao Way (Suite 217), Marina Del Rey, California 90292 (together
“the
        Parties”) that will form the basis for a more detailed agreement.

       

      EuroMedia
        Holdings Corp. is a Florida-based company focused on distributing International
        feature films and other programming content to various content distribution
        platforms.

       

      Tangerine
        is delivering via Video on Demand (VOD) HD and Standard definition TV
        programming content and technology services to commercial hotels globally,
        utilizing unique delivery solutions and by maintaining secure content delivery
        leading edge entertainment experience.

       

      The
        Parties wish to enter into a non-exclusive licensing agreement for Tangerine
        to
        supply services to guests at luxury hotels and other mixed media
        locations.

       

      The
        Parties agree to endeavor to complete a definitive agreement based on the
        following terms:

       

      
        	
                Overview:

              	
                The
                  Agreement represents a master agreement for the distribution of
                  Eurocinema
                  content for luxury Tangerine hotel properties.

              
	 	 
	
                Rollout:

              	
                To
                  be launched commercially in hotels beginning Q4 2006. 

              
	 	 
	
                Term:

              	
                Five
                  (5) year non-exclusive agreement. 

              
	 	 
	
                VOD
                  Film Term: 

              	
                Tangerine
                  may extend the VOD availability period for each Eurocinema feature
                  film as
                  outlined in TVN’s content schedule (see “Delivery”). Eurocinema will
                  advise Tangerine of each title’s VOD availability period and the end dates
                  for each individual EuroCinema title. 

              
	 	 
	
                Content:

              	
                Eurocinema’s
                  monthly selection of international films in original language with
                  English
                  sub-titles. Once HD formatted films are available, Eurocinema will
                  advise
                  Tangerine of HD films distributed by Eurocinema, and these films
                  will fall
                  under this same agreement, if EuroCinema and Tangerine mutually
                  select
                  them. 

              
	 	 
	
                Mode
                  of Sale:

              	
                Content
                  shall be made available to guest rooms in hotels on a video-on-demand
                  (VOD) basis.

              
	 	 
	
                Revenue
                  Split:

              	
                40%
                  Eurocinema              
                  60% Tangerine Global

              
	 	
                Based
                  on the actual gross revenue received by Tangerine and after the
                  hotel’s
                  VOD revenue is taken per title.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

         

      

       

      
        	
                Reporting:

              	
                Tangerine
                  Global will provide Eurocinema with monthly buy reports from each
                  hotel
                  that offers Eurocinema content on a video on demand basis, thirty
                  days
                  following each calendar month in which a transaction
                  occurred.

              
	 	 
	
                Content
                  Delivery:

              	
                Tangerine
                  is an affiliate of TVN’s satellite delivered transport service and shall
                  receive Eurocinema’s monthly pre-encoded film content per TVN’s content
                  pitch schedule

              
	 	 
	
                Territory:
                  

              	
                Currently,
                  countries including the U.S., Canada, Mexico, the Caribbean, Hong
                  Kong,
                  Japan, the U.K. and Central Latin America. However, Eurocinema
                  will make
                  best efforts to obtain worldwide rights for hotels and other mixed
                  media
                  venues that Tangerine may service in other parts of Asia, Europe,
                  Australia and the Middle East. Eurocinema will notify Tangerine
                  once these
                  rights are obtained.

              
	 	 
	
                Marketing:

              	
                Eurocinema
                  will provide promotional print (photos) materials, video promos
                  and
                  content synopsis information to be used for the on-screen guide
                  and
                  promotion channel.

              
	 	 
	
                Confidentiality:

              	
                This
                  Agreement and all information exchanged between the Parties will
                  be kept
                  confidential.

              
	 	 
	
                Applicable
                  Law:
                  

              	
                This
                  Agreement is governed by and shall be construed in all respects
                  in
                  accordance with the laws of California. The Parties shall submit
                  to the
                  non-exclusive jurisdiction of the courts of
                  California.

              

      

       

      The
        parties in counterparts may sign this Agreement.

