Document:

binding_agreement.htm

    Exhibit
10.22

    

    BINDING
AGREEMENT

     

     

    March 18,
2008

    

    ATTN: 
Stuart Turk

    

    RE: 
Asset Purchase

    

    Dear
Stuart,

    

    The
purpose of this letter (the "Letter") is to set forth certain binding
understandings
between FTS Group, Inc. and OTG Technologies, Inc. a newly formed
wholly-owned subsidiary of FTS Group, Inc. (Company was formed to facilitate
the transaction, hereafter referred to as "FTS") and On The Go HealthCare,
Inc. DBA On The Go Technologies, Inc. (hereafter referred to as "OTG")
regarding the sale of selected assets owned by OTG as described in more detail
on exhibit A (here after referred to as the "ASSETS"), assumption of certain
debt of OTG as described in more detail on Exhibit B, the assumption of certain
contracts of OTG as described in more detail on Exhibit C, Confidentiality and
Non-Competition Agreement as described in more detail on Exhibit D, and a
Promissory Note (the "Note") issued to the Company attached as Exhibit
E.

    

    In
consideration of the significant costs to be borne by FTS in pursuing this
proposed
transaction and further in consideration of their mutual undertakings as to the
matters described herein, upon execution of this Letter or counterparts thereof,
the following paragraphs of this letter shall constitute the binding provisions
of the transaction.

    

    1. 
Transaction. FTS has acquired the assets
listed on Exhibit A for a combination
of a note and debt assumption as set forth in the exhibits.

     

    2.  Purchase Price. Based on the information
currently known by FTS Group, Inc. on the date hereof, the total deal value is
described in detail below in US dollars:

     

    
      
        	Deal
      Value 	$4,000,000 
	Assumed Vendor
      Debt	$2,900,000 (Subject
      to Adjustment) 
	OTG Note (Exhibit
      D) 	$1,100,000 (Subject
      to Adjustment) 

      

       

    

    3. 
Representations. OTG represents they are
the sole owner of the ASSETS and has full
authority to enter into a sale transaction with FTS, it is understood
that Laurus Master Fund, Ltd.   has 1st security interest in the
Assets of the OTG until such time as their Revolving Line of Credit is paid in
full. Both FTS and OTG agree to work in good faith through the outstanding
issues required to complete all closing documents. Both parties agree that as of
March 18, 2008 the transaction is deemed closed. FTS represents that it will
provide Laurus Master Fund, Ltd with a UCC on its new subsidiary OTG
Technologies Group, Inc. a Florida Corp. if required. FTS represents that all
Accounts Receivables prior to the closing date of March 18, 2008 are the
property of Laurus Master Fund, Ltd.

    

    4. 
Closing Date. The closing date is March
18, 2008.

    

    5. 
Definitive Agreement and Note Agreement.
FTS and OTG intend promptly to complete the asset purchase agreement and note
agreement, the execution of which has been approved by the board of directors of
FTS Group and OTG and will contain comprehensive representations, warranties,
indemnities, conditions
and agreements by OTG and FTS. It is anticipated that the definitive
agreement will be completed by the proposed closing date, unless an
extension is granted and submitted to each party in writing.

    

    6.  Non Competition Agreement. Will be included in
the purchase agreement.

    

    7.  Access. Seller shall cause OTG to provide to
FTS access to OTG' books and records
relating to the acquired ASSETS and shall cause accountants and other
agents and representatives (collectively, "Representatives") of OTG to cooperate
fully with FTS and its representatives in connection with FTS' acquisition
review of the ASSETS and any of the assets, contracts, liabilities,
operations, records and other aspects of their business relating
to the transaction and potential audit requirements.

    

    8. 
Fees and Expense. FTS is responsible for
all of its fees and expenses relating
to its due diligence, accounting, legal, SEC or other costs associated
with the proposed transaction. OTG is responsible for all of its fee's
and expenses relating to the transaction.

