Document:

Exhibit
      10.12

     

    AGREEMENT

     

    THIS
      AGREEMENT
      is made
      as of September 18, 2007 among True North Energy Corporation, a Nevada
      corporation (the “Parent”),
      ICF
      Energy Corporation, a Texas corporation (the “Company”),
      Valens U.S. SPV I, LLC (“Valens
      US”)
      and
      Valens Offshore SPV II, Corp. (“Valens
      Offshore”
and
      together with Valens US, each a “Valens Entity” and collectively the
“Valens
      Entities”).

     

    WHEREAS,
      the
      Company has issued to each Valens Entity a Common Stock Purchase Warrant (as
      amended, modified or supplemented from time to time, each a “Warrant”
and
      collectively the “Warrants”)
      to
      each Valens Entity to purchase up to 10% (in the aggregate for the Valens
      Entities) of the common stock of the Company (subject to increase and adjustment
      as set forth therein).

     

    WHEREAS,
      the
      Valens Entities have made a loan to the Company in the aggregate principal
      amount of $3,750,000 on even date hereof (the “Loan”).
      

     

    NOW
      THEREFORE,
      for
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the parties agree as follows:

     

    
      	
              1.

            	
              Shareholders
                Agreement.
                Forthwith following the exercise of each Warrant in whole or in part
                pursuant to Section 1.1 of such Warrant, each of the Company and
                Valens
                Entity which exercised such Warrant agree to negotiate in good faith
                the
                terms of a shareholders agreement mutually agreeable to the then
                shareholders of the Company, which such shareholder agreement shall
                remain
                in effect until each Valens Entity shall no longer hold any equity
                interest in the Company whether in the form of stock, warrants, options
                or
                otherwise and which such shareholder agreement shall include, without
                limitation, (a) such matters commonly provided for in a shareholders
                agreement, such as governance and transfer restrictions and (b) each
                Valens Entity’s required consent to any of the Designated Actions (as
                hereafter defined). Upon the execution of the aforementioned shareholder
                agreement, the existence of such agreement shall be noted conspicuously
                on
                the stock certificate of all outstanding shares of the Company’s common
                stock and any then outstanding certificates shall be recalled and
                substitute certificates that comply with this requirement shall be
                reissued. For purposes hereof, the term “Designated Actions” shall have
                the meaning set forth on Schedule
                A
                hereto.

            

    

     

    
      	
              2.

            	
              Term
                of Agreement.
                This Agreement shall be effective for so long as any Valens Entity
                holds a
                Warrant or any portion thereof or any shares of the Company’s common stock
                acquired upon the exercise of any Warrant in whole or in part; provided
                that this Agreement shall terminate on the date on which each Valens
                Entity shall no longer hold any equity interest in the Company whether
                in
                the form of stock, warrants, options or otherwise
                .

            

    

     

    
      	
              3.

            	
              Governing
                Law.
                This Agreement shall be governed by and construed and enforced in
                all
                respects in accordance with the laws of the State of New
                York.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              4.

            	
              Counterparts.
                This Agreement may be executed in one or more counterparts, each
                of which
                shall be deemed an original and all of which when taken together
                shall
                constitute one and the same agreement. Any signature delivered by
                a party
                by facsimile transmission or by sending a scanned copy by electronic
                mail
                shall be deemed an original signature
                hereto.

            

    

     

    [The
      Balance of This Page Intentionally Blank.

    Signature
      Page Follows.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	 	 
	 	
              TRUE
                NORTH ENERGY CORPORATION

            
	 
 	 
 	 
 
	
            	By:  	/s/ John I. Folnovic
	 	
              

              Name:
                

            
	 	Title:

    

    
      	 	 	 
	 	
              
                ICF
                  ENERGY CORPORATION

              

            
	 
 	 
 	 
 
	
            	By:  	/s/ John I. Folnovic
	 	
              

              Name:

            
	 	Title:

      	 	 	 
	 	
              
                
                  VALENS
                    U.S. SPV I, LLC

                

              

            
	 	 	 
	 	By:	
              Valens
                Capital Management, LLC,

              its
                investment manager

            
	 
 	 
 	 
 
	
            	By:  	/s/ Eugene Grin
	 	
              

              Name:
                Eugene Grin

            
	 	Title:
              Authorized
              Signatory

    

    
      	 	 	 
	 	
              
                
                  
                    VALENS
                      OFFSHORE SPV II, CORP.

                  

                

              

            
	 	 	 
	 	By:	
              
                Valens
                  Capital Management, LLC,

                its
                  investment manager

              

            
	 
 	 
 	 
 
	
            	By:  	
              /s/
                Eugene Grin

            
	 	
              

              Name:
                Eugene Grin

            
	 	Title:
              Authorized
              Signatory

    

     

    
      
        
        

      

      
        
           

        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      A

     

    DESIGNATED
      ACTIONS

     

    The
      Company shall not (and Parent shall not cause Company to) implement or effect
      (or otherwise resolve or agree to implement or effect) any of the following
      actions without the prior written approval of each Valens Entity (which approval
      shall not be unreasonably withheld):

     

    
      	 	
              (a)

            	
              make
                any distribution of any nature (including repayment of loans) to
                any
                person.

