Document:

f8k070612a2ex10xiii_stratex.htm

Exhibit 10.13

 

February 27, 2012

 

Mr. Stephen Funk, CEO Stratex Oil & Gas

 

30 Echo Lake RD

Watertown, CT 06795

 

RE: Engagement Letter

 

Dear Mr. Funk:

 

This letter, if accepted by you below, shall constitute an agreement between LaRoche Petroleum Consultants, Ltd. (hereinafter "LPC") and Stratex Oil & Gas (the Company).

 

We are pleased to have the opportunity to provide to the Company consulting, petroleum engineering, geological, geophysical, and evaluation services the Company has requested. We pledge our utmost effort in serving the Company's needs in an efficient, professional, and timely manner.

 

Because uncertainties are inherent in the interpretation of engineering, geological, and geophysical data, any determination, computation, estimate, or evaluation made by us will represent only our informed professional judgment based on the data and information obtained by us. Therefore, we shall not be liable for any costs or expenses incurred, or for any loss or damage sustained, as a result of the reliance by the Company or any other party on any computation or determination made by LPC provided such services, determinations and computations are performed or made in accordance with industry standards and in good faith.

 

In the event of any consequential extensions of the service provided by LPC to Company, whether by request of the Company or whether by response to a subpoena caused to be issued by a third party, such as, by way of example, any litigation, arbitration, regulatory or administrative proceeding, or governmental investigation, whether during the term of this engagement by the Company or at any time thereafter, arising out of or relating to the services provided by LPC to the Company, the Company agrees to (a) pay LPC at its standard rates at such time for the personnel of LPC responding to and/or complying with any such requests, and (b) reimburse LPC for all costs and expenses incurred in order to respond to and/or comply with such requests, including, without limitation, the reasonable attorneys' fees incurred by LPC. The payment obligations in this paragraph do not apply to (i) claims between the Company and LPC connected with the services provided by LPC to the Company, and (ii) the indemnified claims.

 

The Company shall indemnify, hold harmless and defend LPC, its governing persons, owners and employees, together with each consultant or contractor engaged by LPC in providing services to the Company (the "indemnified parties"), from and against any and all claims made by any third party arising from, or relating to, the services per by LPC for the Company (the "indemnified claims"). The indemnity of the Company shall cover and include attorneys' fees, court costs, expert witness fees or other expenses reasonably incurred in connection with investigating or defending any indemnified claims. The indemnified parties shall have the right to approve their counsel. In the event an indemnified claim concludes with a final judgment of a court of law, with appropriate jurisdiction, finding an indemnified party liable for the claim, LPC shall reimburse the Company for all costs of defense having been provided by the Company in connection with such claim. PRIOR TO SUCH FINAL JUDGMENT, THE OBLIGATION OF THE COMPANY TO DEFEND THE CLAIM IS WITHOUT CONDITION, THAT IS, NOTWITHSTANDING ANY NEGLIGENCE OF THE INDEMNIFIED PARTIES.

 

2435 North Central Expressway, Suite 1500 • Richardson, Texas 75080 • Phone (214) 363-3337 • Fax (214) 363-1608

 

  

  

  

 

Mr. Stephen Funk

February 27. 2011

Page 2

 

The Company agrees to indemnify and hold harmless the indemnified parties from and against any losses arising from LPC's reliance upon information provided by the Company that is materially inaccurate or incomplete.

 

All information and data furnished to LPC by the Company shall constitute "confidential information" other than the following:

 

	
(a)

	
information or data previously known to LPC regarding the Company which is not already of proprietary and confidential nature;

	
(b)

	
information or data which is or becomes a part of the public domain other than through an action of any party in violation of this Agreement; and

	
(c)

	
information or data received by LPC from a third party free to divulge such information.

 

The confidential information is agreed to be a proprietary asset of the Company. LPC covenants and promises to the Company that the confidential information will not be discldsed, divulged, or revealed to any person or entity other than LPC's officers, employees, agents, representatives, and consultants; and the data and information which constitutes confidential information will be used by LPC solely for the performance of the services rendered by LPC to the Company. Before disclosing any confidential information to any person or entity to which LPC is permitted by the foregoing provisions, LPC will obtain the commitment of such person or entity to be bound by the terms and provisions of the agreement.

 

LPC may disclose, without liability under this Agreement, any confidential information if such disclosure is: (a) compelled or required by any law, rule, regulation or governmental request, court decree, subpoena or other legal, administrative, governmental or regulatory request, order or proceeding; or (b) necessary in the opinion of counsel in connection with any litigation or other proceeding to which LPC, the Company or any of their affiliates is a party. To the extent practicable and not otherwise prohibited by law or any such order or process, LPC will notify the Company in writing in advance of any proposed disclosure of confidential information pursuant to subsections (a) and (b) of the preceding sentence so that the Company may seek an appropriate protective order (and LPC shall reasonably cooperate, at the Company's expense, with any such effort) or waive any applicable confidentiality requirements hereunder.

 

LaRoche Petroleum Consultants, Ltd.

 

  

  

  

 

Mr. Stephen Funk

February 27. 2011

Page 3

 

In connection with professional services provided by LPC to the Company, LPC shall charge the Company on an hourly basis its normal and customary fees. As of this date, the LPC fees are as follows:

 

	
Professionals (Engineering, Geology, etc.)

	
$200 — 275 per hour

	
Analysts (Engineering, Geological)

	
$100 — 150 per hour

	
Administrative/Clerical Workers

	
$ 40- 80 per hour

 

To the extent any of the engaged services of LPC include testimony in a legal or administrative proceeding, including deposition testimony, the hourly-based charges for any such testimony shall be charged at twice the rates provided above.

