Document:

EX-4.5

 Exhibit 4.5 

THIRD AMENDMENT TO THE STOCKHOLDER AGREEMENT 

This Amendment (this “Amendment”), dated as of November 13, 2013, is made by EVERTEC, Inc. (f.k.a. Carib Latam
Holdings, Inc.), a corporation organized under the laws of the Commonwealth of Puerto Rico (the “Company”), AP Carib Holdings, Ltd., an exempted company organized under the laws of the Cayman Islands
(“Apollo”), Popular, Inc., a corporation organized under the laws of the Commonwealth of Puerto Rico (“Popular”) and the other Holders signatory hereto. Capitalized terms used and not otherwise defined
herein have the meanings set forth in the Stockholder Agreement (as defined below). 
 WHEREAS, the Company, Apollo, Popular, and the other
Holders are parties to that certain Stockholder Agreement, dated as of April 17, 2012, as amended by the First Amendment to the Stockholder Agreement dated as of March 27, 2013 and the Second Amendment to the Stockholder Agreement dated as
of June 30, 2013 (as so amended, the “Stockholder Agreement”); 
 WHEREAS, Section 12(h) of the
Stockholder Agreement provides, among other things, that the Stockholder Agreement may be amended by the Company from time to time with the written consent of (a) the Holders holding at least a majority of the Class A Shares held by all of
the Holders at the time of such amendment and (b) for so long as a Principal Stockholder’s Proportionate Percentage is at least 10%, such Principal Stockholder; 

WHEREAS, in connection with the Initial Public Offering of the Company, the Company implemented a Conversion of the Class B Common Shares into
Class A Common Shares and thereafter reclassified the Class A Common Shares as Common Shares; 
 WHEREAS, Apollo and Popular
collectively own a majority of the issued and outstanding Common Shares held by all of the Holders, and Apollo, Popular, the other Holders who have executed this Amendment, and the Company desire to amend certain provisions of the Stockholder
Agreement as set forth in this Amendment. 
 NOW, THEREFORE, in consideration of the covenants and agreements contained herein and in the
Stockholder Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

A. Amendments to the Stockholder Agreement. The Stockholder Agreement is hereby amended as follows: 

1. Section 1 – Definitions. Effective as of the date hereof, Section 1 of the Stockholder Agreement is hereby amended as
follows: 
 (a) Section 1 shall be amended by adding the following proviso to the end of the definition of “Public Sale”.

 “; provided further that, for the avoidance of doubt, a sale
of Common Shares by a current or former employee, director or officer of the Company or any of its Subsidiaries shall constitute a “Public Sale” for purposes of this Agreement if such sale is made pursuant to Rule 144 (or a successor rule
thereto), including compliance with the manner of sale requirements set forth in Rule 144(f) and (g) irrespective of whether such Holder is an “affiliate” of the Company (as determined under Rule 144).” 

2. Section 4(f) – Securities Restrictions; Legends. Section 4(f) of the Stockholder Agreement is hereby amended by
inserting the following at the end of such Section as new Section 4(f)(iv) and (v): 
 “(iv) 10b5-1 Plans. The following
provisions shall apply solely with respect to sales pursuant to a trading plan established in accordance with Rule 10b5-1(c) of the Securities Act and approved by the Company (a “10b5-1 Plan”): 

(A) Delivery of 10b5-1 Plan Notice in Connection with Establishment of 10b5-1 Plan. A current or former employee, director or officer
of the Company or any of its Subsidiaries shall be deemed to have delivered the notice describing the manner and circumstances of intended Transfers required by Section 4(f)(ii) with respect to sales under a 10b5-1 Plan, if such Holder
delivers the following documents at least 15 days (or 5 Business Days if such 10b5-1 Plan was established prior to November 13, 2013) prior to the commencement of sales under such 10b5-1 plan: 

(1) a notice (a “10b5-1 Plan Notice”) to the Company in form and substance reasonably satisfactory to the Company:
(w) stating that such Holder has established a 10b5-1 Plan, (x) stating its intention that all such sales under such 10b5-1 Plan shall comply with Section 4 of this Agreement, (y) agreeing to the undertaking set forth in
Section 4(f)(iv)(D) below and (z) such other information, representations and undertakings as the Company may reasonably request; and 

(2) an executed copy of the 10b5-1 Plan. 

(B) Additional Holder Deliveries. 

