Document:

Amendment NO.1 to Purchase agreement

Amendment No. 1 to Purchase Agreement

(Superior Oil and Gas - EagleSpan Steel Structures)

 

Mr. Jerry W. Curtis, President

EagleSpan Steel Structures, Inc.

102 West 4th Street

Loveland, CO 80537

Re: Purchase Agreement effective December 19, 2004 between Superior Oil and Gas Co. (“Superior”) and EagleSpan Steel Structures, Inc. (“ESS”) (the “Purchase Agreement”).

Dear Mr. Curtis:

This letter (the “Amendment”) amends the Purchase Agreement recited above.

	
A.
	
Paragraph No. 1 of the Purchase Agreement is amended to provide that the Closing Date shall be “no later than five business days from the date of execution by both parties of this Amendment.”

	 	 	 
	
B.
	
The first two paragraphs of Paragraph No. 2 of the Purchase Agreement are deleted, and the following is substituted for them:

	 	 	 
	
2.
	
In consideration of the transfer to Superior by the shareholders of ESS of one hundred percent of the outstanding capital stock of ESS (the “Stock”), Superior shall deliver to the ESS shareholders, pro rata in accordance with their shareholdings, the following:

	 	 	 
	 	
a.
	
Promissory Notes in the principal aggregate amount of $3,000,000, 6% interest, due on the anniversary of the effective date of this Amendment, of which one-half of the principal amount plus accrued interest of each Promissory Note is convertible by the holder into shares of Common Stock of Superior at the conversion price of $1.00 a share; provided, however, that Superior shall have the right to require such conversions should Superior’s Common Stock trade at closing prices at or above $1.50 for 60 consecutive calendar days.

	 	 	 
	 	
b.
	
Superior shall loan 1,500,000 newly-issued shares of Superior’s Common Stock to EagleSpan, which shares EagleSpan may use as additional collateral for its existing SBA term loan and other bank debt of ESS that is guaranteed by Jerry Curtis.

 

	Exhibit 10.1
	 	 	Page 1 of 2 Pages
	

	 

	 	 	 
	 	
c.
	
All EagleSpan capital stock purchased by Superior shall secure the payment by Superior of its $3,000,000 in Promissory Notes and interest due thereon as well as, at EagleSpan’s option, the SBA term loan and other bank debt of ESS that is guaranteed by Jerry Curtis.

	 	 	 
	 	
d.
	
Until such time as Superior’s $3,000,000 in Promissory Notes and ESS’s existing SBA term loan and other bank debt of ESS that is guaranteed by Jerry Curtis have been paid and satisfied in full, Jerry Curtis shall be the sole director of ESS.

	 	 	 
	
C.
	
All other provisions of the Purchase Agreement remain the same.

	 	 	 

 

Very truly yours,

             

	Superior Oil and Gas Co.	 	 	 
		 	 	 
	By: /s/ Daniel Lloyd	February 3, 2005 
	

    Daniel Lloyd, President	 	 	
		 	 	

 

 

Accepted and Agreed:

                             

	EagleSpan Steel Structures, Inc.	 	 	 
	 	 	 	 
	By: /s/ Jerry W. Curtis	February 4, 2005
	

    Jerry W. Curtis, President	 	 	
		 	 	

 

	Exhibit 10.1
	 	 	Page 2 of 2 PagesAmendment No. 2 to Purchase agreement

Amendment No. 2 to Purchase Agreement

(Superior Oil and Gas - EagleSpan Steel Structures)

 

February 7, 2005

Mr. Jerry W. Curtis, President

EagleSpan Steel Structures, Inc.

102 West 4th Street

Loveland, CO 80537

Re: Purchase Agreement effective December 19, 2004 between Superior Oil and Gas Co. (“Superior”) and EagleSpan Steel Structures, Inc. (ESS”) (the Purchase Agreement”);

Amendment No. 1 to the Purchase Agreement

Dear Mr. Curtis:

This letter ( “Amendment No. 2”) amends the Purchase Agreement and Amendment No. 1 recited above.

	
A.
	
Section B. 2. b. of Amendment No. 1 to Purchase Agreement shall be deleted, and the following substituted for it:

	 	 	 
	 	
b.
	
Superior shall loan 1,500,000 newly issued, shares of Superior’s Common Stock to EagleSpan, which shares EagleSpan may use as additional collateral for any EagleSpan bank debt, currently existing or newly created, that is personally guaranteed by Jerry Curtis. It is the intent of the Parties that ESS obtain at least $500,000.00 in loan proceeds from the securities provided above.

	 	 	 
	
B.
	
Section B.2.c. of Amendment No. 1 to Purchase Agreement shall be deleted, and the following substituted for it:

	 	 	 
	 	
c.
	
All EagleSpan capital stock purchased by Superior shall secure the payment by Superior of its $3,000,000 in Promissory Notes and interest thereon.

	 	 	 
	
C.
	
Section B.2.d. of Amendment No. 1 to Purchase Agreement shall be deleted, and the following substituted for it:

	 	 	 
	 	
d.
	
Until such time as Superior’s $3,000,000 in Promissory Notes and ESS’s bank debts that have been guaranteed by Jerry Curtis have been paid and satisfied in full, Jerry Curtis shall be a director of ESS. The ESS Board of Directors shall consist of Mr. Curtis, a Director appointed by Mr. Curtis and a Director appointed by Superior.

