Document:

alamoex104.htm

Exhibit 10.4

ADDITIONAL SHARES AGREEMENT

This Additional Shares Agreement (the “Agreement”) is entered into as of April 12 2011 by and between Alamo Energy Corp., a Nevada corporation (the “Company”), and Range Kentucky Holdings LLC, a Wyoming limited liability company (the “Holder”). Capitalized terms used and not otherwise defined herein that are defined in the MIPSA (as defined below) shall have the meanings given such terms in the MIPSA.

 

RECITALS

A.                The Company and the Holder are parties to, among other agreements, a Member Interest Purchase and Sale Agreement dated April 12, 2011, a copy of which is attached hereto and by this reference incorporated herein (the “MIPSA”).

B.                Pursuant to the MIPSA, the Holder shall receive the purchase price of Six Million Seven Hundred Seventy-Five Thousand Dollars ($6,775,000), which shall consist of Four Hundred Thousand Dollars ($400,000) in cash and Six Million Three Hundred Seventy-Five Thousand Dollars ($6,375,000) payable to the Holder in shares of the Company’s common stock, which shall be calculated based on a per share price of $0.75 per share (“Per Share Price”), such that the Company  shall issue to the Holder eight million five hundred thousand (8,500,000) shares of the Company’s common stock (“Equity Portion”).

C.                In order to induce the Holder to enter into the MIPSA, the Company has agreed to grant to Holder the right to additional shares if the 10-day volume weighted average price of the Company’s common stock is below the Per Share Price during the period of twenty four (24) months following the Closing Date, on the terms and subject to the conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual promises, representations, warranties, covenants and conditions set forth in this Agreement, the parties mutually agree as follows:

1. Consideration. In consideration of the Holder entering into this Agreement and the MIPSA, the Company hereby agrees that five million five hundred thousand (5,500,000) shares (the “Protected Shares”) of the Equity Portion shall be subject to the downside price protection specified in Section 2 below for a period of twenty four (24) months following the Closing Date (the “Protection Period”).

2.  Adjustment of Per Share Price; Additional Issuance.

(a) If, during the Protection Period, the 10-day volume weighted average price (“VWAP”) of the Company’s common stock (the “10-Day VWAP”) is less than or equal to $0.60 per share (the “First Triggering Per Share Price”), then the Holder may elect to adjust the Per Share Price so that the Per Share Price shall equal the 10-Day VWAP  (the “First Adjusted Per Share Price”) on the Triggering Date (as defined below).

(b) If, during the Protection Period, the 10-Day VWAP is less than or equal to $0.35 per share (the “Second Triggering Per Share Price”), then the Holder may elect to adjust the Per Share Price so that the Per Share Price shall equal the 10-Day VWAP (the “Second Adjusted Per Share Price”) on the Triggering Date.

(c) Notice of Triggering Date. The Holder shall provide the Company written notice of its election to adjust the Per Share Price to the First Adjusted Per Share Price or the Second Adjusted Per Share Price, as the case may be, within the earlier of (i) thirty (30) calendar days after the Triggering Date; and (ii) the last day of the fiscal quarter in which the Triggering Date occurs. The “Triggering Date” is the date that the10-Day VWAP is less than or equal to the First Triggering Per Share Price or the the Second Triggering Per Share Price, as the case may be.

(d) Whenever the Per Share Price is adjusted pursuant to Section 2(a) above, the Company shall issue to the Holder the number of shares of common stock obtained by (i) multiplying the number of Protected Shares held by the Holder on the Triggering Date by the Per Share Price, and (ii) subtracting the number of Protected Shares held by the Holder on the Triggering Date from the quotient so obtained by dividing the product specified in Section 2(d)(i) by the First Adjusted Per Share Price,.

 

 

  

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(e) Whenever the Per Share Price is adjusted pursuant to Section  2(b) above, the Company shall issue to the Holder the number of shares of common stock obtained by (i) multiplying the number of Protected Shares held by the Holder on the Triggering Date by the Per Share Price, and (ii) subtracting the number of Protected Shares held by the Holder on the Triggering Date and any additional shares issued pursuant to Section 2(d) above from the quotient so obtained by dividing the product specified in Section 2(e)(i) by the Second Adjusted Per Share Price.

