Document:

Unassociated Document

Exhibit 4.17

 

AMENDED PROMISSORY NOTE

 

 

	$350,000 	

Salt Lake City, Utah

	 	

August 12, 2010

 

This AMENDED PROMISSORY NOTE amends and supersedes the Note date August 12, 2010.

 

FOR VALUE RECEIVED, the undersigned, HEWITT PETROLEUM, INC., a Delaware corporation ("Maker") promises to pay to SCOTT WEST ("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 June 30, 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 is secured by a 1% interest in the Hewitt Utah Overthrust Project ("HUOP") owned by Hewitt Petroleum, Inc.

 

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/ R. Charles Muchmore, Jr.

	  	  	
R. Charles Muchmore, Jr.

	  	Title: CFOUnassociated Document

Exhibit 4.18

LEASE FINANCING AGREEMENT

This Lease Financing Agreement is entered into by and between HEWITT PETROLEUM, INC., 15 W. South Temple, Suite 1050, Salt Lake City, UT 84101 (“HPI”), and JUPITER LP, 1941 Ridgehill Drive, Bountiful, Utah 84010 (“Lender”). The parties agree as follows:

 

1.      Loan.  Lender agrees to loan the total sum of $37,500 to HPI to acquire the 785 acre Jackson Trust Lease in Juab County, Utah (the “Lease”) as follows:

 

	 	
a.  

	
$17,500 advanced upon execution hereof for lease acquisition and legal fees; and

	 	
b.  

	
$20,000 advanced upon final adjudication by a court of competent jurisdiction in favor of HPI that title to the oil & gas rights belongs to the Jackson Trust not US Gypsum Co. and that HPI's lease is therefore valid, for final payment of lease acquisition costs.

2.      Terms. The loan shall be due and payable in eighteen (18) months from each advance and shall bear interest at the fixed rate of 5.0% per annum. As additional consideration for the loan, HPI shall assign to Lender a 2.0% overriding royalty (ORR) in the Lease. The Loan shall be convertible into HPI's Common Stock at any time, or from time to time in whole or in part, at the election of Lender upon three (3) days written notice to HPI, at the price of $0.50 per share. Upon conversion, Lender will execute a subscription and HPI will issue a certificate. HPI hereby grants unto Lender a ratchet provision for a price adjustment after HPI stock becomes tradable in a public market. The ratchet provision shall be guaranteed to the price of $0.25 per share.

3.      Right of First Refusal.  HPI grants to Lender a right of first refusal to finance other lease acquisitions that involve the US Gypsum Co. upon the same loan terms hereof, including the same ORR assignment. The interest rate and convertible stock price will be subject to adjustment based upon market conditions. Lender shall have five (5) business days after receipt of written notice from HPI to elect to finance any such lease as set forth above.

IN WITNESS WHEREOF, the parties have executed this agreement as of the date below.

 

DATED: October 22, 2010

 

	HEWITT PETROLEUM, INC.	 
	 	 	 
	
By:

	
/s/ Douglas C. Hewitt

	  
	  	
Douglas C. Hewitt, President/CEO

	  
	  	  	  
	
JUPITER, LP

	  
	
By:

	
/s/ Scott West

	  
	  	
Scott West, General PartnerUnassociated Document

Exhibit 4.19

AMENDMENT TO

CONVERTIBLE PROMISSORY NOTES

 

	
DATE OF AMENDMENT:

	
December 15, 2011

	  	  
	
DATE OF NOTE 1:

	
July 1, 2010

	
PRINCIPAL AMOUNT:

	
$350,000

	
INTEREST RATE:

	
Four percent (4.0%) per annum

	  	  
	
DATE OF NOTE 2:

	
October 22, 2010

	
PRINCIPAL AMOUNT:

	
$17,500

	
INTEREST RATE:

	
Five percent (5.0%) per annum

	  	  
	
HOLDER:

	
Jupiter LP

	  	  
	
MAKER:

	
Richfield Oil & Gas Company (formerly Hewitt Petroleum, Inc.)

	  	  
	
DUE DATE:

	
January 31, 2012

Note 1 and Note 2 are hereby both amended and modified as follows:

Note 1 and Note 2 are hereby combined into one Note with total principal equal to $367,500.  The Note is extended such that the principal balance of the Note shall mature and become due and payable on June 30, 2012 (the "Due Date").

The interest rate is increased to eight percent (8.0%) per annum effective as of February 1, 2012.

Holder hereby agrees to accept a prepayment of all interest on the Note through maturity in the Common Stock of Richfield Oil & Gas Company at the rate of $0.20 per share. Previous prepaid interest is paid-up until the end of January 2012. The new prepaid interest at 8% begins as of February 1, 2012 through to June 30, 2012 and on Note 1 totals $11,583.56 which at $0.20 per share equals 57,918 shares, and on Note 2 accrued interest of $1,004.45 and pre paid interest of $759.45 at 8% at $0.20 per share equal 8,820 shares.  Thus Holder shall be issued an aggregate of 66,738 shares.

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

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

	
HOLDER:

	 	
MAKER:

	  	 	  
	
JUPITER LP

	 	
RICHFIELD OIL & GAS COMPANY

	  	 	  	  
	
/s/ Scott West

	 	
By:

	
/s/ Douglas C. Hewitt

	
Scott West, General Partner

	 	  	
Douglas C. Hewitt, Chairman/COOUnassociated Document

Exhibit 4.20

PROMISSORY NOTE

 

	
$47,824.32

	
Salt Lake City, Utah

	  	
August 12, 2010

FOR VALUE RECEIVED, the undersigned, HEWITT PETROLEUM, INC., a Delaware corporation ("Maker") promises to pay to SALLY WEST ("Holder”) or order, the principal sum of FORTY SEVEN THOUSAND EIGHT HUNDRED TWENTY-FOUR DOLLARS AND 321100 ($47,824.32), together with interest on the unpaid balance from time to time outstanding at an annual rate equal to twelve percent (12%). 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

	  	
Title:

	
CEO

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