Document:

Exhibit 10.12

    
      

    

    

      September
        22, 2005

       

       

      Michael
        P. Piazza

      [address]

      

      Ignis
        Petroleum Corporation

      100
        Crescent Court, 7th
        Floor

      Dallas,
        Texas 75201

      

      

      
        	 	
                Re:

              	
                Letter
                  agreement, dated April 21, 2005 (the “Letter
                  Agreement”),
                  by and between Ignis Petroleum Corporation (the “Subsidiary”)
                  and Michael P. Piazza (“Employee”)

              

      

      

      Ladies
        and Gentlemen:

       

      Pursuant
        to the above referenced Letter Agreement, the Subsidiary agreed to issue
        up to
        4,000,000 shares of common stock, par value $0.01 per share, of the Subsidiary
        to Employee under certain circumstances. Thereafter, the Subsidiary and its
        shareholders entered into the Stock Exchange Agreement, dated May 11, 2005
        (the
“Stock
        Exchange Agreement”),
        by
        and among Ignis Petroleum Group, Inc., f/k/a Sheer Ventures, Inc. (the
“Company”),
        Doug
        Berry, Philipp Buschmann, Fraser Tod, Gareth David Ball, Stephen Macrow,
        Luke
        Duncan Robinson, Thomas Thompson and the Subsidiary, pursuant to which all
        1,600,000 outstanding shares of common stock of the Subsidiary were exchanged
        for 1,600,000 shares of common stock, par value $0.001 per share, of the
        Company. 

       

      Upon
        the
        consummation of the transaction contemplated by the Stock Exchange Agreement
        (the “Exchange”),
        Borrower became a wholly-owned subsidiary of the Company. Since the Exchange,
        the Company has declared and paid a stock dividend whereby shareholders of
        the
        Company were issued five (5) additional shares of the Company’s common stock for
        each one (1) share of common stock outstanding (the “Stock
        Split”).
        

       

      Each
        of
        the parties hereto agrees that Employee shall receive up to 4,000,000 shares
        of
        common stock of the Company rather than the Subsidiary in accordance with
        the
        terms of the Letter Agreement. Such number of shares issuable to Employee
        under
        the Letter Agreement shall not be adjusted based upon the Stock Split.
        Accordingly, the Letter Agreement is hereby amended to provide that the Company,
        rather than the Subsidiary, shall issue up to 4,000,000 shares of its common
        stock to Employee, subject to the conditions otherwise set forth in the Letter
        Agreement. Except as amended hereby, the Letter Agreement shall remain in
        full
        force and effect. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Michael
        P. Piazza

      Ignis
        Petroleum Corporation

      September
        22, 2005

      Page
        2

      

      Employee
        understands that any shares of common stock of the Company issued to Employee
        pursuant to the Letter Agreement as amended hereby have not been registered
        with
        the Securities and Exchange Commission or any state securities board and,
        as
        such, the shares will not be freely tradable because they will be deemed
        restricted securities, as such term is defined in the Securities Act of 1933,
        as
        amended (the “Securities
        Act”),
        and
        the regulations promulgated thereunder. Employee hereby consents to the
        placement of a legend on any certificate representing such shares indicating
        that the shares are restricted securities and that the shares may not be
        transferred without registration under the Securities Act or an applicable
        exemption therefrom.

       

      Please
        indicate your acceptance of the terms of this letter agreement by signing
        a
        counterpart of this letter agreement in the space provided therefore
        below.

      

      [Signature
        page follows.]

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

Michael
        P. Piazza

      Ignis
        Petroleum Corporation

      September
        22, 2005

      Page
        3

      

      
        	 	
                Sincerely,

              
	 	 	 
	 	
                THE
                  COMPANY:

              
	 	 	 
	 	
                IGNIS
                  PETROLEUM GROUP, INC.

              
	 	 	 
	 	 	 
	 	
                By:

              	
                /s/
                  Philipp Buschmann

              
	 	
                Name:   
                  

              	
                Philipp
                  Buschmann

              
	 	Title:	C.O.O.

      

      

      Agreed
        and Consented to:

      

      EMPLOYEE:

      

      
        	
                /s/
                  Michael P. Piazza

              	 
	
                Michael
                  P. Piazza

              	 
	Date:
                9-22-05	 

      

      

       

      THE
        SUBSIDIARY:

      

      IGNIS
        PETROLEUM CORPORATION

       

       

      
        	
                By:

              	
                /s/
                  Philipp Buschmann

              	 
	
                Name:

              	
                Philipp
                  Buschmann

              	 
	Title:	C.O.O.	 
	Date:	9/23/05Unassociated Document

    
      

    

    

      Mr.
        Alexander Kulpecz

      90
        Bryant Road

      Waretown,
        NJ, 08758

      

      August
        8,
        2005

       

      
        	
                Re:

              	
                Ignis
                  Petroleum Corporation - Executive Advisor Consultant
                  Agreement

              

      

      

      Dear
        Alex:

       

      It
        is
        with great pleasure that I extend to you the consulting position of Executive
        Advisor. In your role, you will be a member of the Board of Advisors whose
        responsibility is to work towards fulfilling the Company's goals, while
        providing ongoing recommendations to the executive team and board of directors,
        both strategic and tactical in nature. The agreement is for one year from
        the
        date of signing with two, one-year options to renew as mutually
        agreed.

      

      POSITION
        SUMMARY
        - You
        will be responsible for providing input on matters of strategic, business
        development and technical importance, and will be the primary advisor to
        the
        executive team. The position overview is provided in Exhibit A and specific
        milestones for the first years in Exhibit B. You will be instrumental in
        Ignis'
        deal structuring, negotiations and fund raising. This is a part-time position
        that will typically require up to two days per month in total commitment.
        At
        critical times, such as fund raising and deal negotiation, the time commitment
        may be more, but this would be considered unusual.