(1) Holder Deliveries Following Establishment of 10b5-1 Plan (if Requested). Following delivery of such 10b5-1 Plan Notice, upon request
by the Company, the Holder delivering such 10b5-1 Plan Notice shall deliver a written legal opinion of counsel for the Holder, addressed to the Company and/or its transfer agent, stating that in the opinion of such counsel (which opinion and counsel
shall be reasonably satisfactory to the Company) such proposed Transfer (x) does not involve a transaction requiring registration or qualification of such shares under the Securities Act or other applicable securities laws and
(y) is a Public Sale (together, a “Securities Law/Public Sale Opinion”). Such Holder shall be entitled to cause its broker to effect a Transfer of Common Shares in accordance with the terms of such 10b5-1 Plan Notice and the
applicable 10b5-1 Plan delivered to the Company, if such Transfer is otherwise in compliance with this 

  
 2 

 
Agreement, the Holder timely complies with any requests for Transfer Documentation set forth in Section 4(f)(iv)(B)(2), and the Company does not reasonably object to such Transfer and
request such opinion within 15 days (or 5 Business Days if such 10b5-1 Plan was established prior to November 13, 2013) after delivery of such notice, or, if it requests such opinion, does not reasonably object to such Transfer within 15 days
after delivery of such opinion. 
 (2) Holder Deliveries with respect to Individual Sales. Each Holder hereby agrees that prior to
completing each individual Transfer of Common Shares under such 10b5-1 plan it shall timely provide, or cause to be provided to the Company the following documentation (the “Transfer Documentation”): 

(x) such broker’s representation letter, seller’s representation letters, compliance certificates and other information requested by
the Company with respect to such Transfer; and/or 
 (y) if requested by the Company, a written legal opinion from counsel to such
Holder addressed to the Company and/or its transfer agent, in each case, in form and substance satisfactory to the Company, with respect to the matters covered by the Securities Law/Public Sale opinion and such other matters as required by the
transfer agent of the Company to remove any legends applicable to such Common Shares and complete such proposed Transfer. 
 The Company in
its sole discretion may, on a case by case basis, accept Transfer Documentation covering all the Transfers under the applicable 10b5-1 Plan and/or require separate Transfer Documentation for each proposed Transfer. Each such Holder agrees and
acknowledges that the Company and its transfer agent have no obligation to recognize any such Transfer unless such documents and information are timely provided to the Company and the Company shall not have any liability for failure to facilitate
such Transfer in a timely manner. 
 (C) Removal of Legends and Broker Custody. Following receipt of such 10b5-1 Plan Notice and all
Transfer Documentation, if any, requested by the Company, the Company may in its sole discretion: 
 (1) subject to compliance with
applicable Law, remove any legends required by Sections 4(f)(ii) or 4(f)(iii) from any certificates, statements or other instruments representing Common Shares that are to be sold by such Holder pursuant to such 10b5-1 Plan; and
 
 (2) permit such Holder to deposit such Common Shares into a brokerage or other custody account with the broker administering the
10b5-1 Plan for sales under the 10b5-1 Plan and permit such Common Shares so deposited to be held of record by the broker pending sale pursuant to such 10b5-1 Plan so long as such Holder has made the undertakings required by
Section 4(f)(iv)(D). 

  
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 (D) Holder Undertakings Regarding Legends and Broker Custody. To the extent the Company
removes legends with respect to any Common Shares to be sold pursuant to a 10b5-1 Plan and/or permits such Common Shares to be deposited with such broker, each Holder of such Common Shares hereby: 

(1) agrees to, and agrees to cause such broker to, 

(x) as promptly as practicable return such Common Shares to the transfer agent of the Company to be held of record in the name
of such Holder and relegended if such 10b5-1 Plan is terminated or such Common Shares are withdrawn from such 10b5-1 Plan, in each case, prior to such Common Shares being sold pursuant to such 10b5-1 Plan and without such Common Shares being
deposited into a subsequent 10b5-1 Plan; and 
 (y) upon request of the Company, to promptly provide the Company with
a statement from its broker showing the number of Common Shares then held by such Holder through accounts with such broker, and 

(2) agrees and acknowledges that notwithstanding any removal of such legends and/or the depositing of such Common Shares with such broker,
unless sold pursuant to such 10b5-1 Plan in a Public Sale, such Common Shares remain subject to the transfer restrictions set forth in this Agreement and those contained in any such legends and shall not be Transferred by such Holder (or by such
broker on its behalf) other than in accordance with this Agreement and such legends and, unless withdrawn from such 10b5-1 Plan, such 10b5-1 Plan. 

