Document:

Unassociated Document

    Exhibit
      10.24

     

    AMENDED
      AND RESTATED STRATEGIC ALLIANCE AGREEMENT

     

    THIS
      AMENDED AND RESTATED STRATEGIC ALLIANCE AGREEMENT (this
      “Agreement”)
      is
      made as of August 10, 2007 (the “Effective
      Date”),
      by
      and between GOFISH
      TECHNOLOGIES, INC.,
      a
      California corporation (“GoFish”),
      GOFISH
      CORPORATION,
      a
      Nevada corporation of which GoFish is a wholly-owned subsidiary (the
“Company”)
      and
KALEIDOSCOPE,
      INC.,
      a
      Delaware corporation, acting through its wholly owned subsidiary, Kaleidoscope
      Sports and Entertainment LLC (“KSE”).

     

    WHEREAS,
      GoFish,
      the Company and KSE entered into that certain Strategic Alliance Agreement,
      dated as of January 1, 2007 (the “Original Agreement”),
      pursuant to which KSE agreed to provide certain content to GoFish and GoFish
      and
      KSE agreed to jointly participate in connection with the procurement, sale,
      delivery and support of such content on the websites that GoFish is engaged
      in
      the business of providing, including www.gofish.com;

     

    WHEREAS,
      GoFish,
      the Company and KSE entered into a First Amendment to Strategic Alliance
      Agreement, dated as of June 29, 2007 (the “First
      Amendment”),
      pursuant to which the parties agreed to modify the definition of “Base Warrants”
to delay the vesting thereof for an additional month;

     

    WHEREAS,
      GoFish,
      the Company and KSE entered into a Second Amendment to Strategic Alliance
      Agreement, dated as of July 31, 2007 (the “Second
      Amendment”,
      and
      the Original Agreement, as amended by the First Amendment and the Second
      Amendment, the “Existing
      Agreement”),
      pursuant to which the parties agreed to modify the definition of “Base Warrants”
to further delay the vesting thereof for an additional month; and

     

    WHEREAS,
      GoFish,
      the Company and KSE desire to amend and restate the Existing Agreement in its
      entirety as set forth herein.

     

    NOW,
      THEREFORE,
      in
      consideration of the foregoing, the mutual covenants herein contained and other
      good and valuable consideration, the receipt and sufficient of which are hereby
      acknowledged, the parties agree as follows:

     

    BACKGROUND
      STATEMENT

     

    GoFish
      is
      engaged in the business of providing one or more websites, including
      www.gofish.com (the “Websites”)
      that
      serve as a medium for user-generated, amateur, licensed, and professional
      content as a vehicle for targeted, value added advertising. KSE is in the
      business of providing developing, distributing and producing entertainment
      properties and providing consulting services in the development of specialty
      television programs. This Agreement sets forth the terms and conditions under
      which KSE will provide certain Content to GoFish and GoFish and KSE will jointly
      participate in connection with the procurement, sale, delivery and support
      of
      the Content on the Websites.

     

    
      
        
        

      

      
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    AGREEMENT

     

    NOW,
      THEREFORE, in
      consideration of the foregoing, the mutual covenants herein contained and other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the Parties agree as follows:

     

    ARTICLE
      1

     

    DEFINITIONS

     

    1.1  Definitions.
      When
      used as a capitalized term in this Agreement, the following terms shall have
      the
      meanings set forth below:

     

    “Acquisition
      Finder’s Fee”
      has the
      meaning set forth in Section 4.3.2.

     

    “Acquisition
      by the Company”
      means,
      in a single transaction or a series of related transactions, the purchase by
      the
      Company and/or GoFish of all or substantially all of the outstanding capital
      stock or the assets of a Person who is not, immediately prior to such
      transaction (or the first of such series of related transactions) an Affiliate
      of the Company or GoFish, whether by stock purchase, asset purchase, merger,
      consolidation, share exchange or otherwise.

     

    “Acquisition
      by the Company Consideration”
      means
      the
      total net proceeds to a Person acquired by the Company or its stockholders
      or
      GoFish, as the case may be, in an Acquisition by the Company, after deduction
      of
      all taxes, transaction costs and expenses (excluding the Acquisition Finder’s
      Fee).

     

    “Affiliate”
      means,
      with respect to a Person, any other Person directly or indirectly controlling,
      controlled by or under direct or indirect common control with such Person.
      A
      Person shall be deemed to control another Person if such Person possesses,
      directly or indirectly, the power to direct or cause the direction of the
      management and policies of the other Person, whether through the ownership
      of
      voting securities, by contract or otherwise. For purposes of Section
3.3
      (“Restrictive Covenants of KSE”), an “Affiliate”
of
      KSE
      shall be deemed to include any and all of KSE’s directors, officers, employees,
      independent contractors, consultants, representatives and professional advisors,
      in each case having knowledge of this Agreement or the subject matter hereof
      and/or performing services to or on behalf of KSE in connection
      herewith.

     

    “Agreement”
      means
      this Agreement between the Parties, as the same may be amended, modified or
      supplemented from time to time.

     

    “Business”
      means a
      business in any location worldwide which uses an Internet portal to provide,
      sell, develop, market or conduct a business in the nature of providing Internet
      video content, whether publicly or as a user-paid service, or any other business
      engaged in or contemplated to become engaged in by any member of the GoFish
      Group prior to or during the term of this Agreement.

     

    “Client”
      has the
      meaning set forth in Section 3.3.3.

     

    
      
        
        

      

      
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    “Common
      Stock”
means
      the common stock, par value $0.001 per share, of the Company.

     

    “Commissions”
      has the
      meaning set forth in Section 4.1.2.

     

    “Copyrightable
      Work”
      has the
      meaning set forth in Section 3.3.2.

     

    “Covenant
      Period”
      the
      period commencing on the Effective Date and ending on the date that is six
      (6)
      months following the termination of this Agreement by either Party and for
      any
      reason.

     

    “Covered
      Services”
means
      the services provided by KSE to GoFish hereunder related to the generation
      of
      Sales and those items described on the attached Exhibit
      A.

     

    “GoFish
      Group”
      has the
      meaning set forth in Section 3.3.1.

     

    “Governmental
      Authority”
      means
      any national, federal, state, county, municipal or other government or
      governmental, quasi-governmental or regulatory authority, agency, board, body,
      commission, instrumentality, court or tribunal.

     

    “Intellectual
      Property”
      means
      all inventions, ideas, data, customer lists, pricing information, marketing
      analyses, concepts, designs, schematics, layouts, Patents, trademarks, trademark
      applications, service marks, trade names, logos, copyrights, software, source
      code, object code, programming language, Know-how, Technical Data, licenses
      and
      other similar rights by whatever name, whether or not patentable, copyrighted
      or
      copyrightable, registered or registrable, and any and all improvements or
      derivatives thereof, whether reduced to tangible form or otherwise, and whether
      registered with or recognized by any governmental or regulatory body or
      otherwise.

     

    “Know-how”
means
      those currently existing ideas, designs, concepts, compilations of information,
      methods, techniques, procedures and processes of KSE, whether or not patentable,
      that are used by KSE in connection with the design, manufacture and use of
      the
      Covered Services.

     

    “New
      Warrants”
      means
      the
      warrants to purchase up to One Hundred Sixty Six Thousand Six Hundred and Sixty
      Seven (166,667) shares of Common Stock pursuant to a written warrant agreement,
      in a form determined by the Company but including the following terms: (i)
      an
      exercise price of $3.00 per share, (ii) the vesting of one third (1/3) of the
      aggregate number of shares of Common Stock underlying the New Warrants
      immediately upon execution and delivery of this Agreement, (iii) the vesting
      monthly in arrears of the remaining shares of Common Stock underlying the New
      Warrants at the end of each subsequent month during the term hereof at a rate
      of
      one twelfth (1/12th) of the aggregate number of remaining shares of Common
      Stock
      underlying the New Warrants and (iv) (A) if this Agreement is terminated prior
      to six (6) months following the Effective Date, the New Warrants shall expire
      automatically on the date of termination of this Agreement, (B) if this
      Agreement is terminated after this Agreement has been in effect for at least
      six
      (6) months but less than twelve (12) months, the New Warrants shall expire
      automatically six (6) months following the date of termination and (C) if this
      Agreement is in effect for at least twelve (12) months, the New Warrants shall
      expire on the fifth anniversary of the Effective Date.

     

    
      
        
        

      

      
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    “Original
      Warrants”
means
      any warrants issued or issuable to KSE under the Existing Agreement, including
      the Base Warrants, the Commission Warrants, the Distribution Warrants, the
      Partnership Warrants and the Award Show Warrants.

     

    “Patents”
      means
      any
      rights to exclude any Person from making, using, selling or otherwise exploiting
      any product or service incorporating any invention, business method or device,
      as recognized or recognizable by any governmental or regulatory body in any
      jurisdiction (including without limitation the United States Patent and
      Trademark Office), whether granted, applied for or otherwise, and together
      with
      any patent that claims priority from such application, including any
      continuation, continuation-in-part and divisional, together with any foreign
      counterpart thereof.

     

    “Party”
      means
      either of the parties to this Agreement, and “Parties”
      means
      all of them.

     

    “Person”
      means an
      individual, corporation, partnership, association, limited liability company,
      trust or unincorporated association or any other entity or organization,
      including a government or political subdivision or an agency or instrumentality
      thereof.

     

    “Prospect”
      means
      any Person worldwide to which GoFish deems it advisable to market and sell
      the
      services of GoFish.

     

    “Revenue”
      means
      revenue derived by GoFish from Sales, net of costs and expenses incurred
      (including without limitation Taxes and Commissions).

     

    “Sale
      Finder’s Fee”
      has the
      meaning set forth in Section 4.3.1.

     

    “Sale
      of the Company”
      means,
      in a single transaction or a series of related transactions, the sale of all
      or
      substantially all of the outstanding capital stock or assets of the Company
      or
      GoFish to a Person who is not, immediately prior to such transaction (or the
      first of such series of related transactions) an Affiliate of the Company or
      GoFish, whether by stock purchase, asset purchase, merger, consolidation, share
      exchange or otherwise.

     

    “Sale
      of the Company Consideration”
      means
      the
      total net proceeds to the Company or its stockholders or GoFish, as the case
      may
      be, for the Sale of the Company, after deduction of all taxes, transaction
      costs
      and expenses (excluding the Sale Finder’s Fee).

     

    “Sales”
      means
      the sales of services of GoFish during the term of this Agreement that, in
      each
      case, result from KSE’s identification of Prospects and the initiation of a
      business relationship between such Prospects and GoFish.

     

    “Taxes”
means
      any duty, levy, import, export, excise, sales and value added taxes, customs
      duties, levy or similar charge, including interest and penalties thereon,
      however designated.