       

      
        	EUROMEDIA
                HOLDINGS, CORP.	 	 	TANGERINE
                GLOBAL, LLC
	 	 	 	 
	 	 	 	 
	By:	 	 	By:
	
                
                  

                

                Name: Sebastien
                  Perioche 

                Title:  Chairman
                  & CEO

              	 	 	
                
                  

                

                Name: Vernon Smith

                Title: PresidentEXHIBIT
      10.24

    

    SECOND
      AMENDMENT TO PURCHASE AND SALE AGREEMENT

    Trinity
      Bay, Redfish Reef, Fishers Reef, North Point Bolivar
      Fields

    in
      Galveston and chambers Counties, Texas

     

      
        

      

    

    

    This
      SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT
      (the
“Second Amendment”) is dated effective as of February 8, 2007, and is made by
      and between Masters
      Resources, LLC,
      and
Masters
      Oil & Gas, LLC,
      both
      Texas limited liability companies having their respective principal places
      of
      business at 9801 Westheimer, Suite 1070, Houston, Texas 77042 (collectively,
      “Masters”), and Tekoil
      and Gas Gulf Coast, LLC,
      a
      Delaware limited liability company, having its principal place of business
      at
      5036 Dr. Phillips Blvd., Suite 232, Orlando, Florida 32819 (“Buyer”) (Masters
      and Buyer are sometimes called collectively the “parties” and individually
“party”).

    

    RECITALS

    

    On
      November 13, 2006, the parties executed and delivered Purchase and Sale
      Agreement, dated effective as of October 1, 2006, covering the Assets. On
      December 29, 2006, the parties executed and delivered that certain First
      Amendment to Purchase and Sale Agreement also covering the Assets (the Purchase
      and Sale Agreement and the First Amendment to Purchase and Sale Agreement are
      herein collectively referred to as the “Original Agreement”). On February 8,
      2007, the parties executed and delivered, contemporaneously with this Second
      Amendment, that certain Assignment and Assumption Agreement (the “Assignment”)
      by and between Buyer and Tekoil and Gas Corporation. The parties now desire
      to
      amend the Original Agreement in certain respects. Accordingly, the parties
      agree
      as set out in this Second Amendment. (Unless otherwise noted, defined terms
      used
      in this Second Amendment shall have the meanings set out in the Original
      Agreement.)

    

    
      	I.	
              AMENDMENTS

            

    

    

    A. Section
      8.1 of the Original Agreement is deleted and the following is inserted in lieu
      thereof:

    

    
      	 	
              “8.1

            	
              Date,
                Time and Place of Closing

            

    

    

    Unless
      the parties agree otherwise in writing and subject to the provisions in this
      Agreement, the completion of the transaction contemplated by this Agreement
      (the
“Closing”) will be held on or before March 2, 2007, at 10:00 a.m. Central
      Standard Time (or such earlier date or time as the parties may agree). The
      Closing will be held at the offices of Masters as set forth in the opening
      paragraph of this Agreement (or such other place as the parties may agree).
      In
      the event that the Closing does not occur before the close of business at 5:00
      p.m. on March 2, 2007, Masters shall have the right to terminate this Agreement
      and to retain the Deposit.”

    

    

    B. With
      respect to Section 4.1 (A) of the Original Agreement, the Examination Period
      applies to any due diligence being performed or to be performed on behalf of,
      or
      at the request of Buyer’s financing sources, and “January 24, 2007” is deleted
      and “February 23, 2007” is inserted in lieu thereof. Except for the change of
      dates set forth herein, the amendment set forth in Article I.B. of the First
      Amendment to the Original Agreement is unchanged.