 

(f) Issuance of Additional Shares. The Company shall, within fifteen (15) calendar days of receipt of a notice of Triggering Date pursuant to Section 2(c), issue and deliver to the Holder a certificate evidencing the additional shares of common stock to be issued pursuant to this Section 2 (the “Additional Shares”).

(g) Extraordinary Events Regarding Common Stock.  In the event that the Company shall (a) issue additional shares of its common stock as a dividend or other distribution on outstanding common stock, (b) subdivide its outstanding shares of common stock, (c) combine its outstanding shares of the common stock into a smaller number of shares of the common stock, or (d) the Company’s outstanding common stock shall have been changed into a different number of shares or a different class solely as a result of a reclassification, exchange, recapitalization or similar transaction, then, in each such event, (x) in the case of Clauses (a),(b) or (c), each of the Per Share Price, First Triggering Per Share Price and the Second Triggering Per Share Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then Per Share Price, First Triggering Per Share Price and the Second Triggering Per Share Price by a fraction, the numerator of which shall be the number of shares of common stock outstanding immediately prior to such event and the denominator of which shall be the number of shares of common stock outstanding immediately after such event, and the product so obtained shall thereafter be the respective Per Share Price, First Triggering Per Share Price and the Second Triggering Per Share Price, then in effect or (y) in the case of Clause (d), then the Per Share Price, First Triggering Per Share Price and Second Triggering Per Share Price shall be appropriately adjusted to reflect such event. The Per Share Price, First Triggering Per Share Price and the Second Triggering Per Share Price, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described herein in this Section 2(g).  The number of Protected Shares and the number of Additional Shares that the Holder shall thereafter, be entitled to receive shall be adjusted to a number determined by multiplying the number of shares of common stock that would otherwise (but for the provisions of this Section 2(g)) be issuable by a fraction of which (a) the numerator is the respective Per Share Price, First Triggering Per Share Price and the Second Triggering Per Share Price that would otherwise (but for the provisions of this Section 2(g)) be in effect, and (b) the denominator is the respective Per Share Price, First Triggering Per Share Price and the Second Triggering Per Share Price, in effect on the date of such issuance.

(h) Termination of Additional Issuance Provisions. The provisions of Sections 2(a) through 2(g) shall terminate and be of no further force or effect on the earlier of (i) the Company’s issuance of Additional Shares pursuant to the Holder’s election to adjust the Per Share Price to the Second Adjusted Per Share Price, and (ii) the end of the Protection Period.

3. Securities Law Compliance.  The Holder hereby represents, warrants and acknowledges to the Company as follows:

 

       (a) The Holder is an “accredited investor” (as such term is defined in paragraph (a) of Rule 501 of Regulation D under the Securities Act of 1933, as amended (the “1933 Act”)), and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Additional Shares and making an informed investment decision.

 

       (b) The Holder understands that the Additional Shares have not been registered under the 1933 Act or any applicable state securities laws, and that the sale and issuance of the Additional Shares are being made in reliance on one or more exemptions from registration under the 1933 Act and under applicable registration exemptions from state securities laws.

 

       (c) The Holder acknowledges that no agency, governmental authority, regulatory body, stock market or other entity (including, without limitation, the Securities and Exchange Commission or any state securities commission) has made any finding or determination as to the merit for investment in, nor have any such agencies or governmental authorities made any recommendation or endorsement with respect to, the Additional Shares.

 

       (d) The Holder is acquiring the Additional Shares for its own account, for investment purposes only, and not with a view to any resale or distribution in violation of the registration requirements of the 1933 Act; and the Holder will not offer, sell or otherwise transfer any of the Additional Shares except under circumstances which will not result in a violation of the 1933 Act.

   

       (e) The Holder has been given a reasonable opportunity to review all of the Company’s filings with the Securities and Exchange Commission, all documents, books and records of the Company pertaining to the investment represented by the Additional Shares, has been supplied with all additional information concerning the Company and the Additional Shares that it has requested, has had a reasonable opportunity to ask questions of and receive answers from the Company or its representatives concerning this investment, all such questions have been answered to its full satisfaction.

