Document:

Exhibit
10.2

 PROMISSORY
NOTE

 

	$6,000,000.00 	December
    ____, 2016

 

THIS
PROMISSORY NOTE (this “Note”) is made as of December __, 2016, by TIGER ENERGY PARTNERS INTERNATIONAL,
LLC, a Nevada limited liability company (“Borrower”), for the benefit of NEW TIMES ENERGY CORPORATION
LIMITED, a Bermuda limited liability company, its successors and assigns (“Lender”), in the original principal
amount of Six Million and No/100ths Dollars ($6,000,000.00), as provided herein, on the from-time-to-time outstanding principal
balance, payable on the date that is eighteen (18) months from the date of this Note (the “Maturity Date”).

1.                 
Payments. Payments shall be made
at such place as Lender may direct in lawful money of the United States of America. The full amount of this Note shall be paid
by Borrower to Lender on or before the Maturity Date. Provided that the full amount of this Note is paid by Borrower to Lender
on or before the Maturity Date, this Note shall not accrue interest during its term.

2.                 
Prepayment. Borrower reserves the
right to prepay all or any portion of this Note at any time and from time to time without premium or penalty of any kind. Any
partial prepayment shall be applied first to interest accrued through the date of payment and then to principal.

3.                 
Default Interest. Upon any default
in payment of principal or interest hereunder, Borrower shall pay interest on the principal balance of this Note then outstanding
and on the accrued but unpaid interest from the date of such default until such default shall be cured and this Note paid in full
at the rate of Ten Percent (10%), compounded annually.

4.                 
Waiver by Borrower. Borrower, for
itself and for any guarantors, sureties, endorsers and/or other person or persons now or hereafter liable hereon, if any, hereby
waives demand of payment, presentment for payment, protest, notice of nonpayment or dishonor and any and all other notices and
demands whatsoever, and any and all delays or lack of diligence in the collection hereof, and expressly consents and agrees to
any and all extensions or postponements of the time of payment hereof from time to time at or after maturity and any other indulgence
and waives all notice thereof.

5.                 
No Waiver by Lender. No delay or
failure by Lender in exercising any right, power, privilege or remedy hereunder shall affect such right, power, privilege or remedy
or be deemed to be a waiver of the same or any part thereof; nor shall any single or partial exercise thereof or any failure to
exercise the same in any instance preclude any further or future exercise thereof, or the exercise of any other right, power,
privilege or remedy, and the rights and privileges provided for hereunder are cumulative and not exclusive.

6.                 
Security. The repayment of all
amounts due under this Note is secured by the assets of Borrower, whether tangible or intangible, wherever located.

    	 

    	 

    

 

7.                 
Assignment. Lender may sell, assign,
pledge or otherwise transfer all or any portion of its interest in this Note at any time or from time to time without prior notice
to or consent of and without releasing any party liable or becoming liable hereon.

8.                 
Miscellaneous.

(a)               
This Note shall be governed by and construed
in accordance with the laws of the State of Nevada. The terms of this Note are severable, and if any provision, or the application
of any provision, shall be declared invalid or unenforceable, the remaining provisions and all other applications of such provisions
shall remain in full force and effect, and shall not be impaired in any way.

(b)              
This Note may not be amended or modified except
by a written agreement signed by Borrower and Lender.

(c)               
This Note and every covenant and agreement herein
contained shall be jointly and severally binding upon each party or entity executing this Note as or on behalf of Borrower and
its successors and assigns, and shall inure to the benefit of Lender and its successors and assigns. Whenever used herein, the
terms “Borrower” and “Lender” shall also mean, to the extent applicable, the successors and assigns of
Borrower and Lender, and the term “including” shall mean “including, without limitation.”

(d)              
Borrower shall pay on demand all costs and expenses
(including attorneys’ fees) incurred by Lender in connection with the enforcement of this Note, whether or not suit is filed
by Lender.

IN
WITNESS WHEREOF, the undersigned has duly caused this Note to be executed and delivered as of the date first written above.