     

    9.  Entire
Agreement. This letter constitutes the entire agreement between the
parties, superceding all prior oral or written agreements, understandings,
representations and warranties, and courses of conduct and dealing between the
parties on the subject matter hereof. Except as otherwise provided herein, the
binding provisions may be amended or modified only by a writing executed by both
parties.

     

    10.  Governing
Law. The binding provisions shall be governed by and construed in
accordance with the laws of the State of Florida.

    

    Please
sign and date this letter in the space provided below to confirm the
mutual
agreements set forth in this binding letter of intent and return a signed
copy to the undersigned.

     

    Signature
Page and Contact Information

     

     

    BUYER

     

    By:     
/s/ Scott
Gallagher           

    Name:  Scott
Gallagher

    Title:   
Chief Executive Officer,

                 FTS
Group, Inc.

    

    Contact
information:

    300 State
St., Suite 226

    Oldsmar,
Florida 34677

    Facsimile:
215-689-2748

    

    

    SELLER

     

    By:     
/s/ Stuart
Turk                

    Name: Stuart
Turk

    Title:   Chairman
and CEO

    

    Contact
information:

    Facsimile:
905 660 5738

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

                                        Exhibit A

                                (Description
of ASSETS)

     

            1.
Goodwill

            2.
The trade name of On The Go Technologies Group

            3.
Assumed contracts

            4.
Assumed employees

            5.
All related trade contacts

     

     

                                        Exhibit B

     

            1.
Approximately $2,900,000 outstanding vendor debt as listed on the accounts
payable which include all invoices that are dated prior to March 17,
2008.

     

     

                                         Exhibit C

    

            Contracts

    

            1.
All contracts in the name of On The Go Technologies Group related to the
Value-Added Reseller business as follows:

     

                    *
HP (Gold certified partner)

                    *
IBM - Premier Business Partner (Advanced service partner)

                    *
Lenovo

                    *
Lexmark service partner

                    *
Xerox

                    *
Cisco Premier authorized

                    *
Microsoft Gold Certified

                    *
OKI Data certified

                    *
Toshiba Notebook certified

                    *
Apple

                    *
Isilon

                    *
Alias

                    *
Symantec

                    *
Extreme

                    *
Fortinet

                    *
VM Ware

                    *
Autodesk

                    *
Altiris

                    *
Pano

                    *
Codonix

                    *
Rimage

                    *
Acuo

                    *
Equal Logics

                    *
Viatronix

                    *
Pacsgear

                    *
Bluearc

                    *
Softimage

                    *
Foundry

                    *
Extreme

                    *
Final Cut Pro

                    *
AJA

                    *
Automatic Duck

                    *
Avid Xpress pro

                    *
Convergent Design

                    *
Massive

                    *
The Foundry

                    *
Tactic

                    *
Logic Pro

                    *
Digidesign

                    *
Xinet

                    *
Asante

                    *
Adic

                    *
X-rite

                    *
Sony

                    *
Epson

                    *
Xyratex

                    *
Lacie

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

                                        Exhibit D

     

    CONFIDENTIALITY
AND NON-COMPETITION AGREEMENT

    

    

    B E T W E
E N

    

    ON THE GO
HEALTHCARE INC., operating as

    ON THE GO
TECHNOLOGIES GROUP

    

    (hereinafter
referred to as the "Company")

     

    - and
-

     

    FTS GROUP
operating as

    ON THE GO
TECHNOLOGIES GROUP INC.

    (hereinafter
referred to as the "Purchaser")

     

    WHEREAS  the
Company is engaged in the business of selling computer hardware, software,
supplies and services to customers across Canada, the United States and
abroad;

    

    AND
WHEREAS the Company has offered to sell the operations to the Purchaser
and the
Company will be privy to a great deal of confidential information, the
disclosure of any of which could be very harmful to the Purchaser;

    

    THEREFORE,
for good and valuable consideration, receipt of which is acknowledged,
the Company agrees as follows:

     

    Article 1
- Confidential Information

    

    1.01 The
following constitutes confidential information belonging to the Purchaser:

    

            a)
all customer lists, customer account information, supplier account information,
supplier lists, invoice schedules, commission schedules,
pricing policies, discount policies, and the terms and conditions
of all contracts entered into by the Company with both customers
and suppliers;