(v) Shortening of Certain Time Periods. Each Holder and the Company hereby agree that the 15 day (or 5 Business Day in the case of
10b5-1 Plans established prior to November 13, 2013) time periods after which a Holder is permitted to Transfer Common Shares in accordance with the notice applicable to such proposed Transfer as set forth in Section 4(f)(ii) and
Section 4(f)(iv) of this Agreement may be shortened on a case by case basis by the Company in its sole discretion to the extent the Company is able to confirm compliance by such Holder with Section 4(f) in a shorter period of
time.” 
 B. Miscellaneous. This Amendment and the Stockholder Agreement, together, contain the complete agreement among the
Company and the Holders and supersede any prior understandings, agreements, letters of intent, or representations by or among such parties, written or oral, to the extent they relate to the subject matter hereof. Except as specifically amended
hereby, the Stockholder Agreement, as amended hereby, shall remain in full force and effect. The terms and provisions of Section 12 of the Stockholder Agreement are incorporated herein by reference as if set forth herein in their
entirety and shall apply mutatis mutandis to this Amendment. 

*        *        *       
 *        * 

  
 4 

 IN WITNESS WHEREOF, the Company has executed or caused this Amendment to be executed as of the
date first written above. 
  

			
	EVERTEC, INC.
		
	By:	 	 /s/ Peter Harrington

	Name:	 	Peter Harrington
	Title:	 	President & CEO

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	PRINCIPAL STOCKHOLDERS:
	
	AP CARIB HOLDINGS, LTD.
		
	By:	 	Apollo Management VII, L.P.,
		 	its sole director
		
	By:	 	AIF VII Management, LLC,
		 	its general partner
		
	By:	 	 /s/ Scott Ross

	Name:	 	Scott Ross
	Title:	 	Vice President
	
	POPULAR, INC.
		
	By:	 	 /s/ Ivan Pagan

	Name:	 	Ivan Pagan
	Title:	 	SVP

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Carlos J. Ramírez

	Name:	 	Carlos J. Ramírez

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Jorge Rafael Hernández Gonzalez

	Name:	 	Jorge Rafael Hernández Gonzalez

 The spouse of the above signed Management Holder hereby executes this Amendment to acknowledge (a) the fairness of
this Amendment and (b) that binding such spouse’s community interest, if any, in the Common Shares and any other securities referred to in this Amendment to the terms of this Amendment is in such spouse’s best interest. 

 

			
	SPOUSE OF MANAGEMENT HOLDER
		
	By:	 	 /s/ Soraya Cheleuitte

	Name:	 	Soraya Cheleuitte

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Luis Gerardo Alvarado

	Name:	 	Luis Gerardo Alvarado

 The spouse of the above signed Management Holder hereby executes this Amendment to acknowledge (a) the fairness of
this Amendment and (b) that binding such spouse’s community interest, if any, in the Common Shares and any other securities referred to in this Amendment to the terms of this Amendment is in such spouse’s best interest. 

 

			
	SPOUSE OF MANAGEMENT HOLDER
		
	By:	 	 /s/ Alexandra Villalobos Montero

	Name:	 	Alexandra Villalobos Montero

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Miguel Vizcarrondo

	Name:	 	Miguel Vizcarrondo

 The spouse of the above signed Management Holder hereby executes this Amendment to acknowledge (a) the fairness of
this Amendment and (b) that binding such spouse’s community interest, if any, in the Common Shares and any other securities referred to in this Amendment to the terms of this Amendment is in such spouse’s best interest. 

 

			
	SPOUSE OF MANAGEMENT HOLDER
		
	By:	 	 /s/ Jackeline Cardona

	Name:	 	Jackeline Cardona

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Raúl Aponte

	Name:	 	Raúl Aponte

 The spouse of the above signed Management Holder hereby executes this Amendment to acknowledge (a) the fairness of
this Amendment and (b) that binding such spouse’s community interest, if any, in the Common Shares and any other securities referred to in this Amendment to the terms of this Amendment is in such spouse’s best interest. 

 

			
	SPOUSE OF MANAGEMENT HOLDER
		
	By:	 	 /s/ Madeline Fontanés

	Name:	 	Madeline Fontanés

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Ramón Luis Meléndez

	Name:	 	Ramón Luis Meléndez

 The spouse of the above signed Management Holder hereby executes this Amendment to acknowledge (a) the fairness of
this Amendment and (b) that binding such spouse’s community interest, if any, in the Common Shares and any other securities referred to in this Amendment to the terms of this Amendment is in such spouse’s best interest. 

