Document:

ex10-17.htm

    Exhibit
10.17

    

    First
Amendment to Loan Agreement dated as of February 1, 2009 between Isramco, Inc.
and I.O.C. Israel
Oil Company, Ltd.($12.0 million)

     

    

    FIRST AMENDMENT TO LOAN
AGREEMENT

     

    This
FIRST AMENDMENT TO LOAN AGREEMENT (this “First Amendment”)
executed effective as of February 1, 2009 (the “Effective Date”), is
between ISRAMCO, INC., a
corporation formed under the laws of the State of Delaware, and I.O.C. – ISRAEL OIL COMPANY,
LTD., an Israeli limited company (together with its successors and
assigns “Lender”).

     

    R
E C I T A L S:

     

    A.           Borrower
and Lender are parties to that certain Loan Agreement dated as of February 27,
2007 (the “Loan Agreement”), pursuant to which Lender agreed to make loans to
and extensions of credit on behalf of Borrower; and

     

    B.           Borrower
and Lender desire to amend the Loan Agreement in the particulars hereinafter
provided.

     

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein
contained, the parties hereto agree as follows:

     

    ARTICLE
IX

    DEFINITIONS

     

    Section
9.2 Terms Defined
Above.  As
used in this First Amendment, each of the terms defined in the opening paragraph
and the Recitals above shall have the meaning assigned to such terms
therein.

     

    Section 9.3 Terms Defined in Loan
Agreement.  Each
term defined in the Loan Agreement and used herein without definition shall have
the meaning assigned to such term in the Loan Agreement, unless expressly
provided to the contrary.

     

    Section 9.4 Other Definitional
Provisions.

     

    (a) The words
“hereby”, “herein”, “hereinafter”, “hereof”, “hereto” and “hereunder” when used
in this First Amendment shall refer to this First Amendment as a whole and not
to any particular Article, Section, subsection or provision of this First
Amendment.

     

    (b) Section,
subsection and Exhibit references herein are to such Sections, subsections and
Exhibits to this First Amendment unless otherwise specified.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
X

    AMENDMENTS TO LOAN
AGREEMENT

     

    Borrower
and Lender agree that the Loan Agreement is hereby amended, effective as of the
Effective Date, in the following particulars.

     

    Section
10.2 Amendments and Supplements
to Definitions.

     

    (a) The
following term, which is defined in Section 1.17 of the Loan Agreement, is
hereby amended in its entirety to read as follows:

     

    Maturity Date shall
mean, unless the Note is sooner accelerated pursuant to this Agreement, February
26, 2014.

     

    (b) Article 1
of the Loan Agreement is hereby further amended and supplemented by adding the
following new definition where alphabetically appropriate, which reads in its
entirety as follows:

     

    “First Amendment”
shall mean that certain First Amendment to Loan Agreement dated as of February
1, 2009 between Borrower and Lender.

     

    Section
10.3 Amendment
to Section 2.3 of the Loan Agreement.  The second sentence of
Section 2.3 of the Loan Agreement is hereby amended in its entirety to read as
follows:

     

    The Note
shall be dated as of the Effective Date, and shall provide for one annual
payment of accrued interest on the first anniversary of the Effective Date
hereof, followed by four equal annual payments of principal and accrued interest
on the fourth and each succeeding anniversary date until the Maturity Date, when
the unpaid and outstanding principal balance of the Note, together with accrued
but unpaid interest thereon, shall be due and payable.

     

    Section
10.4 Amendment to Section 8.1 of the Loan Agreement.
Section 8.1 of the Loan Agreement is amended by replacing the address of
Borrower with the following:

     

    If to the
Borrower, to:

    

    Isramco,
Inc.