  

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       (f) The Holder acknowledges that no purchase of the Additional Shares has resulted from any general solicitation or general advertising (as such terms are used in Regulation D under the 1933 Act), including advertisements, articles, press releases, notices or other communications published in any newspaper, magazine or similar media or broadcast over radio or television or any seminar or meeting whose attendees have been invited by general solicitation or general advertising.

 

       (g) The Holder acknowledges that there are significant restrictions and limitations on the transferability of the Additional Shares.  It consents to the Company giving instructions to its transfer agent and/or registrar in order to implement the restrictions and limitations on transfer as required under the 1933 Act and as set forth herein.

 

       (h) Until such time as the same is no longer required under applicable requirements of the 1933 Act or applicable state securities laws, stock certificates representing the Additional Shares, and all certificates issued in exchange therefor or in substitution thereof, shall bear a legend in substantially the following form:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT").  THE HOLDER HEREOF, BY ACCEPTING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT AND IN COMPLIANCE WITH APPLICABLE STATES SECURITIES LAWS, (C) IN ACCORDANCE WITH RULE 144 UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (D) IN ACCORDANCE WITH ANY OTHER EXEMPTION UNDER THE 1933 ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS UPON THE DELIVERY OF A LEGAL OPINION, REASONABLY SATISFACTORY TO THE ISSUER, TO THE FOREGOING EFFECT.”

4.  Miscellaneous.

 

       (a) Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of the Company and the Holder and their respective successors and assigns; provided, however, that the foregoing shall not authorize any assignment by the Company of its rights or duties hereunder.

 

       (b) Integration.  This Agreement and any documents executed in connection herewith or pursuant hereto contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, offers and negotiations, oral or written, with respect thereto and no extrinsic evidence whatsoever may be introduced in any judicial or arbitration proceeding, if any, involving this Agreement.

   

       (c) Course of Dealing; Waivers.  No course of dealing on the part of the Holder or its partners or affiliates, nor any failure or delay in the exercise of any right by the Holder, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right.  The Holder’s failure at any time to require strict performance by the Company of any provision shall not affect any right of the Holder thereafter to demand strict compliance and performance.  Any suspension or waiver of a right must be in writing signed by the Holder.

 

       (d) Notices.  All notices or demands by any party relating to this Agreement shall be provided as set forth in the MIPSA.

   

       (e) Time is of the Essence.  Time is of the essence as to each and every term and provision of this Agreement.

(f) Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original, but all of which will be one and the same document.  Facsimiles and electronic copies in portable document format (“PDF”) containing original signatures shall be deemed for all purposes to be originally signed copies of the documents that are the subject of such facsimiles or PDF versions.

 

       (g) Legal Effect.  If any provision of this Agreement conflicts with applicable law, such provision shall be deemed severed from this Agreement, and the balance of this Agreement shall remain in full force and effect.

 

       (h) Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Agreement shall be governed by, the laws of the State of Nevada without regard to principles of conflicts of laws that would cause the application of the laws of any jurisdictions other than the State of Kentucky.

[Signatures on Following Page]

  

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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the first date above written.

             

	 	
Company:

 

ALAMO ENERGY CORP.

a Nevada corporation  

	 
	  	
 

By:

	
 

/s/ Allan Millmaker

	 
	 	 	
Allan Millmaker

Its: Chief Executive Officer 

	 

 

	  	
Holder:

 

RANGE KENTUCKY HOLDINGS LLC

 

By its Manager: Range Exploration Partners LLC

	 
	  	
 

By:

	
 

/s/ Frode Aschim

	 
	 	 	
Frode Aschim

Its: Manager

	 

 

 

4alamoex105.htm

Exhibit 10.5

 

DEVELOPMENT AGREEMENT

THIS DEVELOPMENT AGREEMENT (the “Agreement”) entered into and effective as of the 12th day of April, 2011, by and between Alamo Energy Corp., a Nevada corporation, whose address is 10497 Town and Country Way, Suite 820, Houston, Texas 77024 (“Alamo”) and Range Kentucky Holdings LLC, a Wyoming limited liability company, whose address is P.O. Box 726, 504 Fremont, Thermopolis, WY 82443-2913 (herein, “RKH”).  Alamo and RKH are herein individually designated as a “Party” and collectively as the “Parties”.