     

    
      
        
        

      

      
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    “Technical
      Data”
      means
      those currently existing KSE drawings, plans, parts lists, specifications and
      process descriptions that relate to the design, manufacture and use of the
      Covered Services, whether in printed, drawn or electronic form.

     

    “Websites”
      has the
      meaning set forth in the section of this Agreement captioned “Background
      Statement,” above.

     

    “Work
      Made for Hire”
      has the
      meaning set forth in Section 3.3.2.

     

    “Work
      Product”
      has the
      meaning set forth in Section 3.3.2.

     

    1.2  Usage.
      For the
      purpose of construing this Agreement, unless the context indicates otherwise,
      words in the singular number shall be deemed to include words in the plural
      number, and vice versa, and words in one gender shall be deemed to include
      words
      in the other gender. The table of contents, titles to articles and section
      headings are for convenience only, and neither limit nor amplify the provisions
      of this Agreement.

     

    ARTICLE
      2 

     

    REPRESENTATIONS
      AND WARRANTIES

     

    2.1  Representations
      and Warranties of KSE.
      KSE
      hereby represents and warrants to GoFish as follows:

     

    2.1.1  Valid
      Existence.
      KSE is
      duly organized, validly existing and in good standing as a corporation under
      the
      laws of the State of Delaware.

     

    2.1.2  Authorization,
      Execution and Enforceability.
      KSE has
      the power and authority under its organizational documents and applicable law
      to
      execute, deliver and carry out the terms and provisions of this Agreement.
      The
      execution, delivery and performance by KSE of this Agreement have been duly
      authorized by all necessary corporate action of KSE, and this Agreement has
      been
      duly executed on behalf of KSE. This Agreement is the valid and binding
      obligation of KSE, enforceable against KSE in accordance with its
      terms.

     

    2.1.3  Right
      to Conduct Business.
      KSE is
      in the business of providing developing, distributing and producing
      entertainment properties and providing consulting services in the development
      of
      specialty television programs. Neither KSE nor any of its Affiliates is subject
      to any judgment, order, decree, writ, injunction or criminal penalty imposed
      by
      any Governmental Authority that would have a material adverse effect upon the
      ability of KSE to engage in such business or to perform its obligations under
      this Agreement.

     

    2.1.4  Intellectual
      Property.
      KSE (i)
      is the owner of the entire right, title, and interest in and to the Patents,
      Know-how and Technical Data; (ii) has the right and power to grant the licenses
      granted herein; and (iii) is not a party to any other agreements with any Person
      in conflict with the license grant contemplated herein. To the knowledge of
      KSE,
      GoFish’s contemplated use of the Patents, Know-how and Technical Data to design,
      manufacture, use, lease and sell Covered Services does not infringe any valid
      rights of any third party.

     

    
      
        
        

      

      
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    2.1.5  Qualification.
      KSE is,
      and shall for the duration of the term shall be, fully qualified and capable
      of
      performing its obligations hereunder in a proficient and timely
      manner.

     

    2.2  Representations
      and Warranties of GoFish.
      GoFish
      hereby represents and warrants to KSE as follows:

     

    2.2.1  Valid
      Existence.
      GoFish
      is duly organized, validly existing and in good standing as a corporation under
      the laws of the State of California.

     

    2.2.2  Authorization,
      Execution and Enforceability.
      GoFish
      has the power and authority under its organizational documents and applicable
      law to execute, deliver and carry out the terms and provisions of this
      Agreement. The execution, delivery and performance by GoFish of this Agreement
      have been duly authorized by all necessary action of GoFish, and this Agreement
      has been duly executed on behalf of GoFish. This Agreement is the valid and
      binding obligation of GoFish, enforceable against GoFish in accordance with
      its
      terms.

     

    2.2.3  Business.
      GoFish
      and its Affiliates are engaged in the business of providing and maintaining
      the
      Websites, among other things. Neither GoFish nor any of its Affiliates is
      subject to any judgment, order, decree, writ, injunction or criminal penalty
      imposed by any Governmental Authority that would have a material adverse effect
      upon the ability of GoFish to engage in such business or to perform its
      obligations under this Agreement.

     

    2.2.4  Common
      Stock.
      Upon
      issuance in accordance with the terms and conditions of the New Warrants, the
      Common Stock will be fully paid and nonassessable.

     

    ARTICLE
      3

     

    PROVISION
      OF SERVICES BY KSE; RESTRICTIVE COVENANTS; PUBLIC
      ANNOUNCEMENTS

     

    3.1  KSE
      Services.
      KSE
      shall use its best efforts to identify Prospects and initiate business
      relationships between such Prospects and GoFish with a view towards generating
      Sales. To that end, KSE shall devote such resources as are reasonably expected
      to maximize potential Sales generation. Further, Ray Volpe shall serve as a
      member of the advisory board of the Company and/or GoFish, without additional
      compensation.

     

    3.2  Reports.
      During
      the term of this Agreement, KSE shall provide to GoFish and the Company written
      reports on at least a monthly basis summarizing Prospects (including Requests
      for Proposals) identified by KSE and any other information that GoFish or the
      Company reasonably requests.

     

    3.3  Restrictive
      Covenants of KSE.
      KSE
      hereby agrees as follows:

     

    
      
        
        

      

      
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    3.3.1  KSE
      acknowledges that the information, observations and data obtained by KSE and
      its
      Affiliates concerning the business and affairs of GoFish and its Affiliates
      (the
“GoFish
      Group”),
      in
      connection with KSE’s performance of services for GoFish (whether prior to, on
      or after the Effective Date) are confidential and are the property of GoFish,
      including information concerning transaction opportunities in or reasonably
      related to the business or industry of GoFish of which KSE is aware as of the
      Effective Date, or becomes aware during the term of this Agreement. Therefore,
      KSE agrees that it will not, and will not allow any of its Affiliates to, at
      any
      time, whether during or after the term of this Agreement, disclose to any
      unauthorized person or, directly or indirectly, use for KSE’s own account, any
      of such information, observations, data or any Work Product (as defined below)
      or Copyrightable Work (as defined below) without GoFish’s consent, unless and to
      the extent that the aforementioned matters become generally known and available
      for use other than as a direct or indirect result of KSE’s or KSE’s Affiliates’
acts or omissions to act, provided, that, KSE may disclose any such information,
      observations, data or any Work Product (as defined below) or Copyrightable
      Work
      (as defined below) that is legally required or compelled, provided, further,
      in
      such event, to the extent permitted by law, he shall provide GoFish with prior
      notice of such disclosure. KSE agrees to deliver to GoFish at the termination
      of
      this Agreement, or at any other time GoFish may request in writing (whether
      during or after the term of this Agreement), all memoranda, notes, plans,
      records, reports and other documents, regardless of the format or media (and
      copies thereof), relating to the business of the GoFish Group (including,
      without limitation, all transaction prospects, lists and contact information)
      which KSE or any of its Affiliates may then possess or have under KSE’s or such
      Affiliate’s control.

     

    3.3.2  KSE
      acknowledges that all Intellectual Property created by KSE or its Affiliates
      at
      the specific written request of GoFish or the GoFish Group during the term
      of
      this Agreement (“Work
      Product”)
      belongs exclusively to GoFish, and KSE hereby assigns, and agrees to assign,
      all
      of KSE’s rights, title and interest in and to the Work Product to GoFish. For
      the avoidance of doubt, no Intellectual Property created by KSE either prior
      to
      or after the term of this Agreement shall constitute Work Product for purposes
      of this Agreement and KSE shall retain all right, title and interest in and
      to
      such Intellectual Property. Any copyrightable work (“Copyrightable
      Work”)
      prepared by KSE or any of its Affiliates for GoFish or any member of the GoFish
      Group shall be deemed a “Work
      Made for Hire”
under
      the copyright laws, and GoFish shall own all rights therein.

     

    3.3.3  During
      the Covenant Period, KSE and its Affiliates shall not, other than in connection
      with its providing services to and for the benefit of the GoFish Group, directly
      or indirectly, either individually or as a principal, partner, member, manager,
      agent, employer, employee, consultant, independent contractor, stockholder,
      joint venturer or investor, or as a director or officer of any corporation,
      limited liability company, partnership or other entity, or in any other manner
      or capacity whatsoever:

     

    (a)  solicit
      or divert or attempt to solicit or divert from any member of the GoFish Group
      any business with any Client (as defined below);

     

    (b)  solicit
      or divert or attempt to solicit or divert from any member of the GoFish Group
      any business with any person or entity who was being solicited as a potential
      Client;

     

    
      
        
        

      

      
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    (c)  induce
      or
      cause, or attempt to induce or cause, any salesperson, supplier, vendor,
      representative, independent contractor, broker, agent or other person
      transacting business with any member of the GoFish Group to terminate or modify
      such relationship or association or to represent, distribute or sell services
      or
      products in competition with services or products of any member of the GoFish
      Group; or

     

    (d)  otherwise
      provide any services or products to any Client that are or have been provided
      by
      any member of the GoFish Group.

     

    For
      purposes of this Agreement, a “Client”
shall
      mean (A) an individual or entity to whom any member of the GoFish Group has
      provided any advertising, marketing, analysis or other media services or
      products prior to the commencement of the Covenant Period, or (B) any individual
      or entity to whom any member of the GoFish Group has provided any advertising,
      marketing, analysis or other media services or products with respect to or
      in
      connection with the Business at any time during the Covenant Period, and (C)
      any
      individual or entity who is solicited by any member of the GoFish Group, as
      a
      potential “Client” at any time during the Covenant Period.

     

    3.3.4  During
      the term of this Agreement, except on behalf and for the benefit of the Company
      and during that portion of the Covenant Period which continues after the term
      of
      this Agreement, KSE and its Affiliates shall not, directly or indirectly, either
      individually or as a principal, partner, member, manager, agent, employer,
      employee, consultant, independent contractor, stockholder, joint venturer or
      investor, or as a director or officer of any corporation, limited liability
      company, partnership or other entity, or in any other manner or capacity
      whatsoever, either directly or indirectly, induce or cause, or attempt to induce
      or cause, any employee, representative, independent contractor, member, manager,
      partner, shareholder, director or officer of any member of the GoFish Group
      to
      leave the employ or engagement of the GoFish Group.