     

    4801
Woodway Drive, Suite 100E

    Houston,
TX 77056

    Telephone
No.:  (713) 621 -3882

    Facsimile
No.:  (713) 621 – 3988

    e – mail
jayoil@swbell.net

    

    With a
copy to:

     

    Mr. James H. Hutchinson,
III

     

    4801
Woodway Drive, Suite 100E

    Houston,
TX 77056

    Telephone
No.:  (713) 621 -6785

    e –
mail:  jhutchinson@isramco-jay.com

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    ARTICLE
XI

    CONDITIONS

     

    The
enforceability of this First Amendment against Lender is subject to the
satisfaction of the following conditions precedent:

     

    Section 11.2 Loan
Documents.  Lender
shall have received multiple original counterparts, as requested by Lender, of
this First Amendment executed and delivered by a duly authorized officer of
Borrower and Lender.

     

    Section 11.3 Representations and
Warranties.  Except
as affected by the transactions contemplated in the Loan Agreement and this
First Amendment, each of the representations and warranties made by Borrower in
or pursuant to the Loan Documents shall be true and correct in all material
respects as of the Effective Date, as if made on and as of such
date.

     

    Section 11.4 No
Default.  No
Default or Event of Default shall have occurred and be continuing as of the
Effective Date.

     

    Section 11.5 No Change.  No
event shall have occurred since the Closing Date, which, in the reasonable
opinion of Lender, could have a Material Adverse Effect.

     

    Section 11.6 Security
Instruments.  All
of the Security Instruments shall be in full force and effect and provide to
Lender the security intended thereby to secure the Indebtedness, as amended and
supplemented hereby.

     

    Section 11.7 Other Instruments or
Documents.  Lender
or counsel to Lender shall receive such other instruments or documents as they
may reasonably request.

     

    ARTICLE
XII

    MISCELLANEOUS

     

    Section 12.2 Adoption, Ratification and
Confirmation of Loan Agreement.  Each
of Borrower and Lender does hereby adopt, ratify and confirm the Loan Agreement,
as amended hereby, and acknowledges and agrees that the Loan Agreement, as
amended hereby, is and remains in full force and effect.

     

    Section 12.3 Successors and
Assigns.  This
First Amendment shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted pursuant to the
Loan Agreement.

     

    Section 12.4 Counterparts; Electronic
Delivery of Signature Pages.  This
First Amendment may be executed by one or more of the parties hereto in any
number of separate counterparts, and all of such counterparts taken together
shall be deemed to constitute one and the same instrument and shall be
enforceable as of the Effective Date upon the execution of one or more
counterparts hereof by Borrower, and Lender.  In this regard, each of
the parties hereto acknowledges that a counterpart of this First Amendment
containing a set of counterpart executed signature pages reflecting the
execution of each party hereto shall be sufficient to reflect the execution of
this First Amendment by each necessary party hereto and shall constitute one
instrument.  Delivery of an executed signature page of this First
Amendment by facsimile or e-mail shall be effective as delivery of an original
executed signature page of this First Amendment.

     

    Section 12.5 Number and
Gender.  Whenever
the context requires, reference herein made to the single number shall be
understood to include the plural; and likewise, the plural shall be understood
to include the singular.  Words denoting sex shall be construed to
include the masculine, feminine and neuter, when such construction is
appropriate; and specific enumeration shall not exclude the general but shall be
construed as cumulative.  Definitions of terms defined in the singular
or plural shall be equally applicable to the plural or singular, as the case may
be, unless otherwise indicated.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Section 12.6 Entire
Agreement.  This
First Amendment constitutes the entire agreement among the parties hereto with
respect to the subject hereof.  All prior understandings, statements
and agreements, whether written or oral, relating to the subject hereof are
superseded by this First Amendment.

     

    Section
12.7 Invalidity.  In
the event that any one or more of the provisions contained in this First
Amendment shall for any reason be held invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provision of this First Amendment.

     

    Section
12.8 Titles of Articles, Sections
and Subsections.  All
titles or headings to Articles, Sections, subsections or other divisions of this
First Amendment or the exhibits hereto, if any, are only for the convenience of
the parties and shall not be construed to have any effect or meaning with
respect to the other content of such Articles, Sections, subsections, other
divisions or exhibits, such other content being controlling as the agreement
among the parties hereto.