 

LPC shall invoice the Company monthly for all such hourly fees plus expenses, which include actual out-of-pocket expenses along with an eight percent charge for administrative expenses, and the Company shall pay LPC at LPC's office in Richardson, Dallas County, Texas, within thirty (30) days of the invoice date.

 

This agreement and all matters arising hereunder shall be governed by and construed pursuant to the laws of the State of Texas and in the event of any dispute the venue shall be Dallas County, Texas.

 

In the event of litigation between LPC and the Company arising from or connected with the services provided by LPC to the Company, the prevailing party shall be entitled to reimbursement of attorneys' fees, court costs, expert witness fees, and other costs reasonably incurred by the prevailing party in connection with such litigation.

 

	 	
LAROCHE PETROLEUM CONSULTANTS, LTD.

	 
	 	 	 	 
	 	
By: 

	/s/ William M. Kazmann	 
	 	 	William M. Kazmann, Partner	 

 

	
AGREED AND ACCEPTED: STRATEX OIL & GAS

	 
	 	 	 
	
By: 

	/s/ 	 
	 	

Stephen Funk, CEO

	 
	 	 	 
	

Date:

	 	 

 

LaRoche Petroleum Consultants, Ltd.f8k070612a2ex10xiv_stratex.htm

Exhibit 10.14

 

CONSULTING AGREEMENT

 

This agreement is made the El", day otz1345. 2011, by and between Stratex Oil & Gas, Inc., a Delaware Corporation located at 888 Seventh Avenue 12th Floor, New York, NY 10019 (hereinafter "SOG"), and Geoval LLC, located at (hereinafter "GEOVAL").

 

RECITALS

 

	
A.

	
SOG is seeking the services of a professional geology consulting for the purposes of assisting SOG with analyzing potential Oil and Gas assets for acquisition by SOG.

 

	
B.

	
GEOVAL is in the business of providing geological services and is staffed by professional geologists.

 

	
C.

	
The parties hereto desire that GEOVAL be retained by SOG to provide these aforementioned services.

 

Now, therefore, in consideration of the mutual covenants and promises set forth herein, the parties agree as follows:

 

	
1.

	
SERVICES: . Geoval shall be the geological advisor to SOG and will be responsible for the analysis of geochemical, structural, stratigrahic. production maps with respect to a company's existing and potential land holdings. Geoval will provide SOG written analysis of these types of data. Geoval will be from time to time responsible take part in conference calls with management of SOG presenting SOG to third parties.

 

	
2.

	
TERM/TERMINATION: The term of this agreement shall commence on the date hereof and shall continue for 24 months thereafter. This contract may be renewed by consent of both parties to this agreement

 

DISCLOSURE: SOG shall provide GEOVAL with all relevant and any other information SOG or GEOVAL deems appropriate and consistent with GEOVAL duties, and will provide GEOVAL with access to SOG's officers, directors, employees, independent accounts and legal counsel. SOG resents to the best of its knowledge that all information made available to GEOVAL by SOG will, at all times during the period of engagement of GEOVAL hereunder, be complete and correct in all material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in light of the circumstances under which statements are made. SOG further represents and warrants that any projections provided by it to GEOVAL will have been prepared in good faith and will be based upon assumptions which, in light of the circumstances under which they are made, were reasonable. GEOVAL does not assume responsibility for the accuracy or completeness of any information regarding SOG or any Prospect.

 

 

1

 

 

All nonpublic information provided by SOG to GEOVAL will be considered to be confidential information and shall be maintained as such by GEOVAL, except as required by law. In the event GEOVAL is required to disclose confidential information to a third party in order to perform its services pursuant to this agreement, in connection with such disclosure, GEOVAL agrees to first obtain from such third party a fully executed non-disclosure agreement until such time as such information becomes known to other third parties or the public, other than as a result of its release by GEOVAI,. Upon termination of this agreement. GEOVAL shall immediately return all such confidential information to SOG.

 

	
3.

	
FEES: SOG will issue GEOVAL 750.000 shares of SOG's common stock upon the execution of this agreement as payment for the term of this contract. SOG will issue an additional 250,000 share to GEOVAL upon completion of satisfactory performance with its services. SOG and GEOVAL will mutually agree when satisfactory performance has been achieved.

 

	
4.

	
MISCELLANEOUS: This agreement shall be binding upon and shall inure to the benefit of each of the parties and its successors, transferees, and assigns. This agreement constitutes the entire agreement between the parties and may not be amended except by written agreement signed by the parties hereto. The relationship of GEOVAL to SOG is that of an independent contractor, and shall not under any circumstances be construed so as to constitute GEOVAL as a partner, employee or agent of SOG. All notices hereunder shall be deemed to have been given. if made in writing, when mailed, postage prepaid, to the parties at the addresses set forth above, or to such other addresses as a party shall specify to the other. This agreement shall be enforced and construed in all respects in accordance with the laws of the State of Delaware. The sole and proper venue shall be New Castle County, Delaware.

 

IN WITNESS WHEREOF, the parties hereto have executed this agreement the day and year first above written.

 

	WITNESS:	 	 
Stratex Oil Gas, Inc.:

	 
	 	 	 	 	 
	
 

	 	
By: 

	/s/ Timothy Kelly	 
	 	 	 	
Timothy Kelly, President

	 
	 	 	 	 	 
	 	 	Geoval LLC.:	 
	 	 	 	 	 
	 	 	 
By: 

	/s/ Samuel A. Epstein	 
	 	 	 	Samuel A. Epstein	 

 

 

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