     

    3.4  Public
      Announcements; Material Non-Public Information.
      The
      Parties agree that neither Party shall make any press release, announcement
      or
      other public disclosure of the existence or nature of this Agreement or the
      relationship of the Parties pursuant to this Agreement absent the prior approval
      of, if the Party seeking to make such announcement is KSE, the Company, or,
      if
      the Party seeking to make such announcement is the Company or GoFish, KSE,
      with
      respect to the content and manner of such public announcement. Notwithstanding
      the foregoing, KSE acknowledges and agrees that the Company is a publicly-held
      corporation and accordingly is under a duty to publicly disclose certain
      developments relating to its operations, capital and obligations, and therefore
      the Company may make such disclosures to the extent that such disclosure is,
      in
      the reasonable view of the Company and its legal counsel, required by applicable
      law, rules and regulations to which it is subject. In addition, KSE agrees
      to
      assist the Company to the extent reasonably requested in any application that
      the Company may make for confidential treatment under the federal Freedom of
      Information Act or other applicable statute pertaining to select, sensitive
      information that would otherwise be required to be publicly disclosed if and
      to
      the extent that the Company believes in good faith warrants confidential
      treatment. Furthermore, KSE acknowledges and agrees that from time to time
      during the course of its relationship with the Company and GoFish and their
      respective affiliates, KSE may learn material nonpublic information regarding
      the Company, and KSE agrees that it shall maintain the confidentiality of any
      such material nonpublic information and shall refrain from making any investment
      decisions with respect the Common Stock, any New Warrants or any other
      securities of the Company (including without limitation the optioning of any
      securities of the Company on any applicable trading market or exchange) for
      so
      long as such material nonpublic information remains material and
      nonpublic.

     

    
      
        
        

      

      
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    ARTICLE
      4

     

    COMPENSATION

     

    4.1  Waiver
      of Original Compensation; New Cash Compensation to KSE.

     

    4.1.1  KSE
      hereby (a) acknowledges receipt of the cash Participation Fee (as defined in
      the
      Existing Agreement) that may have accrued under the Existing Agreement through
      the period ended May 31, 2007 and (b) waives any and all rights to receive
      the
      cash Participation Fee that may have accrued or that may have been accruing
      under the Existing Agreement from the period commencing on June 1, 2007 through
      the date hereof.

     

    4.1.2  Until
      the
      end of the term of this Agreement or until earlier termination of this Agreement
      with the mutual consent of the Parties or by either Party pursuant to Section
      6.2,
      in
      consideration for certain services to be rendered by KSE hereunder, GoFish
      shall
      pay KSE on a quarterly basis sales commissions as follows (“Commissions”):

     

    (a)  to
      the
      extent that KSE initiates a business relationship between a Prospect and GoFish
      and any resulting Sales are consummated during the period commencing on the
      date
      of such initiation and ending six (6) months thereafter, GoFish shall pay KSE
      cash in an amount equal to 10% of the cash Revenue actually received by GoFish
      that directly results from such initiation; and

     

    (b)  to
      the
      extent that KSE initiates a business relationship between a Prospect and GoFish
      and any resulting Sales are consummated during the period at the beginning
      of
      the seventh month following such initiation and ending six months thereafter,
      GoFish shall pay KSE cash in an amount equal to 5% of the cash Revenue actually
      received by GoFish that directly results from such initiation.

     

    Notwithstanding
      the foregoing, KSE shall not be entitled to Commissions to the extent that
      KSE
      initiates a business relationship between a Prospect and GoFish and any
      resulting Sales are consummated after the end of the twelve month following such
      initiation. Commissions shall become due and payable within forty five (45)
      days
      of the end of the fiscal quarter of GoFish during which the underlying cash
      Revenue was actually received by GoFish.

     

    4.2  Surrender
      by KSE of Original Warrants;
      New
      Warrants Compensation to KSE.

     

    4.2.1  KSE
      hereby surrenders to the Company, and the Company hereby accepts from KSE for
      surrender, all of the issued Original Warrants,
      which
      shall be immediately cancelled and shall be of no further force or effect.
      KSE
      shall return original certificates representing the issued Original Warrants
      to
      the Company within fifteen (15) days of the date hereof. KSE hereby terminates,
      waives and abandons any and all rights or privileges arising under and inuring
      to KSE under the Original Warrants and the Existing Agreement as they relate
      to
      the Original Warrants, and releases and discharges the Company from its
      obligations and duties under such agreements with respect to the Original
      Warrants.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    4.2.2  In
      consideration for certain services to be rendered by KSE hereunder, upon the
      Company’s receipt of all of the original certificates representing the issued
      Original Warrants, the Company shall issue the New Warrants to KSE.

     

    4.3  Finder’s
      Fees.
      If,
      during the term of this Agreement or within six (6) months following the
      termination of this Agreement, GoFish and/or the Company shall enter into a
      written agreement for:

     

    4.3.1  The
      Sale
      of the Company to a third party with whom the Company and/or GoFish had no
      prior
      relationship and who is introduced to the Company and/or GoFish with a view
      towards pursuing a possible Sale of the Company, then, upon the consummation
      of
      the Sale of the Company pursuant to such agreement, the Company or GoFish,
      as
      the case may be, shall pay to KSE an amount (in cash, stock or other form of
      consideration constituting the Sale of the Company Consideration) equal to
      two
      percent (2%) of the Sale of the Company Consideration (the “Sale
      Finder’s Fee”).
      Notwithstanding the foregoing, unless KSE specifically notifies the Company
      and/or GoFish in writing, prior to or contemporaneously with the making of
      such
      introduction that such third party is intended to be covered by this provision,
      no Sale Finder’s Fee shall become due or payable.

     

    4.3.2  The
      Acquisition by the Company from a third party with whom the Company and/or
      GoFish had no prior relationship and who is introduced to the Company and/or
      GoFish with a view towards pursuing a possible Acquisition by the Company,
      then,
      upon the consummation of the Acquisition by the Company pursuant to such
      agreement, the Company or GoFish, as the case may be, shall pay to KSE an amount
      (in cash, stock or other form of consideration constituting the Acquisition
      by
      the Company Consideration) equal to two percent (2%) of the Acquisition by
      the
      Company Consideration (the “Acquisition
      Finder’s Fee”).
      Notwithstanding the foregoing, unless KSE specifically notifies the Company
      and/or GoFish in writing, prior to or contemporaneously with the making of
      such
      introduction that such third party is intended to be covered by this provision,
      no Acquisition Finder’s Fee shall become due or payable.

     

    4.4  Taxes.
      KSE
      shall pay any Tax imposed as a result of the operation or existence of this
      Agreement and the payment of any compensation hereunder. As may be required
      by
      law, GoFish and/or the Company shall be permitted to withhold or deduct from
      such compensation any Taxes owed by KSE hereunder.

     

    4.5  Records
      and Adjustments.
      GoFish
      shall keep reasonably complete and accurate records with respect to all Covered
      Services and shall furnish any information that KSE may reasonably request
      from
      time to time to enable it to confirm the compensation payable to KSE under
      this
      Agreement. GoFish shall retain all such records for at least three (3) years.
      KSE shall have the right to make an examination once per quarter, during normal
      business hours, of all records and accounts bearing upon the amount of
      compensation payable to it under this Agreement. Unless contested in good faith
      by the Company or GoFish, GoFish shall promptly pay any additional compensation
      found by such audit to be due. KSE’s right to audit and examine all records and
      accounts of GoFish shall survive termination of this Agreement for a period
      of
      one (1) year.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      5

     

    ALLOCATION
      OF LIABILITY

     

    5.1  KSE
      Warranty. KSE
      warrants and agrees that any services that it provides hereunder will be
      provided in a competent manner consistent with customary industry standards.
      OTHER THAN AS SPECIFICALLY SET FORTH HEREIN, THE ABOVE WARRANTY IS EXCLUSIVE
      AND
      IN LIEU OF ALL OTHER WARRANTIES AND KSE EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES
      WITH RESPECT TO ITS SERVICES, KNOW-HOW, PATENTS AND TECHNICAL DATA, WHETHER
      EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY AND
      FITNESS FOR A PARTICULAR PURPOSE. KSE shall not be liable for any consequential
      or incidental damages resulting from a breach of its warranty
      hereunder.

     

    5.2  Indemnification.

     

    5.2.1  GoFish
      Indemnification.
      GoFish
      agrees to defend, indemnify, and hold KSE, and its officers, directors, agents,
      and employees, harmless against all costs, expenses, and losses (including
      reasonable attorney fees and costs) resulting from a claim asserted by any
      third
      party that arises out of or relates to the acts or omissions of GoFish
      hereunder, including without limitation, the marketing, sourcing, sale,
      provision and support of Covered Services (unless caused by a breach of any
      representation and warranty made by KSE herein).

     

    5.2.2  KSE
      Indemnification.
      Subject
      to limitations contained herein, KSE agrees to defend, indemnify, and hold
      GoFish, and its officers, directors, agents, employees harmless against all
      costs, expenses, and losses (including reasonable attorney fees and costs)
      incurred through claims of third parties against GoFish based on KSE’ breach of
      any representation and warranty made herein.

     

    5.2.3  Notice
      and Defense.
      The
      party claiming the indemnification shall promptly notify the other party upon
      the assertion of any such claim, shall permit such other party to defend the
      claim and shall provide reasonable assistance to such other party, at such
      other
      party’s expense, in the defense of the claim.

     

    ARTICLE
      6

     

    TERM
      AND TERMINATION

     

    6.1  Term. The
      term of
      this Agreement shall commence upon the Effective Date and shall continue for
      a
      period of twelve (12) months unless earlier terminated with the mutual consent
      of the Parties or by either Party pursuant to Section 6.2.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    6.2  Termination.
      Following completion of the first four (4) months of the term of this Agreement,
      either Party may terminate this Agreement by written notice to the other Party.
      Furthermore, either Party may terminate this Agreement at any time by written
      notice thereof to the other Party if the other Party breaches a material term
      of
      this Agreement and fails to cure such breach within ten (10) days after written
      notice thereof from the nonbreaching Party.

     

    6.3  Survival.
      Upon
      the termination of this Agreement, the licenses granted to GoFish hereunder
      shall terminate, but any sublicense granted by GoFish to an Approved Prospect
      prior to such termination, in the manner permitted hereunder, shall survive
      and
      continue in full force and effect. In addition, Articles 4, 5, 6 and 7 shall
      survive termination and continue in full force and effect.

     

    ARTICLE
      7

     

    MISCELANEOUS

     

    7.1  Waiver.
      No
      failure or delay by either party in enforcing any of its rights under this
      Agreement shall be construed as a waiver of the right to subsequently enforce
      any of its rights, whether relating to the same or a subsequent
      matter.

     

    7.2  Expenses.
      Whether
      or not the transactions contemplated in this Agreement are consummated, each
      Party shall pay all costs and expenses incurred by such Party in connection
      with
      this Agreement and the transactions contemplated hereby.

     

    7.3  Notices.
      All
      notices and other communications required or permitted under this Agreement
      shall be in writing and shall be deemed given when delivered by hand or by
      a
      reputable national overnight courier service or by facsimile transmission or
      three business days after mailing when mailed by registered or certified mail
      (return receipt requested), postage prepaid, to the Parties in the manner
      provided below (information is included below for telephone and email contact
      purposes but no notice delivered telephonically or by email shall be deemed
      effective unless and until delivered physically in hardcopy form):

     

    If
      to
      GoFish:

    

    GoFish
      Corporation

    706
      Mission Street, 10th
      Floor

    San
      Francisco, California, 94103

    Facsimile:
      (415) 978-9603

    Attention:
      Tabreez Verjee, President

    E-mail:
      tverjee@gacapital.com

    

    With
      a
      copy to:

    

    Morrison
      & Foerster LLP

    425
      Market Street

    San
      Francisco, California 94105

    Facsimile:
      (415) 268-7522

    Attention:
      John W. Campbell, Esq.

