Document:

EXHIBIT
10.24

 

 

 

December
16, 2019

 

LETTER
AGREEMENT

 

This
Letter Agreement (“Agreement”) is entered into on December 16, 2019, between:

 

Blue
Sky Resources Ltd (“BSR”), a body corporate duly incorporated under the laws of the Province of Alberta, with corporate
office at Suite 300, 840 6th Avenue SW, Calgary, AB T2P 3E5, Canada,

 

AND

 

Petrolia
Canada Corporation (“Petrolia”), a body corporate duly incorporated under the laws of the Province of Alberta, with
a mailing address located at #335, 1500 – 14th Street SW, Calgary, Alberta T3C 1C9, Canada.

 

(BSR
and Petrolia may sometimes be referred to together as “Parties”, and individually as “Party”)

 

(All
monetary terms are in Canadian Dollars)

 

RECITALS:

 

	 	I.	WHEREAS,
    BSR is acquiring certain oil and gas producing properties (“Assets”) in Alberta, Canada, from Vermilion Energy
    Inc (“Vermilion”) for a purchase price of $5.5 Million under the terms of the Purchase and Sale Agreement (“PSA”)
    dated August 16, 2019 (PSA and Assets are attached as Exhibit A); and
	 	 	 
	 	II.	WHEREAS,
    BSR has been approved by Alberta Energy Regulator (“AER”) to be a License Holder of wells and facilities in Alberta.
    AER’s confirmation, dated November 15, 2019, is attached as Exhibit B; and

 

    	 

     

    

 

	 	III.	WHEREAS,
    Petrolia desires to acquire a 50% interest in the Assets upon consummation of BSR’s transaction with Vermilion, subject to
    the conditions of the PSA; and
	 	 	 
	 	IV.	WHEREAS,
    BSR is willing to sell a 50% interest in the Assets to Petrolia.

 

NOW
THEREFORE, in consideration of the foregoing Recitals, the Parties enter into this Agreement under the terms and conditions as set forth
below:

 

	 	1.	Purchase
    Price: $2,750,000.
	 	 	 	 
	 	 	●	Petrolia
    to remit the Purchase Price in cash, (less funds already paid) to DLA Piper Trust Account for Escrow Closing (currently scheduled
    for January 7, 2020). All cash and assignments shall be held in escrow until all documents are filed with AER and confirmation received
    from AER. Once such confirmation is received, cash is disbursed to Vermilion and Assignments are given to Petrolia for a 50% interest
    and to BSR and its other partners for the remaining 50% interest.
	 	 	 	 
	 	2.	Interest
    Acquired: 50% of the Assets, subject to the terms of the PSA, to which Petrolia shall be bound.
	 	 	 
	 	3.	Effective
    Date: June 1, 2019. All income from the Effective Date, less expenses, shall be credited to Petrolia.
	 	 	 
	 	4.	Closing
    Date: The date when all the Parties receive their assignments, free of any encumbrances, and production credits from the Effective
    Date are disbursed.
	 	 	 
	 	5.	Contingent
    Payment: As it is included in the PSA, Petrolia remains liable for 50% of a Contingent Payment to Vermillion in the amount of
    $3.5 Million (Petrolia’s share is $1.75 Million). As the timing of such payment is unknown, Petrolia retains an option to remove
    such liability by remittance of $350,000 within 3 months of Closing. Upon receipt of such payment BSR shall release Petrolia from
    any liability related to the Contingent Payment.

 

    	 

     

    

 

	 	6.	Joint
    Operating Agreement (“JOA”): Petrolia shall be the Contract Operator of the Assets and all operations shall be governed
    by the terms of the JOA between Petrolia and the other Working Interest partners.
	 	 	 
	 	7.	Severability:
    the rights, duties, obligations, and responsibilities of BSR and Petrolia are several and not joint nor collective.
	 	 	 
	 	8.	Confidentiality:
    the terms of this Agreement must be held confidential by the Parties and shall not be divulged in any way to any third party by any
    one Party without the prior written approval of the other Party.
	 	 	 