            

    

     

    
      	 	
              (b)

            	
              sell
                or dispose of any assets or property, other than in the ordinary
                course of
                business consistent with past
                practice;

            

    

     

    
      	 	
              (c)

            	
              establish,
                acquire or otherwise become an equity holder (including, for greater
                certainty, a holder of securities convertible into equity) in any
                corporate entity or any partnership, equity joint venture or similar
                arrangements;

            

    

     

    
      	 	
              (d)

            	
              enter
                into any transactions outside the ordinary course with officers,
                directors
                or employees or members of their families or other persons with whom
                they
                do not act at arm’s length;

            

    

     

    
      	 	
              (e)

            	
              enter
                into (other than in the ordinary course to fund working capital needs)
                or
                materially modify any credit
                facility;

            

    

     

    
      	 	
              (f)

            	
              create
                any mortgage, lien, charge or other form of encumbrance with respect
                to
                any of its assets;

            

    

     

    
      	 	
              (g)

            	
              materially
                alter the fundamental nature of its business or otherwise engage
                in other
                businesses or activities that are not incidental to the businesses
                or
                activities presently undertaken by
                it;

            

    

     

    
      	 	
              (h)

            	
              enter
                into any agreement with any third party except in the ordinary course
                of
                business;

            

    

     

    
      	 	
              (i)

            	
              issue
                or sell any capital stock of, or any rights, warrants or securities
                convertible into or exercisable or exchangeable for any capital stock
                of,
                Company, including by way of initial public
                offering;

            

    

     

    
      	 	
              (j)

            	
              wind
                up, dissolve or liquidate;

            

    

     

    
      	 	
              (k)

            	
              continue
                under the laws of a jurisdiction other than the jurisdiction under
                which
                it was formed;

            

    

     

    
      	 	
              (l)

            	
              change
                its fiscal year;

            

    

     

    
      	 	
              (m)

            	
              amend
                its articles or by-laws;

            

    

     

    
      	 	
              (n)

            	
              merge
                the Company with or into any other
                company;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (o)

            	
              take
                any action which would make it impossible to carry on the ordinary
                business of the Company;

            

    

     

    
      	 	
              (p)

            	
              take
                any action which would place the Company into bankruptcy;
                or

            

    

     

    
      	 	
              (q)

            	
              appoint
                or replace any outside accountants and/or
                auditors.

            

    

     

    
      
        
        

      

      
        2Exhibit
      10.13

    

    VALENS
      U.S. SPV I, LLC

    c/o
      Valens Capital Management, LLC

    335
      Madison Avenue, 10th
      Floor

    New
      York, New York 10017

     

    As
      of
      September 18, 2007

     

    True
      North Energy Corporation

    ICF
      Energy Corporation

    1400
      Woodloch Forest Drive

    Suite
      530

    The
      Woodlands, Texas 77380

    Attention: Chief
      Executive Officer

     

    Re: Post
      Closing Letter

     

    Ladies
      and Gentlemen:

     

    Reference
      is made to (a) the Securities Purchase Agreement dated as of September 18,
      2007
      (as the same may be amended, supplemented, restated or modified from time to
      time, the “Securities
      Purchase Agreement”)
      entered into by and among True North Energy Corporation, a Nevada corporation
      (“TNEC”),
      ICF
      Energy Corporation, a Texas corporation (“ICF”
and
      together with TNEC, the “Companies”
and
      each a “Company”),
      and
      Valens U.S. SPV I, LLC, a Delaware limited liability company, as agent (the
      “Agent”)
      for
      itself and various other purchasers from time to time parties to the Purchase
      Agreement (the “Purchasers”)
      and
      (b) all documents, instruments and agreements executed in connection therewith
      (together with the Securities Purchase Agreement, collectively, the
“Documents”).
      Capitalized terms not otherwise defined herein shall have the meanings set
      forth
      in the Securities Purchase Agreement.

     

    In
      order
      to facilitate the closing of the transactions contemplated by the Securities
      Purchase Agreement within the Company’s time constraints, the Agent on behalf of
      the Purchasers has agreed that certain closing requirements may be waived,
      in
      whole or in part, as conditions to the initial disbursement under the Securities
      Purchase Agreement. In consideration thereof, the Company has agreed to satisfy
      the following conditions within the time periods and under the conditions set
      forth on the attached schedule (“Schedule
      A”),
      all
      in a manner (and when applicable, evidenced by agreements, instruments and
      documents) reasonably satisfactory in form and substance to the
      Agent.