    E-mail:
      JCampbell@mofo.com

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    If
      to
      KSE:

    

    919
      Third
      Avenue, 18th
      Floor

    New
      York,
      NY 10022

    Facsimile:
      _____________

    Attention:
      _____________

    E-mail:
      _____________

    

    Any
      Party
      may change the address to which notice is to be given by notice given in the
      manner set forth above.

     

    7.4  Assignment.
      Other
      than as otherwise expressly stated herein, neither this Agreement nor any of
      the
      rights, interests or obligations hereunder may be assigned by any Party hereto
      without the prior written consent of the other Party. Any purported assignment
      in violation of this section shall be void. Notwithstanding the foregoing,
      the
      acquisition of any Party, whether by the sale of stock or assets, merger or
      consolidation or other business combination, shall not constitute an assignment
      for purposes of this Agreement.

     

    7.5  No
      Rights in Third Parties. This
      Agreement does not grant any rights or remedies to any Person that is not a
      Party to this Agreement. No Person is a third-party beneficiary of this
      Agreement.

     

    7.6  Governing
      Law.
      The
      execution, interpretation and performance of this Agreement shall be governed
      by
      the internal laws and judicial decisions of the State of New York.

     

    7.7  Jurisdiction
      and Venue.
      Any
      litigation or other court proceeding with respect to any matter arising from
      or
      in connection with this Agreement shall be conducted in the state courts of
      the
      State of New York located in the City and County of New York or in the U. S.
      District Court for the Southern District of New York, and the Parties hereby
      submit to the jurisdiction of and consent to venue in such courts.

     

    7.8  Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument.

     

    7.9  Severability.
      The
      invalidity of any portion of this Agreement shall not invalidate any other
      portion of this Agreement and, except for such invalid portion, this Agreement
      shall remain in full force and effect.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    7.10  Entire
      Agreement and Termination of Existing Agreement.
      This
      Agreement embodies the entire Agreement and understanding of the Parties with
      respect of the subject matter of this Agreement. This Agreement supersedes
      all
      prior agreements and understandings between the Parties with respect to the
      transactions contemplated hereby. The Parties hereby agree that the Existing
      Agreement is hereby amended and restated in its entirety by this Agreement,
      and
      the Existing Agreement shall be of no further force or effect. This Agreement
      may be amended, modified or supplemented only by written agreement of all of
      the
      Parties hereto.

     

    [SIGNATURES
      ON THE FOLLOWING PAGE]

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Amended and Restated Strategic Alliance
      Agreement as of the date first above written.

     

    
      	 	 	 
	 	
              GOFISH
                TECHNOLOGIES, INC.

            
	 
 	 
 	 
 
	 	By:  	/s/
              Tabreez Verjee
	 	
              
Name: Tabreez
              Verjee
	 	
              Title: President

            

    

     

    
      	 	 	 
	 	GOFISH
              CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/
              Tabreez Verjee
	 	
              
Name: Tabreez
              Verjee
	 	
              Title: President

            

    

     

    
      	 	 	 
	 	
              KALEIDOSCOPE,
                INC.

            
	 
 	 
 	 
 
	 	By:  	/s/
              A.B.
              Andrea
	 	
              
Name: A.B.
              Andrea
	 	Title: President

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    Exhibit
      A

     

    Description
      of Covered Services

     

    
      	·  	
              Identification
                of Prospects and the initiation of business relationships between
                such
                Prospects and GoFish with a view towards generating
                Sales;

            

    

     

    
      	·  	
              Promotion
                of the Websites, both with respect to creating and increasing user
                awareness of and interest in such portals, creating awareness of
                such
                portals to the advertising and media communities, arranging “partnerships”
                for generation of meaningful traffic to such portals and the like;
                and

            

    

     

    
      	·  	
              Promotion
                of the Company and/or GoFish as a possible merger/acquisition partner
                with
                a view towards acquisitions by the Company of appropriate targets
                or the
                Sale of the Company, including identifying prospective merger/acquisition
                partners, making appropriate introductions and assisting the Company
                and/or GoFish with respect to negotiations of possible merger/acquisition
                transactions or the Sale of the
                Company.

            

    

     

    
      
        
        

      

      
        16Exhibit
      10.5

    

    ROSA
      BLANCA CARRIED INTEREST AGREEMENT

    

    THIS
      CARRIED INTEREST AGREEMENT is
      made
      the 21st
      day of
      June, 2007 by and between 

    

    Gold
      Oil Plc Sucursal Colombia, a
      branch
      of a foreign company dully incorporated in accordance to the laws of the
      Republic of Colombia, and having its place of business at Carrera
      17 No. 93a - 02 Oficina 310, D.C.,
      Colombia, hereinafter referred to as “Gold”, 

    

    And

    

    Osage
      Exploration and Development Inc.,
      a
      company organised under the Laws of Delawere and having its place of business
      at
      888 Prospect Street, Suite 210 La Jolla, CA 92937, U.S.A. hereinafter referred
      to as “Osage”.

    

    WHEREAS

    

    
      	(A)	
              Empresa
                Petrolera de Servicios y Asesorías S.A., hereinafter referred to as
                “Empesa”, and Gold entered into a Letter of Intent dated July
                21st,
                2006
                under which the Parties agreed to cooperate in good faith for the
                preparation and submission of the Rosablanca Block Proposal for an
                Exploration and Production Contract to be awarded by the ANH to
                Gold.

            

    

    

    
      	(B)	
              Gold
                and Empesa entered into certain Carried Interest Agreement and Joint
                Operating Agreement dated September 19th,
                2007.

            

    

    

    
      	(B)	
              Gold
                agreed to apply to the ANH for a Licence for the Rosablanca Prospect
                for
                the benefit of Gold and Empesa. 

            

    

    

    	(C)       
              	
            The
              ANH awarded the Rosablanca Licence to Gold by means of letter
              ANH-12.002696-2007-S dated May 31st,
              2007. 

          

    

    	(D)       
              	
            Osage
              approached Gold with a view to farm into the Rosablanca Licence and
              Gold
              agreed to farmout 50% of the Licence interest to Osage and Osage agreed
              to
              farmin to 50% of the Licenced interest acting also as Operator under
              the
              existing Joint Operating Agreement, all on terms outlined
              below.

          

    

    	(E)       
              	
            The
              Parties now wish to record the terms of such agreement as set out
              below.

          

    

    

    NOW
      THEREFORE
      in
      consideration of the mutual covenants, agreements and obligations set out below
      and to be performed the Parties agree as follows:

    

    1. DEFINITIONS
      AND INTERPRETATION

    

    1.1 Unless
      the context otherwise requires, the following words and phrases shall have
      the
      following meanings in this Agreement:

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    “ANH”
      means
      the Colombian National Agency of Hydrocarbons, the Colombian government agency
      with the authority to approve the Rosablanca Block Proposal and award the
      Licence to Gold, . 

    

    "AFE"
      means
      an Authority for Expenditures as defined in the JOA.

    

    "ANH Guarantee"
      means
a
      bank
      guarantee, an irrevocable letter of credit or other instrument acceptable to
      ANH
      securing the obligations of the Participating Interests in respect to the Phase
      1 Exploration Programme which is required under the Licence;

    

    "Assignment
      Approval"
      means
      the consent by ANH required under the Licence for the assignment fifty percent
      (50%) of Gold ́s Participating Interest to Osage and assignment of official
      Operatorship of the Contract to Osage.

     

    “Carried
      Amount”
      means an
      amount in US Dollars to be paid to the Joint Account by Osage on behalf of
      Gold
      and Empesa exclusively to cover Gold and Empesa’s share of the costs incurred by
      Operator in order to satisfy the Phase 1 Exploration Programme including any
      costs incurred for a period of thirty (30) days from the commencement of any
      testing operations on the first well to be drilled in the License area. For
      the
      avoidance of doubt, the first exploration well to be drilled under the License
      will be drilled in the prospect marked on Annex “C”, attached hereto. For the
      purposes of the JOA and any approvals required therein (including the well
      AFE),
      it is hereby agreed that the cost of the first exploration well will be whatever
      is required to meet the Phase 1 Exploration Programme until the exploratory
      commitment for such phase is declared fulfilled by the ANH.

    

    “Contract
      or Licence”
      means
      the Exploration and Production Contract to be entered between Gold and the
      ANH
      covering the Rosablanca project area on or before July 3, 2007, in which Gold
      is
      appointed as Contractor Party and Operator of record.

    “End
      of the Carry Period”
      means
      thirty (30) days from
      the
      commencement of any testing operations on the first well to be drilled in the
      License area in order to satisfy the Phase 1 Exploration Programme.

    

    "Earned
      Interest”
      means
      50% Participating Interest.

     

    “Osage’s
      payment Obligations"
      has the
      meaning given thereto in Section 3;

     

    "Guarantee
      Costs"
      means
      all costs and expenses to be incurred by Gold in obtaining and maintaining
      the
      ANH Guarantee (included any collateral thereto such as a Certificate of Deposit
      for 120% of the ANH guarantee value to be pledge to a bank) and to establish
      and
      maintain the Trust for Phase 1 Exploration Programme for all the time required
      under the License.

     

    
      	 	
              “Joint
                Operating Agreement”
                or
                “JOA”
                means
                the operating agreement entered into by Gold and Empesa dated September
                19, 2007 in respect to operations under the
                Licence.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    
      	 	
              "Liabilities"
                means all liabilities and obligations, whether under common law,
                in equity
                or under other Applicable Law, under contract or otherwise, whether
                tortious, contractual, statutory or otherwise, whether absolute or
                contingent and whether based on fault, strict liability or
                otherwise.

            

    

    

    “Phase
      1 Exploration Period”
      means
      the term established in letter ANH-12.002696-2007-S dated May 31st,
      2007 for
      fulfilling the exploratory commitment of the Phase 1 Exploration Programme.
      

     

    “Phase
      1 Exploration Programme”
      means
      the exploratory commitments acquired towards the ANH for Phase 1 Exploration
      Period as established in letter ANH-12.002696-2007-S dated May 31st,
      2007,
      which includes a well to be drilled in the License area. 

     

    “Operating
      Costs”
      means
      any and all operating costs incurred in operating the facilities, transporting
      production for sale and managerial and administrative and insurance costs as
      defined in the JOA.

    

    “Operator”
      means
      Osage for purposes of the JOA, being Gold the operator of record under the
      license until the official date of the Assignment Approval. 