	 	9.	Choice
    of Law: This Agreement shall be governed by and construed in accordance with the laws of Alberta, Canada.
	 	 	 
	 	10.	Amendments:
    The Agreement may be amended only by mutual consent between the Parties. If any provision of this Agreement becomes invalid or unenforceable,
    the validity of other provisions shall not be affected.
	 	 	 
	 	11.	No
    Partnership: Nothing in this Agreement is intended to or shall be deemed to establish any partnership or joint venture between
    the Parties, constitute either Party as the agent of the other Party, nor authorize either of the Parties to make or enter into any
    commitments for or on behalf of the other Party.
	 	 	 
	 	12.	Prior
    Letter Agreements Void: This Agreement replaces any and all prior Letter Agreements between BSR and Petrolia regarding the Assets,
    and all such prior Letter Agreements are hereby voided.

 

    	 

     

    

 

IN
WITNESS WHEREOF, the duly authorized representatives of the Parties have caused this Agreement to be executed as of the date first written
above.

 

	Blue Sky Resources Ltd.	 	Petrolia Canada Corporation
	 	 	 	 	 
	 	 	 	 	
	Name:	Ilyas Chaudhary	 	Name:	Quinten Beasley
	Position:	President and CEO	 	Position:	Sr. Vice President & DirectorExhibit
10.26

 

DEBT
TO EQUITY CONVERSION AGREEMENT

 

This
Debt to Equity Conversion Agreement (“Agreement”) is made effective as of March 30, 2021 (the “Effective Date”),
by and between Petrolia Energy Corporation (“Petrolia”), and Mark M. Allen (referred to in this Agreement as the “Lender”
solely for the purposes of this Agreement.) As used herein, Petrolia and the Lender are each individually referred to as a “Party”
and collectively referred to as the “Parties”).

 

WHEREAS,
the Lender has an outstanding debt of Two Hundred Seventy Thousand dollars ($270,000) with Petrolia; and

 

WHEREAS,
it is the desire of the Parties that they enter into a written agreement in order to resolve outstanding debt to the Lender by Petrolia,
by converting the debt owed by Petrolia into equity in Petrolia common stock.

 

NOW,
THEREFORE, for and in consideration of the promises and the consideration more fully set forth hereinafter. and intending to be legally
bound hereby, Petrolia and the Lender mutually agree as follows:

 

1.
Consideration. In full satisfaction of all of the Lender’ s claims for loans dated December 15, 2019 and payable to him,
Petrolia shall deliver to the Lender 5,400,000 paid-up shares of Petrolia common stock within fifteen (15) days after this Agreement
has been executed by both parties. Additionally, Lender shall be entitled to 5,400,000warrants of Petrolia common stock at $.08/share.
The warrants shall be vested immediately and expire three years after the Effective Date of this agreement.

 

2.
Integration Clause. This Agreement contains the entire agreement of the Parties and supersedes any and all prior agreements of
any type between them concerning the subject matter of this Agreement.

 

3.
Choice of Law, Jurisdiction and Venue. This Agreement shall be governed by and construed in accordance with applicable Texas Jaw.
Any legal proceeding to enforce or interpret the terms of this Agreement, if any, must be instituted and maintained exclusively in a
court of appropriate subject matter jurisdiction in Houston, Harris County, Texas.

 

4.
Amendment. This Agreement may not be amended except by an instrument in writing, executed by each of the Parties.

 

5.
Binding Effect. The provisions of this Agreement shall be binding upon, and shall inure to the benefit of, each of the Parties
hereto and each of the Parties’ respective successors, assigns, heirs and personal representatives, if any.

 

6.
Duplicate Counterparts. This Agreement may be executed in duplicate counterparts that shall become effective to the same extent
as the original only when each Party has signed and delivered a signed counterpart to the other party. Signature pages transmitted by
facsimile or e-mail shall begiven the same weight and effect as, and treated as, original signatures.

