Document:

exhibit10_1.htm

    Exhibit
10.1

    

    AMENDMENT
NO. 2 TO THE FIFTH AMENDED AND RESTATED

    AGREEMENT
OF LIMITED PARTNERSHIP OF

    ENTERPRISE
PRODUCTS PARTNERS L.P.

     

    This Amendment No. 2 (this “Amendment
No. 2”) to the Fifth Amended and Restated Agreement of Limited
Partnership of Enterprise Products Partners L.P. dated effective as of August 8,
2005 (the “Partnership
Agreement”) is hereby adopted by Enterprise Products GP, LLC, a Delaware
limited liability company (the “General
Partner”), as general partner of the Partnership.  Capitalized
terms used but not defined herein are used as defined in the Partnership
Agreement.

     

    WHEREAS, the General Partner
desires to amend the Partnership Agreement to make certain adjustments to
certain allocation provisions and the definitions related thereto, which
adjustments shall be effective in accordance with Section 761(c) of the Code as
of January 1, 2007; and

    

                    WHEREAS, acting pursuant to
the power and authority granted to it under Section 13.1(d) of the
Partnership Agreement, the General Partner has determined that the following
amendment to the Partnership Agreement does not require the approval of any
Limited Partner.

    

    NOW THEREFORE, the General
Partner does hereby amend the Partnership Agreement as follows:

    

    Section 1. 
Attachment I referred to in Section 1.1 is hereby amended to amend and restate
the following definitions:

     

    “Net Termination Gain” means,
for any taxable year, the sum, if positive, of all items of income, gain, loss
or deduction recognized by the Partnership (a) after the Liquidation Date or (b)
upon the sale, exchange or other disposition of all or substantially all of the
assets of the Partnership Group, taken as a whole, in a single transaction or a
series of related transactions (excluding any disposition to a member of the
Partnership Group).  The items included in the determination of Net
Termination Gain shall be determined in accordance with Section 5.5(b) and shall
not include any items of income, gain or loss specially allocated under Section
6.1(d).

     

    “Net Termination Loss” means,
for any taxable year, the sum, if negative, of all items of income, gain, loss
or deduction recognized by the Partnership (a) after the Liquidation Date or (b)
upon the sale, exchange or other disposition of all or substantially all of the
assets of the Partnership Group, taken as a whole, in a single transaction or a
series of related transactions (excluding any disposition to a member of the
Partnership Group).  The items included in the determination of Net
Termination Loss shall be determined in accordance with Section 5.5(b) and shall
not include any items of income, gain or loss specially allocated under Section
6.1(d).

     

    Section 2. 
Sections 5.5(d) is hereby amended to read in full as follows:

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    (i) In accordance with Treasury
Regulation Section 1.704-1(b)(2)(iv)(f), on an issuance of additional
Partnership Interests for cash or Contributed Property, the issuance of
Partnership Interests as consideration for the provision of services or the
conversion of the General Partner’s Combined Interest to Common Units pursuant
to Section 11.3(c), the Capital Accounts of all Partners and the Carrying Value
of each Partnership property immediately prior to such issuance shall be
adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss
attributable to such Partnership property, as if such Unrealized Gain or
Unrealized Loss had been recognized on an actual sale of each such property
immediately prior to such issuance for an amount equal to its fair market value,
and had been allocated to the Partners at such time pursuant to Section 6.1(c)
in the same manner as any item of gain or loss actually recognized following an
event giving rise to the dissolution of the Partnership would have been
allocated.  In determining such Unrealized Gain or Unrealized Loss,
the aggregate cash amount and fair market value of all Partnership assets
(including cash or cash equivalents) immediately prior to the issuance of
additional Partnership Interests shall be determined by the General Partner
using such reasonable method of valuation as it may adopt; provided, however,
that the General Partner, in arriving at such valuation, must take fully into
account the fair market value of the Partnership Interests of all Partners at
such time.  The General Partner shall allocate such aggregate value
among the assets of the Partnership (in such manner as it determines in its
discretion to be reasonable) to arrive at a fair market value for individual
properties.