    

    “Participating
      Interest” means
      an
      undivided beneficial and legal interest in and to the Licence and to any right,
      data and joint property thereto which shall be expressed as a percentage of
      the
      total interests of all Parties therein. Osage’s interest shall become effective
      towards the ANH after the Assignment Approval. 

     

    
      	 	
              “Party”
                means Osage or Empesa or Gold and “Parties” means two or more of Osage,
                Empesa and Gold.

            

    

    

    "Petroleum
      Operations"
      means
      all exploration, appraisal, development and production operations carried out
      in
      respect of the Licence under the Minimum Work Programme.

     

    "Petroleum
      Substances"
      means
      petroleum, natural gas, condensate, natural gas liquids  and
      all
      other related hydrocarbons and all other substances produced in association
       therewith,
      including sulphur and its compounds, but only to the extent that rights therein
       or
      thereto are granted under the Licence.

     

    
      	 	
              “Royalty”
                means the royalty due to the Colombian Government which at the time
                of
                this Agreement is eight percent (8%) of all gross production obtained
                from
                the Licence. 

            

    

    

    “Rosablanca
      Block Proposal” means
      the
      Rosablanca proposal submitted by Gold to the ANH which was dully accepted under
      the specific terms and conditions set forth in letter ANH-12.002696-2007-S
      dated
      May 31st,
      2007.

     

    "Trust"
      means
      the administration and payment trust to be constituted and funded by Gold
      previously to the execution of the Contract.

     

    
      	
              1.2

            	
              In
                this Agreement a reference to a “Clause”, “Party” or “Schedule” is to a
                clause of, or a party or schedule to this
                Agreement.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    
      	1.3	
              Schedules

            

    

     

    The
      following schedules are attached to and made a part of this
      Agreement:

     

    Schedule
      "A" -
      Joint Operating Agreement 

     

    Schedule
      "B" - 
      Rosablanca ANH Contract (Draft)

     

    Schedule
      “C” - Prospect area for Phase 1 Work Programme

     

    Schedule
      “D”-
      Letter ANH-12.002696-2007-S dated May 31st,
      2007

     

    Schedule
      “E” -
      Acknowledgement and Confirmation

     

    Schedule
      “F” -
      Operations Trust Agreement.

     

    
      	1.3	
              Interpretation

            

    

     

    The
      insertion of headings into this Agreement within this Agreement are for
      convenience of reference only and shall not affect the meaning, interpretation
      or construction of any provision of this Agreement.

     

    Any
      reference to a monetary amount in this Agreement, including the use of the
      term
      "US Dollar" or the symbol "US$", shall mean the lawful currency of the United
      States of America unless the contrary is specified or provided for elsewhere
      in
      this Agreement. Except as otherwise agreed by the Parties, any and all amounts
      payable by Gold or Osage in US Dollars under this Agreement shall be paid in
      Colombia in
      Colombian Pesos at the TRM (Representative Market Rate) exchange applicable
      to
      the payment date. 

     

    The
      parties acknowledge, accept and recognize that all the rights and obligations
      of
      Osage contained in this Agreement shall be automatically transferred to its
      branch in Colombia to be constituted by Osage within the twenty (20) days after
      signature of this Agreement. 

     

    Terms
      and
      expression that are not specifically defined in this Agreement, but which have
      generally accepted meanings in the custom and usage of the international oil
      and
      gas industry as of the date of this Agreement, shall have such generally
      accepted meanings when used in this Agreement unless the contrary is specified
      or provided for elsewhere in this Agreement.

     

    If
      a
      derivative of a term or expression that is specifically defined in this
      Agreement is used in this Agreement, then such derivative shall have a meaning
      that corresponds to the applicable defined term or expression.

     

    Any
      reference in this Agreement to another contract, agreement, instrument or other
      document shall be deemed to refer to such contract, agreement, instrument or
      other document as it has been amended, modified, replaced or supplemented from
      time to time up to the applicable time.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If
      a term
      or provision contained in the main body of this Agreement conflicts or is
      inconsistent with a term or provision contained in any Schedule, then the term
      or provision in the main body of this Agreement shall prevail to the extent
      of
      such conflict or inconsistency. 

     

    

    
      	2.	
              PARTICIPATING
                INTERESTS AND CARRIED
                AMOUNT

            

    

    

    
      	
              2.1

            	
              Except
                for what is provided herein regarding the Carried Amount of Osage
                to Gold,
                and subject to fulfillment of Osage ́s Payment Obligations under this
                Agreement the Parties shall own all rights, interests and benefits
                hereunder, under the JOA and under the Licence (in the cases of Osage
                and
                Empesa subject to approval by ANH) and all oil and gas produced pursuant
                thereto and shall assume and discharge all of the liabilities and
                obligations set forth in the Licence according to the following
                Participating Interests:

            

    

     

    
      	
              Party

            	
              Participating
                Interest 

            
	
              Osage

            	
              50%

            
	
              Gold
                

            	
              40%

            
	
              Empesa

            	
              10%

            
	
              TOTAL

            	
              100%

            

    

    

     

    
      	3.	
              OSAGE
                OBLIGATIONS

            

    

    

     

    
      	3.1	
              Osage ́s
                Payment Obligations

            

    

     

    Osage
      shall be responsible for performing and discharge the following obligations
      and
      make the following payments (collectively, the "Payment
      Obligations"):
      

     

    	(i)  	
            Within
              twenty calendar (20) days following the execution of this Agreement,
              Osage
              (directly or trough its branch to be established in Colombia) shall
              pay
              and reimburse to Gold the exactly amount of Colombian Pesos transferred
              by
              Gold to the Trust for fulfilling the funding of the Trust for an amount
              equal to USD$1,200,000, as required by the ANH. This amount shall be
              reimbursed in Colombian Pesos by Osage by means of wire transfer to
              Gold’s
              designated account in Colombia.

          

     

    	(ii)  	
            Within
              eight (8) calendar days following the execution of this License, Osage
              shall provide all the funds indicated by Gold (directly to Gold ́s account
              or to the bank indicated by Gold) as may be necessary for establishing
              the
              collateral required by the bank elected by Gold for the establishment
              of
              the ANH Guarantee, consisting in approx.
              USD$144,000.

          

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    	(iii)  	
            Osage
              shall, from its own resources and at its own risk, finance and pay
              all
              costs incurred in Petroleum Operations towards the completion of Phase
              1
              Exploration Programme from the date of this Agreement to the extent
              attributable to the Carried Amount. 

          

     

    Breach
      by
      Osage of any of the Payment Obligations contained herein shall constitute a
      default under this Agreement which will be automatically terminated by written
      notice of Gold without any reimbursement or indemnification whatsoever in favour
      of Osage. (In such case all rights und duties pertaining to Osage under this
      Agreement, the JOA and the Trust funds shall cease to exist)

     

    
      	3.4	
              Within
                five (5) days after receiving Gold’s monthly requisition, Osage shall pay
                in Colombian pesos (to Gold’s account or to the bank or trust entity
                indicated by Gold) all Guarantee Costs monthly charged to Gold for
                the
                establishment and maintenance of the Trust and the ANH Guarantee.
                

            

    

     

    
      	3.5	
              Osage
                shall not mortgage, pledge, charge or otherwise encumber the Carried
                Amount during the term of this Agreement without the prior written
                consent
                of Gold which consent shall not be unreasonably withheld or delayed.
                Any
                such mortgage, pledge, charge or encumbrance shall be expressly made
                subject to the terms of this
                Agreement.

            

    

    

    
      	
              3.6

            	
              Notwithstanding
                any other provision of this Agreement Osage shall not be liable to
                Gold
                for any indirect or consequential loss caused by the performance
                or
                non-performance of this Agreement irrespective of the negligence
                and/or
                breach of duty (statutory or otherwise) of Osage. “Indirect or
                consequential loss” shall include, but not be limited to loss of profit,
                loss of use, loss of contract, loss of production, loss of revenue,
                business interruption or increased cost of
                working.

            

    

    

    
      	4.	
              GOLD
                OBLIGATIONS

            

    

    

    
      	
              4.1

            	
              Gold
                shall execute any additional documents which Osage’s counsel deems
                necessary as evidence of Osage’s interest in the Carried Amount for the
                term of this Agreement provided that nothing therein shall derogate
                from
                the terms of this Agreement.

            

    

    

    
      	
              4.2

            	
              Subject
                to the timely compliment of Osage’s Payment Obligation established in
                Section 3.1, Gold will put all the funds existing in the Trust at
                Osage’s
                entire disposition for paying contractors engaged for developing
                Phase 1
                Exploration Programme, as per Osage’s reasonable instructions acting as
                Operator. 

            

    

    

    
      	
              4.3

            	
              Subject
                to the timely compliment of the Osage’s Payment Obligation, Gold accepts
                that until the End of the Carry Period Osage will have the unanimous
                voting rights in the Operating Committee of the JOA acting reasonably
                and
                therefore shall maintain the direction of all operation and economic
                matters for decision under the JOA in relation to the Phase 1 Exploration
                Programme and to the extent of the End of the Carry
                Period.

            

    

    

    
      	4.3	
              Gold
                shall be liable to Osage and shall indemnify and hold harmless Osage,
                its
                affiliates, agents, employees and officers for any costs, expenses
                and
                Liabilities incurred by Gold incident to claims, demands, or causes
                of
                action of every kind and character brought about by or on behalf
                of any
                person or entity for damages to or loss of property or the environment,
                or
                for injury to, illness, or death of any person or entity, which damage,
                loss, injury, illness, or death arises out of or is incident to any
                act or
                failure to act by Gold in the conduct of or in connection with the
                performance of the Licence and/or the Joint Operating Agreement before
                the
                signature date of this Agreement.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    
      	
              4.4

            	
              Provided
                that (i) Osage has fulfilled with its Payment Obligations and (ii)
                Osage
                completes the capacity and the minimum qualification requirements
                established by ANH for a official assignment of interest under the
                Contract; at Osage’s discretion Gold shall take the legal steps to obtain
                the Assignment Approval
                and
                shall execute and deliver to Osage all assignments, conveyances and
                other
                instruments necessary or advisable in order to evidence the transfer
                and
                assignment of the Earned Interest to Osage. Osage shall submit request
                of
                the Assignment Approval to the ANH within 124 months after signature
                of
                this Agreement.

            

    

    

    
      	4.6	
              Until
                such time as the transfer and assignment of Osage’s Participating
                Interest is completed and Osage is
                recognized as a party to the Licence, Gold shall hold the Osage
                Participating Interest in trust for the sole benefit of Osage. 

            

    

    

    
      	5.	
              TERM

            

    

    

    
      	5.1	
              Except
                for Gold’s termination based on Osages default in Osage’s Payment
                Obligations, this Agreement and the Joint Operating Agreement shall
                remain
                in full force until the earlier of:

            

    

    

    (i) The
      End
      of the Carry Period,

    (ii) Termination
      of the JOA in accordance with its terms and conditions, and

    (iii) Termination
      of the Licence in accordance with its terms, and

    

    
      	
              5.2

            	
              All
                rights and obligations accrued to the Parties prior to termination
                of this
                Agreement shall survive the termination of this
                Agreement.

