Document:

ex10-4.htm

    Exhibit 10.4

     

    DEED OF
ASSIGNMENT

     

    Regional
Studies Agreement Areas I, II, III and IV

     

    This
Assignment is made and entered into as of March 12, 2010, between Upland Oil and
Gas LLC Sucursal del Peru (“Upland”), as assignor, and Gulf United Energy del
Peru Ltd. (“Gulf”), as assignee.

     

    WHEREAS,
on February 28, 2008, PeruPetro S.A. and Petron Resources S.A. and Upland
Oil and Gas LLC Sucursal del Peru entered into Regional Studies Agreement (the
“TEA Agreement”) covering Areas I, II, III and IV (“TEA Areas”);

     

    WHEREAS,
capitalized terms used, but not defined, in this Assignment have the meanings
ascribed to them in the TEA Agreement;

     

    WHEREAS,
Upland holds one hundred percent (100%) of the rights and obligations of the
Company under the TEA Agreement (subject only to overriding royalty interest of
1% of gross revenues from the TEA Areas assigned to HTX Capital, LLC pursuant to
that certain Override Agreement by and between Upland and HTX Capital, LLC dated
the 20th day of January, 2010) (“TEA Override”);

     

    WHEREAS,
Upland desires to assign to Gulf, and Gulf desires to accept, an undivided
thirty percent (35%) of Upland’s rights and obligations under the TEA
Agreement.

     

    NOW
THEREFORE, in consideration of the mutual covenants herein:

     

    
      	
               
      

            	
              1.

            	
              Upland
      hereby assigns to Gulf, and Gulf hereby accepts from Upland, an undivided
      thirty-five percent (35%) interest in the rights and obligations of the
      Company under the TEA Agreement, subject only to a proportionate part of
      the TEA Override (said interest is hereinafter referred to as the
      “Assigned Interest”).

               

            

    

    
      	
               
      

            	
              2.

            	
              Gulf
      hereby assumes all obligations with respect to the Assigned Interest
      arising after the date hereof.

               

            

    

    
      	
               
      

            	
              3.

            	
              Upland
      will continue being the Operator under the TEA Agreement.

               

            

    

    
      	
               
      

            	
              4.

            	
              This
      Assignment shall be effective as from the date first set forth
      above.

               

            

    

    
      	
               
      

            	
              5.

            	
              This
      Assignment shall be governed by and interpreted in accordance with the
      laws of the State of Texas, United States of America except to the extent
      laws of any other jurisdiction are mandatorily
  applicable.

            

    

    

    TO HAVE
AND TO HOLD the Assigned Interest together with all rights, hereditaments and
appurtenances thereto belonging, unto Gulf, its successors and assigns forever,
and Upland does hereby bind itself and its successors to warrant and forever
defend the Assigned Interest unto Gulf, its successors and assigns against every
person whomsoever lawfully claiming or to claim the same.

     

    This
Assignment is subject to that certain Participation Agreement by and between
Upland and Gulf dated the 12th day of March, 2010 (the
“Agreement”).  Any assignment of this Assignment or the Assigned
Interests transferred herein, in whole or in part (and any subsequent
assignments), will be subject to the terms and conditions of the Agreement, the
License Agreement, and the TEA JOA to be entered into pursuant to Clause 2.7 of
the Agreement, specifically including, without limitation, the default
provisions set forth in Clause 2.8 of the Agreement.

     

    [Signature
page follows.]

     

    

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, Upland and Gulf have caused this Assignment to be signed by
their respective, duly authorized representatives as of the date first above
written.

     

    

     

    
      	
              Upland
      Oil and Gas LLC

            	 
      
	 	 
	
              Upland
      Oil and Gas LLC Sucursal de Peru

            	
              Gulf
      United Energy del Peru Ltd.

            
	 
      	 
      
	
              By:

            	
              By:

            
	 
      	 
      
	
              Name:

            	
              Name:

            
	 
      	 
      
	
              Title:

            	
              Title:

            
	 
      	 
      
	
              Date:

            	
              Date:

            

    

    

     

    
      
         

      

      
        -2-ex10-5.htm

    Exhibit
10.5

     

    DEBT
CONVERSION AGREEMENT

    

    This Debt
Conversion Agreement (“Agreement”) is effective as of March 12, 2010, by and
between Gulf United Energy, Inc., a Nevada corporation (the “Company”) and James
M. Askew (“Investor”).

    

    WHEREAS, the Company and
Investor are parties to that certain promissory note dated April 10, 2007 (the
“Note”);

    

    WHEREAS, on March 11, 2010,
Investor executed a letter agreement pursuant to which Investor forgave all
accrued and unpaid interest due under the Note through March 11,
2010.

    

    WHEREAS, as of March 12, 2010,
there was an aggregate of $1,639,685 of outstanding principal due under the
Note;

    

    WHEREAS, the Company and
Investor desire to convert $400,000 of the outstanding principal (the “Debt”)
into 40,000,000 shares of the Company’s restricted common stock (the
“Shares”);

    

    WHEREAS, subsequent to the
conversion of the Debt into the Shares, there will be an aggregate of $1,239,685
of principal remaining under the Note;

    

    WHEREAS, upon the execution of
this Agreement, the Company will issue Investor a new promissory note, in the
form attached hereto as Exhibit A (the “New Note”), representing an amount of
principal equal to $1,089,685 due under the Note and not converted hereunder,
bearing interest at the rate of 10% per annum, with the remaining $150,000 of
the principal amount due under the Note being payable by the Company to Investor
in cash.