RECITALS

RKH, as Seller, and Alamo, as Buyer, have entered into a certain Member Interest Purchase and Sale Agreement dated April 12, 2011 (the “MIPSA”), whereby Alamo agreed to acquire all of the membership interests in KYTX Oil and Gas, LLC,(“KYTX”), KYTX Pipeline, LLC (“Pipeline”); and KYTX Drilling Company, LLC (“Drilling”).  KYTX, Pipeline, and Drilling are hereafter collectively referred to as the “Operating Entities”

As part of the transaction contemplated by the MIPS, the Parties agreed to execute this Agreement whereby Alamo will undertake the development of the current or future assets of the Operating Entities (the “Assets”) and will provide for the development of other oil, gas or pipeline properties acquired by Alamo and/or its Affiliates within Knox, Bell, Leslie, Clay, Laurel, Whitley or Harlan Counties, Kentucky (the “Development Area”).

NOW THEREFORE, in consideration of the premises and of the mutual obligations of the Parties, the Parties do hereby agree as follows:

1. DEFINITIONS

 

As used in this Agreement, the following terms shall have the following meanings unless the context otherwise requires:

1.1 “Affiliate” shall mean, with respect to any Person (which shall include any individual, partnership, company, joint venture, corporation, limited liability company, trust, trustee, receiver, or other entity or any unincorporated association or organization), any person directly or indirectly Controlling, Controlled by or under common Control with such person.

 

1.2 “Asset Acquisition Costs” means all costs incurred in acquiring in the Development Area (i) producing or non-producing Wells, (ii) Leases, Lease Options or Mineral Interests, (iii) operating or non-operating pipelines, and (iv) the equipment, facilities, and inventory related to any of (i), (ii) and (iii) pursuant to a transaction involving the acquisition of any of (i) through (iv) directly or indirectly through the acquisition of a Person owning any of (i) through (iv).  Such costs shall include, by way of illustration, cash or equity consideration, broker’s fees, recording fees, title examination expense, legal expense, title curative costs, and accounting or other consultant costs incurred to complete the transaction.

 

1.3 “Control”, “Controlling”, “Controlled by”, and “under common Control with” shall mean the possession directly or indirectly of the authority to direct or cause the direction of the management, policies or operational activities of a Person, whether through ownership of voting securities or other right to vote, by contract or otherwise.

 

1.4 “Funded Amount” means two million U.S. dollars (“$2,000,000.00”).

 

1.5 “Lease” means an oil and gas lease; oil, gas and mineral lease; compulsory pooled interest; pooled interest; leasehold estates, partial and other interests therein and subleases thereof; operating rights and other rights authorizing the owner thereof to explore for and produce oil, gas (including casinghead gas and coalbed methane gas) and related hydrocarbons and other minerals.  This term also includes top leases and other interests which are to vest upon the expiration of a currently effective interest.

 

1.6 “Lease Acquisition Costs” means all costs incurred in acquiring Leases, Lease Options or Mineral Interests in the Development Area including, by way of illustration, cash bonus consideration (including bonuses paid for interests acquired by compulsory pooling), broker’s fees, recording fees, title examination expense, legal expense and title curative costs.

 

  

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1.7 “Lease Option” means any contract or other agreement by which the holder has the right, but not the obligation, to acquire a Lease or Leases or Mineral Interest by the payment of money or for other consideration.

 

1.8 “Mineral Interest” means all fee mineral interests, term mineral interests, royalties, overriding royalties, net profits interests and production payments relating to oil, gas and other minerals in the Development Area.

 

1.9 “Person” means an individual, a partnership, a corporation, an association, a limited liability company, a joint stock company, a trust, a joint venture, or an unincorporated organization.

