Document:

exhibit10-37.htm

    Exhibit 10.37

     

    FIRST AMENDMENT
TO

     

    MANAGEMENT SERVICES
AGREEMENT

     

    This
FIRST AMENDMENT TO MANAGEMENT SERVICES AGREEMENT (this “First Amendment”) is
effective as of March 1, 2009, by and between VINLAND ENERGY OPERATIONS, LLC, a
Delaware limited liability company (“Manager”) and VANGUARD NATURAL GAS, LLC, a
Kentucky limited liability company, and its subsidiaries, ARIANA ENERGY, LLC and
TRUST ENERGY COMPANY, LLC (collectively the “Company”).

     

    RECITAL:

     

    WHEREAS,
Manager and the Company are parties to that certain Management Agreement, dated
as of January 5, 2007 (the “Management Agreement”) wherein, Manager agreed to
provide certain management and general and administrative support services to
Company for its Properties, and the Company agreed to pay to Manager the
compensation provided for in this Agreement as set forth therein.

     

    WHEREAS,
Manager and Company now desire to temporarily amend and/or replace certain
terms, provisions or conditions of the Management Agreement, as provided in and
for the duration of this First Amendment.

     

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

     

     

    
      	
              1.  

            	
              The term of this First Amendment shall commence on
      March 1, 2009 and shall continue in full force and effect until December
      31, 2009.  After December 31, 2009, the term of this First
      Amendment shall be extended automatically from month to month thereafter,
      unless Manager or the Company gives the other written notice of its
      intention to terminate this First Amendment at the next following monthly
      renewal which is at least thirty (30) days after the notice is
      given.  Upon the termination of this First Amendment, all of the
      original terms and conditions of the Management Agreement, including those
      terms amended herein, shall be and remain in full force and effect in
      accordance with such terms and
  conditions.

            

    

     

     

    
      	
              2.  

            	
               For the duration of this First
      Amendment, Section 4. is deleted in its entirety and
      replaced with the following
      provision:

            

    

     

    

    Section 4.  Compensation.  For the Services
provided hereunder by Manager to the Company, the Manager shall be due a
per-well fee in the amount equal to Ninety-Five Dollars ($95) for (i) each
economically producing oil and/or gas well within the AMI in which the Company
owns or holds an interest that is listed on the December 31, 2006 report of
Netherland, Sewell and Associates, Inc.; or (ii) all economically producing oil
and/or gas wells drilled or acquired by the Company within the AMI following
December 31, 2006 (the “Management Fee”).  The Management Fee shall be
paid jointly by the Working Interest owners in each of the wells such that
Company shall only be required to pay to Manager the percentage of the
Management Fee which corresponds to the Company’s percentage of Working Interest
in such well.

     

    Beginning
on  January 1, 2011, the producing well rates stipulated in this
Section 4 shall be increased by eleven percent (11%) and shall be adjusted
annually thereafter upon the wage index adjustment published by
COPAS.

     

    In
addition, Company agrees to reimburse Manager for any Lease Level Payables that
may be paid with funds of Manager rather than funds of Company.  If,
due to the occurrence of an unusual circumstance, Manager determines that it has
incurred extraordinary expenses in order to provide any of the Services, Manager
may request that the Company pay additional reasonable compensation for such
Services, and Company may determine to agree to any such request (in whole or in
part) in their sole and absolute discretion, respectively; however, the Company
shall not have any obligation to consent to the payment of such additional
compensation and nothing contained in this sentence shall be construed to affect
or otherwise alter the obligation of Manager to provide the Services described
herein.

     

     

    
      	
              3.  

            	
              The
      parties hereto agree that except as expressly amended herein, all of the
      terms and conditions of the Management Agreement remain in full force and
      effect.

            

    

     

    IN
WITNESS WHEREOF, the undersigned have executed this First Amendment to
Management Services Agreement effective as of the date first above
written.