    

            b)
the methods, techniques, incentives, devices and all associated information
used  by the Company to secure suppliers or attract customers
to the Company;

    

            c)
any intellectual property including, but not limited to, computer hardware
development, computer software development, including programming
code or computer internet web design, produced or developed
by the Purchaser while he is engaged as a Purchaser of the
Company;

    

            d)
all technical information and data, and especially all computer technology
and data, whether maintained on paper or on computer diskette;

    

            e)
all marketing plans and company sales strategies;

    

            f)
all of the Company's financial affairs;

    

            g)
all personnel information, especially the names of all purchasers, the terms
upon which they have agreed to provide their services and the details of their
remuneration; and

    
    

    

            h)
all other information which may reasonably be designated as confidential
by the Company.

     

    Article 2
- Disclosure of Confidential Information
Prohibited

    

    2.01
Beginning on the Effective Date of this agreement and at all times afterwards,
the Company agrees that he/she will not use the confidential information
outlined above in Article 1 except to futher the business of the Company, and
that he/she will refrain from disclosing any confidential information to any
person, business or corporation, other than to a purchaser of the Company who
requires access to such information to perform his or her job, without prior
written consent from the Company. However, this restriction will not apply
to any portion of the confidential information which becomes generally known in
the industry, unless the Purchaser is responsible or partly responsible for
making it generally known. 

     

    2.02 The Purchaser agrees that all documents provided to
him/her by the Company remain the property of the Company.

     

    2.03 The
Purchaser acknowledges that he/she is not entitled to remove any documents of
any kind from the Company's premises, including any documents containing
confidential information.

     

    Article 3
- Non-Solicitation

    

    3.01 The
Company agrees that during the term of this agreement with the Purchaser,
the Company shall not, either directly or indirectly, for his/her
own benefit or for the benefit of any person, enterprise or entity,
solicit or attempt to solicit the business of any customer of the
Purchaser

     

    Article 4
- Non-Competition

    

    4.01 The
Company agrees that it will not, anywhere in Ontario, directly or indirectly,
carry on, act as agent for, be employed by or become otherwise associated with a
firm, business or corporation which competes with the Purchaser for a period of
two years from the Effective Date of this agreement (the "Non-Compete
Period")

     

    4.02 It
is further agreed that if the Company shall engage in any business in violation
of the obligations herein, the running of the Non-Compete Period referred to
above shall be interrupted until such violation shall cease and shall begin
again only when the Company is in compliance with the provisions of the covenant
whether voluntarily or pursuant to a court order.

     

    Article 5
- General

    

    5.01 The
Company agrees that this Agreement has been made for valuable consideration
and is legally binding.

     

    5.02 The Company agrees that this Agreement is
reasonable in the circumstances and necessary to protect the financial interests
of the Purchaser. If any portions of this Agreement are found not to be legally
enforceable by a Court, the remaining paragraphs or parts will nonetheless be
considered to be legally enforceable.

    

    5.03 The
Company agrees that if he/she is in breach of Articles 2, 3 or 4 above,
the Purchaser will be entitled to obtain a court injunction to prevent
the Company from breaching or continuing to breach such provisions,
in addition to any other remedies the Purchaser may have the right to
pursue.

    

    5.04 The
Company agrees that the Purchaser has given the Company a reasonable opportunity
to obtain independent legal advice before deciding to execute this
Agreement.

     

    All of
which is agreed this 17th day of March 2008 (the "Effective Date").

    

    SIGNED,
SEALED AND DELIVERED

    

                                             )
ON THE GO HEALTHCARE, INC.

                                             )

                                             )   /s/
Stuart Turk

                                             )
------------------------------------

                                             )
Name: Stuart Turk, CEO

    
      	
               
      

            	
                                                       )
      I have authority to bind the
Company

            

    

                                             )

                                             )

    

                                             )
FTS Group, Inc.