 

			
	SPOUSE OF MANAGEMENT HOLDER
		
	By:	 	 /s/ Ana M. Hernández Colón

	Name:	 	Ana M. Hernández Colón

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ José Luis Casas

	Name:	 	José Luis Casas

 The spouse of the above signed Management Holder hereby executes this Amendment to acknowledge (a) the fairness of
this Amendment and (b) that binding such spouse’s community interest, if any, in the Common Shares and any other securities referred to in this Amendment to the terms of this Amendment is in such spouse’s best interest. 

 

			
	SPOUSE OF MANAGEMENT HOLDER
		
	By:	 	 /s/ Emi Escribá

	Name:	 	Emi Escribá

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Miguel Angel Mercado Morales

	Name:	 	Miguel Angel Mercado Morales

 The spouse of the above signed Management Holder hereby executes this Amendment to acknowledge (a) the fairness of
this Amendment and (b) that binding such spouse’s community interest, if any, in the Common Shares and any other securities referred to in this Amendment to the terms of this Amendment is in such spouse’s best interest. 

 

			
	SPOUSE OF MANAGEMENT HOLDER
		
	By:	 	 /s/ Marena Rodríguez

	Name:	 	Marena Rodríguez

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Luisa Wert Serrano

	Name:	 	Luisa Wert Serrano

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Wanda Betancourt Diaz

	Name:	 	Wanda Betancourt Diaz

 The spouse of the above signed Management Holder hereby executes this Amendment to acknowledge (a) the fairness of
this Amendment and (b) that binding such spouse’s community interest, if any, in the Common Shares and any other securities referred to in this Amendment to the terms of this Amendment is in such spouse’s best interest. 

 

			
	SPOUSE OF MANAGEMENT HOLDER
		
	By:	 	 /s/ Joseph Albino

	Name:	 	Joseph Albino

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Lilia Sylvette Ramos Figueroa

	Name:	 	Lilia Sylvette Ramos Figueroa

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Luis Cabrera

	Name:	 	Luis Cabrera

 The spouse of the above signed Management Holder hereby executes this Amendment to acknowledge (a) the fairness of
this Amendment and (b) that binding such spouse’s community interest, if any, in the Common Shares and any other securities referred to in this Amendment to the terms of this Amendment is in such spouse’s best interest. 

 

			
	SPOUSE OF MANAGEMENT HOLDER
		
	By:	 	 /s/ Elisa Sánchez Colberg

	Name:	 	Elisa Sánchez Colberg

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Juan Jose Roman Jimenez

	Name:	 	Juan Jose Roman Jimenez

 The spouse of the above signed Management Holder hereby executes this Amendment to acknowledge (a) the fairness of
this Amendment and (b) that binding such spouse’s community interest, if any, in the Common Shares and any other securities referred to in this Amendment to the terms of this Amendment is in such spouse’s best interest. 

 

			
	SPOUSE OF MANAGEMENT HOLDER
		
	By:	 	 /s/ Maday Viera

	Name:	 	Maday Viera

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Marcelino Zayas

	Name:	 	Marcelino Zayas

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Maria Gois

	Name:	 	Maria Gois

 The spouse of the above signed Management Holder hereby executes this Amendment to acknowledge (a) the fairness of
this Amendment and (b) that binding such spouse’s community interest, if any, in the Common Shares and any other securities referred to in this Amendment to the terms of this Amendment is in such spouse’s best interest. 

 

			
	SPOUSE OF MANAGEMENT HOLDER
		
	By:	 	 /s/ Renzo Pilotta

	Name:	 	Renzo Pilotta

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Peter Harrington

	Name:	 	Peter Harrington

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	Thomas M. White 2006 Trust
		
	By:	 	 /s/ Thomas M. White

	Name:	 	Trustee

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Phil Steurer

	Name:	 	Phil Steurer

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Luis Munoz Zavala

	Name:	 	Luis Munoz Zavala

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement] 

 
			
	By:	 	 /s/ Raul Acosta Hernandez

	Name:	 	Raul Acosta Hernandez

  
 [Signature Page to the
Third Amendment to the Stockholder Agreement]f8k112213ex10i_stratex.htm

Exhibit 10.1

 

THE JEFFREY LEASE

PURCHASE, PARTICIPATION AND OPERATIONS AGREEMENT

BY AND BETWEEN

STRATEX OIL & GAS, INC.