    

    

    C. In
      Section 9.3 of the Original Agreement, “February 28, 2007” is deleted and “March
      2, 2007” is inserted in lieu thereof. Additionally, Schedule 9.3 (attached
      hereto as Schedule
      9.3)
      is
      hereby added and incorporated into the Original Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    D. Section
      4.1 (D) of the Original Agreement is deleted and the following is inserted
      in
      lieu thereof:

    

    “Masters
      will protect and hold Buyer harmless from and against any final and
      non-appealable judgment rendered in any litigation brought by Erskine Energy
      Partners II, L.P. (“Erskine”) based upon the claim asserted (or the facts giving
      rise thereto) on behalf of Erskine in that certain letter dated February 7,
      2007, from Elizabeth Miller at Scott, Douglass & McConnico, LLP, addressed
      to Masters (the “Erskine Claim”), including the costs and expenses of defending
      the same, and at the closing a sum, to be stated in the separate agreement
      referenced hereinbelow, shall be deposited by Masters into an Escrow Account,
      to
      guarantee the performance by Masters of this obligation so that upon the
      dismissal with prejudice and without recourse against Masters, Buyer, its
      permitted assigns and any of the Assets of any such litigation, or upon Masters’
payment of any judgment taken against it, or Masters’ payment in settlement of
      all claims against it, Buyer, its permitted assigns and any of the Assets
      arising out of the Erskine Claim, then the portion of the Purchase Price
      withheld by Buyer shall be paid to Masters; and if Masters fails to meet the
      obligation imposed by this section of this Agreement so that claims are asserted
      against Buyer, its permitted assigns and any of the Assets, then the portion
      of
      the Purchase Price so withheld by Buyer shall be paid to Buyer; provided,
      however, the payment to Buyer of such withheld portion of the Purchase Price
      shall not release or affect in any manner, the obligations of Masters set out
      above in this Section 4.1 (D) or the rights of Buyer to exercise such remedies
      against Masters as may be authorized by applicable law in the event Masters,
      or
      either of them, fail to perform their obligations set out in Section 4.1(D).
      The
      substance of this amendment is being documented in a separate agreement between
      Masters and Buyer, and to the extent that there may be any conflict between
      such
      agreement and this Agreement, that separate agreement pertaining to the Erskine
      Claim shall govern and control over Section 4.1(D) of the Original Agreement
      as
      amended herein.”

    

    

    
      	II.	
              MISCELLANEOUS

            

    

    

    A. To
      the
      extent any provision of the Original Contract as amended by the First Amendment
      conflicts with any provision of this Second Amendment, the provisions of this
      Second Amendment shall control and be used to determine the obligations of
      the
      Parties.

    

    B. The
      parties ratify confirm and adopt the Original Agreement as amended and
      supplemented by the First Amendment and this Second Amendment.

    

    C. This
      Second Amendment may be signed in any number of counterparts. Each and every
      counterpart will be deemed to be one document.

    

    

    

    [SIGNATURE
      PAGE FOLLOWS]

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Second Amendment as of February 8,
      2007.

    

    

    

    TEKOIL
      AND GAS GULF COAST, LLC

    

    
      	By:	
              Tekoil
                & Gas Corporation,

            

      	 	Its Sole
              Member

    

     

     

    
      	By:	
              /s/
                Mark S.
                Western                           
                 

            

      	 	Name: Mark Western

      	 	Title: President

    

     

     

    
      	MASTERS
              RESOURCES, LLC:	 	MASTERS
              OIL & GAS, LLC:
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ Richard
              H. Lee	 	By:	/s/ Richard
              H. Lee
	 	
              
Name: Richard
              H. Lee	 	 	
              
Name:
              Richard H. Lee
	 	Title: Manager	 	 	Title: Manager

    

    
 

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Schedule 9.3

    

    Fees
      and Rates 

    

    Attached
      to and made a part of Purchase and Sale Agreement dated effective October 1,
      2006 by and between Masters Resources LLC and Masters Oil & Gas, LLC, as
      Seller, and Tekoil & Gas Corporation, as Buyer.

    

    

    1.
      Administrative/Secretarial Assistance: Thirty Five Dollars ($35.00) per
      hour.

     

    2. Regulatory
      Assistance: Seventy Five Dollars ($75.00) per hour.

     

    3.
      Land
      Administration and Accounting: One Hundred Twenty Five Dollars ($125.00) per
      hour.

     

    4.
      Production Supervisor Assistance: One Hundred Twenty Five Dollars ($125.00)
      per
      hour.

     

    5.
      Engineering and Management-Two Hundred Dollars ($200.00) per hour.

    

    

 

    
      
         

      

      
        4

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