            

    

    

    

    
      	6.	
              REPRESENTATIONS
                AND WARRANTIES

            

    

     

    
      	6.1	
              OSAGE’S
                Representations and
                Warranties

            

    

     

    Osage
      represents, warrants and covenants to and in favor of Gold that, as of the
      date
      of this Agreement (unless another date is specified):

    

    
      	(i)	
              Due
                Formation:
                It is
                a company duly incorporated, organized and subsisting under the laws
                of
                the Republic of Delaware and will establish a branch in Colombia
                withion
                twenty (20) days after signature of this
                Agreement.

            

    

     

    
      	(ii)	
              Power
                and Capacity:
                It has the power and capacity to enter into and deliver this Agreement
                and
                perform its obligations under this Agreement;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	(iii)	
              Due
                Authorization and No Violations:
                The execution and delivery of this Agreement and the completion of
                the
                transactions contemplated by this Agreement have been duly authorized
                by
                all necessary action on the part of Osage and
                do not and will not violate or conflict with any the corporative
                documents
                of Osage;

            

    

     

    
      	(iv)	
              Required
                Approvals:
                To Osage's knowledge there are no approvals required to be obtained
                by
                Osage in
                respect of the execution and delivery of this Agreement or the completion
                of the transactions contemplated by this Agreement other than the
                Assignment Approval.

            

    

     

    
      	6.2	
              GOLD's
                Representations and
                Warranties

            

    

     

    Gold
      represents, warrants and covenants to and in favor of Osage that, as of the
      date
      of this Agreement (unless another date is specified):

    

    
      	(i)	
              Due
                Formation:
                Gold is a branch duly incorporated, organized and subsisting under
                the
                laws of the Republic of Colombia;

            

    

     

    
      	(ii)	
              Power
                and Capacity:
                It has the power and capacity to enter into and deliver this Agreement
                and
                perform its obligations under this
                Agreement;

            

    

     

    
      	(iii)	
              Due
                Authorization and No Violations:
                The execution and delivery of this Agreement and the completion of
                the
                transactions contemplated by this Agreement have been duly authorized
                by
                all necessary action on the part of Gold and does not and will not
                violate
                or conflict with any the corporative documents of
                Gold;

            

    

     

    
      	(iv)	
              Required
                Approvals:
                There are no other approvals required to be obtained by it in respect
                of
                the execution and delivery of this Agreement or the completion of
                the
                transactions contemplated by this Agreement other than the Assignment
                Approval. Empesa’s approval was also dully obtained;
                and

            

    

     

    
      	(v)	
              No
                Finder's Fees:
                Gold has
                not incurred any obligation or liability, contingent or otherwise,
                for
                broker's or finder's fees in respect of the transactions contemplated
                by
                this Agreement for which Osage’s shall have any obligation or liability.
                

            

    

     

    
      	6.3	
              GOLD's
                Representations and Warranties Re: Rosablanca
                Licence

            

    

     

    Gold
      represents, warrants and covenants to and in favour of Osage that, as of the
      date of this Agreement (i)
      all
      information in Gold’s possession or control related to the Licence and the
      Rosablanca Block Proposal, has been made available for review and copy by Osage
      its representatives, and, to Gold’s knowledge, all such information is true and
      correct and is not misleading, and (ii) the
      Rosablanca Block Proposal resulted from its own spontaneous evaluation of the
      public available information of the block (or made available by Empesa) and
      that
      no exclusivity or confidentiality has been breached by Gold thereto.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	7.	
              GOVERNING
                LAW

            

    

     

    	7.1  	
            This
              Agreement shall in all respects be subject to and be interpreted and
              construed in accordance with the laws of the Republic
              Colombia..

          

     

    	7.2  	
            The
              Parties hereto expressly waive the requirement of a court declaration
              that
              either one is in default when it has failed to perform its obligations
              hereunder. Therefore, each Party hereto hereby expressly accepts that
              another Party hereto may exercise its rights simply by a written notice
              forwarded in the event of a default hereunder.

          

     

    
      	8.	
              ARBITRATION 

            

    

     

    All
      disputes between the Parties arising under or in connection with this Agreement,
      including interpretation of any technical or financial issues, any purported
      breach of, the validity or enforceability of, or the performance or
      non-performance of any obligation under, this Agreement, shall be resolved
      by
      final and binding arbitration in Bogotá D.C., Colombia in accordance to the
      rules of the arbitration and conciliation Center of the Chamber of Commerce
      of
      Bogotá, Colombia.
      The
      Arbitration Tribunal shall be integrated by three lawyers designated by mutual
      agreement between the Parties. At least one of the arbitrators shall have an
      experience on oil and gas matters for more than ten years in the Republic of
      Colombia. Their judgement shall be rendered in law.

     

    
      	9.	
              ASSIGNMENT
                

            

    

    

    Each
      Party acknowledges, accepts and recognizes that all the rights and obligations
      contained in this Agreement may be partially or completely assigned or
      transferred to a company elected by them with the prior written consent of
      the
      other Parties, which consent not to be unreasonably withheld or delayed. No
      Party shall unreasonably refuse to consent to such assignment provided always
      that such incoming assignee has sufficient financial strength to meet its
      current and future obligations under this Agreement and the JOA. 

     

    
      	10.1	
              GENERAL

            

    

    

    
      	10.1	
              Unless
                specified otherwise, if there is any conflict or inconsistency between
                the
                terms of  the
                Licence, this Agreement, the JOA or any of them, then the terms of
                the
                agreement  having
                the higher priority shall govern (but, in each case of conflict or
                inconsistency,  only
                to the extent of the conflict or inconsistency). The order of priority
                of
                these of  agreements
                (from highest to lowest priority) is as
                follows:

            

    

     

    	(i)  	
            the
              Licence; 

          

     

    	(ii)  	
            this
              Agreement; and

          

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    	(iii)  	
            the
              Joint Operating
              Agreement; 

          

     

    
      	10.2	
              No
                waiver by any Party of any one or more defaults by another Party
                in the
                performance of this Agreement shall operate or be construed as a
                waiver of
                any future default or defaults by same Party, whether of a like or
                of a
                different character. Except as expressly provided in this Agreement
                no
                Party shall be deemed to have waived, released or modified any of
                its
                rights under this Agreement unless such Party has expressly stated,
                in
                writing, that it does waive, release or modify such
                right.

            

    

    

    
      	10.3	
              This
                Agreement states the entire agreement between the Parties concerning
                the
                transactions
                contemplated in this Agreement and supersedes all previous agreements
                in
                that regard.
                The arrangements between the Parties are not intended to constitute
                a
                legal partnership between them and are not intended to infringe any
                of the
                provisions under the Licence. 

            

    

     

    
      	10.4	
              This
                Agreement may be executed in any number of counterparts, each of
                which
                will be deemed an original but which together shall constitute one
                agreement, with the same effect as if the signatures on the counterparts
                were upon a single engrossment of this
                Agreement.

            

    

    

    
      	10.5	
              No
                Press Releases or public announcement regarding the execution of
                this
                Agreement shall be done by Osage until completion of Osage’s Payment
                Obligations under this Agreement. 

            

    

    

    
      
        
          	10.6	
                  Notices
                    under this Agreement shall be given to the following
                    addresses:

                

        

      

    

     

    Gold
      

    Atn:
      Gary
      Moore

    Email:
      jgmooreassoc@btinternet.com

    c.c.
      ttidow@goldoilplc.com
       

    cc:
      ddacosta@bydlegal.com

    Atn:
      Dominic Dacosta O.

    
      
        Carrera
          17 No. 93a - 02 oficina 310, D.C.,
          Colombia
 

    

    

    Osage

    Atn:
      Kim
      Bradford

    c.c.
      Greg
      Franklin

    Email:
      bradford@dcmlp.cpom
      /
      glfgeologist@sbcglobal.net

    888
      Prospect Street, Suite 210 La Jolla, CA 92037, U.S.A.

    Tel
      (858)
      729-0222 - Fax (858) 729-6464

    

    
      	11.	
              OPERATOR

            

    

    

    
      	11.1	
              Gold
                shall be the operator of record of the Licence until such time as
                Osage is
                capable of and is in fact qualified by the ANH as being qualified
                as
                Operator of record for the Licence and the JOA. The generality of
                day to
                day relationships rules within Gold as operator of record of the
                Contract
                and Osage as Operator under the JOA is contained in the Operations
                Trust
                Agreement attached hereto as Schedule F.

            

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    
      	
              11.2

            	
              Prior
                to the Assignment Approval Gold shall act as operator towards the
                government in name only with Osage performing the duties of operator
                under
                the JOA. Gold shall follow all reasonable instructions given to it
                with
                regard to any function being required to be performed by Gold as
                operator
                of record as set forth in the Operations Trust Agreement attached
                hereto.
                PROVIDED ALWAYS that such instructions given by Osage are in accordance
                with the Operating Committee formed under the JOA. For the avoidance
                of
                doubt GOLD will be under no obligation to follow instructions given
                by
                Osage if such instructions will result or likely to result in any
                interest
                in Rosablanca Licence being diluted or another Operator in place
                of Osage
                being proposed or surrender of the Licence, or amendment to the JOA
                that
                will or likely to lower the value of Gold’S interest in the Rosablanca
                Licence.

            

    

    

    
      	11.4	
              Osage
                shall start all field activities necessary to fulfil the Phase 1
                Exploration Programme within one (1) month following the signature
                of this
                Agreement, provided that the lack of activity of Osage towards the
                execution of the Phase 1 Exploration Programme in accordance to accepted
                oil & gas practices will result in loss of Osage’s capacity for giving
                operation instructions to Gold.

            

    

    

    
      	11.5	
              In
                case Gold elects to withdraw to the Contract as per Article 13 of
                the JOA,
                and the Assignment Approval is not obtained yet, Gold will continue
                acting
                as operator of record for a maximum term of six (6) months after
                its
                withdrawal notice, provided that immediately after Gold’s withdraws Osage
                shall submit official request of Assignment Approval to the ANH (in
                its
                favour or in favour of Osage’s designated company). Nothing contained
                herein shall prevent Gold’s using its withdrawal rights under the JOA and
                the License. 

            

    

    

    

    IN
      WITNESS WHEREOF the
      Parties have executed this Agreement on the date first written
      above.