                                             )

                                             )   /s/
Scott Gallagher

                                             )
------------------------------------

                                             )
Name: Scott Gallagher, CEO

    
      	
               
      

            	
                                                       )
      I have authority to bind
  the   Company

            

    

    

     

                                        EXHIBIT E

     

    Promissory
Note

     

    
      	FACE
      AMOUNT 	$1,100,000 
	INTEREST
      RATE 	0% 
	NOTE NUMBER 	OTGST001 
	MATURITY
      DATE 	October 16,
      2008 

    

     

    FOR VALUE
RECEIVED, OTG Technologies Group, Inc. a Florida corporation (the "Company"),
and wholly-owned subsidiary of FTS Group, Inc., a Nevada Corporation,
hereby promises to pay On The Go Healthcare, Inc. (the "Holder") by
October 16, 2008, (the "Maturity Date"), or earlier, the amount of one
million
one hundred thousand ($1,100,000) U.S. dollars, at such times and on
such
terms and conditions as are specified herein (this "Note"). This Note is
non-interest
bearing.

     

    Article
1  Method of
Payment

    

    The
Company may draw a check or wire transfer the funds for payment to the
order of
the Holder of this Note. A check may be mailed to the Holder's address
as set forth in Article 5 herein.

     

    Article
2  Payments

    

    The
Company shall make minimum monthly cash payments of $150,000 in immediately
available funds beginning on April 1, 2008 and the first of each month until the
note is paid in full (each a "Payment Date")

    

    The
Holder may at its sole option extend the first payment date in
writing.

    

    Notwithstanding
any provision to the contrary in this Note, the Company may pay in
full to the Holder the Face Amount, or any balance remaining thereof,
in cash
at any time and from time to time without penalty ("Prepayment"). Prepayments
will be applied to the next payment due on the payment schedule and
subsequent payments afterwards.

     

    Article
3  Conversion

    

    Upon the
happening of an Event of Default, as set forth in Article 4 below, the
Holder shall have the right to convert any unpaid amounts not to exceed
the
Default Amount, as defined herein, into shares of restricted common stock
of FTS
Group, Inc., at the Holder's sole option. The terms of conversion are
as
follows:

     

    3.01  Conversion Notice. Such conversion shall be
effectuated by surrending to the Company, or its attorney, a facsimile or
original of the signed notice of conversion (the "Notice of Conversion"). The
Notice of Conversion shall set forth the cash amount to be converted (the
"Conversion Amount") which shall not exceed the Default Amount. The restricted
common stock to be issued shall be the Default Amount divided
by the Conversion Rate as set forth in Section 3.02 below. The date on
which the Notice of Conversion is effective ("Conversion Date") shall be the
date delivered pursuant to Article 5 herein. Notwithstanding the foregoing, the
Conversion Date shall be no sooner than the third (3rd) business day following
an Event of Default under this Note.

     

    3.02.
Conversion Rate. The conversion rate (the "Conversion Rate") shall be
95% of
the lowest closing best bid price of FTS Group, Inc.'s common stock on
the three (3) trading days prior to the Conversion Date.

    

    3.03.
True-up. If after 180 calendar days following the issuance of common
stock
pursuant to this Note, the value of the stock is less than the Conversion
Amount, and the Holder still holds the shares, then, the Company
will, within ten (10) business days following the 180th day, pay the
Holder in the Company's discretion in cash or common stock, the
amount by which such value falls short of the Conversion Amount.

     

    Article
4  Defaults and
Remedies

    

    An "Event
of Default" or "Default" occurs if the Company does not make the minimum
monthly cash payment within three (3) business days after the Payment
Date as
set forth in Article 2 above.  Such unpaid amounts which would
otherwise
be due to the Holder on one or more Payment Dates shall be deemed the
"Default Amount."

     

    Article
5  Notices

    

    Any
notices, consents, waivers or other communications required or permitted
to be
given under the terms of this Note must be in writing and will be deemed to have
been delivered (i) upon receipt, when delivered personally; (ii) upon receipt,
when sent by facsimile (provided a confirmation of transmission is mechanically
or electronically generated and kept on file by the sending party); or (iii) one
(1) day after deposit with a nationally recognized overnight delivery service,
in each case properly addressed to the party to receive the same at the
following address:

    

    If to the
Holder:

    Stuart
Turk

    Chief
Executive Officer

    On The Go
Healthcare, Inc.