     

    Section 12.9 Governing
Law.  This
First Amendment shall be deemed to be a contract made under and shall be
governed by and construed in accordance with the internal laws of the State of
Texas.

     

    This
First Amendment, the Loan Agreement, as amended hereby, the Note, and the other
Loan Documents represent the final agreement between the parties and may not be
contradicted by evidence of prior, contemporaneous, or subsequent oral
agreements of the parties.

     

    There are
no unwritten oral agreements between the parties.

     

    IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
Effective Date.

     

    

    
      	
              BORROWER:

               

               

            	 
      	
              ISRAMCO,
      INC.

            
	 
      	 
      	
              By:                                                                        

              Haim
      Tsuff, Chief Executive Officer

            
	 
      	 
      	 
      

    

    

    
      	
              LENDER:

               

               

            	 
      	
              I.O.C.
      - ISRAEL OIL COMPANY, LTD.

               

              By:                                                                            

                             Jackob
      Maimon, Director

               

               

              By:  ______________________________________

                              Noa
      Landner, Authorized
Representativeex10-3.htm

    
      

    

    Exhibit
10.3

     

    WANNIGAN
CONSULTING CORP,

    7230
Indian Creek Ln.

    Ste
201

    Las Vegas, NV, 891491

    TELEPHONE:
(604)-683-6648

    FACSIMILE:
(604) 684-1350

    

    “...building
companies for the future”

    

    BUSINESS
CONSULTING AGREEMENT

    

    This
AGREEMENT made this 27th of
July, 2009 by and between:

     

    BLACKHAWK
EXPLORATIONS INC.

    
whose
principal place of business is

    

    1174
Manitou Dr NW

    Po
Box 363

    Fox
Island, Wash 98333

     (hereinafter
the “Company”)
and;

    

    WANNIGAN CONSULTING CORP., a
Company duly incorporated in the State of Nevada,

    located
at:

    7230
Indian Creek Ln., Ste 201,

    Las
Vegas, NV, 89149

    

    (hereinafter
the “Consultant”).

    

    WITNESSETH

    

    In
consideration of the mutual promises hereinafter made by each to the other,
Consultant and Company agree as follows:

    

    WHEREAS, the Company wishes to
retain the Consultant to act as a consultant in the areas of corporate growth
and Acquisitions, accounting, business affairs, business operations, and
financial and public company compliance;

    

    AND WHEREAS, The Consultant
has substantial experience in the areas of corporate growth and Acquisitions,
accounting, business operations and supervision of the business affairs of both
private and publicly traded companies and wishes to assume such responsibilities
for the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
WITNESSETH

    

    NOW, THEREFORE, the parties
agree as follows:

    

    
      	
              1.

            	
              TERM:  This
      Agreement shall be for a term of 8 months commencing the 27th day of July,
      2009.

            
	 
      	 
      	 
      
	
              2.

            	
              NATURE OF
      SERVICES:  During the term of this Agreement Consultant
      shall perform the following services in a timely and professional
      manner:

            
	 
      	 
      	 
      
	 
      	
              (a)

            	
              Attend
      meetings of the Company’s Board of directors or Executive Committee(s)
      when so requested in writing by the Company;

            
	 
      	
              (b)

            	
              Attend
      meetings for and at the request of the Company and review, analyze and
      report on proposed  business opportunities;

            
	 
      	
              (c)

            	
              Assist
      in negotiating potential acquisitions and mergers;

            
	 
      	
              (d)

            	
              Assist
      in the implementation of short term and long term strategic planning as
      required by the Company;

            
	 
      	
              (e)

            	
              Assist
      the Company in the monitoring of services provided by the Company’s
      advertising firm, public relations firm (if other than the Consultant) and
      other professionals to be employed by the Company;

            
	 
      	
              (f)

            	
              Maintain
      the books and records of the Company in accordance with the instructions
      of the Company’s Auditors and in accordance of U.S. GAAP if so requested
      by the Company;

            
	 
      	
              (g)

            	
              Prepare
      all necessary regulatory and statutory filings required of the Company;
      and

            
	 
      	
              (h)

            	
              Act
      as liaison between the Company and its Auditor.

