Document:

Exhibit 10.9

                                MICROISLET, INC.

                           TABLE OF STOCK UNIT AWARDS

         In December 2007, the registrant's board of directors awarded
restricted stock units representing the right to receive 300,000 shares of
common stock to two individuals associated with an investor relations firm.
These stock unit awards were not approved by the registrant's security holders.
The stock unit awards are documented pursuant to the Stock Units Agreement in
the form attached hereto as Exhibit 10.8.

         The table set forth below lists the number of stock units awarded to
each awardee and the corresponding vesting schedule.

<TABLE>
<CAPTION>
<S>     <C>

Name of Awardee           No. of Stock Units     Vesting Schedule
---------------           ------------------     ----------------

(1)                       240,000                1/12 of the stock units vest on each monthly anniversary of
                                                 November 27, 2007, subject to continuing service.

(1)                         60,000               1/12 of the stock units vest on each monthly anniversary of
                                                 November 27, 2007, subject to continuing service.

</TABLE>

*  *  *

(1)      The names of the awardees are not disclosed because they are not
         directors or officers of the registrant.petroresources_10q-ex1001.htm

     

    EXHIBIT
10.1

    
 

     

      
        

      

    

    FIRST
AMENDMENT

    TO

    CREDIT
AGREEMENT

     

    DATED
AS OF

    MAY
13, 2008

     

    Between

     

    PRC
Williston LLC

     

    as
the Borrower,

     

    D.B.
Zwirn Special Opportunities Fund, L.P.

    as
the Administrative Agent,

     

    
      
        

      

    

     

    
      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    FIRST
AMENDMENT TO CREDIT AGREEMENT

     

    THIS FIRST AMENDMENT TO CREDIT
AGREEMENT (this “First Amendment”)
dated as of May 13, 2008, is among PRC Williston LLC, a Delaware
limited liability company (the “Borrower”); D. B. Zwirn Special Opportunities
Fund, L.P., a Delaware limited partnership, as administrative agent (in
such capacity, together with its successors in such capacity, the “Administrative
Agent”) for the lenders party to the Credit Agreement referred to below
(collectively, the “Lenders”).

     

    R E C I T A L
S

     

    A.           The
Borrower, the Administrative Agent and the Lenders are parties to that certain
Credit Agreement dated as of February 16, 2007 (the “Original Credit
Agreement”), pursuant to which the Lenders have made certain extensions
of credit available to the Borrower.

     

    B.           The
Borrower has requested and the Lenders have agreed to amend certain provisions
of the Original Credit Agreement under terms and conditions of this First
Amendment.

     

    C.           NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows:

     

    Section
1.    Defined
Terms.  Each
capitalized term used herein, but not otherwise defined herein has the meaning
given such term in the Credit Agreement. Unless otherwise indicated, all
references to Sections in this First Amendment refer to Sections of the Credit
Agreement.  The term “Credit Agreement” means the Original Credit
Agreement as amended by this First Amendment.

     

    Section
2.    Amendments to Credit
Agreement.

     

    2.1    Amendments to Section
1.02.

     

    The
following definitions provided for in Section 1.02 are hereby amended and
restated in their entirety to read as follows:

     

    “EBITDA” means, for
any period, the sum of Consolidated Net Income for such period plus the
following expenses or charges to the extent deducted from Consolidated Net
Income in such period: interest, income taxes, depreciation, depletion,
amortization and other similar noncash charges, minus all noncash items added to
Consolidated Net Income.  Notwithstanding the foregoing, for purposes
of computing EBITDA for any fiscal quarter ending on or before March 31, 2009,
(i) in lieu of using the actual Operating Costs incurred by  Borrower
and its Consolidated Subsidiaries for such fiscal quarter Borrower shall use a
fixed amount of $255,000 per fiscal quarter and (ii) in lieu of using the actual
General Administrative Costs incurred by  Borrower and its
Consolidated Subsidiaries for such fiscal quarter Borrower shall use a fixed
amount of $60,000 per fiscal quarter.

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

       

    

    “Consolidated Interest
Expense” means, for any period, total interest expense and prepayment
charges (including that which is capitalized and that which is attributable to
Capital Leases, in accordance with GAAP) of the Borrower and its Consolidated
Subsidiaries, as appropriate, on a consolidated basis with respect to all
outstanding indebtedness of the Borrower and its Consolidated Subsidiaries, but
excluding, specifically, all commissions, discounts and other fees and charges
owed with respect to any letters of credit, amortization of debt, discount,
expense and other deferred financing costs.

     

    Section
3.    Waivers.  Administrative
Agent, for itself and on behalf of the Lenders, agrees that Borrower is not
required to comply with Section 10.01(a) and Section 10.01(b) with respect to
meeting the financial covenant ratios provided for therein for the fiscal
quarter ending March 31, 2008.

     

    Section
4.    Conditions
Precedent.  This
First Amendment shall not become effective until the date (the “Effective Date”) on
which each of the following conditions is satisfied or waived in accordance with
Section 13.02 of the Credit Agreement:

     

    4.1    The
Administrative Agent shall have received from the Borrower counterparts in such
number as may be requested by the Administrative Agent of this First Amendment
signed on behalf of Borrower.