    85
Corstate Avenue, Unit 1

    Concord,
Ontario

    Canada
L4K 4Y2

    Facsimile:
(905) 660-5738

    

    If to the
Company:

    Scott
Gallagher

    Chief
Executive Officer

    FTS
Group, Inc.

    300 State
Street, Suite 226

    Oldsmar,
Florida 34677

    Facsimile:
(215) 689-2748

     

    Article
6  Rules of
Construction

    

    In this
Note, unless the context otherwise requires, words in the singular number
include the plural, and in the plural include the singular, and words
of the
masculine gender include the feminine and the neuter, and when the tense so
indicates, words of the neuter gender may refer to any gender.  The
numbers and titles of sections contained in the Note are inserted for
convenience of reference only, and they neither form a part of this Note nor are
they to be used in the construction or interpretation
hereof.  Wherever, in this Note, a determination of the Company is
required or allowed, such determination shall be made by a majority of the Board
of Directors of the Company and, if it is made in good faith, it shall be
conclusive and binding upon the Company and the Holder.

    

    Article
7  Senior
Obligation

    

    The
Company shall cause this Note and all other existing Notes with the Holder to be
senior in right of payment to all other Indebtedness of the
Company.

     

    Article
8  Assignment

    

    This Note
is not assignable unless both parties agree in writing.

     

    Article
9  Governing Law

    

    The
validity, terms, performance and enforcement of this Note shall be governed and
construed by the provisions hereof and in accordance with the laws of the State
of Florida applicable to agreements that are negotiated, executed, delivered and
performed solely in the State of Florida.

     

    Article
10 Litigation

    

    The
parties to this agreement will submit all disputes arising under this
agreement
to arbitration in Orlando, Florida before a single arbitrator of the
American Arbitration Association ("AAA"). The arbitrator shall be selected by
application of the rules of the AAA, or by mutual agreement of the parties,
except that such arbitrator shall be an attorney admitted to practice law in the
state of Florida. No party to this agreement will challenge the jurisdiction or
venue provisions as provided in this section.

    

    

    IN
WITNESS WHEREOF, the parties have duly executed this Note as of the
date

    first
written above.

    

    
    

     

    
      	The
Comany:	The
      Holder: 
	FTS Group,
      Inc. 	On The Go
      Healthcare, Inc. 
	 	 	 	 
	 	 	 	 
	Name: 	Scott
      Gallagher 	Name:
     	Stuart Turk 
	Title: 	Chairman and Chief
      Executive Officer 	Title: 	Chairman and Chief
      Executive OfficerFiled by Automated Filing Services Inc. (604) 609-0244 - Doral Energy Corp. - Exhibit 10.1

LOAN AGREEMENT

THIS AGREEMENT dated as of the 23rd day of
May, 2008

BETWEEN:

DORAL ENERGY CORP., a
  Nevada corporation with a 

  corporate office at 111 N. Sepulveda Blvd., Suite 250, 

  Manhattan Beach, CA 90266

(hereinafter called the
"Borrower")

OF THE FIRST PART

AND:

GREEN SHOE INVESTMENTS LTD.,
  a Nevis corporation

  with a corporate office at P.O. Box 556, Main Street,

  Charlestown, Nevis, West Indies

(hereinafter called the "Lender")

OF THE SECOND PART

WHEREAS the Lender has advanced $150,000 (U.S.) to the
Borrower, and the Borrower has agreed to repay such amounts, on the terms and
subject to the conditions set forth in this Agreement;

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in
consideration of the sum of $1.00 paid by each party to the other (the receipt
of which is hereby acknowledged) the parties hereto mutually covenant and agree
as follows:

1. INTERPRETATION

1.1 Definitions. Where used herein or in any amendment
hereto each of the following words and phrases shall have the meanings set forth
as follows:

	 	(a) 	
      "Agreement" means this Loan Agreement including the
      Schedules hereto together with any amendments hereof;

	 	 	 
	 	(c) 	
      "Event of Default" means any event set forth in paragraph
      6.1;

	 	 	 
	 	(d) 	
      "Loan" means the loan of $150,000 (U.S.) made by the
      Lender to the Borrower in accordance with this Agreement;

	 	 	 
	 	(e) 	
      “Maturity” means July 1, 2010; and

	 	 	 
	 	(f) 	
      "Principal Sum" means the sum of $150,000
  (U.S.).

1.2 Number and Gender. Wherever the singular or the
masculine are used herein the same shall be deemed to include the plural or the
feminine or the body politic or corporate where the context or the parties so
require.

1.3 Headings. The headings to the articles, paragraphs,
subparagraphs or clauses of this Agreement are inserted for convenience only and
shall not affect the construction hereof.

1.4 References. Unless otherwise stated a reference
herein to a numbered or lettered article, paragraph, subparagraph or clause
refers to the article, paragraph, subparagraph or clause bearing that number or
letter in this Agreement. A reference to this Agreement or herein means this
Loan Agreement, including the Schedule hereto, together with any amendments
thereof.

2

1.5 Currency. All dollar amounts expressed herein refer
to lawful currency of the United States of America.

2. TERMS OF LOAN

2.1 Loan and Repayment. The Lender hereby agrees to lend
to the Borrower the Principal Sum of $150,000 (U.S.). The Loan shall be made in
United States currency and shall be repaid by the Borrower on or before July 1,
2010.

2.2 Interest. The Borrower shall pay on the amount of
the Principal Sum, interest at a rate of 5% per annum, payable on Maturity. The
Borrower shall pay interest at the aforesaid rate on all overdue interest.

2.3 Advances. The Lender, advanced to the Borrower the
Principal sum of $150,000 on or about May 15, 2008, by wire transfer.

2.4 Pre-Payment. The Borrower may pre-pay all or any
portion of the Loan at any time.

3. PROMISSORY NOTE, EXTENSIONS &
WAIVER

3.1 Loan. To evidence the Loan, the Borrower agrees to
execute a promissory note in favor of the Lender in the form attached hereto as
Schedule “A”.

3.2 Extensions. The Lender may grant extensions as the
Lender may see fit without prejudice to the liability of the Borrower or to the
Lender's rights under this Agreement or under the Promissory Note.

3.3 Waiver. The Lender may waive any breach by the
Borrower of this Agreement or of any default by the Borrower in the observance
or performance of any covenant or condition required to be observed or performed
by the Borrower hereunder or under the Promissory Note. No failure or delay on
the part of the Lender to exercise any right, power or remedy given herein or by
statute or at law or in equity or otherwise shall operate as a waiver thereof,
nor shall any single or partial exercise of any right preclude any other
exercise thereof or the exercise of any other right, power or remedy, nor shall
any waiver by the Lender be deemed to be a waiver of any subsequent similar or
other event.

4. REPRESENTATIONS AND WARRANTIES

4.1 Representations. The Borrower represents and
warrants to the Lender, and acknowledges that the Lender is relying upon such
representations and warranties in entering into this Agreement, as follows:

	 	(a) 	
      the Borrower has the capacity to enter into this
      Agreement, and the execution of this Agreement and the completion of the
      transactions contemplated hereby shall not be in violation any agreement
      to which the Borrower is a party; and

	 	 	 
	 	(b) 	
      the Promissory Note has been duly executed by the
      Borrower and is enforceable against the Borrower in accordance with its
      terms.

5. CLOSING ARRANGEMENTS

5.1 Conditions Precedent. The Lender's obligation to
advance the Principal Sum to the Borrower shall be subject to the satisfaction
of the following conditions:

	 	(a) 	
      the representations and warranties of the Borrower shall
      be true as of the date hereof and as of the dates the Principal Sum is, in
      whole or in part, advanced to the Borrower;
and

3

	 	(b) 	
      the Borrower shall have complied with all of its
      obligations hereunder.