AND

 MESA RESOURCES, INC.

NOVEMBER 22, 2013

 

This Purchase, Participation and Operations Agreement (this “Agreement”) is entered into this 22nd day of November, 2013 by and between Stratex Oil & Gas, Inc. (“Stratex” or “Buyer”), a Colorado Corporation whose address is 30 Echo Lake Road, Watertown, Connecticut 06795 and Mesa Resources, Inc. (“Mesa” or “Seller”), a Nevada Corporation whose address is 2140 E. Southlake Boulevard, Suite L-640, Southlake, Texas 76092. Stratex and Mesa may hereinafter be referred to collectively as the Parties or individually as a Party.

The purposes of this Agreement are (1) to set forth the Terms and Conditions under which  Stratex is to acquire from Mesa and Mesa is to sell and convey to Stratex certain working and net revenue interests (the “Interests”) in and to a Callahan County, Texas oil and gas property known as the Jeffrey Lease (the “Property”); (2) to describe the drilling, completion and workover activities (the “Work Program”) that are to be conducted on the lease by Mesa; (3) to define the understanding between the Parties regarding operatorship of the Property; (4) to establish an Area of Mutual Interest (“AMI”)  between the Parties in the vicinity of the Property; and (5) to provide guidelines to govern the pursuit of additional opportunities within the AMI.

The Interests and the Property are more fully described in the exhibit attached hereto as Exhibit “A” to this Agreement. An overview of the Work Program is also presented in  Exhibit “A”. The fixed cost arrangement under which the Work Program will be conducted (the “Turnkey Agreement”) is outlined in the exhibit attached hereto as Exhibit “B” to this Agreement. Additional exhibits are described in the Terms and Conditions section of this Agreement.

The Parties acknowledge, approve and agree to the following Terms and Conditions:

THE TERMS AND CONDITIONS

	
1.  

	
Stratex hereby agrees to purchase from Mesa 64% working interest and 48.64% net revenue interest (net to gross ratio of 76%) in and to the 60 acre pooled tract described in Exhibit “A” in accordance with the provisions of Exhibit “A” (the Program Overview). In the event of a conflict between the provisions of Exhibit “A” and the provisions of this Agreement, the provisions of this Agreement shall prevail.

 

  

1

  

 

	
2.  

	
Mesa hereby agrees to sell and to convey to Stratex 64% working interest and 48.64% net revenue interest (net to gross ratio of 76%) in and to the 60 acre pooled tract described in Exhibit “A”.

	
3.  

	
As implied by the before and after payout interests set forth in the Program Overview included in Exhibit “A”, Mesa is entitled to a 1/8th (12.5%) back-in working interest after payout. The 12.5% back-in working interest shall include a net revenue interest of 9.5%. The burden of the back-in interest to Mesa shall be borne by all working interest owners proportional to each working interest owner’s before payout working interest. Accordingly, Stratex shall bear 64% of the back-in and therefore shall assign 8.0% working interest and 6.08% net revenue interest to Mesa or to Mesa’s designee after payout.

 

	
4.  

	
For the purposes of  the Mesa back-in , the term “after payout”  shall be defined as the first day of the month following the month during which the cumulative net operating income received by Stratex from the Jeffrey Lease equals the Cash Payment made by Stratex to Mesa (see Section 8 of this Agreement)

 

	
5.  

	
Stratex hereby agrees to participate with its full 64% working interest in the Work Program described in Exhibit “A”. Stratex acknowledges and agrees that Mesa Operating, LLC (“MesaOp”), a wholly owned subsidiary of Mesa Resources, Inc.,  shall serve as the Operator of Record and as Operator in Fact of the Work Program. However, Stratex, as the majority working interest owner, shall be provided timely and accurate reports on all activities under the Work Program, shall have the right to participate with MesaOp in significant operational decisions, and shall have the right to have a representative of its choice observe any or all aspects of the Work Program.

 

	
6.  

	
Mesa hereby attests that it has sold the other 36% working interest and 27.36% net revenue interest in and to the 60 acre pooled tract to third parties (the “Third Party Working Interest Owners”). The names, amounts of working and net revenue interests, addresses for notices and billing purposes and other essential contact data for the Third Party Working Interest owners are to be listed in Exhibit “A” to the JOA described in Paragraph 16 below.  Mesa further attests that the Third Party Working Interest Owners are obligated to participate in the Work Program with their combined 36% working interest and that 100% of the funds required to pay the Third Party Working interest Owners share of the Work Program costs are in Mesa’s possession.

