Document:

Bonanza Oil & Gas, Inc. : Exhibit 4.28 - Filed by newsfilecorp.com

Exhibit 4.28

PROMISSORY NOTE 

	
$101,750.00
		
Houston, Texas
	
	
 
		
Date: April 12, 2010
	

 Bonanza Oil & Gas, Inc., a Nevada corporation (the "Maker"), for value received, hereby promises to pay to the TRIUMPH SMALLCAP FUND LTD., a _____company, or registered assigns (the "Holder"), the aggregate principal sum of ONE HUNDRED
AND ONE THOUSAND SEVEN HUNDRED FIFTY ($101,750.00) Dollars in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. Maker further promises to pay
interest on the unpaid principal balance hereof at the rate of ten percent (10%) per annum. Principal and interest on the outstanding balance shall be paid on December 31, 2010. Interest shall be calculated on the basis of a 360 day year and actual
days elapsed. In no event shall the interest charged hereunder exceed the maximum permitted under the laws of the State of Texas. The Maker herby represents that the debt represented by this Note was incurred as follows: 

  
	
Date
		
Amount
	
	
December 31, 2009
		
$ 1,000
	
	
January 15, 2010
		
$12,500
	
	
February 10, 2010	
$ 5,000
	
	
February 25, 2010	
$36,000
	
	
February 25, 2010	
$ 5,000
	
	
March 12, 2010
		
$11,250
	
	
April 7, 2010
		
$15,000
	
	
April 9, 2010
		
$16,000
	

  

  This Note can be prepaid in whole or in part at any time without the consent of the Holder provided that Maker shall pay all accrued interest on the principal so prepaid to date of such prepayment. 

  The entire unpaid principal balance of this Note and interest accrued with respect thereto shall be immediately due and payable upon the occurrence of any of the following (each, an "Event of Default"): 

a. 

Application for, or consent to, the appointment of a receiver, trustee or liquidator
for Maker or of its property; 

b. 

Admission in writing of the
Maker's inability to pay its debts as they mature; 

c. 

General assignment by the Maker for the benefit of creditors;

d. 

Filing by the Maker of a voluntary petition in bankruptcy or a petition or an
answer seeking reorganization, or an arrangement with creditors; or 

e. 

Entering against the Maker of a court order approving a petition filed against it
under the federal bankruptcy laws, which order shall not have been vacated or set aside or otherwise
terminated within 60 days. 

f. 

Default in the payment of the principal or accrued interest on this Note,
when and as the same shall become due and payable, whether by acceleration or otherwise;

g. 

Default in any covenant or obligation of Maker in favor of Holder arising
pursuant to the agreement between Maker and Holder dated as of the date of this Note.

All rights and remedies available to the Holder pursuant to the provisions of
applicable law and otherwise are cumulative, not exclusive and enforceable alternatively,
successively and/or concurrently after default by Maker pursuant to the provisions of this Note.
  

The Maker waives demand, presentment, protest and notice of any kind and
consents to the extension of time of payments, the release, surrender or substitution of any and all
security or guarantees for the obligations evidenced hereby or other indulgence with respect to this
Note, all without notice. 

This Note may not be changed, modified or terminated orally, but only by an
agreement in writing, signed by the party to be charged. 

In the event of any litigation with respect to the obligations evidenced by this Note,
the Maker waives the right to a trial by jury and all rights of set-off and rights to interpose
permissive counterclaims and cross-claims. This Note shall be governed by and construed in
accordance with the laws of the State of New York and shall be binding upon the successors,
endorsees or assigns of the Maker and inure to the benefit of the Holder, its successors, endorsees
and assigns. 

The Maker hereby irrevocably consents to the jurisdiction of the courts of New York
County, in the State of New York and the United States District Court for the Southern District of
New York in connection with any action or proceeding arising out of or relating to this Note. If any
term or provision of this Note shall be held invalid, illegal or unenforceable, the validity of all other
terms and provisions hereof shall in no way be affected thereby. 