The foregoing conditions precedent are inserted for the benefit
of the Lender and may be waived in whole or in part by the Lender at any time
prior to closing by delivering to the Borrower written notice to that
effect.

5.2 Time of Closing. The closing of the Loan shall take
place on execution of this Loan Agreement.

5.3 Deliveries by the Borrower. Upon receiving the
amount set out in Section 5.3 of this Agreement, the Borrower shall deliver or
cause to be delivered to the Lender a promissory note in the form attached
hereto as Schedule “A”.

6. EVENTS OF DEFAULT AND REMEDIES

6.1 Events of Default. Any one or more of the following
events, whether or not any such event shall be voluntary or involuntary or be
effected by operation of law or pursuant to or in compliance with any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body, shall constitute an Event of Default:

	 	(a) 	
      if the Borrower defaults in the payment of any monies due
      hereunder as and when the same is due;

	 	 	 
	 	(b) 	
      if the Borrower defaults in the observance or performance
      of any other provision hereof;

	 	 	 
	 	(c) 	
      if the Borrower commits an act of bankruptcy or makes a
      general assignment for the benefit of its creditors or otherwise
      acknowledges its insolvency; or

	 	 	 
	 	(d) 	
      if the Borrower makes default in the due payment,
      performance or observance, in whole or in part, of any debt, liability or
      obligation of the Borrower to the Lender, whether secured hereby or
      otherwise.

6.2 Remedies Upon Default. Upon the occurrence of any
Event of Default and at any time thereafter, provided that the Borrower has not
by then remedied such Event of Default, the Lender may, in its discretion, by
notice to the Borrower, declare this Agreement to be in default. At any time
thereafter, while the Borrower shall not have remedied such Event of Default,
the Lender, in its discretion, may:

	 	(a) 	
      declare the Loan and other monies owing by the Borrower
      to the Lender to be immediately due and payable;

	 	 	 
	 	(b) 	
      demand payment from the Borrower and exercise all
      remedies available to the Lender.

7. MISCELLANEOUS

7.1 Notices. Any notice required or permitted to be
given under this Agreement or the Promissory Note shall be in writing and may be
given by delivering same or mailing same by registered mail or sending same by
telegram, telex, telecopier or other similar form of communication to the
following addresses:

	The Borrower: 	DORAL ENERGY CORP. 
	  	111 N. Sepulveda Blvd., Suite 250 
	  	Manhattan Beach, CA 90266 
	  	  
	  	Fax: (253) 541-7833

4

	The Lender: 	GREEN SHOE INVESTMENTS LTD. 
	  	P.O. Box 556, Main Street, Charlestown, 
	  	Nevis, West Indies 
	  	  
	  	Attention: Roger Knox 
	  	Fax: +41 22 799 0801 

Any notice so given shall:

	 	(a) 	
      if delivered, be deemed to have been given at the time of
      delivery;

	 	 	 
	 	(b) 	
      if mailed by registered mail, be deemed to have been
      given on the fourth business day after and excluding the day on which it
      was so mailed, but should there be, at the time of mailing or between the
      time of mailing and the deemed receipt of the notice, a mail strike,
      slowdown or other labour dispute which might affect the delivery of such
      notice by the mails, then such notice shall be only effective if actually
      delivered; and

	 	 	 
	 	(c) 	
      if sent by telegraph, telex, telecopier or other similar
      form of communication, be deemed to have been given or made on the first
      business day following the day on which it was
sent.

Any party may give written notice of a change of address in the
aforesaid manner, in which event such notice shall thereafter be given to such
party as above provided at such changed address.

7.2 Amendments. Neither this Agreement nor any provision
hereof may be amended, waived, discharged or terminated orally, but only by an
instrument in writing signed by the party against whom enforcement of the
amendment, waiver, discharge or termination is sought.

7.3 Entire Agreement. This Agreement embodies the entire
agreement and understanding between the parties hereto and supersedes all prior
agreements and undertakings, whether oral or written, pertaining to the subject
matter hereof.