     

    The
      Company acknowledges and agrees that its failure to satisfy the requirements
      set
      forth on Schedule
      A
      within
      the applicable time limit set forth thereon with respect thereto shall, in
      each
      event, constitute an “Event of Default” under the Documents.

     

    [Remainder
      of Page Intentionally Left Blank]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Except
      as
      expressly provided herein, nothing contained herein shall act as a waiver or
      excuse of performance of any obligations contained in the Documents. No waiver,
      modification or amendment of any provision of this agreement shall be effective
      unless specifically made in writing and duly signed by the party to be bound
      thereby. This letter agreement shall be governed by and construed in accordance
      with the laws of the State of New York.

    
      	 	 	 
	 	
              Very
                truly yours,

               

              
                VALENS
                  U.S. SPV I, LLC, as Agent

              

            
	 
 	 
 	 
 
	
            	By:  	Valens
              Capital Management, LLC,  its
              investment manager
	 	
               

              By:     
                /s/
                Eugene Grin

              
                

              

              Name:
                Eugene Grin

              Title:
                Authorized
                Signatory

            

    

     

    The
      foregoing is hereby accepted and agreed to

    as
      of the
      date set forth above:

     

    TRUE
      NORTH ENERGY CORPORATION

     

     

    By: 
      /s/ John I. Folnovic

    
      

    

    Name:
      John I. Folnovic

    Title:
      President and CEO

     

     

    ICF
      ENERGY CORPORATION

     

     

    By: 
      /s/ John I. Folnovic

    
      
        

      

    

    Name:
      John I. Folnovic

    Title:
      President and CEO

     

    
      
        
           

        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      Schedule
        A

    

     

    The
      Agent’s receipt of each of the following in form and substance reasonably
      satisfactory to the Agent and its counsel:

     

    
      1.  No
        later
        than 3 days of Closing, evidence of the recording of the Deeds of Trust,
        Assignments of Overriding Royalty Interests and release of the lien against
        certain leases affecting the Texas Property granted to Soloco Texas,
        L.P.

       

      2.  No
        later
        than 10 days of Closing, evidence of filing of Authorization to Operate and
        Transfer of Wells with Railroad Commission on Form P4 and Form P5 promulgated
        thereby.

       

      3.  No
        later
        than 30 days of Closing, final, duly executed Office Sharing Agreement with
        respect to leased properties located at 1400 Woodloch Forest Drive, The
        Woodlands, Texas 77380 between TNEC and ICF and acknowledged by Woodlands
        Office
        Equities - ’95 Ltd., landlord, and David Trifon d/b/a Koinonia Financial,
        tenant.

       

      4.  No
        later
        than 30 days of Closing, copies of Letters in Lieu of Transfer Orders from
        ICF
        to the purchasers directing them to make all payments directly to the Lockboxes
        (as defined in the Master Security Agreement) at the Lockbox Bank (as defined
        in
        the Master Security Agreement).

       

      5.  No
        later
        than 45 days of Closing, copies of Division Orders reflecting Valen US’s
        overriding royalty interests in the Texas Property.

       

      6.  No
        later
        than 45 days of Closing, Copies of Division Orders Reflecting Valens Offshore’s
        overriding royalty interests in the Texas Property.

       

      7.  No
        later
        than 60 days of Closing, evidence of acceptance by Railroad Commission of
        the
        filing of Authorization to Operate and Transfer Wells by Railroad Commission
        on
        Form P4 and Form P5 promulgated thereby.

       

      8.  No
        later
        than 60 days of Closing, evidence that Deed of Trust has been filed in the
        lease
        file of the Bureau of Land Management (“BLM”)
        for
        each of the leases from Constance Knight, Over the Hill Land Services and
        DEP
        Mineral Services to TNEC. 

       

      9.  No
        later
        than 60 days of Closing, evidence of the recording of the assignment with
        the
        Department of Natural Recourses (“DNR”)
        in
        Alaska of Lease No. 390722 and Lease No. 390723.

       

      10.  No
        later
        than 90 days of Closing, evidence of approval of BLM of the assignments of
        the
        leases from Constance Knight, Over the Hill Land Services and DEP Mineral
        Services to TNEC. 

       

      11.  No
        later
        than 30 days prior to the commencement of drilling on any leased properties
        in
        Colorado, a Title Opinion reflecting the interest of TNEC in the drillsite
        leases of the Colorado Property.

       

      12.  As
        soon
        as available after Closing, evidence of the recording of the assignment with
        the
        DNR of Lease No. 389932, Leases No. 390087 and Leases No. 390383; provided,
        however, the Companies are only obligated to use their best efforts to obtain
        such assignments.

       

      13.  As
        soon
        as available after Closing, final, duly executed landlord waivers with respect
        to leased properties of the Companies located at (a) 1400 Woodloch Forest
        Drive,
        The Woodlands, Texas 77380 and (b) 1800 Jackson, Golden, Colorado 80401;
        provided, however, the Companies are only obligated to use their best efforts
        to
        obtain such landlord waivers.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]