  

2

  

 

	
7.  

	
The price to be paid by Stratex to Mesa for its purchase of 64% working interest in the Property and for its share of the costs of the Work Program (the “Purchase and Participation Price”) shall include a cash payment of $300,800.00 (the “Cash Payment”) and the assignment to Mesa of 150,000 shares of the common stock of Stratex Oil & Gas Holdings, Inc.

 

	
8.  

	
The Purchase and Participation Price is an all- inclusive fixed turnkey price. Stratex shall not be responsible for any portion of cost over-runs, if any, nor be entitled to the benefits of cost savings, if any,  resulting from Work Program activities. However, in the event any of the new wells drilled under the Work Program are deemed to be dry holes based on open hole evaluation and the Parties elect not to set production casing on that well or wells, a fair and reasonable estimate of what the completion cost of that well or wells would have been shall be provided to Stratex by Mesa.  Stratex’s share of the un-expended completion costs shall then be refunded to Stratex.

 

	
9.  

	
The transaction contemplated by this Agreement shall be closed and funded (“Closing”) on or before November 27, 2013. At Closing Stratex shall deliver or cause to be delivered to Mesa the Cash Payment and a stock certificate or stock certificates as directed by Mesa and Mesa shall deliver to Stratex an Assignment and Bill of Sale in the form of the assignment and Bill of Sale attached hereto as Exhibit “D”. Each Party shall also deliver at Closing all other closing documents as set forth below and/or as agreed upon between the Parties.

 

	
10.  

	
MesaOp shall commence the activities described in the Work Program as soon as possible after closing and funding occurs and shall diligently conduct said operations without interruption until the Work Program is complete. It is anticipated that all activities included in the Work Program will be completed prior to December 31, 2013.

 

	
11.  

	
Upon completion of the Work Program Stratex shall have the right but not the obligation to assume operatorship of the pooled 60 acre tract referred to herein as the Jeffrey Lease. Stratex may exercise this right at the time of its choice and  at its sole discretion. To facilitate an orderly transition of operatorship from MesaOp to Stratex, MesaOp shall deliver to Stratex at closing un-dated but signed duplicate originals of Railroad Commission FORM P-4. The P-4’s shall designate Stratex Oil & Gas, Inc. as the new operator of the Jeffrey Lease.

 

  

3

  

 

	
12.  

	
The Parties agree to establish an Area of Mutual Interest (“AMI”) centered around the Jeffrey Lease and to enter into an AMI Agreement. The AMI shall be a square with each side five miles in length. The east and west boundaries of the square shall be parallel lines that run north and south and the north and south boundaries of the square shall be parallel lines that run east and west. The five-mile square shall be centered on the location of the Jeffrey A #1 well.

 

	
13.  

	
The AMI Agreement shall set forth provisions pertaining to the acquisition and exploitation of additional leases and opportunities within the AMI by the Parties. The AMI Agreement shall be executed by the Parties prior to or simultaneously with Closing with the Parties exchanging fully executed copies of the AMI Agreement at Closing.

 

	
14.  

	
Among other provisions to be included in the AMI Agreement, one of the primary provisions will be a commitment by Mesa and its principal, Mr. Kevin Chennault, to make a good faith, best efforts attempt to transfer to Stratex the good will that Mesa and Mr. Chennault enjoy with local landowners, ranchers and the community at large but especially with Mr. Jeffrey and Mr. Davis.

 

	
15.  

	
Mesa shall make a good faith effort to get the Third Party Working Interest Owners to join the AMI Agreement.

 

	
16.  

	
Operations of the Jeffrey Lease subsequent to completion of the Work Program will require a Joint Operating Agreement (“JOA”) among the working interest owners. Mesa must be a party to the JOA by virtue of its back-in entitlement. Prior to closing the Parties shall negotiate and execute a mutually acceptable JOA. Prior to Closing Mesa shall obtain an executed copy of the JOA from each of the Third Party Working Interest Owners. At Closing Mesa shall deliver to Stratex a copy of the JOA executed by all working interest owners or multiple copies of the JOA executed in kind by each working interest owner.

 

	
17.  

	
In the event there is a delay between completion of the Work Program and assumption of operatorship by Stratex, Mesa shall operate the Property in accordance with the JOA.

 

	
18.  

	
 Also in the event there is a delay between completion of the Work Program and the assumption of operatorship by Stratex, Mesa agrees to cause the crude oil purchaser to set up Stratex for direct payment of its share of revenue from oil sales.