	 	BORROWER:
	 	 
	 	Tiger Energy Partners International, LLC, a
    Nevada limited liability company
	 	 
	 	By:___________________________
	 	Name:
	 	Its:
	 	 
	 	GUARANTOR:
	 	 
	 	Foothills Petroleum, Inc., a Nevada corporation
	 	 
	 	By:___________________________
	 	Name:
	 	Its:Exhibit 10.3

 

NOTE TRANSFER AND ASSUMPTION AGREEMENT

 

This Note Transfer and Assumption Agreement
(the “Agreement”) is entered into by and among Total Belief Limited (“TBL”), Novastar Capital Limited (“Novastar”),
Golden Giants Limited (“GGL”) and Foothills Exploration Operating, Inc. (“FEOI”) effective as of this __
day of December, 2016. TBL, Novastar, GGL and FEOI are hereinafter sometimes collectively referred to as the “Parties.”

 

RECITALS

 

		A.	GGL is wholly owned subsidiary of TBL.

 

		B.	Novastar and GGL entered into that certain Sale and Purchase Agreement dated July 28, 2016 (“PSA”), by which Novastar
sold certain limited liability companies to GGL (the “GGL Acquisition”) including 100% of NTE-Utah, LLC.

 

		C.	In connection with the GGL Acquisition, GGL issued a promissory note to Novastar, dated July 28, 2016, in the amount of USD$3,422,353
(the “GGL Note”).

 

		D.	TBL, as seller, is entering into a Purchase and Sale Agreement, as seller, with FEOI as buyer dated as of December 30, 2016
(the “TBL SPA”)

 

		E.	The TBL SPA inter alia contemplates that FEOI will acquire GGL from TBL and that the GGL Note will be assigned, satisfied,
and wholly discharged as to GGL with Novastar looking solely to TBL for any payment or any other satisfaction thereon.

 

		F.	The TBL SPA requires that the GGL Note be removed as an obligation of GGL upon delivery by FEOI of a $6 million promissory
note to TBL as part of the purchase consideration under the TBL SPA (the “Buyer Note”) and that thereupon, as to GGL,
Novastar shall deem the GGL Note shall be fully satisfied and wholly discharged.

 

		G.	TBL has made separate arrangements with Novastar concerning satisfaction of the GGL Note as to which neither GGL nor FEOI is
a party.

 

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

 

		1.	The foregoing Recitals are hereby incorporated within this Agreement.

 

2.      On
delivery of the Buyer Note to TBL, the GGL Note and any and all obligations of GGL to Novastar and all claims thereunder by Novastar
against GGL shall in all respects be assigned, paid and transferred to TBL and deemed wholly discharged as to GGL, with Novastar
thereafter having no claims of any kind against GGL whether under the GGL Note or for any other reason. Novastar further represents
and warrants that it has not assigned nor transferred any of its rights to or under the GGL Note to any third person or party.

    	 

    	 

    

 

3.      The
parties acknowledge that the entry into this Agreement is a material consideration and a principal inducement under the TBL SPA
without which FEOI would not enter into the TBL SPA.

 

4.      In
case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby in
such jurisdiction, and such provision or obligation shall not in any way be affected or impaired thereby in any other jurisdiction.

 

5.      This
Agreement and the other transaction documents (if any) collectively constitute the entire agreement of the parties hereto with
respect to the subject matter hereof and supersede and cancel all prior agreements, negotiations, correspondence, undertakings,
understandings and communications of the parties, oral or written, with respect to such subject matter.

 

6.      Governing
Law. THIS AGREEMENT WILL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEVADA (WITHOUT
REFERENCE TO CONFLICTS OF LAWS PROVISIONS), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER WILL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

 

7.      This
Agreement may be executed by the Parties hereto in separate counterparts, including counterparts sent via electronic mail or facsimile,
each of which when so executed shall be deemed to be an original and both of which when taken together shall constitute one and
the same agreement. 

 

 

(remainder of the page intentionally
left blank – signature page follows)

 

 

 

    	 

    	 

    

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the date first written above by their respective officers or agents thereunto duly
authorized.

 

 

TOTAL BELIEF LIMITED.,

A British Virgin Islands corporation

 

By:______________________________________

Name:

Title:

 

 

NOVASTAR CAPITAL LIMITED,

A British Virgin Islands corporation

 

By:______________________________________

Name:

Title:

 

GOLDEN GIANTS LIMITED,

A British Virgin Islands corporation

 

By:______________________________________

Name:

Title:

 

FOOTHILLS EXPLORATION OPERATING, INC.

A Nevada corporation

 

By:______________________________________

Name:

Title:

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