    

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

    

    1.           Investor
agrees to convert the Debt into the Shares and to accept the New Note as payment
for the principal amount of the Note not converted hereunder.  The
Company shall thereafter issue to Investor or as Investor directs the Shares,
provided, however, that 20,000,000 of the Shares will not be issuable to
Investor until three days after the Company’s amendment to its articles of
incorporation to increase its authorized shares of common stock becomes
effective.  The Company deliver certificates representing the Shares
as well as the New Note to Investor or as Investor otherwise directs promptly
following the execution of this Agreement.  The Company shall make the
cash payment of $150,000 to Investor via certified check or wire transfer
concurrently upon the execution of this Agreement.

     

    2.           Representations
and Warranties

     

    The
Investor hereby represents and warrants that:

     

    A.           Purchase for
Investment.  The Investor is acquiring the Shares and the New
Note for his own account and not with a view to or for sale in connection with
the distribution thereof (other than a private sale).  The Investor
has been advised that the Shares and the New Note to be issued and sold
hereunder have not been registered under the Securities Act of 1933, as amended
(“Securities Act”), or applicable state securities laws and that they must be
held indefinitely unless the offer and sale thereof are subsequently registered
under the Securities Act or any exemption from such registration is
available.  The Investor understands and agrees that the Shares and
the New Note will be issued with a restrictive legend to the effect that: “THE SECURITIES REPRESENTED HEREBY
MAY NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE
PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, (II) SUCH SECURITIES MAY BE
SOLD PURSUANT TO RULE 144, OR (III) THE COMPANY HAS RECEIVED AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE
WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933 OR QUALIFICATION UNDER
APPLICABLE STATE SECURITIES LAWS.  NOTWITHSTANDING THE FOREGOING, THE
SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED
BY THE SECURITIES.”

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    B.           Investment
Risk.  Because of the Investor’s financial positions and other
factors, the transactions contemplated by this Agreement may involve a high
degree of financial risk, and the Investor understands they may lose their
entire investment in the Shares and the New Note.

     

    C.          Access to
Information.  Investor has all been afforded the opportunity to
discuss the transaction with legal and accounting professionals and to examine
and evaluate the financial impact of the transactions contemplated
herein.

     

    D.          Ability.  This
Agreement has been duly executed and delivered by Investor and constitutes a
binding, and enforceable obligation of the Investor.

     

    E.           Third Party
Consent.  No authorization, consent, or approval of, or
registration or filing with, any governmental authority or any other person is
required to be obtained or made by the Investor in connection with the
execution, delivery, or the Company’s performance of this
Agreement.

     

    F.           Accredited
Investor.  The Investor (i) has such knowledge and
experience in financial and business matters that Investor is capable of
evaluating the merits and risks of the purchase of the Shares, (ii) has a net
worth significantly in excess of the amount of the purchase price for the Shares
and is able to bear the economic risk of a complete loss on the purchase of the
Shares, and (iii) is an “accredited investors” as that term is defined in
Rule 501(a) of Regulation D under the Securities Act.

     

    3.           Miscellaneous

     

    A.         
Entire
Agreement.  This Agreement sets forth the entire understanding
between the parties hereto and no other prior written or oral statement or
agreement shall be recognized or enforced.

     

    B.           Severability.  If
a court of competent jurisdiction determines that any clause or provision of
this Agreement is invalid, illegal or unenforceable, the other clauses and
provisions of the Agreement shall remain in full force and effect and the
clauses and provision which are determined to be void, illegal or unenforceable
shall be limited so that they shall remain in effect to the extent permissible
by law.

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    C.           Assignment.  None
of the parties hereto may assign this Agreement without the express written
consent of the other parties and any approved assignment shall be binding on and
inure to the benefit of such successor or, in the event of death or incapacity,
on assignor’s heirs, executors, administrators and successors.

     

    D.          Applicable
Law.  This Agreement shall be governed by the laws of the State
of Texas, without giving effect to the conflict of laws provisions
thereof.

     

    E.           Counterparts.  It
is understood and agreed that this Agreement may be executed in any number of
identical counterparts, each of which may be deemed an original for all
purposes.

     

    F.           Further
Assurances.  At any time, and from time to time after the debt
for equity swap, each party hereto will execute such additional instruments and
take such action as may be reasonably requested by the other party to carry out
the intent and purposes of this Agreement.

     

    G.          Amendment or
Waiver.  Every right and remedy provided herein shall be
cumulative with every other right and remedy, whether conferred herein, at law,
or in equity, and may be enforced concurrently herewith, and no waiver by any
party of the Company’s performance of any obligation by the other shall be
construed as a waiver of the same or any other default then, theretofore, or
thereafter occurring or existing.  A writing signed by all parties
hereto may amend this Agreement.

     

    H.          Headings.  The
section and subsection headings in this Agreement are inserted for convenience
only and shall not affect in any way the meaning or interpretation of this
Agreement.

     

    I.           
Facsimile.  A
facsimile, telecopy or other reproduction of this Agreement may be executed by
one or more parties hereto and such executed copy may be delivered by facsimile
or similar instantaneous electronic transmission device pursuant to which the
signature of or on behalf of such party can be seen, and such execution and
delivery shall be considered valid, binding and effective for all
purposes.  At the request of any party hereto, all parties agree to
execute an original of this Agreement as well as any facsimile, telecopy or
other reproduction hereof.

     

    IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date set forth above.

     

    

    
      	
              Company:

            	

              Investor:

            
	 
      	 
      
	
              Gulf
      United Energy, Inc.

            	/s/
      James Akew
	 
      	 
	 
      	 
      
	
              By:                                  
      

            	 
      
	
              Name:                             
      

            	 
      
	
              Title:                                
      

            	 
      
	
              Investor:                                

            	 
      
	 
      	 
      
	
            	 
      
	
            	 
      
	 
      	 
      
	 
      	 
      

    

    

    

    
      
        
        

      

      
        -3-

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