 

  

4

  

 

	
19.  

	
In lieu of completing the Purchaser Questionnaire provided by Mesa, Stratex hereby assures Mesa that it is a qualified Purchaser and has the ability and the authority to proceed with the transaction contemplated by this Agreement. Stratex further agrees to provide whatever additional information is necessary to complete the transaction and/or to operate the Property in an orderly fashion.

 

	
20.  

	
Additional Terms and Conditions may be added to this Agreement by mutual agreement in writing between the Parties.

 

ACKNOWLEDGMENT, APPROVAL AND ACCEPTANCE

By execution hereof the Parties acknowledge that this Agreement does accurately set forth the agreement between the Parties and each Party accepts, approves and agrees to be bound by the Terms and conditions set forth herein.

FOR SELLER:

MESA RESOURCES, INC

BY_________________________

                       (signature)

KEVIN CHENNAULT, PRESIDENT

DATE _______________________

FOR BUYER:

STRATEX OIL & GAS, INC.

BY_________________________

                       (signature)

STEPHEN P. FUNK, CHIEF EXECUTIVE OFFICER

DATE _______________________

  

5

  

 

EXHIBIT A

TO PURCHASE, PARTICIPATION AND OPERATORSHIP AGREEMENT

BY AND BETWEEN

STRATEX OIL & GAS, INC

AND

MESA RESOURCES, INC.

 

	
I.  

	
MESA’S ADDRESS :

 

MESA RESOURCES, INC.

2140 E. Southlake Blvd., Suite L-640

Southlake, Texas 76092

(972) 964-6401

	
II.  

	
PROPERTY DESCRIPTION: Approximately 57.69 acres of land consisting of a tract of approximately 28.91 acres out of the southwest corner of Section 102 and a tract of approximately 28.78 acres out of the northwest corner of Section 103, both Sections being in the B.B.B. & C.R.R. Co. Survey, Abstract No. 48, Callahan County, Texas. The land included _____ acres leased from Mr. Morton Jeffrey and ____ acres leased from Mr. ______. The two leases have been pooled and are treated as a single lease.

	
III.  

	
Existing Well Bores:

 

	
a.  

	
Producers- Jeffrey #2, #4, & #7A

	
b.  

	
Injectors-   Jeffrey #A1, 3A

	
IV.  

	
Work Program: Drill and complete three new wells; workover and convert A#1 well from injector to producer; and pull, clean out pump and return #7 A to production.

	
V.  

	
PROGRAM OVERVIEW:

 

	LOCATION: 	Callahan County, Texas
	 	 
	FIELD:	EGN (King Sand)
	 	 
	NO. WELLS: 	3 Existing Producing, 1 Rework & 3 New Drills.

 

  

A-1

  

 

	 	 
	PAY ZONES:	King Sand, Tannehill & Saddle Creek
	 	 
	WELL DEPTH:	+/- 1,500 Ft.
	 	 
	LEASE ACREAGE:	60 Acres
	 	 
	WORKING INTEREST TO INVESTORS BPO:	100%
	 	 
	NET REVENUE TO INVESTORS BEFORE PAYOUT:	76%
	 	 
	WORKING INTEREST TO INVESTOR APO:	87.5%
	 	 
	NET REVENUE TO INVESTORS APO:	66.50%
	 	 
	TURNKEY INVESTMENT:	$47,000 PER 10% W.I.
	 	 
	TOTAL SUBSCRIPTION:	$470,000.00 representing 100% WI turnkey through drilling, testing and completion.
	 	 
	PROPOSED ACTIVITIES	Rework the Jeffrey #A1 well and Drill the Mesa-Jeffrey #1, #2 & #3 Wells to a total depth of 1,500’ or a depth sufficient enough to test the King Sand Formation and complete and equip if necessary.
	 	 
	OPERATOR:	Mesa Operating, LLC
	 	 
	TURNKEY PROGRAM:	In order to eliminate certain cost overruns and limit liability to the participants.
	 	 
	INVESTMENT OBJECTIVES:	Establish oil and gas production creating monthly cash flow and distributions to participants. Cash flow, if any is expected to commence within 60-90 days after a successfully completed Well.

 

  

A-2

  

 

EXHIBIT B

TO PURCHASE, PARTICIPATION AND OPERATORSHIP AGREEMENT

BY AND BETWEEN

STRATEX OIL & GAS, INC

AND

MESA RESOURCES, INC.