            
	 
      	
              (i)

            	
              Act
      as liaison between the Company and its Transfer Agent.

            
	 
      	 
      	 
      
	
              3.

            	
              IT IS AGREED that the
      Consultant’s services will not include any services that constitute the
      rendering of legal opinions or performance of any work that it is the
      ordinary purview of a registered broker/dealer.

            
	 
      	 
      	 
      
	
              5.

            	
              COMPENSATION: The
      Company agrees to compensate Consultant for its
  services:

            
	 
      	 
      	 
      
	 
      	
              (a)

            	
              Payment
      of $3,000 per month to the Consultant of which $6,000, constituting the
      first and eighth month payments, shall be paid to the Consultant upon
      signing of this agreement; and

            
	 
      	
              (b)

            	
              280,000
      restricted Common Shares of the Company; and

            
	 
      	
              (c)

            	
              payment
      to the Consultant of pre-approved expenses for the term of this Agreement
      to a maximum of $4,000 with a $500 per month maximum with each months $500
      to be paid on the first of the month with the first such payment being
      made upon the signing of this agreement. Any expenses over $500 will be
      subject to pre-approval by Blue Leaf Capital Ltd.

            
	 
      	 
      	 
      
	
              6.

            	
              CONFIDENTIALITY:
      Consultant will not disclose to any other person, firm or corporation, nor
      use for his own benefit, during or after the term of this Consulting
      Agreement, any trade secrets or other information designated as
      confidential by the Company which is acquired by Consultant in the course
      of his performing services hereunder. (A trade secret is information not
      generally known to the trade, which gives the Company an advantage over
      its competitors. Trade secrets can include, by way of example, products or
      services under development, production methods and processes, sources of
      supply, customer lists, marketing plans and information concerning the
      filing of pendency of patent applications). Any management advice rendered
      by Consultant pursuant to this Consulting Agreement may not be disclosed
      publicly in any manner without the prior written approval of
      Consultant.

            

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                7.

              	
                INDEMNIFICATION: The
      Consultant shall indemnify and hold the Company, its affiliates, control
      persons, officers, employees and agents harmless from and against all
      liabilities, where a court of competent jurisdiction has made a final
      determination that Consultant engaged in negligence or willful misconduct
      in the performance of its services hereunder which gave rise to the
      losses, claim, damage, liability, cost or expense sought to be recovered
      hereunder. The provisions of this paragraph shall survive the termination
      and expiration of this Consulting Agreement.

              
	 
      	 
      	 
      
	
                8.

              	
                TERMINATION:  After
      a period of eight months has transpired from the date of signing, the
      Parties agree that either Party shall have the right to terminate this
      Agreement without cause and without notice or payment in lieu thereof upon
      the giving by the Terminating Party to the Terminated Party written notice
      of such termination, which shall be effective immediately upon delivery of
      such notice. Provided however, that such termination does not relieve
      either party of obligations which have accrued to the other and, in the
      event that notice is given by the Consultant, the Consultant shall be
      obligated to complete all filings required of the Company and due within
      45 days of the giving of such notice.

              
	 
      	 
      	 
      
	
                9.

              	
                HEADINGS: The headings
      in this Agreement are for reference purpose only and shall not in any way
      affect the meaning or interpretation of this Agreement.

              
	 
      	 
      	 
      
	
                10.

              	
                SEVERABILITY OF
      PROVISIONS: The invalidity or unenforceability of any term, phrase,
      clause, paragraph, restriction, covenant, agreement or other provision of
      this Agreement shall in no way affect the validity or enforcement of any
      other provision or any part thereof

              
	 
      	 
      	 
      
	
                11.

