Document:

Unassociated Document

    LETTER
OF INTENT

     

    THIS LETTER OF INTENT,
hereinafter referred to as the “LOI”, is entered into, dated and made effective
this 19th day of June, 2009,

     

    
      	
               BETWEEN:

            	
              AMERICAN PETRO-HUNTER,
      INC.

            
	 	 
	 	(“APH”) 

    
      	 	 
	
              AND:

            	
              S&W
      OIL & GAS, LLC

            
	 	 
	 	(“S&W”)
	 	 

    

    WHEREAS subject to the
provisions of this LOI and that “Request for Interest” executed and delivered
contemporaneously herewith, S&W has offered to
APH a proportionate share of S&W’s working interest in and to the Rooney
Prospect as described as: T-29-S, R-24 &25W, Ford County, Kansas, including
over 8 sections and over 5,120 acres (the “Prospect”);

    

    AND WHEREAS APH wishes to
acquire a fifty percent (50%) working interest and eighty-one and one-half
percent (81.5%) net revenue interest in the Prospect, and S&W wishes to sell
and transfer to APH, such interests in exchange for payment to S&W of a
total of up to $329,999.76, due and payable as set forth below.

    

    AND WHEREAS the parties wish
to enter into this letter of intent (the “LOI”) that sets forth the material
terms of agreement and payment structure.

     

    NOW, THEREFORE, in
consideration of $10.00 and other good and valuable consideration, the parties
agree as follows:

     

    
      	
              1.  

            	
              APH
      agrees to acquire 32/64ths or twenty five percent (50%) working interest
      and eighty-one and one-half percent (81.5%) net revenue interest in the
      Prospect for (1) an upfront cash payment of $113,333.12 to cover land
      acquisition costs and leasing of 1 and 1⁄2 sections of the Prospect, and (2)
      a cash call right of $216,666.64 to cover 3D seismic survey costs (turnkey
      through processing and interpretation). Provided production is
      established in the Prospect, and APH has paid its proportionate share of
      the costs associated with establishing production from the well, S&W
      will deliver to APH an Assignment of fifty percent (50%) of the working
      interest and eighty-one and one-half percent (81.5%) net revenue interest,
      to APH.

            

    

    

    
      	
              2.

            	
              S&W
      represents and warrants to APH
that:

            

    

    

    
      	
              (a)  

            	
              it
      is validly incorporated and is in good standing with all regulatory
      agencies;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              (b)  

            	
              there
      are no legal actions against S&W or its directors or officers nor does
      S&W know of any intended legal actions against it or any of its
      officers or directors and S&W is not engaged in any legal actions
      against other parties, and is current in all filings with tax and
      regulatory authorities, to the extent any of the above would materially
      affect this proposed transaction;
and

            

    

    

    
      	
              (c)  

            	
              it
      owns the rights and has the authority and is not precluded by law or
      contract from issuing the fifty percent (50%) working interest and
      eighty-one and one-half percent (81.5%) net revenue interest in the
      Prospect as contemplated under this LO; provided, however, S&W makes
      no warranty express or implied, against title defects or encumbrances
      against the working interest, whether of record or
    otherwise.

            

    

    

    
      	
              3.

            	
              APH,
      will not make any disclosure or public announcement of the proposed
      transactions, this LOI, or the terms hereof, or the proposed or actual
      operations or results hereunder, without the prior knowledge and written
      consent of S&W except as required by U.S. securities
    laws.

            

    

    

    
      	
               
      

            	
              S&W
      will not make any disclosure or public announcement regarding APH’s
      participation in the proposed transactions, this LOI, the terms hereof, or
      the proposed or actual operations or results hereunder, without the prior
      knowledge and written consent of
APH.

            

    

    

    
      	
              4.

            	
              Each
      party agrees and acknowledges that such party and its directors, officers,
      employees, agents and representatives will and may disclose business
      information and information about the proposed transaction in the course
      of securing financings for APH and S&W and that both parties and their
      representatives may be required to disclose that information under
      applicable regulatory requirements, if
any.

            

    

    

    
      	
              5.

            	
              This
      LOI shall be construed in accordance with, and governed by, the laws of
      the State of Kansas, and each party separately and unconditionally
      subjects to the jurisdiction of any court of competent authority in
      Wichita, Kansas, and the rules and regulations thereof, for all purposes
      related to this agreement and their respective performance hereunder and
      regardless of whether or not any business, transaction of business or
      other connection to the State of Kansas is absent, and otherwise without
      regard to choice of law provisions.

            

    

    

    
      	
              6.

            	
              This
      LOI is subject to that Request for Interest dated June 19, 2009 and
      executed by APH and delivered to S&W contemporaneously
      herewith.  In the event of a conflict between the terms of this
      LOI and the terms of the Request for Interest, the Request for Interest
      shall control.

