Document:

Unassociated Document

 

Exhibit 4.6

AMENDMENT TO EXTENSION AND RESTATEMENT

OF CONVERTIBLE PROMISSORY NOTES

THIS AMENDMENT TO EXTENSION AND RESTATEMENT OF CONVERTIBLE PROMISSORY NOTES (this “Amendment to Extension”) is entered into effective as of the 20th day of July, 2011, by and between FREEDOM OIL & GAS, INC., a Nevada corporation (“Maker”), and QUANTUM ENERGY & TECHNOLOGIES, LLC, a Utah limited liability company (“Holder”).

RECITALS:

A.           Maker executed that certain Convertible Promissory Note payable to Holder, dated as of February 2, 2009, in the amount of $1,000,000.00 (the “First Note”).

B.           The First Note is secured by a Mortgage, Deed of Trust, Security Agreement, Assignment of Leases and Production, and Financing Statement, dated as of February 2, 2009, filed in the County Recorder’s Office of Sanpete County, Utah.

C.           Maker executed that certain Amended and Restated Convertible Promissory Note payable to Holder, dated September 2, 2009, in the amount of $75,068.49 (the “Second Note”).  The First Note and The Second Note are referred to herein as the “Notes.”

D.           The Second Note is secured by a Mortgage, Deed of Trust, Security Agreement, Assignment of Leases and Production, and Financing Statement, dated as of September 2, 2009, filed in the County Recorder’s Office of Sevier County, Utah (the “Trust Deed”).

E.           In connection with the Notes and the Trust Deed, Holder and Maker executed that certain Extension and Restatement of Convertible Promissory Notes, dated March 31, 2011 (the “Extension”).

F.           The parties desire to amend the Extension as set forth below and to reach an accord and agreement on certain related matters.

NOW THEREFORE, in consideration of the above recitals and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties agree as follows:

1.           Principal Payment.  Section 3 of the Extension is deleted in its entirety and replaced with the following:

Principal Payment.  Maker shall pay holder: (i) $40,000 in cash as a payment towards the reduction of principal under the First Note, due and payable to Holder on or before July 18, 2011; and (ii) $160,000 in cash as a payment towards the reduction of principal under the First Note, due and payable to Holder no later than August 5, 2011, pursuant to the terms below.  If the Union Securities private placement closes prior to August 5, 2011, then the payment of $160,000 referenced above must be made on the date of said closing, however, if said closing does not occur prior to August 5, 2011, then the $160,000 cash payment must be made on August 5, 2011.

  

  

  

2.           Late Payment Fee.  Maker agrees to pay Holder $20,000 as a late payment fee.  Such amount shall be payable to Holder no later than August 5, 2011, pursuant to the terms below.  If the Union Securities private placement closes prior to August 5, 2011, then the payment of $20,000 referenced above must be made on the date of said closing, however, if said closing does not occur prior to August 5, 2011, then the $20,000 cash payment must be made on August 5, 2011.  Failure to make such payment when it is due shall constitute an event of default under the Extension and related loan documents.

3.           Clearing of Funds.   Notwithstanding the foregoing, Holder agrees that upon closing, Maker shall have up to a 10-day grace period for funds to clear from Union Securities’ bank in Calgary, Canada to Richfield’s bank account at U. S. Bank, Salt Lake City, Utah, in order to pay Holder the payments required in paragraphs 1 and 2, no later than August 15, 2011.

4.           Default Status.  Holder agrees not to declare Maker in default of Maker’s financial obligations to Holder in connection with Maker’s failure to timely make payment in accordance with the Extension, and acknowledges that, as a result of this Amendment to Extension, no such default exists or has existed as of the date of this Amendment to Extension.

5.           Miscellaneous.  This Amendment to Extension supersedes any and all other provisions of the Extension which are in conflict with this instrument.  This Amendment to Extension constitutes the full and complete agreement between the parties hereto relating to the matters set forth herein.  All other provisions of the Extension not modified herein shall remain in full force and effect and are incorporated herein.

IN WITNESS WHEREOF, the parties have executed this Amendment to Extension effective as of the date set forth above.

	
MAKER:

	  	
HOLDER:

	  	  	  
	
FREEDOM OIL & GAS, INC.

