Document:

ex10-2.htm

Exhibit 10.2

 

Secured Promissory Note

 

	
Date:

	
November 4th, 2015

 

	
Borrower:

	
Rockdale Resources Corporation, a Colorado corporation,

 

	
Borrower’s Mailing Address:

	
Rockdale Resources Corporation

710 N. Post Oak Rd., Suite 512

Houston, TX 78024

 

	
Lender:

	
Blue Sky NM, Inc.

 

	
Place for Payment:

	
320 Gold Avenue SW, Suite 1000

Albuquerque, NM 87102

 

	
Principal Amount:

	
One Hundred Forty Six Thousand, Eight Hundred Seventy Five U.S. Dollars (US$ 146,875)

 

	
Annual Interest Rate prior to Maturity:

	
0%

 

	
Maturity Date:

	
31 December, 2015

 

	
One Time Extension

	
The Lender grants the Borrower a one-time extension for 90 days from the Maturity Date. In return, the Borrower will immediately issue in the name of the Lender 500,000 paid up, unregistered shares of Rockdale Resources Corporation, symbol BBLS.

 

	
Annual Interest Rate on Matured, Unpaid Amounts:

	
Ten Percent (10%) per annum

 

	
Terms of Payment (principal and interest):

	
The Principal Amount shall be paid in cash free of bank charges on the Maturity Date

 

	
Security for Payment:

	
Security interest in 1,000,000 fully paid and non-assessable common shares of Rockdale Resources Corporation, a company incorporated under Colorado Law.

 

  

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Promise to Pay

 

Borrower promises to pay to the order of Lender the Principal Amount plus interest at the Annual Interest Rate. This note is payable at the Place for Payment and according to the Terms of Payment. All unpaid amounts are due by the Maturity Date. If any amount is not paid either when due under the Terms of Payment or on acceleration of maturity, Borrower promises to pay any unpaid amount plus interest from the date the payment was due to the date of payment at the Annual Interest Rate on Matured, Unpaid Amounts.

 

Defaults and Remedies

 

If Borrower defaults in the payment of this note or in the performance of any obligation in any instrument securing or collateral to this note, Lender may declare the unpaid principal balance, earned interest, and any other amounts owed on the note immediately due.

 

Waivers

 

Borrower waives, to the extent permitted by law, all (1) demand for payment, (2) presentation for payment, (3) notice of intention to accelerate maturity, (4) notice of acceleration of maturity, (5) protest, and (6) notice of protest.

 

Attorney’s Fees

 

Borrower also promises to pay reasonable attorney’s fees and court and other costs if this note is placed in the hands of an attorney to collect or enforce the note. These expenses will bear interest from the date of advance at the Annual Interest Rate on Matured, Unpaid Amounts. Borrower will pay Lender these expenses and interest on demand at the Place for Payment. These expenses and interest will become part of the debt evidenced by the note and will be secured by any security for payment.

 

Usury Savings

 

Interest on the debt evidenced by this note will not exceed the maximum rate or amount of nonusurious interest that may be contracted for, taken, reserved, charged, or received under law. Any interest in excess of that maximum amount will be credited on the Principal Amount or, if the Principal Amount has been paid, refunded. On any acceleration or required or permitted prepayment, any excess interest will be canceled automatically as of the acceleration or prepayment or, if the excess interest has already been paid, credited on the Principal Amount or, if the Principal Amount has been paid, refunded. This provision overrides any conflicting provisions in this note and all other instruments concerning the debt.

 

  

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Other Clauses

 

The Principal Amount may be paid, in whole or in part, prior to the Maturity Date, without penalty or Annual Interest.

 

When the context requires, singular nouns and pronouns include the plural.

 

This note shall be governed by and construed in accordance with the laws of the State of Texas, excluding its choice of law rules that would refer to another jurisdiction.

 

 

Rockdale Resources Corporation

 

/s/ Leo Womack

By:           Leo Womack

Title:        Chairman                                    

 

 

 

 

  

-3-ex10-3.htm

Exhibit 10.3

 

MEMORANDUM OF AGREEMENT

 

Dated: November 4th, 2015

 

Blue Sky NM, Inc., a corporation formed under the laws of New Mexico, herein called the “Sellers”, have agreed to sell, and Rockdale Resources Corporation, a corporation formed under the laws of Colorado hereinafter called the “Buyers”, have agreed to buy the Note and ALL Sellers rights under the Orbit Petroleum Bankruptcy Trustee Note (“OPBTN”), on the following terms and conditions:

 

Definitions

 

“Parties” means the Sellers and the Buyers.

 

“Purchase Price” means the price for the Note as stated in Clause 1 (Purchase Price).

 

	
1.  

	
Purchase Price

 

The Purchase Price is Six Million (6,000,000) unregistered shares of Rockdale Resources Corporation, currently trading on the OTCQB under the symbol BBLS.

 

	
2.  

	
Payment

 

	
I.  

	
The Buyers shall issue, or cause to be issued, to the Sellers Six Million (6,000,000) Shares of Rockdale Resources Corporation on the OTCQB under the symbol BBLS.

 

	
3.  

	
Closing

 

The Closing shall take place on or before November 4th, 2015.

 

	
4.  

	
Included Assets

 

Orbit Petroleum Bankruptcy Trustee Note (“OPBTN”)

 

	
5.  