            

    

    

    
      	
              7.

            	
              If
      any term or provision hereof shall be held illegal or invalid, this LOI
      shall be construed and enforced as if such illegal or invalid term or
      provision had not been contained
herein.

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              8.

            	
              All
      references to currency in this LOI are references to the lawful currency
      of the United States of America.

            

    

    

    
      	
              9.  

            	
              APH
      may, at any time upon prior consent of S&W, which consent may be
      granted or withheld at S&W’s sole discretion, which consent shall not
      be unreasonably withheld, assign any or all of APH’S interest in and to
      this LOI.

            

    

    

    
      	
              10.  

            	
              This
      LOI shall terminate and be of no further effect upon the occurrence of
      either

            

    

    

    
      	
              a.  

            	
              The
      point at which production is successfully established from the proposed
      Rooney #1 well, and S&W has delivered to APH the above-described
      Assignment; or

            

    

    
      	
              b.  

            	
              The
      Rooney #1 well has been plugged and abandoned as a dry
    hole.

            

    

    
 

    The
above terms are hereby read, understood, acknowledged and accepted effective the
19th day of June, 2009.

    

    AMERICAN
PETRO-HUNTER, INC.

    

    

    /s/
Robert McIntosh

    Name:
Robert McIntosh

    Title:
President, CEO

    

    

    

    

    

    

    S&W
GAS & OIL, LLC

    

    

    /s/
R.D. Wood

    Name:
R.D. Wood

    Title:
PresidentUnassociated Document

    Exhibit
10.1

      AGREEMENT

      

      AGREEMENT (this
“Agreement”), dated
as of May 10, 2009 (the “Effective Date”), by and between GSV, Inc., a Delaware
corporation (the “Company”), and D. Emerald Investments Ltd., an Israeli
corporation (the “Investor”).

      

      WITNESSETH:

      

      WHEREAS, pursuant to a
Purchase Agreement dated as of May 11, 2004 (the “Purchase Agreement”), the
Investor purchased (i) a two-year 8% convertible promissory note in the
principal amount of $200,000 (the “Original Note”), and (ii) a warrant to
purchase up to 1,142,857 shares (“Shares”) of common stock, par value $.001 per
share (“Common Stock”), of the Company, at a price of $.70 per share (the
“Original Warrant” from the Company;

      

      WHEREAS, the Investor and the
Company extended and renewed the Original Note and Original Warrant such that
the maturity date of the Original Note became July 10, 2009, the last date on
which the Original Note could be converted into Common Stock became July 10,
2009 and the expiration date of the Warrant became May 10, 2009;
and

      

      WHEREAS, the Company and the
Investor now desire to amend and restate the terms of the Original Note and
Original Warrant in order to renew and extend again their respective rights and
obligations under such agreements.

      

      NOW, THEREFORE, in
consideration of the premises, the mutual covenants herein contained and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

      

      1.           Amendment
and Restatement of Original Note.  The Original Note will be
amended and restated in the form of Exhibit
A hereto (the “Substitute Note”), which shall in all respects substitute
for the Original Note and shall be executed and delivered by the Company to the
Investor contemporaneously with this Agreement, together with delivery by the
Company to the Investor of the executed consent of Polystick U.S. Corporation in
the form of Exhibit
B hereto.

      

      2.         
Amendment
and Restatement of Original Warrant.  The Original Warrant will
be amended and restated in the form of Exhibit
B hereto (the “Substitute Warrant”), which shall in all respects
substitute for the Original Warrant and shall be executed and delivered by the
Company to the Investor contemporaneously with this Agreement.

      

      3.           Representations and
Warranties of the Company

      

      The Company hereby represents, warrants
and agrees to and with the Investor as follows:

      

      (a)           Organization and Good
Standing. The Company is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware and has all
requisite corporate power and authority to carry on its business as now
conducted. The Company is duly qualified to transact business and is in good
standing in each jurisdiction in which the failure so to qualify would have a
material adverse effect on its business or properties.  The rights,
preferences, privileges and restrictions granted to or imposed upon the Shares,
and the holders thereof are as set forth in the Company's Certificate of
Incorporation and Certificates of Amendment thereof, Certificate of Merger and
Amended and Restated By-laws, true and complete copies of which have been
delivered to Investor and are attached as Exhibit E to the Purchase Agreement,
except insofar as such rights are affected by the terms of the Company’s Series
C preferred stock, the provisions of which have been previously provided to the
Investor.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      

      (b)           Authorization.  All
corporate action on the part of the Company, its officers, directors and
stockholders necessary for the authorization, execution and delivery of this
Agreement and the performance of all obligations of the Company hereunder has
been taken.  This Agreement constitutes the valid and legally binding
obligation of the Company, enforceable in accordance with its terms, except (i)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors' rights
generally, and (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies.