BONANZA OIL & GAS, INC.

By:    /s/ William Wiseman                           

      
William Wiseman, CEO

 

2Bonanza Oil & Gas, Inc. : Exhibit 10.12 - Filed by newsfilecorp.com

Exhibit 10.12

BONANZA ACCOUNTS RECEIVABLE 

AGREEMENT 

 This Bonanza Accounts Receivables Agreement (BARA) is entered into this 12th day of April 2010 by and between Westerly Exploration, Inc. (Westerly) and Bonanza Oil & Gas, Inc. (Bonanza). 

Recitals: 

A. 

Bonanza, as Non-Operator, has participated in operations conducted by Westerly, as Operator, on the APClark Prospect, Borden County, Texas. 

B. 

As of March 30, 2010 (but prior to billing Bonanza for lease operating expenses
paid or charged in March, 2010), and as set forth on Exhibit A attached hereto,
Bonanza has an outstanding accounts payable balance to Westerly in the total
amount of $529,055. 

C. 

Westerly and Bonanza desire to settle the outstanding accounts payable balance
all as hereinafter provided. 

NOW THEREFORE the undersigned parties hereto, for a valuable consideration and in consideration of the premises, agree as follows: 

1. 

Westerly agrees that the entirety of the outstanding accounts payable balance
shall be deemed to have been paid in full in the event Bonanza pays or causes to
be paid to Westerly: 

a)   $150,000 on or before April 9th, 2010, plus,

b)   $225,000 on or before April 30, 2010 or, in lieu of payment under b),

c)   $250,000 on or before May 31, 2010 or, in lieu of payments under b) or c),

d)   $275,000 on or before June 30,
2010. 

2. 

Westerly and Bonanza stipulate and agree that the working interest ownership of Bonanza in all leases comprising the APClark Prospect is limited to 25% in the leases set forth on Exhibit B attached hereto and that
the undersigned parties hereto agree to execute such assignments (and/or re-assignments) of leasehold interests as may be necessary as desirable to reflect, of record, the working interest ownerships set forth on Exhibit B. 

3. 

In the event Bonanza fails, refuses or neglects, for any reason or for no
reason, 

a)   to make or cause to be made payment under Paragraph 1 a) above, this BARA shall terminate. 

 

b) having made or cause to be made payment under Paragraph 1 a) above, to fail to make payment under either Paragraphs 1 b), c) or d) above, this BARA shall terminate. 

4. 

Westerly and Bonanza stipulate and agree that notwithstanding termination of
this BARA under Paragraph 3 above, the terms and provisions of Paragraph 2 above
shall survive any such termination. 

5. 

In the event Bonanza complies with the provisions of Paragraph 1 above, Westerly shall thereafter distribute joint interest revenue to Bonanza on a “net check” basis, that is, distributing on a monthly
basis Bonanza’s prorata share of revenue less Bonanza’s prorata share of expenses. 

  6. 

  Prior to Bonanza complying with the provisions of Paragraph 1, above, Westerly will continue to apply joint interest revenue otherwise due to Bonanza against Bonanza’s prorata share of monthly expenses and outstanding accounts payable
balance. 

Agreed to and accepted by the undersigned parties hereto effective as of April 12, 2010. 

	
WESTERLY
EXPLORATION, INC.			
BONANZA
OIL & GAS, INC.	
	 	 					 	
	 	 					 	
	By:	/s/ Charles Weiner		By: 	/s/ William Wiseman
	 	 			 
	Name:	Charles Weiner		Name: 	William Wiseman
	 	 			 
	Title:	Chairman		Title: 	President and CEO

 

2Bonanza Oil & Gas, Inc. : Exhibit 10.13 - Filed by newsfilecorp.com

Exhibit 10.13

WESTERLY DEBT CONVERSION AGREEMENT 

This Agreement (the “Agreement”) is dated April 12, 2010 and is made by and between Bonanza
Oil & Gas, Inc. (the “Company”), and [ ] (“Debt Holder”).