	  	
QUANTUM ENERGY & TECHNOLOGIES, LLC

	  	  	  
	
By:

	
/s/ J. David Gowdy

	  	  	
By: Endeavor Capital Group, LLC

	
Name:  J. David Gowdy

	  	
Its: Manager

	
Title:  President/CEO

	  	  
	  	  	  
	  	  	
By:

	
/s/ Jeffry F. Chivers

	  
	
Address:

	  	
Name:

	
  Jeffry F. Chivers

	  
	
175 S. Main Street, Suite 1210

	  	
Title:

	
  Co-Manager, QET

	  
	
Salt Lake City, UT 84111

	  	  
	  	  	
Address:

	  	  	
6440 S. Wasatch Blvd., Ste. 105

	  	
  

	
Salt Lake City, Utah 84121Unassociated Document

Exhibit 4.7

SECOND AMENDMENT TO EXTENSION AND RESTATEMENT

OF CONVERTIBLE PROMISSORY NOTES

 

THIS SECOND AMENDMENT TO EXTENSION AND RESTATEMENT OF CONVERTIBLE PROMISSORY NOTES (this “Second Amendment to Extension”) is entered into effective as of the 30th day of September, 2011, by and between RICHFIELD OIL & GAS COMPANY (formerly Freedom Oil & Gas, Inc.), a Nevada corporation (“Maker”), and QUANTUM ENERGY & TECHNOLOGIES, LLC, a Utah limited liability company (“Holder”).

 

RECITALS:

 

A.            Maker executed that certain Extension and Restatement of Convertible Promissory Notes, dated March 31, 2011 (the “Extension”).

 

B.            Holder and Maker executed that certain Amendment to Extension and Restatement of Convertible Promissory Notes dated July 20, 2011 (the “Amendment”), whereby Maker paid $40,000 as a principal payment to Holder.

 

C.            The parties desire to further amend the Extension and Restatement of Convertible Promissory Notes as set forth below and to reach an accord and agreement on certain related matters.

 

NOW THEREFORE, in consideration of the above recitals and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties agree as follows:

 

1.             Principal Payment. The $160,000 principal payment due no later than August 15, along with the $20,000 late fee, as set forth in paragraphs 1 and 2 of the Amendment, respectively, shall be added to the $500,000 principal balance due January 31, 2012 (the “Due Date”). The $20,000 late fee shall not bear interest. An additional late payment fee equal to $20,000 shall also be payable on the Due Date. Thus, the total sum of $700,000 shall be payable on the Due Date together with accrued interest on the principal.

2.             Assignment of Stock. Maker agrees to transfer and assign to Holder fifty thousand (50,000) shares of Makers common stock.

3.             Default Status. Holder agrees not to declare Maker in default of Maker's financial obligations to Holder in connection with Maker's failure to timely make payment in accordance with the Extension or Amendment, and acknowledges that, as a result of this Second Amendment to Extension, no such default exists or has existed as of the date of this Second Amendment to Extension.

4.             Miscellaneous. This Second Amendment to Extension supersedes any and all other provisions of the Extension which are in conflict with this instrument. This Second Amendment to Extension constitutes the full and complete agreement between the parties hereto relating to the matters set forth herein. All other provisions of the Extension not modified herein shall remain in full force and effect and are incorporated herein.

 

  

1

  

5.             Counterparts and Electronic Signatures. This Second Amendment may be executed in one or more counterparts, each of which shall be deemed enforceable without production of the others. The parties further agree that transmission of this Second Amendment with its facsimile (or electronically/digitally captured) signatures shall suffice to bind the party transmitting the same to this Second Amendment in the same manner as if an original signature had been delivered.

 

IN WITNESS WHEREOF, the parties have executed this Amendment to Extension effective as of the date set forth above.

