Document:

Unassociated Document

 

Exhibit 10.9

 

THIS NOTE IS DATED EFFECTIVE AS OF SEPTEMBER 7, 2011

RICHFIELD OIL & GAS COMPANY

	
$89,500.00

	
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 amount of Eighty Nine Thousand Five Hundred Dollars ($89,500), which includes $9,200.46 in loan fees as follows:

	
August 22, 2011

	
Loan equal to $45,000.00

	
Fee equal to $4,500.00

	
August 27, 2011

	
Loan equal to $25,582.50

	
Fee equal to $3,417.50

	
September 8, 2011

	
Loan equal to $9,717.04

	
Fee equal to $1,282.96

This Note shall mature and become due and payable on September 29, 2011 (the “Due Date”).  If the principal amount of the Note is not paid on or before the Due Date, the Note shall bear interest at the rate of 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.

Miscellaneous.

1.1  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.

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

1.3  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

	  	  	 	  	  
	
By:

	
/s/ Glenn MacNeil

	 	
By:

	
/s/ J. David Gowdy

	 	 
Glenn MacNeil

	 	 	 
J. David Gowdy, President & CEOExhibit 10.10

 

AMENDMENT TO PROMISSORY NOTE

	
DATE OF NOTE:

	
September 7, 2011

	  	  
	
MAKER:

	
RICHFIELD OIL & GAS COMPANY

	  	  
	
HOLDER:

	
MACKOV INVESTMENTS LIMITED

	  	  
	
PRINCIPAL AMOUNT:

	
$89,500

	  	  
	
INTEREST:

	
2.0% per month beginning September 29, 2011

	  	  
	
DUE DATE:

	
September 29, 2011

In exchange for an additional loan of $11,500 (including a fee equal to $1,000) made on or about September 14, 2011, the parties hereby agree that the Note shall be amended as follows:

	
PRINCIPAL AMOUNT:

	
$101,000

	  	  
	
DUE DATE:

	
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 & CEOExhibit 10.11

 

  

	
Glenn MacNeil

1554 Jarvie Crescent

Milton, Ontario

Canada L9T 5Z3

	
December 6, 2011

	
Re: 

	
Purchase of Working Interest in the Liberty #1 Well and Nephi Prospect

Dear Glenn:

This letter will serve to confirm our understanding and agreement for the purchase by you of a 0.50% working interest (WI) in the Liberty #1 Well and in the 1,184-acre leasehold and Nephi Prospect from Richfield Oil & Gas Company (“Richfield”), as follows:

You hereby agree to purchase, and Richfield hereby agrees to sell, assign and convey to you, a 0.50% WI in the Liberty # 1 Well, located in the N/2 Section 34, T12S, R1E, SLB&M, Juab County, Utah, and in the surrounding 1,184-acre leasehold, subject to the conditions of the joint operating agreement (JOA) to which you are already a signatory as non-operator.  The working interest being conveyed is fully paid-up through the next completion operation, involving the side-track drilling of a lateral to the Navajo Sandstone.  Thereafter the working interest shall bear its share of all costs.  Seller makes no warranty as to value, quantity, or production from such well.

The purchase price of the working interest shall be $50,000.  Because there is no brokerage fee payable, you shall also receive an 8% credit, or $4,000, to your JIB account.

	  	
Very truly yours,

	  	  	  
	  	
By:

	
/s/ J. David Gowdy

	  	  	
J. David Gowdy, President

ACCEPTED & AGREED:

	
By:

	
/s/ Glenn MacNeil

	 	
Dated: December 6, 2011

	  	
Glenn MacNeil

	 	  

 

15 W. South Temple, Suite 1050, Salt Lake City, Utah 84101 • Office 801.519.8500Exhibit 10.12

SETTLEMENT AND MUTUAL RELEASE

 

The following Settlement and Mutual Release Agreement is made between Douglas C. Hewitt (“Hewitt”) and Hewitt Petroleum Inc. (“HPI”) with an effective date of March 31, 2011.

