Document:

Exhibit 10.78

Exhibit 10.78

AMENDMENT TO PROMISSORY NOTE

			
	 	 	 
	$300,000.00
	 	June 27, 2008

WHEREAS, that certain PROMISSORY NOTE dated November 19, 2007, securing a loan from GARY
MOORES, an individual resident of Oklahoma (the “Lender”), of FIVE HUNDRED THOUSAND DOLLARS AND NO
CENTS ($500,000.00), to RIO VISTA ENERGY PARTNERS, L.P., a Delaware limited partnership (the
“Borrower”), became, according to its terms, due and payable on May 19, 2008; and

WHEREAS, the full amount of the debt and loan secured by the PROMISSORY NOTE has not been
paid, but the parties have agreed to extend the due date and amend the PROMISSORY NOTE under the
terms and conditions set forth herein;

FOR GOOD AND VALUABLE CONSIDERATION, the receipt and adequacy of which is hereby acknowledged,
each of the parties to the underlying PROMISSORY NOTE agree as follows:

1. As consideration for the amendment and extension of the PROMISSORY NOTE, the Borrower has
agreed to simultaneously make a principal payment of $100,000.00 and the interest payment equal to
the amount of interest currently due upon the Note ($21,287.49 i.e. 222 days as of June 27, 2008
times $95.89 per day). Said principal and interest payment of
$121,287.49 shall be due and payable by June 27, 2008. As additional consideration for the
amendment of the PROMISSORY NOTE, the Borrower has agreed to simultaneously make an additional
principal payment of $100,000.00, which shall take the form of the sale and transfer of certain
goods and chattels in an “as is” condition as described in the Bill of Sale attached as Exhibit
A to this Amendment. Total consideration for this Amendment to be paid by Borrower is
$200,000.00 in principal and $21,287.49 in interest due through June 27, 2008. Borrower further
agrees that the interest rate set forth in the unpaid underlying PROMISSORY NOTE on a going forward
basis shall be increased from seven percent (7%) per annum to ten percent (10%) per annum.

2. The underlying PROMISSORY NOTE is hereby amended to state that the Borrower shall be
obligated to make payment of the remainder of the principal sum unpaid ($300,000.00) and interest
unpaid as of the date of this Amendment (the “Amended Principal Sum”) on or before
November 19, 2008, provided, however, if that date is a weekend or holiday, payment shall be made
on the first business day thereafter.

3. It is further agreed that this Amended Promissory Note shall be null and void if the
principal and interest payment contemplated herein is not received by Lender from Borrower in Bank
of Eufaula by 5:00 p.m. central time on June 27, 2008.

All other terms of the PROMISSORY NOTE dated November 19, 2007 shall remain unchanged by
this Amendment and in full force and effect.

IN WITNESS WHEREOF, the undersigned have executed and delivered this Amendment to Promissory
Note effective as of the date first written above.

	 	 	 	 	 	 	 
	“BORROWER”

	 	 	 	“LENDER”	 	 
	 
	 	 	 	 	 	 
	Rio Vista Energy Partners, L.P.,
	 	 	 	 	 	 
	a Delaware limited partnership
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	/s/ Ian T. Bothwell
 

Name: Ian T. Bothwell

	 	 	 	/s/ Gary Moores
 

Gary Moores
	 	 
	Title:   Acting Chief Executive Officer
	 	 	 	 	 	 

 

1

 

Exhibit A 

BILL OF SALE

KNOW ALL MEN BY THESE PRESENTS:

That
Rio Vista Energy Partners L.P., a Delaware limited partnership, Rio Vista Penny
LLC, an Oklahoma limited liability company (each, individually, a “Seller,” and collectively,
the “Sellers”), for and in consideration paid to it by Gary Moores, an individual residing in
Oklahoma (the “Buyer”), the receipt of which is hereby acknowledged, do hereby transfer and
sell unto the Buyer, all the following described goods and chattels:

Pulling Unit Equipment

Tong Dies

4 1/2 Swab

Mandril

Weight Indicator

1992 International 6x4

2004 Ford F350 Crew Cab Truck

In consideration of the transfer of all of the above personal property in an “as is”
condition, the Seller, Rio Vista Energy Partners L.P. acknowledges that the Buyer will give a
credit of One Hundred Thousand Dollars and No Cents ($100,000.00) against Rio Vista Energy
Partners L.P.’s obligations to the Buyer as evidenced by, and in addition to, the terms and
conditions of that particular Amendment to Promissory Note dated June 27, 2008, by which the
Promissory Note dated November 19, 2007, which initially set forth a principal amount of
$500,000.00, was revised to set forth a principal amount of $300,000.00, due and payable to
the Buyer on or before November 19, 2008.