 WHEREAS, the Debt Holder has acquired $[ ] in debt (the “Debt”) from Westerly Exploration Inc. (“Westerly”) pursuant to that Debt Purchase Agreement entered between the Debt Holder and Westerly dated April 12, 2010; 

WHEREAS, the Debt is in excess of six months in age; 

 WHEREAS, the Company and Debt Holder have elected to enter into this Agreement, pursuant to which the Debt Holder will convert the Debt into [ ] shares of common stock, $.001 par
value per share, of the Company (the “Shares”); 

 NOW, THEREFORE, in consideration of the mutual conditions and covenants contained in this Agreement, and for other good and valuable consideration, the sufficiency and receipt of which
is hereby acknowledged, it is hereby stipulated, consented to and agreed by and between the Company and the Debt Holder as follows: 

1. 

Debt Holder will convert the Debt into the Shares, which shall be delivered by the Company to Debt Holder with one (1) business days via DWAC delivery. 

	
2. 		
Each party shall be responsible for their own attorneys’ fees and costs.

	
	 	 
	
3. 		
Each party acknowledges and represents that: (a) they have read the Agreement; (b) they clearly understand the Agreement and each of its terms; (c) they fully and unconditionally consent to the terms of this Agreement; (d) they
have had the benefit and advice of counsel of their own selection; (e) they have executed this Agreement, freely, with knowledge, and without influence or duress; (f) they have not relied upon any other representations, either written or oral,
express or implied, made to them by any person; and (g) the consideration received by them has been actual and adequate.

	
	 	 
	
4. 		
This Agreement contains the entire agreement and understanding concerning the subject matter hereof between the parties and supersedes and replaces all prior negotiations, proposed agreement and agreements, written or oral. Each of the parties hereto acknowledges that neither any of the parties hereto, nor agents or counsel of any other party whomsoever, has made any promise, representation or warranty
whatsoever, express or implied, not contained herein concerning the subject hereto, to induce it to execute this Agreement and acknowledges and warrants that it is not executing this Agreement in reliance on any promise, representation or warranty
not contained herein.

	

	
5. 		
Debt Holder releases and discharges the Company, the Company’s employees, officers, directors, heirs, executors, successors, administrators, attorneys, insurers, and assigns from all actions, cause of action, suits, debts,
dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions, claims, and demands whatsoever, in law, admiralty or
equity, against the Company, that Debt Holder or his executors, administrators, successors and assigns ever had, now have or hereafter can, shall or may, have for, upon, or by reason of any matter, cause or thing whatsoever, whether or not known or
unknown, from the beginning of the world to the day of the date of this Agreement.

	
	 	 
	
6. 		
This Agreement may not be modified or amended in any manner except by an instrument in writing specifically stating that it is a supplement, modification or amendment to the Agreement and signed by each of the parties hereto.

	
	 	 
	
7. 		
Should any provision of this Agreement be declared or be determined by any court or tribunal to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or
invalid part, term or provision shall be severed and deemed not to be part of this Agreement.

	
	 	 
	
8. 		
The Parties agree that this Agreement is governed by the Laws of the State of Texas and that any and all disputes that may arise from the provisions of this Agreement shall be tried in the Supreme Court, State of Texas, County of
Harris. The Parties agree to waive their right to trial by jury for any dispute arising out of this Agreement.

	

2

	
9. 		
This Agreement may be executed in facsimile counterparts, each of which, when all parties have executed at least one such counterpart, shall be deemed an original, with the same force and effect as if all signatures were appended
to one instrument, but all of which together shall constitute one and the same Agreement.

	

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first
indicated above.

Bonanza Oil & Gas, Inc.

By: ___________________________

Name: William Wiseman  

Title: CEO   

[insert name of Debt Holder]

By: ______________________________

Name: 

Title: 

3

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