     

    4.2    The
Administrative Agent shall have received such other documents as the
Administrative Agent or special counsel to the Administrative Agent may
reasonably request.

     

    4.3    No
Default shall have occurred and be continuing, after giving effect to the terms
of this First Amendment.

     

    Section
5.    Miscellaneous.

     

    5.1    Acknowledgment.  Borrower
acknowledges and agrees that (i) prior to the date hereof that Lenders have
advanced $31,425,442 to Borrower, (ii) the amount outstanding under the Credit
Agreement as of the date hereof is $16,103,772, (iii) there has been no
Subsequent Commitment Increase since September 12, 2007 and that such Subsequent
Commitment Increase which, was originally an increase of $8,136,000, is the only
Subsequent Commitment Increase that Lenders and Administrative Agent have
approved through the date hereof that has any availability left thereunder and
as of the date hereof the amount that remains available thereunder for Loans
(subject to the other terms of the Credit Agreement) is $1,110,380 (“Available Subsequent
Commitment Increase”) and (iv) other than with respect to the Available
Subsequent Commitment Increase, Lenders have advanced the full amount required
to be advanced pursuant to the Credit Agreement and each Subsequent Commitment
Increase under the Credit Agreement and Lenders have no further obligation to
advance any amounts under the Credit Agreement unless and until the Lenders in
their sole and unfettered discretion approve a new Subsequent Commitment
Increase Request after the date hereof.

     

    5.2    Confirmation.  The
provisions of the Credit Agreement, as amended by this First Amendment, shall
remain in full force and effect following the effectiveness of this First
Amendment.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    5.3    Ratification and
Affirmation; Representations and Warranties.  The
Borrower and each Guarantor hereby (a) acknowledges the terms of this First
Amendment; (b) ratifies and affirms its obligations under, and acknowledges,
renews and extends its continued liability under, each Loan Document to which it
is a party and agrees that each Loan Document to which it is a party remains in
full force and effect, except as expressly amended hereby and the waivers
granted pursuant to waiver letters dated as of August 27, 2007, September 19,
2007, October 29, 2007, and March 10, 2008 between Administrative Agent and
Borrower, and (c) represents and warrants to the Lenders that as of the date
hereof, after giving effect to the terms of this First Amendment all of the
representations and warranties contained in each Loan Document to which it is a
party are true and correct, unless such representations and warranties are
stated to relate to a specific earlier date, in which case, such representations
and warranties shall continue to be true and correct as of such earlier
date.

     

    5.4    No
Waiver.  Borrower understands and agrees, for itself and for
any and all predecessors, successors, affiliates and assigns, including any
shareholder, indirect or otherwise, any employee, director, agent, officer,
consultant or otherwise, and any affiliate of any of the foregoing, that except
for the waivers expressly provided for in Section 3 above, the execution of this
agreement and any actions taken in respect thereto will not be deemed to act as
a waiver of any rights or actions any such party may have against any other such
party.

     

    5.5    Loan
Document.  This
First Amendment is a “Loan Document” as defined and described in the Credit
Agreement and all of the terms and provisions of the Credit Agreement relating
to Loan Documents shall apply hereto.

     

    5.6    Counterparts.  This
First Amendment may be executed by one or more of the parties hereto in any
number of separate counterparts, and all of such counterparts taken together
shall be deemed to constitute one and the same instrument.  Delivery
of this First Amendment by facsimile transmission shall be effective as delivery
of a manually executed counterpart hereof.

     

    5.7    NO ORAL
AGREEMENT.  THIS
FIRST AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN
CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL
AGREEMENTS AMONG THE PARTIES.

     

    5.8    GOVERNING
LAW.  THIS
FIRST AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY
HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.

     

     

    [SIGNATURES BEGIN NEXT
PAGE]

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

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

     

    
      	BORROWER: 	PRC
      WILLISTON LLC 
	 	 
	 	By:      
      /s/ Wayne
      P.
      Hall                                                  
           
	 	
              Wayne P. Hall, Chief
      Executive Officer

            
	 	 
	 	 
	ADMINISTRATIVE
      AGENT: 	      
              D.
      B. ZWIRN SPECIAL OPPORTUNITIES FUND, L.P. 

            
	 	 
	 	By:         
      D.B. Zwirn Partners,
      LLC, its general partner
	 	 
	 	
              By:       /s/ David C.
      Lee                                          
       

            
	 	
              Name:  David C.
      Lee

            
	 	
              Title:   
      Authorized Signatory

            
	 	 
	
               

            	 
	ACKNOWLEDGED AND
      AGREED TO BY: 	 
	 	 
	 	 
	      
              GUARANTOR: 

            	      
              PETRO
      RESOURCES CORPORATION 

            
	 	 
	 	By:      
      /s/ Wayne
      P.
      Hall                                                         
	 	      
              Wayne P. Hall, Chief
      Executive Officer 

            

    

     

     

     

    4

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