 

WHEREAS, As of March 1, 2011 HPI owes Hewitt back wages totaling $433,000;

 

WHEREAS, HPI and Hewitt desire to resolve their difference by entering into this Agreement based upon the following terms and conditions:

 

1.           This Agreement shall be subject to the successful completion of the contemplated Stock Exchange Agreement (“Merger”) between HPI and Freedom Oil & Gas, and reverse take over ("RTO) between HPI and HEGCO Canada, Inc.

2.           HPI and Hewitt hereby agree that Hewitt will forgive $216,500 which is one half of his accrued salary in the total sum of $433,000. Hewitt agrees to accept 1,082,500 HPI restricted common stock as payment for all accrued and unpaid salary.

3.           HPI shall indemnify, defend and hold Hewitt harmless from and against any and all claims, actions, damages, demands, liabilities, costs and expenses, including reasonable attorney's fees and expenses, resulting from any act or omission of Hewitt during his employment with HPI.

4.           Hewitt hereby warrants that no charge or claim has been initiated by Hewitt against HPI in any administrative agency or court, whether state or federal. Hewitt agrees not to file against HPI or any affiliates, successors or assigns thereof, or against any member, manager, officer, director, employee or agent of any of them, any claim arising under his previous employment, or any charge or claim with any government agency or any lawsuit in any court based upon or arising out of the Hewitt relationship with HPI. This provision does not apply to any charge or claim based upon any act or conduct occurring after the effective date of this Agreement.

5.           In exchange for the Payment and other valuable consideration as outlined above, the sufficiency of which is hereby acknowledged, Hewitt hereby releases and forever discharges HPI, its managers, members, officers, agents, employees, successors, assigns, and affiliates of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys' fees, damages, obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising at any time with respect to any claims relating to Hewitt's engagement with HPI and/or the termination of his employment, including but not limited to breach of the covenant of good faith, contract claims, or tort claims or any other common law or statutory rights.

6.           In exchange for the Payment and other valuable consideration as outlined in paragraph 2 above, the sufficiency of which is hereby acknowledged, HPI hereby releases and forever discharges Hewitt his successors, assigns, and affiliates of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys' fees, damages, obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising at any time with respect to any claims relating to Hewitt's engagement with HPI, including but not limited to breach of the covenant of good faith, contract claims, or tort claims or any other common law or statutory rights.

7.           This Agreement shall not confer any rights or remedies upon any person other than the parties hereto and their respective successors and permitted assigns.

 

  

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8.           Miscellaneous.

	
  

	
a.

	
This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and shall not be amended or otherwise modified in any manner except in a writing executed by both parties.

	
  

	
b.

	
If any provision of this Agreement is held to be invalid, illegal, or unenforceable by any court of competent jurisdiction for any reason, the invalid or unenforceable portion shall be deemed severed from this Agreement and the balance of this Agreement shall remain in full force and effect and be enforceable in accordance with the non-severed provisions of this Agreement.

	
  

	
c.

	
This Agreement may be executed in one or more counterparts, by original or facsimile signature, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement.

	
  

	
d.

	
If any party is required to retain legal counsel in order to enforce this Agreement, with or without the commencement of a formal legal action, such party shall be entitled to recover its attorney's fees and costs from the breaching party or parties.

	
  

	
e.

	
This Agreement shall be binding on the parties and their respective heirs, successors and assigns.

	
  

	
f.

	
All words used in this Agreement shall be construed to he of such number and gender as the context requires or permits.

	
  

	
g.

	
This Agreement shall be governed by the substantive laws of the State of Utah, without giving effect to its choice of law rules.

IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the date first written above.

	
Hewitt Petroleum, Inc.

	  	  
	  	  	  	  
	
By:

	
/s/ J. David Gowdy

	  	
Dated: March 31, 2011

	  	  	  	  
	
Title:  President/CEO

	  	  
	  	  	  
	
/s/ Douglas C. Hewitt, Sr.

	  	
Dated: March 31, 2011

	
Douglas C. Hewitt, Sr.; Individually

	  	  

 

  

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