 

    	 

     

    

 

IN
WITNESS WHEREOF the parties hereto have executed this Agreement to be effective for all purposes as of the Effective Date.

 

PETROLIA
ENERGY CORPORATION

 

 

 

*
Warrant strike price of $.08/share is protected throughout the calendar year 2021. If Petrolia offers any warrants during 2021 at a strike
price lower than $.08/share, these warrants will be reduced to the Iowest strike price offered in 2021.

 

    	2Exhibit
10.27

 

SETTLEMENT
AND MUTUAL RELEASE AGREEMENT

 

This
Settlement and Mutual Release Agreement (“Agreement”) is made effective as of January 29, 2021 (the “Effective Date”),
by and between Petrolia Energy Corporation (“Petrolia”), and Paul Deputy (referred to in this Agreement as “Deputy”).
As used herein, Petrolia and Deputy are each individually referenced to as “Party” and collectively as the “Parties”).

WHEREAS,
Deputy was employed by Petrolia as its CFO from July of2016 thru January of 2018, when that employment relationship was fully terminated
and ceased; and

 

WHEREAS,
it is the desire of the Parties that they enter into a written agreement in order to resolve all claims and differences between them
of any type, nature or character whatsoever pertaining in any manner whatsoever to the above referenced employment relationship.

 

NOW,
THEREFORE, for and in consideration of the promises and the consideration more fully set forth hereinafter, and intending to be legally
bound hereby, Petrolia and Deputy mutually agree as follows:

 

1.
Consideration. After this Agreement has been executed by both parties, Petrolia shall deliver to Deputy: fifty thousand ($50,000)
dollars paid in two thousand five hundred ($2,500) dollar increments each month, starting April 1, 2021. Additionally, upon signing this
Agreement, Deputy shall be issued 250,000 shares of Petrolia common stock.

 

2.
Mutual Release. Each of the Parties on their own behalf, and on behalf of anyone claiming by or through them (including but not
limited to any heirs, executors and assigns) hereby releases and discharges the other Party from all actions, causes of action, suits,
debts, contracts, agreements, promises, claims, and demands whatsoever, arising out of or pertaining in any manner whatsoever to Deputy’s
employment with Petrolia.

 

3.
No Admissions. The Parties hereto understand and agree that the releases granted herein are absolute and are made to assume the
full and complete release and discharge of any liability either Party may have to the other, and that this Agreement does not state,
constitute or imply any admission of liability of any sort; it being further understood that this Agreement is made as a compromise to
avoid litigation and for the specific purpose of terminating all controversies and claims for damages by each party against the other
of whatever nature arising out of or pertaining to Deputy’s employment with Petrolia.

 

4
Integration Clause. This Agreement contains the entire agreement of the Parties and supersedes any and all prior agreements of
any type between them concerning the subject matter of this Agreement.

 

5.
Other and Further Act. The Parties agree to take such other and further actions as may be reasonably necessary to effectuate the
purposes and contents of this Agreement.

 

6.
Choice of Law. Jurisdiction and Venue. This Agreement shall be governed by and construed in accordance with applicable Texas law.
Any legal proceeding to enforce or interpret the terms of this Agreement, if any, must be instituted and maintained exclusively in a
court of appropriate subject matter jurisdiction in Houston, Harris County, Texas.

 

7.
Binding Effect. The provisions of this Agreement shall be binding upon, and shall inure to the benefit of, each of the Parties
hereto and each of the Parties’ respective directors, officers, members, shareholders, trustees, partners, successors, agents,
assigns, attorneys, employees, heirs and personal representatives, if any.

 

8.
Duplicate Counterparts. This Agreement may be executed in duplicate counterparts that shall become effective to the same extent
as the original only when each Party has signed and delivered a signed counterpart to the other party. Signature pages transmitted by
facsimile or e-mail shall be given the same weight and effect as, and treated as, original signatures.

 

    	 

     

    

 

IN
WITNESS WHEREOF the parties hereto have executed this Agreement to be effective for all purposes as of the Effective Date.

 

Petrolia
Energy Corporation

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