 

1.10  “Pipeline Development Costs” means all capital costs paid for the expansion, and construction of any pipelines owned or operated by Alamo or its Affiliates in the Development Area for the transportation, processing and marketing of oil, gas and other minerals and constituent byproducts thereof.  Pipeline Development Costs shall include any Right of Way Acquisition Costs.

 

1.11  “Right of Way” means a lease, right or way, servitude or other agreement granting rights to the owner thereof to develop, build, lay, and operate a pipeline for the transportation, processing, and marketing of oil and gas and any constituent by-products thereof.

 

1.12 “Right of Way Acquisition Costs” means all costs incurred in acquiring Rights of Way in the Development Area including, by way of illustration, cash bonus consideration, broker’s fees, recording fees, title examination expense, legal expense and title curative costs.

 

1.13  “Well” means any well intended for the production of oil, gas or other hydrocarbons that is drilled on a Lease.

 

1.14  “Well Development Costs” shall mean all costs of (a) drilling, testing, logging, deepening, plugging back, side-tracking, reworking, re-fracing, repairing, workover, completion, re-completion, redrilling, and equipping a Well, (b) the capital costs incurred for processing, transportation and marketing of the oil, gas and other minerals and constituent by-products thereof, or (c) for the plugging and abandonment of the same in the event a Well is determined to be a dry hole (whether or not a completion attempt is made).  “Well Development Costs” include (i) all costs incurred in connection with operations in preparation for drilling; (ii) all costs incurred for the settlement of claims for surface damage incurred in connection with the drilling, completion of a Well or the plugging and abandonment of a Well; (iii) costs of restoring the well site in accordance with applicable governmental and/or Lease requirements following completion of drilling and completion operations; and (iv) title examination expense and title curative costs incurred in connection with drilling of a Well.  Well Development Costs shall also include any costs paid by Alamo or its Affiliates or cause to be paid by third Persons by Alamo or its Affiliates in transporting, processing, marketing or making the oil and gas marketable or incident to marketing oil and gas or for any central facilities applicable to multiple Wells if such costs are not included in Pipeline Operation Costs.

 

2. DEVELOPMENT OF THE DEVELOPMENT AREA

 

2.1 Alamo will, or will cause its Affiliates to, spend or to cause a third Person to spend (for the benefit of Alamo and/or its Affiliates) the Funded Amount in the development of oil, gas and other minerals and related pipeline and other infrastructure within the Development Area.  The Funded Amount shall be spent for Asset Acquisition Costs, Lease Acquisition Costs, Well Development Costs and Pipeline Development Costs.  Alamo will use, or will cause its Affiliates to use, good faith commercially reasonable efforts to identify and develop projects within the Development Area (collectively “Projects” and each a “Project”) of the types listed below:

 

(a)  Completion of wells already drilled with improvements in completion procedures.

 

(b) Acquisition of neighboring producing or shut in wells (such as Young Oil Corp’s Gray Field wells  to be auctioned by administrator Spring  2011),

 

(c) Acquisition of new acreage and subsequent drilling of new wells,

 

(d) Acquisition and development of additional pipeline assets; and

 

(e) Drilling of new wells on existing or newly-acquired Leases.

 

  

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2.2 RKH, upon notice in writing to Alamo, shall have the right to audit Alamo or its Affiliates' accounts and records relating to the development of the Development Area for any calendar year within the twenty-four (24) month period following the end of such calendar year to determine Alamo’s compliance with its obligation under this Agreement.  Alamo shall bear no portion of the RKH's audit cost incurred under this paragraph, unless agreed to by Alamo.  The audits shall not be conducted more than once each year without prior approval of Alamo, and shall be made at the expense of RKH.  Alamo shall reply in writing to an audit report within 180 days after receipt of such report.

 

3. PRINCIPLES OF DEVELOPMENT AGREEMENT

 

3.1 By execution of this Agreement, the Parties desire to provide a vehicle for the development of the Development Area and the Assets by Alamo or its Affiliates as would a reasonably prudent operator.  In identifying and pursuing projects, Alamo will apply the following principles:

 

(a) If a Project does not provide Alamo with an after-tax projected rate of return of fifteen percent (15%) or greater, utilizing Alamo’s reasonable estimates of costs, pricing and timing, Alamo or its Affiliates may reject such Project.