It is further agreed that this Bill of Sale and the Amendment to Promissory Note dated
June 27, 2008 shall be null and void if the terms and conditions of both documents are not
met on or before 5:00 p.m. central time on June 27, 2008, the consideration recited in each
document being dependant upon the other.

In addition to and as additional consideration for the credit given by Gary Moores on the
Promissory Note, Outback Development, Inc. will transfer the title to a 1999 Chevrolet 1-Ton
Truck to the Seller.

TO HAVE AND TO HOLD the same unto the Buyer, his heirs and assigns, forever; and that the
Sellers will warrant and defend the title to the said goods and chattels hereby sold and
transferred unto the Buyer, his heirs and assigns, forever, against the lawful claims and
demands of all persons.

IN WITNESS WHEREOF, each of Rio Vista Energy Partners L.P., Rio Vista Penny LLC, Gary
Moores and Outback Development, Inc. has made this Bill of Sale effective this 27th day of
June, 2008.

	 	 	 	 	 	 	 	 	 	 	 
	PARTIES TO THE AGREEMENT	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	RIO VISTA ENERGY PARTNERS L.P.	 	 	 	Gary Moores	 	 
	A Delaware Limited Partnership	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	/s/ Ian T. Bothwell	 	 	 	/s/  Gary Moores	 	 
	 	 	 	 	 	 	 
	Print Name: Ian T. Bothwell	 	 	 	Print Name: Gary Moores	 	 
	Title: Acting Chief Executive Officer	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	RIO VISTA PENNY LLC	 	 	 	Outback Development, Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By: 

	/s/ Ian Bothwell 

	 	 	 	By: 
	/s/ Gary Moores 

	 	 
	 	Name: 

	Ian Bothwell
	 	 	 	 	Name: 
	Gary Moores
	 	 
	 	Title:

	Manager
	 	 	 	 	Title:
	 President	 	 

 

1Exhibit 10.79

Exhibit 10.79

SECOND AMENDMENT TO PROMISSORY NOTE

			
	 	 	 
	$300,000.00
	 	January 20, 2009

WHEREAS, that certain Promissory Note (the “Note”) dated November 19, 2007, securing a loan
from GARY MOORES, an individual resident of Oklahoma (the “Lender”), of FIVE HUNDRED THOUSAND
DOLLARS AND NO CENTS ($500,000.00), to RIO VISTA ENERGY PARTNERS, L.P., a Delaware limited
partnership (the “Borrower”), became due and payable on May 19, 2008 by and under its own terms
and was not paid by the Borrower to the Lender as agreed upon in the Note and as such Borrower was
delinquent upon its payment to Lender and thus, in default upon the Note, and;

WHEREAS, on June 24, 2008 the Lender and the Borrower entered into an Amendment to Promissory
Note (the “First Amendment”) which resolved the default and delinquency of the Note. Under the
terms of the First Amendment the Lender received the sum of $200,000.00 plus interest then due
upon the Note from the Borrower which left a balance of $300,000.00 due under the Note in return
for which the Lender agreed to forgo bringing any collection litigation against the Borrower for
the full amount due under the Note, and the Borrower agreed to increasing the original annual
interest on the amounts loaned, but not paid, under the Note from seven percent (7%) per annum to
ten percent (10%) per annum on the new amount due to Lender and both Lender and Borrower agreed
that the new amounts due under the First Amendment would be due and payable on or before November
19, 2008, and;

WHEREAS, the principal and interest due pursuant to the Note and the First Amendment has not
been paid to the Lender as required by the First Amendment, and as such the Borrower is now
delinquent and in default upon said Note and First Amendment, and as such the Lender has brought a
civil action in McIntosh County District Court, State of Oklahoma; Case number CJ-2008-405 (the
“Civil Action”) seeking collection of the amounts due under the Note and First Amendment. However,
the Lender and Borrower have agreed to new terms to extend the due date under the Note and First
Amendment and have agreed to amend the terms of the Note and First Amendment pursuant to the terms
and conditions set forth herein (the “Second Amendment”);