 

	
MAKER:

	  	
HOLDER:

	 	 	 
	
RICHFIELD OIL & GAS COMPANY

	  	
QUANTUM ENERGY &

	  	  	
TECHNOLOGIES, LLC

	 	 	 
	
By:

	
/s/ J. David Gowdy

	  	
By: Endeavor Capital Group, LLC

	
Name: J. David Gowdy

	  	
Its: Manager

	
Title: President/CEO

	  	  
	  	  	
By:

	
/s/Joseph T. Sorenson

	
Address:

	  	
Name: Joseph T. Sorenson

	
15 W. South Temple, Suite 1050

	
  

	
Title:

	
Salt Lake City, UT 84101

	  	  
	  	  	
Address:

	  	  	
6440 S. Wasatch Blvd., Ste. 105

	  	  	
Salt Lake City, Utah 84121

 

  

2Exhibit 4.8

  

CONVERTIBLE PROMISSORY NOTE

  

 

	
US$1,300,000.00

	
13 April 2011

  

All references in this Note to monies are to U.S. Dollars

 

1.           Promise to Pay.   For value received, on or before 31 December 2011 (the “Maturity Date”), HEWITT PETROLEUM, INC., and HEWITT ENERGY GROUP, INC. (collectively, “Makers”) jointly and severally promise to pay to NOSTRA TERRA OIL & GAS COMPANY, PLC (the “Holder”), subject to Section 3 hereof, (i) the principal sum of $1,300,000.00 (the "Maximum Principal Amount") and (ii) the amount of the outstanding principal balance (the "Unpaid Principal Balance") owing to the Holder shall bear interest at the rate of ten per cent (10.0%) per annum.

 

2.           Conversion.    This Note is delivered pursuant to the terms and provisions of that certain Settlement Agreement of even date herewith entered into by and between Makers and Holder, the terms and provisions of which are incorporated herein by this reference (the "Settlement Agreement"). In the event of any inconsistency or contradiction between the terms and provisions of this Note and the Settlement Agreement, the terms and provisions of the Settlement Agreement shall be deemed to govern and control.

 

(1) Conversion Privilege of the Holder. Subject to the terms and conditions hereof, the Holder may, at any time and from time to time after the date hereof but before the first anniversary of the date that shares of Richfield Oil & Gas Company (the entity into which Hewitt Petroleum, Inc. has merged as of April 8, 201 1; "Richfield") are listed for public trading and trading on the Toronto Venture Stock Exchange or similar U.S. exchange (the “Conversion Period”), convert, in its sole discretion, all or any amount of the Unpaid Principal Balance into common shares in the capital of Richfield (“Common Shares”) at the rate of four (4) Common Shares for each $1.00 of the Unpaid Principal Balance to be converted (the “Note Conversion Rate”). Should the Holder elect not to exercise its conversion rights during the Conversion Period, Makers jointly and severally promise to pay the Unpaid Principal Balance on\or before the Maturity Date.

(2) Common Shares Fully Paid. All Common Shares issued as a result of any conversion of outstanding Unpaid Principal Balance into Common Shares pursuant to this Note shall be deemed to be fully paid and non-assessable.

  

  

 

(3) Mechanics and Effect of Conversion. The Holder may exercise its conversion privilege provided for herein by giving to Makers not less than 10 days' notice (see the note at the end of this subsection) in writing of Holder's desire to convert all or part of the Unpaid Principal Balance into Common Shares (the "Notice of Conversion"). The Notice of Conversion shall specify the US dollar amount of the Unpaid Principal Balance that the Holder desires to have converted into Common Shares (and the parties acknowledge that the Note Conversion Rate requires conversion to Canadian currency of the US currency value of the conversion of the Unpaid Principal Balance involved in the transaction; the currency conversion shall be deemed to be as of the date of the Notice of Conversion). Upon the expiry of notice period provided for in the Notice of Conversion, Makers shall cause Richfield to issue, at their own expense, to the Holder a certificate or certificates representing fully paid Common Shares upon the basis herein prescribed and in accordance with the provisions hereof to the Holder. Upon conversion of this Note, Makers will be forever released from their obligations and liabilities under this Note with regard to that portion of the Unpaid Principal Balance being converted. No fractional shares of Richfield's capital stock will be issued upon conversion of this Note. In lieu of any fractional share to which the Holder would otherwise be entitled, Richfield shall issue to the Holder upon the Conversion that number of Common Shares rounded up to the nearest whole number.

Note: The ten day notification requirement set forth above is not an extension of the thirty day period provided for under the terms of the Settlement Agreement within which Holder is required to exercise the conversion privilege provided for herein, rather the notice described above must be given within the thirty day period required under the terms of the Settlement Agreement. The ten day notice provided for above is to allow Maker to implement the conversion and effect the issuance of the shares into which all or a portion of this Note are being converted.