    

    OSAGE
      EXPLORATION AND DEVELOPMENT INC

    

    By:      
      ________________________________

    

    Name: 
      Kim
      Bradford

    

    Title:    
      ________________________________

    

    

    Approved
      by: 

    

    

    By:        
      _______________________________

    

    Name:   
      _______________________________

    

    Title:     
      Director 

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    By:         
          ________________________________

    

    Name:        
      ________________________________

    

    Title:          
      Director

    

    

    

    GOLD
      OIL PLC SUCURSAL COLOMBIA

    

    By:        
      ________________________________

    

    Name:   
      ________________________________ 

    

    Title:     
      ________________________________

    

    

    Approved
      by: GOLD OIL
      PLC
  

    

    

    By:        
      ________________________________

    

    Name:   
      Gary
      Moore

    

    Title:     
      Managing
      Director

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
      “A”

    

    TO
      CARRIED INTEREST AGREEMENT DATED JUNE 21, 2007 BETWEEN OSAGE EXPLORATION AND
      DEVELOPMENT INC AND GOLD OIL PLC SUCURSAL COLOMBIA

    
      
        

      

    “JOINT
      OPERATING AGREEMENT”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE
      “B”

    

    TO
      CARRIED INTEREST AGREEMENT DATED JUNE 21, 2007 BETWEEN OSAGE EXPLORATION AND
      DEVELOPMENT INC AND GOLD OIL PLC SUCURSAL COLOMBIA

    
      
        

      

    “ROSABLANCA
      ANH CONTRACT (DRAFT)”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    SCHEDULE
      “D”

    

    TO
      CARRIED INTEREST AGREEMENT DATED JUNE 21, 2007 BETWEEN OSAGE EXPLORATION AND
      DEVELOPMENT INC AND GOLD OIL PLC SUCURSAL COLOMBIA

      
        

      

    

    

    “Letter
      ANH-12.002696-2007-S dated May 31st,
      2007”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SCHEDULE
      “E”

    

    TO
      CARRIED INTEREST AGREEMENT DATED JUNE 21, 2007 BETWEEN OSAGE EXPLORATION AND
      DEVELOPMENT INC AND GOLD OIL PLC SUCURSAL COLOMBIA

      
        

      

    

    

    “ACKNOWLEDGEMENT
      AND CONFIRMATION”

    

    This
      acknowledgment and confirmation is dated as of the 21st
      day
      of
      June, 2007, 

     

    BETWEEN:

     

    Gold
      Oil Plc Sucursal Colombia,
      hereinafter referred to as “Gold”, 

    

    

    Empresa
      Petrolera de Servicios y Asesorías S.A.,
      hereinafter referred to as “Empesa”, and

    

    Osage
      Exploration and Development Inc.,
      hereinafter referred to as “Osage”.

    

    

    WHEREAS
      Gold and
      Empesa entered into a Letter of Intent dated July 21st,
      2006
      under which the Parties agreed to cooperate in good faith for the preparation
      and submission of the Rosablanca Block Proposal for an Exploration and
      Production Contract to be awarded by the ANH to Gold. Gold agreed to apply
      to
      the ANH for a Licence for the Rosablanca Prospect for the benefit of Gold and
      Empesa. 

    

    WHEREAS
      Gold and
      Empesa entered into certain Carried Interest Agreement and Joint Operating
      Agreement dated September 19th,
      2007.

    

    WHEREAS
      the ANH
      awarded the Rosablanca Licence to Gold by means of letter ANH-12.002696-2007-S
      dated May 31st,
      2007.

    

    WHEREAS
      Gold and
      Osage entered into a Carried Interest Agreement dated June 21st,,
      2007
      whereby Gold agreed to farmout 50% of the Licence interest to Osage and Osage
      agreed to farmin to 50% of the License interest acting also as Operator under
      the existing Joint Operating Agreement.

    

    NOW
      THEREFORE
      for good
      and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, Gold, Empesa and Osage, pursuant to the terms hereof, acknowledge
      and consent to Osage becoming holder of 50% participating interest in the
      Rosablanca Contract (under the terms of the Carried Interest Agreement among
      Gold and Osage) and under the JOA, and Osage becoming Operator under the
      existing JOA, as follows: 

    

    “Effective
      from the date of signature of this document, Osage accepts to adheres and being
      legally bounded to all the dispositions of the JOA, assuming all rights, duties
      and liabilities of a signing party of the JOA having a 50% participating
      interest under Article 3.2 of the JOA. Likewise effective from the date of
      signature of this document, Osage shall be recognized as Operator and accepts
      to
      adhere and being legally bounded to all the dispositions of the JOA pertaining
      to the rights, duties and liabilities of Operator under the precise terms and
      conditions contained in the JOA.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    In
      evidence of full acceptance by Gold, Empesa and Osage, this document is
      subscribed by the parties in the city of Bogotá, D. C., to the 21st
      day of
      June 2007. 

    

    

    

    OSAGE
      EXPLORATION AND DEVELOPMENT INC

    By:       
      ______________________________

    Name:  
      ______________________________

    Title:    
      ______________________________

    

    

    

    

    

    GOLD
      OIL PLC SUCURSAL COLOMBIA

    

    By:   
          ______________________________

    Name:  
      ______________________________

    Title:    
      ______________________________

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      “F”

    

    TO
      CARRIED INTEREST AGREEMENT DATED JUNE 21, 2007 BETWEEN OSAGE EXPLORATION AND
      DEVELOPMENT INC AND GOLD OIL PLC SUCURSAL COLOMBIA

      
        

      

    

    

    “OPERATIONS
      TRUST AGREEMENT”

    

    

    THIS
      AGREEMENT made as of the 21st day
      of
      June, 2007.

    

    BETWEEN:

    

    Gold
      Oil Plc Sucursal Colombia
      (hereinafter referred to as “Trustee”)

    

    -
      and
      -

    

     

    Osage
      Exploration and Development Inc.,
      (hereinafter
      referred to as (“Beneficiary”)

     

    

    

    WHEREAS:

    

    	A.  	
            Beneficiary
              has acquired from Trustee the Beneficial Interests as established in
              the
              Carried Interest Agreement;

          

     

    	B.  	
            The
              Beneficial Interests consist of, amongst other items, a 50% right,
              title,
              estate and interest in and to the Rosablanca
              Contract;

          

     

    	C.  	
            Transfer
              of registerable title to the Beneficial Interest is subject to obtaining
              the Assignment Approval; and

          

     

    	D.  	
            Trustee
              shall hold and administer the Beneficial Interests in trust for
              Beneficiary until the Assignment Approval is
              obtained.

          

     

    NOW
      THEREFORE
      in
      consideration of the premises hereto and the covenants and agreements
      hereinafter set forth and contained, the Parties hereto covenant and agree
      as
      follows:

     

    ARTICLE
      1

    DEFINITIONS

     

    	1.1      
                	
            Definitions

          

     

    Capitalized
      terms used herein and not defined shall have the meanings ascribed thereto
      in
      Carried Interst Agreement. In this Agreement, including the recitals, unless
      the
      context otherwise requires:

     

    	(a)  	
            “Agreement”
              means this agreement and the Schedules attached
              hereto;

          

     

    	(b)  	
            “ANH”
              means Agencia
              Nacional de Hidrocarburos;

          

     

    	(c)  	
            “Approval
              Date”
              means the
              date upon which Assignment Approval is
              obtained;

          

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    	(d)  	
            “Beneficial
              Interests”
              means 50% of the entire right, title, estate and interest of Beneficiary
              in and to the License;

          

     

    	(e)  	
            “Designated
              Representative”
              means the contact person so designated by Beneficiary for representing
              the
              Trustee towards ANH, any Government authority and third Parties in
              connection to the Contract and the Material
              Agreements;

          

     

    	(f)  	
            “Losses
              and Liabilities”
              means all direct or indirect obligations, liabilities, losses, costs,
              damages, expenses, penalties, fines, claims, demands, actions or damages
              of any kind or nature whatsoever (including, without limitation, court
              costs, legal costs on a solicitor and his own client basis and accounting
              and other professional expenses);

          

     

    	(g)  	
            “Party”
              means Trustee or Beneficiary;

          

     

    	(h)  	
            “Person”
              means any individual or entity, including any partnership, body corporate,
              trust, unincorporated organization, union, government and any department
              or agency thereof and any heir, executor, administrator or other legal
              representative on an individual;

          

     

    	1.2  	
            References
              and Headings

          

     

    The
      references “hereunder”, “herein” and “hereof” refer to the provisions of this
      Agreement, and references to Articles and Sections herein refer to articles
      or
      sections of this Agreement. The headings of the Articles, Sections, Schedules
      and any other headings, captions or indices herein are inserted for convenience
      of reference only and shall not be used in any way in construing or interpreting
      any provision hereof.

    

    	1.3  	
            Singular/Plural;
              Derivatives

          

     

    Whenever
      the singular or masculine or neuter is used in this Agreement or in the
      Schedules, it shall be interpreted as meaning the plural or feminine or body
      politic or corporate, and vice versa, as the context requires. Where a term
      is
      defined herein, a capitalized derivative of such term shall have a corresponding
      meaning unless the context otherwise requires.

     

    	1.4  	
            Statutory
              References

          

     

    Any
      reference to a statute shall include and shall be deemed to be a reference
      to
      such statute and to the regulations made pursuant thereto, and all amendments
      made thereto and enforced from time to time, and to any statute or regulation
      that may be passed which has the effect of supplementing the statute so referred
      to or the regulations made pursuant thereto.

    

    	1.5  	
            Business
              Day

          

     

    Whenever
      any payment to be made or action to be taken under this Agreement is required
      to
      be made or taken on a day other than a Business Day, such payment shall be
      made
      or action taken or the next Business Day following.

     

    	1.6  	
            Monetary
              Sums

          

     

    All
      references herein to dollar amounts or sums of money are to lawful funds of
      the
      United States of America.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    	1.7  	
            Capitalized
              Terms

          

     

    Any
      capitalized terms contained herein and not herein defined shall have the meaning
      ascribed thereto in the Purchase and Sale Agreement.

     

    ARTICLE
      2

    TRUST
      DECLARATION

     

    	2.1  	
            Acknowledgement
              of Trust

          

     

    Subject
      to and in accordance with the provisions of this Agreement, Trustee acknowledges
      and declares that shall hold and possess legal title to the Beneficial Interests
      in trust for and on behalf of Beneficiary for the sole use, enjoyment and
      benefit of Beneficiary, and Trustee further acknowledges that all proceeds,
      benefits and advantages accruing in respect of the Beneficial Interests shall,
      if and when received by Trustee if any, be received and held by Trustee in
      trust
      for and on behalf of Beneficiary.

     

    As
      part
      of its commitments under this Agreement, Trustee accepts to sign and deliver
      on
      behalf of Beneficiary any and all letter, communication, offer, contracts
      (including any Petroleum Substances sale contract with Ecopetrol S.A. or any
      other purchaser elected by Beneficiary) and in general, any document reasonable
      required by Beneficiary for exercising any of its rights, for all the time
      necessary until obtaining the Assignment Approval.

