Document:

Exhibit 4.14

THIRD AMENDMENT TO PROMISSORY NOTE

	
DATE OF NOTE:

	
June 14, 2011; first amended June 28, 2011; second amendment dated July 18, 2011

	
MAKER:

	
RICHFIELD OIL & GAS COMPANY

	
HOLDER:

	
MACKOV INVESTMENTS LIMITED and PETER LAZAREVSKI

	
TOTAL DUE:

	
$196,500 payable August 15, 2011.

	
AMENDMENT:

	
The Note, as previously amended, is hereby amended and modified as follows:

	
CONVERSION:

	
Holder waives all conversion rights under the Note, as amended, effective as of August 15, 2011.

	
INTEREST:

	
The interest rate accruing on the Note shall be amended and restated to 2.0% per month commencing August 15, 2011.

	
DUE DATE:

	
The Due Date  shall be extended to January 31, 2012.

Except as amended hereby the Note shall remain unchanged and in full force and effect.

IN WITNESS WHEREOF, the Parties have set their hands, effective as of September 28, 2011.

	
HOLDER:

	  	
MAKER:

	
MACKOV INVESTMENTS LIMITED

	  	
RICHFIELD OIL & GAS COMPANY

	  	  	  
	
By:

	
  /s/ Glenn MacNeil

	  	  	
By:

	
  /s/ J. David Gowdy

	  
	  	
      Glenn MacNeil

	  	  	  	
      J. David Gowdy, President & CEO

	  
	  	  	  
	
  /s/ Peter Lazarevski

	  	  	  
	
PETER LAZAREVSKIExhibit 4.15

THIS NOTE IS A SECURITY WHICH HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.  IT MAY NOT BE SOLD, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE NOTE UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.

THIS NOTE IS DATED EFFECTIVE AS OF OCTOBER 20, 2011

RICHFIELD OIL & GAS COMPANY

	
$254,909.00

	
Replacement Promissory Note

	  

 

RICHFIELD OIL & GAS COMPANY, a Nevada corporation (the “Company”), for value received, hereby promises to pay to MACKOV INVESTMENTS LIMITED ("Holder" or "Investor") or order, the principal amount of Two Hundred Fifty Four Thousand Nine Hundred and Nine Dollars ($254,909).  The principal balance of this Replacement Promissory Note (the “Note”) shall mature and become due and payable, together with the interest, on April 30, 2012 (the “Due Date”).  This Note shall bear simple interest at the rate of two percent (2.0%) per month until paid in full.

This Note may be prepaid by the Company, in whole or in part, before the Due Date without penalty.  In the event Maker fails to pay any sum due hereunder on the date when such payment is due and payable as provided herein within fifteen (15) days after receiving written notice of such default, the Company agrees to compensate Holder for his reasonable costs incurred as a result of such default, including attorney’s fees, court costs and other charges.

1.           Replacement of Prior Notes.  This Note shall replace and supersede all prior Notes between Maker and Holder, including (a) the Convertible Promissory Note in the principal amount of $50,000 dated June 14, 2011 (with Peter Lazarevski as co-lender), as amended June 28, July 18, and September 28, respectively; and (b) the Promissory Note in the principal amount of $89,500 dated September 7, 2011, as amended September 28, 2011.  This Note includes an additional loan of $50,000 by Holder to Maker as of the date hereof.

2.           Warrant.  As additional consideration for the loans represented by this Note, Maker hereby grants to Holder a Warrant to purchase 2,500,000 shares of Richfield Oil & Gas Company common stock at an exercise price of $0.16 per share through October 20, 2012, increasing to an exercise price of $0.25 per share through October 20, 2013.  Holder may exercise such Warrant in whole or in part from time to time upon written notice to Maker accompanied by good funds in payment of the shares being purchased under such Warrant.

3.           Security.  Payment of this Note shall be secured by the general pledge of Maker’s assets for the equal benefit of Holder and Peter Lazarevski, excluding Maker’s working interest in the Liberty #1 well, Nephi Prospect leasehold in Juab County, Utah, and in the Hewitt Utah Overthrust Project (HUOP) leasehold in Sanpete County, Utah, which are precluded from being pledged under applicable joint operating agreements and exploratory drilling and development obligations.  Such general pledge is intended to place Holder in a preferred position as a secured creditor preferential to non-secured creditors with respect to the other assets of Maker.

  

  

  

4.           Miscellaneous.

 

3.1  Notices.  Any notice required or permitted under this Note shall be given in writing and shall be deemed effective upon personal delivery to the party to be notified or upon deposit with a recognized overnight courier service and addressed to the party at the address set forth below for such party, or at such other address as either party may designate by not less than ten (10) days advance written notice to the other party.

 

.2  Binding Effect.  This Note shall bind and inure to the benefit of the parties, their legal representatives, successors and permitted assigns.