     

    (ii) In accordance with Treasury
Regulation Section 1.704-1(b)(2)(iv)(f), immediately prior to any actual or
deemed distribution to a Partner of any Partnership property (other than a
distribution of cash that is not in redemption or retirement of a Partnership
Interest), the Capital Accounts of all Partners and the Carrying Value of all
Partnership property shall be adjusted upward or downward to reflect any
Unrealized Gain or Unrealized Loss attributable to such Partnership property, as
if such Unrealized Gain or Unrealized Loss had been recognized on an actual sale
of each such property immediately prior to such distribution for an amount equal
to its fair market value, and had been allocated to the Partners, at such time,
pursuant to Section 6.1(c) in the same manner as any item of gain or loss
actually recognized following an event giving rise to the dissolution of the
Partnership would have been allocated.  In determining such Unrealized
Gain or Unrealized Loss, the aggregate cash amount and fair market value of all
Partnership assets (including cash or cash equivalents) immediately prior to a
distribution shall (A) in the case of an actual distribution that is not made
pursuant to Section 12.4 or in the case of a deemed distribution, be determined
and allocated in the same manner as that provided in Section 5.5(d)(i) or (B) in
the case of a liquidating distribution pursuant to Section 12.4, be determined
and allocated by the Liquidator using such reasonable method of valuation as it
may adopt.

     

    Section 3. 
Section 6.1(d) is hereby amended to add in full as follows:

     

    (xii)  Corrective and Other
Allocations.

     

    A.  In the event the Carrying
Value of Partnership property is adjusted pursuant to Section 5.5(d), the
provisions of this Section 6.1(d)(xii) are intended, to the extent possible over
time, to cause the respective Capital Accounts of the Partners, taking into
account the Incentive Distributions, to be in the same relative proportion had
the prior adjustment to the

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    Carrying
Value of Partnership property not occurred.  To effectuate the intent
of this Section 6.1(d)(xii), the General Partner may allocate that portion of
the deductions, cost recovery or amortization attributable to an adjustment to
the Carrying Value of a Partnership property pursuant to Section 5.5(d) in the
same manner that the Unrealized Gain or Unrealized Loss attributable to such
property is allocated pursuant to Section 5.5(d).

     

    B.  In making the allocations
required under this Section 6.1(d)(xii), including the allocations that may
result from the sale or other taxable disposition of any Partnership property
that has been subject to an adjustment to the Carrying Value of such Partnership
property, the General Partner may apply whatever conventions or other
methodology it determines will satisfy the purpose of this Section
6.1(d)(xii).

     

    Section 4. 
Except as hereby amended, the Partnership Agreement shall remain in full force
and effect.

     

    Section 5.  This
Amendment No. 2 shall be governed by, and interpreted in accordance with, the
laws of the State of Delaware, all rights and remedies being governed by such
laws without regard to principles of conflicts of laws.

     

    IN WITNESS WHEREOF, this
Amendment No. 2 has been executed as of April 14, 2008.

     

    

     

    

     

    
      
        	 
      	 
      	
                GENERAL
      PARTNER:

              
	 
      	 
      	 
      
	 
      	 
      	
                ENTERPRISE
      PRODUCTS GP, LLC

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                By:           /s/ Michael A.
      Creel

              
	 
      	 
      	
                Michael A.
  Creel

              
	 
      	 
      	
                President and Chief Executive
      Officer

              

      

    

     

    
 

    
      
         

      

      
        3Filed by Automated Filing Services Inc. (604) 609-0244 - Language Enterprises Corp. - Exhibit 10.1

Language Enterprises Corp
111 N. Sepulveda
Blvd
Suite 250
Manhattan Beach, CA 90266

April 10, 2008 

G2 Petroleum, LLC
Attn: Everett Willard Gray II, Managing
Director
3000 N. Garfield
Suite 210
Midland, TX 79705

Dear Mr. Gray:

Language Enterprises Corp (“Language”) wishes to purchase an
interest in G2 Petroleum, LLC’s (“G2”) Diamond Springs prospect (the “Diamond
Springs Prospect”), located in Freemont County, Wyoming, and more particularly
described in the oil and gas lease attached as Schedule A to this letter
agreement (the “Letter Agreement”). This Letter Agreement sets out the basic
terms and conditions upon which:

	 	(a) 	
      G2 will sell to Language a 5% working interest, being a
      3.75% net revenue interest, in the Diamond Springs Prospect;

	 	 	 
	 	(b) 	
      Language will earn a 100% working interest, being a 75%
      net revenue interest, in an exploratory well to be drilled on the Diamond
      Springs Prospect; and

	 	 	 
	 	(c) 	
      Language will earn a right to increase its interest in
      the entire Diamond Springs Prospect to a 50% working interest, being a
      37.5% net revenue interest.