      

      4.           Representations and
Warranties of Investor

      

      The
Investor hereby represents, warrants and agrees to and with the Company as
follows:

      

        
(a)           Organization, Good
Standing. The Investor is a corporation duly organized, validly existing
and in good standing under the laws of Israel.

      

        
(b)           Authorization.  All
corporate action on the part of the Investor, its officers, directors and
stockholders, necessary for the authorization, execution and delivery of this
Agreement and the performance of all obligations of the Investor hereunder has
been taken.  This Agreement constitutes the valid and legally binding
obligation of the Investor, enforceable in accordance with its terms, except (i)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors’ rights
generally, and (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies.

      

      5.           Miscellaneous.

      

        
(a)           Further
Assurances.  The parties to this Agreement agree to execute and
deliver any and all papers and documents that may be necessary to carry out the
terms of this Agreement.

      

        
(b)           Entire
Agreement.  Except as otherwise provided in this Agreement or
the Purchase Agreement, this Agreement, the Purchase Agreement, the Substitute
Note and the Substitute Warrant contain the entire agreement among the parties
hereto and there are no agreements, representations or warranties that are not
set forth herein.  This Agreement may not be amended, revised,
terminated or waived except by an instrument in writing signed and delivered by
the party to be charged therewith.

      

        
(c)           Binding Effect,
Assignment.  This Agreement shall be binding upon and inure to
the benefit of the successors of the respective parties hereto.

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

         

      

      (d)           Governing Law and
Jurisdiction.  This Agreement will be deemed to have been made
and delivered in New York City and will be governed as to validity,
interpretation, construction, effect and in all other respects by the internal
laws of the State of New York.  Each of the Company and the Investor
hereby (i) agrees that any legal suit, action or proceeding arising out of or
relating to this Agreement will be instituted exclusively in New York State
Supreme Court, County of New York or in the United States District Court for the
Southern District of New York, (ii) waives any objection to the venue of any
such suit, action or proceeding and the right to assert that such forum is not a
convenient forum for such suit, action or proceeding, (iii) irrevocably consents
to the jurisdiction of the New York State Supreme Court, County of New York and
the United States District Court for the Southern District of New York in any
such suit, action or proceeding, (iv) agrees to accept and acknowledge service
of any and all process that may be served in any such suit, action or proceeding
in New York State Supreme Court, County of New York or in the United States
District Court for the Southern District of New York and (v) agrees that service
of process upon it mailed by certified mail to its address set forth in Section
5(f) below will be deemed in every respect effective service of process upon it
in any suit, action or proceeding.

      

      (e)           Notices.  All
notices, consents, requests, demands and other communications herein shall be in
writing and shall be deemed duly given to any party or parties (a) upon delivery
to the address of the party or parties as specified below if delivered in person
or any courier or if sent by certified or registered mail (return receipt
requested); or (b) upon dispatch if transmitted by confirmed telecopy or other
means of confirmed facsimile transmissions, in each case as addressed to such
party or parties at their addresses as set forth in the Purchase
Agreement.  The parties hereto may designate different addresses or
facsimile numbers by written notice in the aforesaid manner.

      

      (f)           Survival of Representations
and Warranties.  The representations, warranties and covenants
of the Company and the Investor contained in or made pursuant to this Agreement
shall survive the execution and delivery of this Agreement and shall in no way
be affected by any investigation of the subject matter thereof by or on behalf
of the Investor or the Company.

      

      (g)           Severability.  In
the event any provision of this Agreement is found to be void and unenforceable
by a court of competent jurisdiction, the remaining provisions of this Agreement
shall nevertheless be binding upon the parties with the same effect as though
the void or unenforceable part had been severed and deleted.

      

      (h)           Counterparts.  This
Agreement may be signed in two counterparts, each of which shall be an original
and both of which together shall constitute one and the same
instrument.  It shall not be necessary in making proof of this
Agreement or any counterpart hereof to produce or account for any of the other
counterparts.

      

      [Signatures
appear on following page]

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

      IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed as of the date first
written above.

      

      
        
          
            	
                    GSV,
      INC.

                  
	 
      
	
                    By:

                  	
                    /s/ Gilad Gat

                  
	
                    Name:

                  	
                    Gilad
      Gat

                  
	
                    Title:

                  	
                    Chief
      Executive Officer and President

                  
	 
      	 
      
	
                    D.
      EMERALD INVESTMENTS LTD.

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Roy Harel

                  
	
                    Name:

                  	
                    Roy
      Harel

                  
	
                    Title:

                  	
                    Manager

                  

          

        

      

      
        
           

        

        
          4

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