              	
                WHOLE AGREEMENT: This
      Agreement constitutes and contains the entire agreement and understanding
      between the parties and supersedes all prior agreements, memoranda,
      correspondence, communications, negotiations and representations, whether
      oral or written, express or implied, statutory or otherwise between the
      parties or any of them with respect to the subject matter hereof. This
      Agreement may not be changed orally but only by an agreement in writing,
      signed by the party against which enforcement, waiver, change,
      modification or discharge is sought.

              
	 
      	 
      	 
      
	
                12.

              	
                NOTICES: All notices to
      be given hereunder shall be in writing and sent by fax or registered and
      certified mail, postage prepaid to the following addresses., sent to the
      appropriate Party as set out below(or to such other address or addresses
      as either Party may, in writing, notify the other of), provided however,
      that notices given by fax transmissions shall be deemed to have been given
      at the time and on the dated disclosed by the corresponding fax
      transmission confirmation sheet and, if given by Registered Mail, shall be
      deemed to have been given five (5) clear days after
    mailing:

              

      

    

    

    If to the
Company

    WANNIGAN
CONSULTING CORP,

    7230
INDIAN CREEK LN., STE 201

    LAS
VEGAS, NV 89149

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
If to
Client:

    BLACKHAWK EXPLORATIONS,
INC..

    1174
MANITOU DR NW

    PO
BOX 363

    FOX
ISLAND, WASH 98333

    

    

    
      	
              13.

            	
              LAW: This agreement is
      governed and construed under the laws of the State of
    Nevada.

            
	 
      	 
      	 
      
	
              14.

            	
              MISCELLANEOUS:

            
	 
      	 
      	 
      
	 
      	
              (a)

            	
              All
      final decisions with respect to consultation, advice and services rendered
      by Consultant to the Company shall rest exclusively with the
      Company;

            
	 
      	
              (b)

            	
              This
      Agreement contains the entire agreement of the parties hereto and there
      are no representations or warranties other than those contained
      herein.  Neither party may modify this Agreement unless the same
      is in writing and duly executed by both parties hereto;

            
	 
      	
              (c)

            	
              In
      the event this Agreement or performance hereunder contravene public policy
      or constitute a material violation of any law or regulation of any federal
      or state government agency, or either party becomes insolvent or is
      adjudicated bankrupt or seeks the protection of any provision of the
      National Bankruptcy Act, or either party is enjoined, or consents to any
      order relating to any violation of any state or federal securities law,
      then this Agreement shall be deemed terminated, and null and void upon
      such termination; neither party shall be obligated hereunder and neither
      party shall have any further liability to the other;

            
	 
      	
              (d)

            	
              Any
      controversy or claim arising out of or related to this Agreement shall be
      litigated in the Courts of the State of Nevada and the law applicable to
      any such dispute shall be the law of the State of
  Nevada.

            
	 
      	
              (e)

            	
              The
      Consultant acknowledges that he has been advised by the Company to obtain
      independent legal advice with respect to this Agreement and that he has
      either obtained such advice or has waived his right to
    such.

            
	 
      	
              (f)

            	
              This
      Agreement may be signed in
counterpart.

            

    

    

    

    

    IN
WITNESS WHEREOF, the parties hereto have hereunder signed their names as
hereinafter set forth.

    

    
      	
              WANNIGAN
      CONSULTING CORP.

            	 	
              BLACKHAWK
      EXPLORATIONS INC.

            	 
      
	 
      	 
      	 	 
      	 
      	 
      
	 
      	 
      	 	 
      	 
      	 
      
	
              By:

            	
               
      

            	 	
              By:

            	
              /s/
      Kevin M. Murphy

            	 
      
	 
      	
              Kenneth
      B. Liebscher/CEO-President

            	 	 
      	
              Kevin
      M. Murphy/ CEO-President

            	 
      
	 
      	 
      	 	 
      	 
      	 
      
	 
      	 
      	 	 
      	 
      	 
      
	 
      	
               

            	 	 
      	
              July
      30, 2009

            	 
      
	 
      	
              (Date)

            	 	 
      	
              (Date)

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