Language and G2 acknowledge and agree that this Letter
Agreement may be replaced and superceded by a formal agreement between Language
and G2 containing the normal and customary terms, conditions, representations
and warranties for a transaction of this nature.

	1. 	
      Ownership of the Diamond Springs Prospect: G2
      represents and warrants to Language that it is the sole legal and
      beneficial owner of a 100% working interest, being a 75% net revenue
      interest, in and to the Diamond Springs Prospect, and that all such
      actions as are necessary to perfect G2’s interests and rights to the
      Diamond Springs Prospect have been taken.

	 	 
	2. 	
      Purchase Price: G2 agrees to sell to Language a 5%
      working interest, being a 3.75% net revenue interest, in the Diamond
      Springs Prospect in consideration for the issuance by Language to G2 of
      250,000 shares of Language’s common stock (the “Language Shares”) at a
      deemed price of $1.00 per share. Language shall issue the Language Shares
      to G2 within three (3) business days of the spud date of the Prospect Well
      referred to in paragraph 3 of this Letter Agreement.

	 	 
	3. 	
      Participation Interest in Well: In addition to the
      interests described in paragraph 1 of this Letter Agreement, Language
      shall earn a 100% working interest, being a 75% net revenue interest, in
      an exploratory well and the surrounding spacing unit (the
  “Prospect

		 Well”) on the Diamond Springs Prospect,
        at a location to be mutually agreed upon in writing by G2 and Language,
        by paying for 100% of the costs of drilling and completing the Prospect
        Well (the “Prospect Well Costs”). G2 shall be responsible for
        drilling, completing, operating and, if the Prospect Well is abandoned,
        plugging and cementing the Prospect Well, provided that G2 may retain
        such contractors or subcontractors as it deems necessary to perform its
        responsibilities in relation thereto. G2 shall, at all times and at the
        request of Language, provide to Language copies of any and all information
        relating to the Prospect Well, including, without limitation, any and
        all geological studies or reports, seismic studies or reports, and well
        logs.

	 	 	 
	4. 	 Payment of Prospect Well Costs: Language
        shall pay for the Prospect Well Costs by delivering to G2 $350,000 as
        follows:

	 	 	 
		(a) 	 $50,000 upon closing; and

	 	 	 
		(b) 	 $300,000 within 45 days after closing.

	 	 	 
		 In the event that the cost of drilling and
        completing the Prospect Well exceeds $350,000, Language shall have the
        right, at its sole discretion, to determine whether or not to continue
        efforts to drill and complete the Prospect Well. If Language determines
        that efforts to drill and complete the Prospect Well should continue,
        Language shall be solely responsible for the additional costs of drilling
        and completing the Prospect Well. If Language determines that efforts
        to drill and complete the Prospect Well should not continue, Language
        shall be solely responsible for the costs of plugging and cementing the
        Prospect Well, after which all of Language’s responsibilities with
        respect to the Prospect Well shall cease.

	 	 	 
	5. 	 Option for Additional Working Interest
        on Diamond Springs Prospect: In the event that the Prospect Well is
        completed and becomes a productive well, G2 shall grant to Language the
        right (the “Option Right”) to purchase an additional 45% working
        interest, being an additional 33.75% net revenue interest, in the Diamond
        Springs Prospect, such that, if Language fully exercises the Option Right,
        Language shall own a 50% working interest in the Diamond Springs Prospect,
        being a 37.5% net revenue interest. The exercise price for the Option
        Right shall be $100,000 for each additional 1% working interest, being
        an additional 0.75% net revenue interest. Language may, at its sole discretion,
        elect to pay the option price in shares of its common stock at a conversion
        price per share equal to:

	 	 	 
		(a) 	 the average of the closing bid and ask price for Language’s
        common stock as quoted by the OTC Bulletin Board during the 10 trading
        days prior to the date the Option Right is exercised; or

	 	 	 
		(b) 	 such other price as may be mutually agreed upon in writing
        by Language and G2.

	 	 	 
		 The Option Right shall expire on June 30,
        2009.