     

    	2.2  	
            Forwarding
              of Benefits

          

     

    If
      Trustee receives direct benefits from the Contract for any reason whatsoever
      (including any proceeds of mandate agreements and sale of Petroleum Substances
      received under a Petroleum Substances Contract signed under instructions of
      Beneficiary) Trustee shall deliver to Beneficiary, on a weekly basis, all
      revenues, proceeds and other benefits received by Trustee, if any, respecting
      the Beneficial Interests, together with all relevant statements and information
      as may be required by Beneficiary. 

     

    	2.3  	
            Forwarding
              of letters and notices

          

     

    Trustee
      shall have twenty four (24) hours to provide to Beneficiary original letters,
      claims, requests and documentation received by Trustee from ANH and any
      Government Authority and any third party related with the Contract and the
      Beneficial Interests, including (notices, mail ballots, specific information,
      communications, invoices, billings, correspondence and other documents), and
      will only respond to such letters, notices, mail ballots, information and other
      documents pursuant to the written direction of Beneficiary.

     

    	2.4  	
            Responding
              to Government and Third Parties

          

     

    Trustee
      shall deliver to Government authorities and Third Parties all such agreements,
      letters, notices and other documents as Beneficiary may direct, provided
      Beneficiary shall promptly respond to any Government requirement or shall
      provide any information or letter required under the License in a timely
      manner.

     

    	2.5  	
            Designated
              Representative

          

     

    	(a)  	
            Trustee
              shall provide Beneficiary in a timely manner with copies of all
              correspondence received by Trustee related to operations or to the
              Beneficial Interest or the Designated Representative, as the case may
              be,
              as per Section 2.3.

          

     

    	2.6  	
            Consent
              of Beneficiary

          

     

    Trustee
      shall not without the prior written consent of Beneficiary; 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    	(a)  	
            make
              any commitment or propose, initiate or authorize any expenditure with
              respect to the Beneficial Interest;

          

     

    	(b)  	
            sell,
              transfer, surrender, abandon, dispose of, mortgage, pledge or otherwise
              encumber the Beneficial Interest;

          

     

    	(c)  	
            amend
              or terminate any agreement or document to which the Beneficial Interests
              are subject, or enter into any new agreement or commitment relating
              to the
              Beneficial Interests; or

          

     

    ARTICLE
      3

    ASSIGNMENTS

     

    	3.1  	
            Assignments

          

     

    	(a)  	
            No
              party shall assign its interest in this Agreement without the prior
              written consent of the other Party.

          

     

    ARTICLE
      4

    RECORDS
      AND AUDITS

     

    	4.1  	
            Records

          

     

    Trustee
      shall provide Beneficiary and the Designated Representative with access, during
      normal business hours, to all information, data, notices, records, books and
      accounts in Trustee's custody or control, or to which Trustee has access,
      respecting the Beneficial Interest.

     

    	4.2  	
            Audits

          

     

    Beneficiary
      may inspect or have inspected the records, books and accounts of Trustee
      concerning the Beneficial Interest at all reasonable times and may have the
      same
      audited once in each calendar year, at its own cost. Any claims of discrepancies
      disclosed by such audit shall be made in writing to Trustee within six (6)
      months of completion of the audit. A Trustee shall respond to Beneficiary in
      writing to all claims of discrepancies within six (6) months of receipt of
      such
      claims. If a Trustee disagrees with such claim or discrepancy and such matter
      cannot be settled, then the matter shall be settled in accordance as established
      in this Agreement.

     

    	4.3  	
            Confidentiality

          

     

    Beneficiary
      shall keep all information provided to it pursuant to this Agreement including,
      without limitation, information made available to it in connection with the
      audits, examinations and inspections conducted by it pursuant to the foregoing
      provisions of this Article, strictly confidential, except for information which
      is required by Applicable Law to be disclosed or becomes publicly available
      through no act or omission of Beneficiary or which becomes available to
      Beneficiary from a source other than a Trustee, without confidentiality
      restrictions.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ARTICLE
      5

    ADDRESSES,
      AND NOTICES

     

    	5.1  	
            Addresses

          

     

    The
      addresses for service and the fax numbers of the Parties hereto shall be those
      set forth in the Carried Interest Agreement:

     

    	5.2  	
            Giving
              and Deemed Receipt of Notices

          

     

    All
      notices, communications and statements required, permitted or contemplated
      hereunder shall be in writing, and shall be delivered as follows:

     

    	(a)  	
            by
              personal service on a Party hereto at the address of such Party set
              out
              above, in which case the item so served shall be deemed to have been
              received by that Party when personally
              served;

          

     

    	(b)  	
            by
              facsimile transmission to a Party hereto to the fax number of such
              Party
              set out above, in which case the item so transmitted shall be deemed
              to
              have been received by that Party when actually received by it, if received
              within normal business hours on any Business Day or at the beginning
              of
              the next Business Day following transmission if that notice is not
              received during normal business hours; or

          

     

    	(c)  	
            except
              in the event of an actual or threatened postal strike or other labour
              disruption that may affect mail service, by mailing first class registered
              post, postage prepaid, to a Party hereto at the address of such Party
              set
              out above, in which case the item so mailed shall be deemed to have
              been
              received by that Party on the fifth day following the date of mailing
              (the
              date of mailing being the day immediately prior to the postmarked date
              of
              the envelope containing the notice, communication or statement or if
              the
              subject envelope has been lost or destroyed, the date of such notice,
              communication or statement or if undated the date of the transmittal
              letter accompanying the same).

          

     

    	5.3  	
            Change
              of Address

          

     

    A
      Party
      hereto may from time to time change its address for service or its fax number
      or
      both by giving written notice of such change to the other Party
      hereto.

     

    ARTICLE
      6

    TERM

     

    	6.1  	
            Term

          

     

    	(a)  	
            This
              Agreement shall remain in full force and effect from the date of this
              Agreement until the Assignment Approval.

          

     

    	(b)  	
            Notwithstanding
              the termination of this Agreement, the provisions respecting liability
              and
              indemnification, audit rights, the settlement of accounts and the remedies
              in respect thereof, shall remain in full force and effect to the extent
              of
              any liabilities which may have accrued prior to the termination of
              this
              Agreement.

          

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
      7-
      LIABILITY AND INDEMNIFICATION

     

    	7.1  	
            Trustee
              Liability

          

     

    Trustee
      shall:

     

    	(a)  	
            be
              liable to Beneficiary for all Losses and Liabilities Beneficiary sustains,
              pays or incurs; and

          

     

    	(b)  	
            indemnify
              and save Beneficiary harmless against all Losses and Liabilities
              whatsoever that may be brought against or suffered by Beneficiary,
              its
              directors, officers, agents and employees or that Beneficiary, its
              directors, officers, agents and employees sustain, pay or
              incur;

          

     

    as
      a
      result of a breach by Trustee of an express term or obligation of this Agreement
      or the negligence of Trustee in the performance or non-performance of this
      Agreement.

     

    	7.2  	
            Beneficiary
              Liability

          

     

    Beneficiary
      shall:

     

    	(a)  	
            be
              liable to Trustee for all Losses and Liabilities Trustee sustain, pay
              or
              incur; and

          

     

    	(b)  	
            indemnify
              and save Trustee harmless against all Losses and Liabilities brought
              against or suffered by Trustee, its directors, officers, agents and
              employees or that Trustee, its directors, officers, agents and employees
              sustain, pay or incur;

          

     

    as
      a
      result of a breach by Beneficiary of an express term of this Agreement or the
      negligence of Beneficiary in the performance or non-performance of this
      Agreement.

     

    ARTICLE
      8

    MISCELLANEOUS

     

    	8.1  	
            Further
              Assurances

          

     

    Each
      Party hereto will, from time to time and at all times hereafter upon request,
      without further consideration, do such further acts and deliver all such further
      assurances, deeds and documents as shall be reasonably required in order to
      fully perform and carry out the terms of this Agreement.

     

    	8.2  	
            Enurement

          

     

    This
      Agreement shall be binding upon and shall enure to the benefit of each of the
      Parties hereto and their respective administrators, trustees, receivers,
      successors and permitted assigns.

     

    	8.3  	
            Waivers
              in Writing

          

     

    No
      waiver
      by any Party of any breach (whether actual or anticipated) of any of the terms,
      conditions, representations or warranties contained herein shall take effect
      or
      be binding upon that Party unless the waiver is expressed in writing under
      the
      authority of that Party. Any waiver so given shall extend only to the particular
      breach so waived and shall not limit or affect any rights with respect to any
      other or future breach.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    	8.4  	
            Remedies
              Generally

          

     

    No
      failure on the part of any Party in exercising any right or remedy hereunder
      shall operate as a waiver thereof, nor shall any single or partial exercise
      of
      any such right or remedy preclude any other or further exercise thereof or
      the
      exercise of any other right or remedy in law or in equity or by statute or
      otherwise conferred.

     

    	8.5  	
            Time
              of Essence

          

     

    Time
      is
      of the essence of this Agreement.

     

    	8.6  	
            Invalidity
              of Provisions

          

     

    In
      case
      any of the provisions of this Agreement should be invalid, illegal or
      unenforceable in any respect, the validity, legality or enforceability of the
      remaining, provisions contained herein shall not in any way be affected or
      impaired thereby.

     

    	8.7  	
            Entire
              Agreement

          

     

    This
      Agreement supersedes all other agreements, documents, writings and verbal
      understanding among the Parties relating to the subject matter hereof and
      expresses the entire agreement of the Parties, in their own capacity with
      respect to the subject matter hereof.

     

    	8.8  	
            Amendments

          

     

    No
      amendment, alteration or variation of this Agreement or any of its terms or
      conditions shall be binding upon the Parties unless made in writing and signed
      by the duly authorized representatives of each of the Parties.

     

    	8.9  	
            Counterparts

          

     

    This
      Agreement may be executed in counterparts, each of which when so executed shall
      be deemed to be an original and such counterparts together shall constitute
      one
      and the same instrument.

     

    IN
      WITNESS WHEREOF the Parties hereto have executed this Agreement as of the date
      first above written.

    

    IN
      WITNESS WHEREOF the
      Parties have executed this Agreement on the date first written
      above.

    

    OSAGE
      EXPLORATION AND DEVELOPMENT INC

    

    By:      
      _________________________________

    

    Name: 
      Kim
      Bradford

    

    Title:   
      _________________________________

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Approved
      by: 

    

    

    By:     
      _________________________________

    

    Name:
      _________________________________

    

    Title: 
       Director

    

    

    

    

    By:     
      _________________________________

    

    Name:
      _________________________________

    

    Title:  
      Director

    

    

    

    GOLD
      OIL PLC SUCURSAL COLOMBIA

    

    By:      
      _________________________________

    

    Name: 
      _________________________________      

    

    Title:   
      _________________________________

    

    

    Approved
      by: GOLD OIL
      PLC
  

    

    

    By:        
      _________________________________

    

    Name:   
      Gary
      Moore

    

    Title:     
      Managing
      Director

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