      

      COMPENSATION
        - You
        will
        be provided a combination of cash, restricted common stock and common stock
        options as detailed in Exhibit C, We will provide you a cash retainer which
        will
        be replenished monthly. You will be granted up to 475,000 shares of Ignis
        Petroleum Group, Inc. stock over a period of three years. And you will be
        provided common stock options coinciding with the successful placement of
        funds
        into the company in which you are personally involved. A form 1099 will be
        provided at the end of each year for the payment of your services.

      

      Philipp
        and I are excited about your participation and we are confident of the
        contributions you will make to achieve the goals of Ignis
        Petroleum.

      

      AGREEMENT
        - Please
        indicate your acceptance by signing below.

      

      
        	
                /s/
                  Michael P. Piazza   

              	 	
                /s/
                  A. Kulpecz

              
	
                By:
                  Michael P. Piazza

              	 	
                By:
                  Alexander A. Kulpecz

              
	
                Its:
                  President and CEO

              	 	
                Its:
                  Executive Advisor

              
	
                Date:
                  August 17, 2005

              	 	
                Date:
                  August 17, 2005

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A

      CONSULTANT
        EXECUTIVE ADVISOR OVERVIEW

      

      POSITION
        SUMMARY

       

      The
        holder of this position will be responsible for providing input on matters
        of
        strategic, business development and technical importance, and will the primary
        thought partner to the executive team. The Executive Advisor will be highly
        skilled in the business, technical, and financial and organization matters
        related to the upstream oil & gas industry with a 20+ year track record of
        successful commercial and capital stewardship leadership. The position will
        report to the CEO and COO

       

      EXPECTED
        INVOLVEMENT

       

      Be
        a key
        member of senior management team and company's primary advisory on deal
        structuring, commercial development and technical opinion.

       

      Provide
        counsel to executive management with regard to activities as defined below
        while
        leveraging industry contacts and consultants

       

      Participate
        part-time as member of executive team

       

      AREAS
        OF RESPONSIBILITY

       

      Business
        strategy and planning

      Executive
        advisory and counseling

      Commercial
        activity, partner relationships, and negotiation 

      Technical
        advisory

      Financial
        planning and capital raising

       

      REQUIREMENTS

       

      BS
        or MS
        degree in petroleum engineering or geology, MBA a plus

       

      Senior
        technical and business management experience in a major or independent oil
&
gas company with progressive leadership positions

       

      Highly-respected
        in energy sector with strong industry affiliations

       

      CONFIDENTIALITY

       

      No
        disclosure of trade secrets; proprietary or confidential information of the
        Company or affiliate obtained during the course of this agreement except
        as
        required to carry out the terms of this agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      12-MONTH
        MILESTONES

      

      During
        the next twelve months we expect that you will help Ignis Petroleum to achieve
        the following critical milestones:

       

      Completion
        of business plan

       

      Completion
        of major funds placement, participate in networking and select "road show"
         events
        as
        appropriate

       

      Introductions
        to industry people who can provide technical and financial services or can
        be
 full-time
        employees. Participate in the interviewing of prospective employees as
        requested

       

      Refer
        and
        review deals that could advance the cause of the company

       

      Source,
        review and negotiate prospective opportunities to advance the cause the company.
         Help
        establish relationships with prospective joint-venture partners

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C

      EXECUTIVE
        ADVISOR CONSULTANT COMPENSATION

      

      CASH
        COMPENSATION:

      $1,500
        retainer, replenished monthly as appropriate

      

      Advisory
        services at prorated rate of $750 (USD) per day

      

      RESTRICTED
        STOCK:
        Total
        award of 475,000 common shares granted as follows:

       

      
        
          	
                  Purpose

                	
                  Timing

                	
                  Granted
                    shares

                
	
                  Sign-on

                	
                  August
                    9, 2005

                	
                   
                    59,375

                
	
                  Funds
                    placement (equity or convertible preferred stock or
                    similar)

                	
                  At
                    time of successful funds placement*

                	
                   
                    59,375

                
	
                  Advisory
                    services

                	
                  February
                    9, 2006

                	
                   
                    59,375

                
	
                  Advisory
                    services

                	
                  August
                    9,
                    2006

                	
                   
                    59,375

                
	
                  Advisory
                    services

                	
                  February
                    9, 2007

                	
                   
                    59,375

                
	
                  Advisory
                    services

                	
                  August
                    9, 2007

                	
                   
                    59,375

                
	
                  Advisory
                    services

                	
                  February
                    9, 2008

                	
                   
                    59,375

                
	
                  Advisory
                    services

                	
                  August
                    9, 2008

                	
                   
                    59,375

                
	
                  Total

                	 	
                  475,000

                

        

      

       

      *
        At
        least $10 million of cumulative placement

       

      BONUS
        STOCK OPTIONS: Award of 15,000 non-qualified common share options, at a strike
        price of $1.00 for each $1,000,000 funds raised in which you had a part,
        (minimum $3000000 cumulative raised) for a maximum total of 250,000 common
        share
        options issued pursuant to the non-qualified plan to be adopted by the
        company.

       

      SERVICE
        PRORATION: Either party can terminate the relationship without need for cause
        before the end of the one year. Upon such termination, the Executive Advisor
        will keep whatever stock has been granted to that time. The Executive Advisor
        agrees to provide transitional advisory services for a period of up to three
        months without further stock grants, however, normal cash compensation will
        remain in effect.

       

      REIMBURSABLE
        EXPENSES: Reimbursed for reasonable and customary expenses incurred on behalf
        of
        and in furtherance of the business of the Company and upon approval of such
        expenses, Ignis shall promptly (within 30 days) provide reimbursement for
        such
        expenses.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]