	 	 	 
	6. 	 Due Diligence, Co-operation and Confidentiality
        of Information: Prior to closing, each of Language and G2 agree to
        make available to the other, and their respective representatives, all
        material information with respect to themselves and, in the case of G2,
        the Diamond Springs Prospect, including, but not limited to, all financial
        records, tax returns, material contracts, regulatory filings, geological
        studies or reports, seismic studies or reports and well logs, and to fully
        co-operate with the due diligence

		
investigations of the other party. Each of Language and G2 agree that any and all non- public information received by each from the other party, or the other party’s representatives, for purposes of the transactions described
in this Letter Agreement (“Confidential Information”) shall remain the property of the other party and shall not be used by the receiving party for any purpose other than a purpose related to the subject matter of this Letter Agreement. In
the event that the transactions described in this Letter Agreement are not completed for any reason whatsoever, each of Language and G2 agrees to return all Confidential Information received by them from the other party to such other party. Language
and G2 agree to keep any and all Confidential Information in the strictest confidence and not to disclose any such Confidential Information to any other person or party (other than their respective representatives) unless such disclosure is required
under any laws or regulations applicable to the parties.

	
	 	 	 	 
	
7. 		
Applicable Exemptions from Securities Laws: Language and G2 acknowledge and agree that Language’s obligation to issue the Language Shares to G2 is conditional upon there being an available exemption from the
registration requirements of the United States Securities Act of 1933 (the “Securities Act”) and the rules and regulations promulgated thereunder (collectively, the “Federal Securities Laws”). In connection therewith, G2
acknowledges, agrees, represents and warrants to Language as follows:

	
	 	 	 	 
		
(a) 		
G2 is an “accredited investor” as that term is defined in Regulation D promulgated under the Securities Act in that G2 is either:

	
	 	 	 	 
			
(i) 		
a corporation that was not formed for the purpose of acquiring Language’s securities and that has total assets in excess of $5,000,000, or

	
	 	 	 	 
			
(ii) 		
a corporation of which all of its shareholders qualify as “accredited investors”as defined in Regulation D;

	
	 	 	 	 
		
(b) 		
The Language Shares will be “restricted shares”as contemplated under the Federal Securities Laws and that:

	
	 	 	 	 
			
(i) 		
all certificates representing the Language Shares will be endorsed with such restrictive legends as may be required by the Federal Securities Laws, and

	
	 	 	 	 
			
(ii) 		
the Language Shares may not be resold by G2 unless such resale is made in accordance pursuant to an effective registration under the Securities Act or pursuant to an available exemption from the registration requirements of the
Securities Act;

	
	 	 	 	 
		
(c) 		
G2 is acquiring the Language Shares solely for investment purposes, and for G2’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, G2 has no present intention of
selling, granting any participation in, or otherwise distributing the same, and G2 does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third party with
respect to any of the Language Shares;

	

		(d) 	
      G2 is not aware of any general solicitation or
      advertisement regarding the offer or sale of the Language Shares;
    and

	 	 	 
		(e) 	
      An investment in the securities of Language is highly
      speculative, and G2 is an experienced investor in securities of companies
      in the development stage and acknowledges that it is able to fend for
      itself, can bear the economic risk of his investment, has such knowledge
      and experience in financial or business matters such that he is capable of
      evaluating the merits and risks of the investment in the securities of
      Language.

	 	 	 
	8. 	
      Closing: Closing of the transactions contemplated
      in this Letter Agreement shall be scheduled to take place 60 days after
      the date of this Letter Agreement at the offices of Language, unless
      otherwise agreed to by the parties. Closing of the transactions
      contemplated in this Letter Agreement is expressly conditional upon each
      of Language and G2 completing their respective due diligence
      investigations to their reasonable satisfaction.

If you are in agreement that this Letter Agreement accurately
sets forth the basic terms and conditions of our agreement with respect to the
Diamond Springs Prospect, please sign this Letter Agreement in the designated
area below.

Very truly yours,
Language Enterprises Corp.
(Acquiring
Company)

By:  /s/ Paul Kirkitelos

                
Paul
Kirkitelos
              
Chief Executive Officer

Accepted and Agreed:

G2 Petroleum, LLC

	By: /s/ Everett Willard Gray II	Date: April 10, 2008
	            Everett Willard Gray
      II 	  
	            Title: Managing Director
    	  

 SCHEDULE A 

 TO LETTER AGREEMENT DATED APRIL 10, 2008 BETWEEN

  LANGUAGE ENTERPRISES CORP. AND G2 PETROLEUM, LLC

LEASE AGREEMENT TO DIAMOND SPRINGS PROSPECT 

  AND RELATED LEASE ASSIGNMENTS

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