 

(b) If a Project does provide an after-tax projected rate of return of fifteen percent (15%) or more, but Alamo has one or more Projects in the Development Area which it believes, based on the advice from its geologic, geophysical, engineering and economic advisors, have a better technical chance of success or a better rate of return, Alamo or its Affiliates may reject such Project in favor of pursuing the more favorable Project.

 

(c) If a Project is burdened with legal, land title or other issues relating to the commencement, performance, completion and operation of the Project, Alamo or its Affiliates may reject such Project.

 

3.2 If Alamo or its Affiliates elect to proceed with a Project notwithstanding the limitations contained in Sections 3.1(a)-(c), or elect to cause a third Person to incur the costs of such Project, and if the costs for such Project are Asset Acquisition Costs, Lease Acquisition Costs, Well Operation Costs or Pipeline Operation Costs as defined herein, then such Project costs shall be included in meeting Alamo’s obligation under Section 2.1.

 

4. GOVERNING LAW.  The laws of the Commonwealth of Kentucky shall govern the interpretation and performance of this Agreement, excluding any conflict of laws rule which would apply the law of another jurisdiction.

 

5. ASSIGNMENTS.  Neither Alamo nor any of its Affiliates may transfer or assign all of its or their interests in the Assets in Development Area without first requiring the transferee to assume and perform all of the obligations of Alamo under this Agreement.  Any such assumption and agreement to perform shall be by appropriate written instrument for the benefit of, and enforceable by, RKH.  Notwithstanding the above, Alamo or its Affiliates may assign or transfer their interests in individual Projects within the Development Area and cause third Persons to incur Lease Acquisition Costs, Well Operation Costs and Pipeline Operation Costs.  Subject to the restrictions on assignment contained herein, this Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Parties.

 

6. RELATIONSHIP OF THE PARTIES.  It is the intent of the Parties to establish a contractual relationship pursuant to this Agreement.  It is not the intent or purpose of the Parties to create hereunder any partnership, joint venture or association or the relationship of agency or employer and employee or any fiduciary relationship, and neither this Agreement nor any of the operations hereunder shall be construed as creating any such relationship.

 

7. NO THIRD PARTY BENEFICIARY.  Notwithstanding anything to the contrary herein, Alamo’s obligations hereunder shall inure only to the benefit of the Parties hereto and their permitted assigns, it being the express intention of the Parties that no one shall be deemed a third party beneficiary of this Agreement.

 

8. ENTIRE AGREEMENT.  This Agreement shall constitute the entire agreement among the Parties with respect to the subject matter covered hereby and shall supersede any and all other writings, understandings (whether written or oral) or memoranda entered into or discussed prior to the execution hereof.  This Agreement may be amended, modified and supplemented only be written instrument duly executed by each of the Parties.  The captions provided in this Agreement are for convenience only and are not intended to provide a construction with respect to any matter hereunder.

 

9. COUNTERPARTS.  This Agreement may be executed in one or more counterparts, and each counterpart shall be deemed to be an original, but all counterparts together shall constitute one instrument.

 

(signature page follows)

 

  

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IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed by persons duly authorized to do so on behalf of the respective Parties on the date first above written.

 

 

 

	  	
ALAMO ENERGY CORP.

a Nevada corporation  

	 
	  	
 

By:

	
 

/a/ Allan Millmaker

	 
	 	 	
Allan Millmaker

Its: Chief Executive Officer 

	 

 

 

  

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[SIGNATURE PAGE TO DEVELOPMENT AGREEMENT – PAGE 2 OF 2]

 

IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed by persons duly authorized to do so on behalf of the respective Parties on the date first above written.

 

 

 

 

	  	
RANGE KENTUCKY HOLDINGS LLC

 

By its Manager: Range Exploration Partners LLC

	 
	  	
 

By:

	
 

/s/ Frode Aschim

	 
	 	 	
Frode Aschim

Its: Manager

	 

 

 

 

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