    

    MANAGER:

    

    VINLAND
ENERGY OPERATIONS, LLC

    

    By: _/s/
Majeed
S. Nami_________________

    

    Its:
Manager

     

    COMPANY:

     

    VANGUARD
NATURAL GAS, LLC

     

    By: /s/ Scott W.
Smith­­___________________

    

    Its:
Manager

    

    

    ARIANA
ENERGY, LLC

    

    By:
VANGUARD NATURAL GAS, LLC

    

    Its: SOLE
MEMBER

    

    By: /s/ Scott W.
Smith­­___________________

    

    Its:
Manager

    

    TRUST
ENERGY COMPANY, LLC

    

    By:
VANGUARD NATURAL GAS, LLC

    

    Its:
MANAGER

    

    By: /s/ Scott W.
Smith­­___________________

    

    Its:
Managerex10-4.htm

    Exhibit
10.4

    AMENDED
REVOLVING CREDIT PROMISSORY NOTE

    

    
      
        
          
            
              	
                      US
      $37,500

                    	
                      March
      18, 2009,

                    
	 
      	
                      with an effective
      date

                    
	 
      	
                      of
      September 7,
2007

                    

            

          

        

      

    

    

    FOR VALUE RECEIVED, the
undersigned, RX Scripted, Inc., a Nevada corporation, which has a business
address of 201 Creekvista Drive, Holly Springs, North Carolina 27540 ("Maker"),
hereby promises to pay to the order of Kevin McAdams, an individual, whose
address is 201 Creekvista Drive, Holly Springs, North Carolina 27540 ("Payee"),
the principal sum of Thirty-Seven Thousand Five Hundred Dollars ($37,500), or
such lesser amount as shall be advanced by Payee from time to time, of which
$30,700 has been loaned to date and $6,800 will be available under the terms of
this revolving credit note.  Maker shall pay Payee in lawful money in
United States of America, which shall be legal tender, bearing interest at 4%
per annum on the unpaid balance of such amount from the date of the initial
revolving credit advance and payable as provided herein.  This Amended
Revolving Credit Promissory Note (the “Note”) amends and replaces that certain
Revolving Credit Promissory Note dated as of December 12, 2007, and has an
effective date of September 7, 2007.

    

    The
unpaid principal balance, including any unpaid and accrued interest, shall at no
time exceed the sum of Twenty Five Thousand and No/100 Dollars
($25,000.00).  The unpaid principal balance of this Note at any time
shall be the total amounts loaned or advanced hereunder by Payee, less the
amount of payments or prepayments of principal made hereon by or for the account
of Maker. It is contemplated that by reason of prepayments hereon, there may be
times when no indebtedness is due hereunder; but notwithstanding such
occurrences, this Note shall remain valid and shall be in full force and effect
as to loans or advances  made  pursuant  to and
under the terms of this Note subsequent to each such occurrence.

    

    Advances
hereunder shall be made by Payee upon the oral or written request of the
undersigned officer of Maker or any other officer of Maker authorized to make
such a request.

    

    Maker
promises to pay to the order of Payee at the place for payment and according to
the terms of payment the principal amount plus interest at the rates stated
above.  All unpaid amounts shall be due by October 31,
2009.

    

    On
default in the payment of this Note or in the performance of any obligation in
any instrument securing or collateral to it this Note and all obligations in all
instruments securing or collateral to it shall become immediately due at the
election of Payee.  Maker and each surety, endorser, and guarantor
waive all demands for payment, presentations for payment, notices of intention
to accelerate maturity, protests, and notices of protest.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If this
Note or any instrument securing or collateral to it is given to an attorney for
collection, or if suit is brought for collection, or if it is collected through
probate, bankruptcy, or other judicial proceeding, then Maker shall pay Payee
all costs of collection, including reasonable attorney's fees and court costs,
in addition to other amounts due.

    

    Interest
on the debt evidenced by this Note shall not exceed the maximum amount of
nonusurious interest that may be contracted for, taken, reserved, charged, or
received under law; any interest in excess of that maximum amount shall be
credited on the principal of the debt or, if that has been paid,
refunded.  On any acceleration or required or permitted prepayment,
any such excess shall be canceled automatically as of the acceleration or
prepayment or, if already paid, credited on the principal of the debt or, if the
principal of the debt has been paid, refunded.  This provision
overrides other provisions in this and all other instruments concerning the
debt.

    

    The terms
Maker and Payee and other nouns and pronouns include the plural if more than
one.  The terms Maker and Payee also include their respective
successors, representatives, and assigns.

     

    IN
WITNESS WHEREOF, Maker has duly executed this Note as of the day and year first
above written, with an effective date of September 7, 2007.

    

    

    
      
        
          
            
              
                
                  
                    	 
      	
                            RX Scripted, Inc.

                          
	 
      	 
      
	 
      	
                            /s/
      MaryAnne McAdams

                          
	 
      	
                            __________________
      

                          
	 
      	
                            MaryAnne
      McAdams

                          
	 
      	
                            Director

                          
	 
      	 
      

                  

                

              

            

          

        

      

    

    
      
         

      

      
        -2-

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