	
Representations and Warranties

 

The Seller is selling OPBTN in "AS IS" CONDITION AND WILL NOT MAKE ANY WARRANTIES OR REPRESENTATIONS.

 

The sale of the OPBTN is outright and definite.

 

The Buyer have conducted the necessary due diligence and have made the necessary inspections.

 

	
6.  

	
Documentation

 

The place of closing: The offices of the Buyers in Houston, Texas.

 

(a) In exchange for Purchase Price the Sellers shall provide the Buyers with the following Closing documents:

 

  

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(i)

	
Assignment of the OPBTN

 

	
(ii)

	
Evidence that all necessary corporate, shareholder and other action has been taken to authorize the execution and performance of this Agreement.

 

(b) At the time of Closing, the Buyers shall provide the Sellers with the following Closing documents:

 

	
(i)

	
Assignment and/or issuance of 6,000,000 unrestricted, unregistered BBLS shares which shall be evidenced by properly executed instructions to the Transfer Agent to issue the shares directly to the Seller.

 

	
(ii)

	
Evidence that all necessary corporate, shareholder and other action has been taken to authorize the execution and performance of this Agreement.

 

	
7.  

	
Taxes, fees and expenses

 

Each party shall bear its own expenses incurred in completion of this transaction.

 

	
8.  

	
Law and Arbitration

 

This Agreement shall be governed by and construed in accordance with law of the State of Texas.

 

Any disputes arising out of or in connection with this Agreement shall be referred to an Arbitrator.

 

	
9.  

	
Notices

 

All notices to be provided under this Agreement shall be in writing.

 

Contact details for recipients of notices are as follows:

 

For the Buyers:            Rockdale Resources Corporation

710 N. Post Oak Rd., Suite 512

Houston, TX 78024

Attention: Leo Womack

Email: l.womack@rockdaleresources.com

For the Sellers:             Blue Sky NM, Inc.

320 Gold Avenue SW, Suite 1000

Albuquerque, NM 87102

Attention: Mo Fazil

Email: mofazil@gmail.com

 

  

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10.  

	
Entire Agreement

 

The written terms of this Agreement compromise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the WI and supersede all previous agreements whether oral or written between the Parties in relation thereto.

 

Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement.

 

Any terms implied into this Agreement by any applicable statute or law, are hereby excluded to the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud.

 

 

 

[Signature Page to Follow]

 

 

 

 

  

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For and on Behalf of the Sellers

 

	
Blue Sky NM, Inc.

 

         

By:  __________________________

Name:

Title:

 

 

	
For and on Behalf of the Buyers

 

	
Rockdale Resources Corporation

 

        

By: __________________________

Name: Leo Womack

Title: Chairman

  

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Exhibit A

 

Secured Promissory Note

 

 

 

 

 

 

  

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Exhibit B

 

Financial Assurance & Bonds - NMED

 

 

 

 

 

 

 

 

 

 

  

-1-ex10-4.htm

Exhibit 10.4

 

	
September 24, 2010

BVD for Canyon

DTT for trustee

	
$1,300,000

 

 

 

INSTALLMENT PROMISSORY NOTE

 

Canyon E&P Company, a Texas corporation (the "Maker''), does hereby promise to pay to the order of Kieran Ryan, acting in his capacity as the duly appointed Trustee of the Orbit Petroleum Inc. bankruptcy estate, pending in the U.S. Bankruptcy Court for the District of New Mexico, case No. 08-10408 s11 (the "Lender''), the sum of One Million Three Hundred Thousand Dollars ($1,300,000), as follows:

 

--$200,000 on or before six months after the date of this Note;

 

--An additional $300,000 within 12 months after the date of this Note; and

 

--An additional $800,000 within 24 months after the date of this Note.

 

Maker shall be in default if any payment due is not made within 10 days of the due date. On default, interest shall start to accrue on the unpaid principal balance at 10% per year simple interest, if such default is not cured within 10 days after receipt of written notice of such default. After an uncured default, Lender may accelerate all amounts due, and this Note shall become due and payable in full.

 

The Maker's obligations hereunder shall be secured by one or more mortgages on certain oil and gas leases sold to Maker by the Lender.

 

Maker agrees to pay all costs of collection of any amounts due hereunder when incurred, including, without limitation, reasonable attorneys' fees and expenses.

 

All payments will be applied first to costs of collection, then to accrued interest and then to principal.  This Note may be prepaid in full or any part at any time without penalty.

 

This Note shall be governed by and construed in accordance with New Mexico law.

 

  

  

  

 

After maturity this Note shall be due and payable in full without further notice or demand. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Maker and any other person who signs, guarantees, or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, protest, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker, or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this Note, or release any party or guarantor or collateral; or impair, fail to realize upon, or perfect Lender's security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone, all without releasing them from liability. All such parties also agree that Lender may modify this Note without the consent of or notice to anyone other than the party with whom the modification is made, without releasing such parties from liability.

 

Notices may be given to the following address:

 

Canyon:                 251 O'Connor Ridge Blvd, Suite 265 

Irvine, Texas 75038

 

Made and delivered on this 24th day of September, 2010.

BVD for Canyon

DTT for trustee

 

	 	Canyon E&P Company, a Texas corporation	 
	 	 	 	 
	
 

	
By: 

	/s/ J. Michael Myers	 
	 	 	J. Michael Myers, President	 
	 	 	 	 
	 	 	 	 

 

  

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