 

2.3  Amendments and Waivers.  Any term of this Note may be amended and the observance of any term of this Note may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of both the Company and the Holder hereof.  Any amendment or waiver effected in accordance with this paragraph shall be binding upon Holder of this Note and the Company.

 

IN WITNESS WHEREOF, the Parties have set their hands, as of the date first above written.

	
HOLDER:

	  	
MAKER:

	
MACKOV INVESTMENTS LIMITED

	  	
RICHFIELD OIL & GAS COMPANY

	  	  	  
	
  /s/ Glenn MacNeil

	  	  	
By:

	
  /s/ J. David Gowdy

	  
	
Glenn MacNeil, President

	
  

	  	
J. David Gowdy, President & CEO

	  

 

  

2Unassociated Document

Exhibit 4.16

PROMISSORY NOTE

 

	
$350,000

	
Salt Lake City, Utah

	  	
August 12, 2010

FOR VALUE RECEIVED, the undersigned, HEWITT PETROLEUM, INC., a Delaware corporation (“Maker”) promises to pay to JUPITER LP (“Holder”) or order, the principal sum of THREE HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($350,000), together with interest on the unpaid balance from time to time outstanding at an annual rate equal to US Bank Prime Rate less 0.5% percent, there shall be a minimum rate of 4% per annum.. Interest shall accrue on the unpaid balance beginning on July 1, 2010 until the Note is repaid in full on or before December 31, 2011. Interest is guaranteed for at least 30 days even if the Note is paid in full sooner.

 

All unpaid principal and all unpaid accrued interest shall be due and payable in full on or before December 31, 2011. All payments made under this Note shall first be applied against the accrued interest, if any, under this Note at the time of such payment and the remainder of such payment shall be applied against the remaining outstanding principal balance of this Note. The Holder shall have the option to convert this note to Hewitt Petroleum, Inc. common shares at any time until December 31, 2011 at an exchange rate of $1.00 per common share.

 

The actual rate of interest shall be calculated on the basis of a 365-day year with interest charged on a daily basis on the principal balance outstanding and unpaid for the actual number of days the principal is outstanding from the date of disbursement until paid. All amounts payable hereunder shall be paid in lawful money of the United States.

 

Interest and principal shall be payable on or before December 31, 2011.

 

Maker may repay all or any portion of the unpaid principal balance of this Note without any premium or penalty, except that the Maker will be required to pay a minimum of at least 30 days interest even if the Note is paid in full within the first 30 days.

 

This Note shall become immediately due and payable at the option of the holder hereof without presentment or demand or any notice to Maker or any other person obligated hereon, upon the occurrence of any event of default in the payment of any of the principal or any interest hereon when due. Failure to exercise this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default.

 

In the event any holder hereof utilizes the services of an attorney in attempting to collect the amounts due hereunder or to enforce the terms hereof or of any agreements related to this indebtedness, or if any holder hereof becomes party plaintiff or defendant in any legal proceeding in relation to the property described in any instrument securing this Note or for the recovery or protection of the indebtedness evidenced hereby, Maker, its successors and assigns, and any endorsers hereof shall repay to such holder hereof, on demand, all costs and expenses so incurred, including attorneys' fees, whether or not suit is brought, including those costs, expenses and attorneys' fees incurred after the filing by or against the Maker of any proceeding under any chapter of the Bankruptcy Code, Title 11 of the United States Code, or similar federal or state statute, and whether incurred in connection with the involvement of any holder hereof as creditor in such proceedings or otherwise.

 

  

  

  

Maker agrees that the interest rate contracted for includes the interest rate set forth herein plus any compensating balance requirement and any other charges; fees, costs and expenses incident to this transaction paid by Maker to the extent the same are deemed interest under applicable law.

 

Maker and all endorsers and all others who may become liable for all or any part of these obligations hereby severally waive (i) demand, presentment for payment, notice of nonpayment, demand and dishonor, protest, notice of protest and all other notice, and (ii) diligence in collecting this Note. Maker, all endorsers and all others who may become liable for all or any part of these obligations hereby severally agree that it will not be necessary for any holder hereof, in order to enforce payment of this Note, to first institute suit or exhaust its remedies against any maker or others liable herefor. Maker, all endorsers and all others who may become liable for all or any part of these obligations hereby severally further consent to any extension or postponement of time of payment of this Note or any other indulgence with respect hereto, including but not limited to, the release of any party primarily or secondarily liable hereon without thereof to any of them.

 

This Note shall be governed and construed in accordance with the laws of the State of Utah.

 

	  	
HEWITT PETROLEUM, INC

	  	
a Delaware corporation

	  	  	  
	  	
By:

	
/s/ Douglas C. Hewitt, Sr.

	  	  	
Douglas C. Hewitt

	  	Title: CEO

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