 

 

TURNKEY AGREEMENT

 

Mesa-Jeffrey Wells, Callahan County, Texas

In consideration of the Turnkey drilling price, Mesa Resources, Inc. agrees to (1) drill or cause to be drilled vertically the Mesa-Jeffrey #1, #2 & #3 wells to a depth of approximately 1,500 + feet each, or a depth sufficient enough to test the King Sand formation, (2) rework the Jeffrey #A1 well, and (3) pull,  clean out and re-run the down hole pump on the Jeffrey #7A.

The responsibilities of Mesa provided under the Turnkey Agreement shall comprise of the following:

1.           Permit the wells, survey and stake locations.

2.           Build the necessary roads and prepare location.

3.           Dig all pits for drilling and completion if warranted, backfill pits and restore surface.

4.           Pay for damages to surface and crops if necessary.

5.           Secure and maintain adequate insurance coverage against liabilities arising out of drilling the prospect wells.

6.           Furnish all water, fuel, bits and other related items necessary for the drilling of the wells.

 

7.           Run all logs and test that a responsibly prudent Company would perform in order to determine whether a completion attempt should be made.

8.           Have a certified geologist/log analytst review the logs and other tests to determine whether a completion attempt should be made.

 

9.           Arrange for the expedient hook up of the prospect wells assuming it is capable of producing commercial quantities of oil and or gas and providing the following production equipment in connection thereof: Tank Battery, Separator or Gun Barrel, Pump Jack, Rods and Tubing.  Excluded: Submersible or PC Pumps, Pipelines, Cattle Guards, Fences, Gates and Painting of Equipment.

10.           Provide Division Order data to crude oil purchaser so that revenues can be disbursed in a timely fashion to all  participants.

11.           Provide all daily drilling reports and pertinent information pertaining to the drilling and completion of the wells to all participants.

 

  

B-1

  

 

EXHIBIT D

TO PURCHASE, PARTICIPATION AND OPERATORSHIP AGREEMENT

BY AND BETWEEN

STRATEX OIL & GAS, INC

AND

MESA RESOURCES, INC.

FORM OF ASSIGNMENT, CONVEYANCE AND BILL OF SALE

 

 

STATE OF TEXAS

 

COUNTY OF CALLAHAN

 

THAT FOR AND IN CONSIDERATION OF the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned __________________________________________________________________________________________________________________________________________________________________________ hereinafter referred to as “Assignor”, hereby GRANTS, BARGAINS, TRANSFERS, CONVEYS AND ASSIGNS unto ______________________ whose address is __________________________________________________, hereinafter referred to as “Assignee”, ________________ PERCENT (___%) WORKING INTEREST, and an _________PERCENT (___%) NET REVENUE INTEREST, in and to the Oil and Gas Lease described in Exhibit “A”, attached hereto and made a part hereof for all purposes, TO HAVE AND TO HOLD the same unto Assignee his successors, and assigns.

 

Assignor warrants and agrees to defend title to the property being conveyed hereby against the claims and demands of all persons claiming or to claim the same, by, through or under Assignor, but not otherwise. Assignor assigns and subrogates unto Assignee, his successors and assigns all warranties and actions in warranty heretofore given by others. PERSONAL PROPERTY AND EQUIPMENT IS CONVEYED ON AN “AS-IS” BASIS, AND ASSIGNOR DOES NOT WARRANT THE CONDITION OF SAID PERSONAL PROPERTY OR EQUIPMENT, EVEN AS TO THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

Assignee shall comply with and does hereby assume and agree to perform its proportionate part of all express and implied covenants, obligations and reservations contained in the Lease, and further agrees that the interests assigned herein is subject to and Assignee shall bear that proportionate share of all existing burdens on the Lease.

 

This Assignment shall be binding upon and inure to the benefit of the heirs, personal representatives, successors and assigns of the parties hereto, and the terms, provisions and conditions herein contained shall be considered as covenants running with the ownership of the oil and gas leasehold estate.

 

  

D-1

  

 

IN WITNESS ‘WHEREOF, this Assignment is dated effective the ________ day of ___________, 2013

 

(ASSIGNOR)

 

_______________________

 

_______________________

 

 

Acknowledgment:

 

	STATE OF TEXAS	§
	§	 
	COUNTY OF CALLAHAN	§

 

This instrument was acknowledged before me on this the ___day of _____________, 2013, by ______________________, _________ of _______________________, a _______ corporation, on behalf of the corporation.

________________________________

Notary Public, State of Texas

 

 

 

 

D-2

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