 

3.           Payment. All payments Unpaid Principal Balance or accrued interest shall be made in lawful money of the United States by certified check or bank draft drawn on the account of a major United States financial institution and delivered to the Holder at such place as the Holder hereof may from time to time designate in writing to Makers. Payments shall be applied first to all accrued and unpaid interest and then to outstanding principal. Payment of any amount under this Note may be made at any time without penalty; provided, however, that any prepayment must be in an amount of not less than US$25,000 and further provided that prior to any payment hereunder, Makers shall have first given thirty (30) days' prior written notice of such proposed payment (including the amount of such payment, as governed by the Settlement Agreement between Makers and Holder of even date herewith, which sum(s) shall be treated as being made as of the end of the notice period for the calculation of accrued interest on the Unpaid Principal Balance) during which thirty day period, the Holder shall be entitled to convert some or all of the Unpaid Principal Balance, including the amount that Makers have proposed to pay in accordance with such notice, into Common Shares in accordance with the terms hereof.

4.           Notices. Any demand, notice or other communication to be given in connection with this Note shall be given in writing and shall be given by personal delivery, by registered mail or by electronic means of communication addressed to the recipient as follows:

	
  

	
To the Holder:

	
Nostra Terra Oil & Gas Company, PLC

7308 Centenary Ave.

Dallas, Texas 75225

Attention: Mr. Alden McCall

Facsimile No.: (214) 233-3027

  

  

  

 

To Makers:                      Hewitt Petroleum, Inc.

15 W. South Temple, Suite 1050

Salt Lake City, UT 84106

Attention: J. David Gowdy

Facsimile No.: (801) 519-6703

 

or to such other address, individual or electronic communication number as may be designated by notice given by either party to the others in accordance herewith. Any demand, notice or other communication given by personal delivery shall be conclusively deemed to have been given on the day of actual delivery thereof and, if given by registered mail, on the 5th day following the deposit thereof in the mail and, if given by electronic communication, on the day of transmittal (with receipt confirmed) thereof. If the party giving any demand, notice or other communication knows or ought reasonably to know of any difficulties with the postal system which might affect the delivery of mail, any such demand, notice or other communication shall not be mailed but shall be given by personal delivery or by electronic communication.

 

5.           Amendments. Any provision of this Note may be amended only with the written consent of Makers and the Holder. Any amendment effected in accordance with this Section 6 shall be binding upon Makers and the Holder and their permitted assigns and successors.

6.           No Right of Set Off. Makers shall have no right of set off or counterclaim with respect to the monies owing hereunder, and Makers hereby waive presentment; protest and notice of every kind and waives any defenses based upon indulgences, which may be granted by the Holder to Makers.

7.           Security. Makers acknowledge this Note is secured by certain Deeds of Trust, Mortgages, Assignments of Production, Security Agreements and Financing Statements executed by Maker, dated effective of even date herewith, given to Alden McCall, Trustee, for the benefit of Holder, covering interests owned by Makers in oil and gas leases on lands located in the States of Kansas and Utah (USA), and described in such Deeds of Trust, to the public record of which reference is made for all purposes.

8.           Attorneys' Fees: Expenses. The Holder may hire an attorney to help collect this Note if Makers do not pay, and Makers will pay Holder's reasonable attorneys' fees. Makers also will pay Holder all other amounts Holder actually incurs as court costs, lawful fees for filing, recording, releasing to any public office any instrument securing this Note; and the reasonable cost actually expended for repossessing, storing, preparing    for sale, and selling any security.

9.           Jury Waiver. The Holder and Makers hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Holder or Makers against the other.

10.         Governing Law. This Note will be governed by the laws of the State of Kansas without regard to its conflicts of law provisions.

  

  

 

	
MAKERS:

	  	  	  
	  	  	  	  	  
	
HEWITT PETROLEUM INC.

	  	
HEWITT ENERGY GROUP, INC.

	  	  	  	  	  
	
By:

	
/s/ J. David Gowdy

	  	
By:

	
/s/ Douglas C. Hewitt

	  	  	  	  	  
	
Title:

	
President/CEO

	  	
Title:

	
President

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