 

	Exhibit 10.2
	 	 	Page 1 of 2 Pages
	

	 

	 	 	 
	
D.
	
Section 9, Paragraph h of the Purchase Agreement shall be stricken in its entirety and replaced as follows:

	 	 	 
	 	
h.
	
Within 45 days after Closing, ESS will provide Purchaser with financial statements that meet the requirements of the SEC’s Regulation S-B, Item 310: an audited balance sheet as of the close of the last fiscal year, audited statements of income for the two years preceding the date of such balance sheet, audited statements of cash flows for the two years preceding the date of such balance sheet, an audited statement of changes in shareholders’ equity for the two years preceding the date of such balance sheet, an unaudited balance sheet as of September 30, 2004, unaudited statements of income for the three-month periods and the nine-month periods ending September 30, 2004 and 2003, and unaudited statements of cash flows for the three-month periods and the nine-month periods ending September 30, 2004 and 2003. 

	 	 	 
	
In the event that the Parties do not consummate the transaction described herein by the Closing Date specified in Amendment No. 1 to Purchase Agreement, the Purchase Agreement and the Amendments to the Purchase Agreement shall terminate and each party shall be relieved of all its liabilities and obligations to the other, as they relate to this transaction. 

	 	 	 
	
E.
	
All other provisions of the Purchase Agreement and Amendment No. 1 to Purchase Agreement remain the same.

	 	 	 

Very truly yours,

 

	Superior Oil and Gas Co.	 	 	 
	 	 	 	 
	By: /s/ Daniel Lloyd	February 8, 2005
	

    Daniel Lloyd, President	 	 	
		 	 	

 

Accepted and Agreed:

 

	EagleSpan Steel Structures, Inc.	 	 	 
	 	 	 	 
	By: /s/ Jerry W. Curtis	February 8, 2005
	

    Jerry W. Curtis, President	 	 	
		 	 	

 

	Exhibit 10.2
	 	 	Page 2 of 2 PagesPurchase and Sale Agreement

Purchase and Sale Agreement

(Superior - Jones & Buck)

This Purchase and Sale Agreement (“the Agreement”) is entered into effective January 5, 2005 by and between Superior Oil and Gas Co. (“Superior”) and Jones & Buck (“Seller”).

In consideration of the representations, undertakings and promises set forth below, the parties agree as follows:

 

	
1.
	
Representations by Seller. Seller represents that it owns good and marketable title to the properties listed on Exhibit A attached hereto (“the Properties”).

	 	 
	
2.
	
Buyer’s Due Diligence. Subject to Buyer’s agreement to maintain the confidentiality of all data and information related to the Assets and/or this Agreement, Buyer may commence its “due diligence” inspection of the Assets and of Seller’s files relating to the Assets (including title and contract files, well files, and production files) immediately upon the execution of this Agreement. Buyer’s access to the Assets shall be at Buyer’s sole risk, cost and expense. Buyer additionally agrees to comply with the reasonable rules, procedures and instructions issued by Seller while upon the Assets.

	 	 
	
3.
	
Representations by Superior. Superior is a public company whose stock is registered with the Securities Exchange Commission. Superior files periodic reports with the Commission and will continue to timely file such reports.

	 	 
	
4.
	
Purchase and Sale of Properties. Superior purchases from Seller, and Seller sells to Superior, a 90-day option (“the Option”) to purchase the Properties for $3 million cash. The purchase price of the Option is 100,000 shares of common stock of Superior, which Superior must pay at the time of the execution of this Agreement.

	 	 
	
5.
	
Pre-Closing Procedures. Seller will deliver to Superior a current division order title opinion regarding the oil and gas Properties. Seller covenants that it and no other person or entity has not within the last 180 days encumbered the Properties with overriding royalties or other rights to share in the production from the Properties and that it and no person affiliated with it or under its control or direction will not encumber the Properties in any way during the term or extended term of this Agreement. During the term of the Option, Seller will make available its books and records to Superior, for viewing or copying, at all reasonable business hours, and will allow access to the Properties for Superior’s inspection of the surface equipment that is part of the Properties. 

 

	
Exhibit 10.3

	 	 	Page 1 of 2 Pages
	

	 

	 	 
	
6.
	
The Closing of the Purchase and Sale. Superior will notify Seller of a time and place for closing the purchase of the Properties. Superior and Seller will both appear at the Closing either in person or by an agent. Seller will deliver recordable assignments of the Properties to Superior, which assignments will contain warranties as to good and marketable title, and Superior will deliver to Seller a cashier’s check for $3 million or, at Seller’s choosing, will wire transfer $3 million to Seller’s bank account.

	 	 
	
7.
	
Applicable Law and Resolution of Disputes. This Agreement shall be governed by the laws of Kansas as to matters regarding the Properties and by the laws of Oklahoma regarding the interpretation and effect of this Agreement. Should disputes arise in connection with the matters set forth in this Agreement, the parties shall resolve them by binding arbitration conducted in accordance with the Rules of the American Arbitration Association.

 

            

	Superior Oil and Gas Co.	 	 	Seller
	 	 	 	 
	By: /s/ Dan Lloyd	 	 	By: /s/ P.J. Buck
	

    Dan Lloyd, President	 	 	

    P.J. Buck, Partner
		 	 	

	
 Exhibit 10.3

	 	 	Page 2 of 2 Pages

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