7.4 Action on Business Day. If the date upon which any
act or payment hereunder is required to be done or made falls on a day which is
not a business day, then such act or payment shall be performed or made on the
first business day next following.

7.5 No Merger of Judgment. The taking of a judgment on
any covenant contained herein or on any covenant set forth in any other security
for payment of any indebtedness hereunder or performance of the obligations
hereby secured shall not operate as a merger of any such covenant or affect the
Lender's right to interest at the rate and times provided in this Agreement on
any money owing to the Lender under any covenant herein or therein set forth and
such judgment shall provide that interest thereon shall be calculated at the
same rate and in the same manner as herein provided until such judgment is fully
paid and satisfied.

7.6 Severability. If any one or more of the provisions
of this Agreement should be invalid, illegal or unenforceable in any respect in
any jurisdiction, the validity, legality or enforceability of such provision
shall not in any way be affected or impaired thereby in any other jurisdiction
and the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired thereby.

7.7 Successors and Assigns. This Agreement shall enure
to the benefit of and be binding upon all parties hereto and their respective
heirs, personal representatives, successors and assigns, as the case may be.

7.8 Governing Law. This Agreement shall be governed by
and be construed in accordance with the laws of the State of Nevada and the
parties hereto agree to submit to the jurisdiction of the courts of Nevada with
respect to any legal proceedings arising herefrom.

5

7.9 Independent Legal Advice. This Agreement has been
prepared by O’Neill Law Group PLLC acting solely on behalf of the Borrower and
the Lender acknowledges that it has been advised to obtain independent legal
advice.

7.10 Time. Time is of the essence of this Agreement.

7.11 Headings. The headings of the paragraphs of this
Agreement are inserted for convenience only and do not define, limit, enlarge or
alter the meanings of any paragraph or clause herein.

7.12 Counterparts. This agreement may be executed in one
or more counter-parts, each of which so executed shall constitute an original
and all of which together shall constitute one and the same agreement.

IN WITNESS WHEREOF the parties hereto have caused this
Agreement to be duly executed and delivered as of the day and year first written
above.

THE BORROWER:

DORAL ENERGY CORP. 
by its authorized signatory:

/s/ Paul C. Kirkitelos
Paul C. Kirkitelos

Title: President

THE LENDER:

GREEN SHOE INVESTMENTS LTD. 
by its authorized
signatory:

/s/ Roger Knox
Roger Knox 
Title:
Director

6

SCHEDULE “A”

FORM OF PROMISSORY NOTE

PROMISSORY NOTE

	EXECUTED BY: 	DORAL ENERGY CORP. 
	  	(the "Borrower") 
	 	 
	IN FAVOR OF: 	GREEN SHOE INVESTMENTS LTD 
	  	(the "Lender") 
	 	 
	PRINCIPAL AMOUNT: 	$150,000 (U.S.) 
	 	 
	DUE DATE: 	July 1, 2010 

FOR VALUE RECEIVED the Borrower hereby promises to pay
to or to the order of the Lender on or before July 1, 2010, the principal sum of
$150,000 (U.S.), together with interest thereon at the rate of 5% per annum,
calculated and compounded annually, both before and after maturity from the date
hereof.

The Borrower waives presentment, demand, notice, protest and
notice of dishonour and all other demands and notices in connection with the
delivery, acceptance, performance, default or enforcement of this Promissory
Note.

The Borrower agrees this Promissory Note may be negotiated,
assigned, discounted, or pledged by the Lender and in every case payment will be
made to the holder of this Promissory Note instead of the Lender upon notice
being given by the holder to the undersigned, and no holder of this Promissory
Note will be affected by the state of accounts between the undersigned and the
Lender or by any equities existing between the undersigned and the Lender and
will be deemed to be a holder in due course and for the value of the Promissory
Note held by him.

DATED at Los Angeles, CA this 23rd day of May,
2008.

DORAL ENERGY CORP. 
by its authorized signatory:

________________________________
Paul C. Kirkitelos,
President

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