FOR GOOD AND VALUABLE CONSIDERATION, the receipt and adequacy of which is hereby acknowledged
by both Lender and Borrower, each of the parties agree as follows:

1. That the Lender shall dismiss the Civil Action and agree to allow Borrower to begin making
monthly payments as set out in this Second Amendment with the final payment being due on April 10,
2010. Failure to timely make any monthly payment contemplated by this Second Amendment shall cause
the full amount due under the Second Amendment to become due and payable in full upon such
delinquency. As consideration for the dismissal of the Civil Action and the extension of the due
date and amendment of the terms of the Note and First Amendment Lender and Borrower agree that upon
execution of this Second Amendment that Borrower shall pay to Lender the amount of interest
currently due under the terms of the First Amendment which is $16,848.95 as of January 20, 2009,
said interest to accrue at the rate of $82.19 per day until paid. Borrower further agrees to pay
the additional sum of $1,000.00 for the Lender’s attorney fees associated with the Civil Action. As
such Borrower shall pay a total sum of $17,848.95 as of January 20, 2009 plus additional interest
at $82.19 per day if not paid by January 20, 2009. Borrower agrees to begin making monthly interest
payments on the amount due under the Second
Amendment on or before the 10th day of the month beginning February 10, 2009 and
continuing through April 10, 2009. Thereafter, beginning May 10, 2009, Borrower shall begin
making monthly principal and interest payments pursuant to the terms in paragraph 2 below.
However, if any payment shall be due on a weekend date or holiday then said payment shall be due
and payable to Lender on the next following business day;

 

 

 

2. Beginning on May 10, 2009 and for each month thereafter for five additional consecutive
months, Borrower shall make principal payments of $12,500.00 plus interest. Thereafter,
beginning on November 10, 2009 Borrower shall begin making monthly principal payments of
$37,500.00 plus interest until all amounts due and payable under the Second Amendment are paid in
full;

3. That if Borrower defaults and becomes delinquent on any payments contemplated under this
Second Amendment that the annual interest rate shall be increased from ten percent (10%) per
annum to fifteen percent (15%) annum on all unpaid principal amounts due thereafter to the
Lender;

4. That the Borrower shall agree to provide collateral for the Note, the First
Amendment and the Second Amendment, in the event that the Borrower gives any collateral to any
person or entity other than those persons or entities currently holding collateral of the assets
of Borrower or those entities which may subsequently hold collateral as a result of a
restructuring of the associated loans (collectively referred to as the “Existing Debt
Obligations”). Currently collateral is pledged in connection with Existing Debt Obligations to
the Trust Company of the West and its related entities (“TCW”) and RZB Finance LLC and its
related entities (“RZB”). The nature of the collateral to be provided for the Note, if any,
shall not consist of any collateral which is currently pledged or required to be pledged in
connection with the Existing Debt Obligations, including any future restructuring of any of the
Existing Debt Obligations.

All other terms of the PROMISSORY NOTE dated November 19, 2007 and the First Amendment
shall remain unchanged by this Second Amendment and shall remain in full force and effect.

IN WITNESS WHEREOF, the undersigned have executed and delivered this Second Amendment to
Promissory Note effective as of the date first written above.

	 	 	 	 	 	 	 	 	 
	“BORROWER”	 	 	 	“LENDER”	 	 
	 
	 	 	 	 	 	 	 	 
	Rio Vista Energy Partners, L.P.,	 	 	 	 	 	 
	a Delaware limited partnership	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Ian T. Bothwell	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name:

	 	Ian T. Bothwell
	 	 	 	Gary Moores	 	 
	Title:

	 	Acting Chief Executive Officer	 	 	 	 	 	 
	 

	 	Rio Vista GP LLC, general partner	 	 	 	 	 	 
	 

	 	Of Rio Vista Energy Partners, L.P.	 	 	 	 	 	 

 

 

 

(STAMP)

	 	 	 	 	 	 	 	 	 
	STATE OF CALIFORNIA

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	SS
	 	ACKNOWLEDGMENT
	COUNTY OF LOS ANGELES

	 	 	)	 	 	 	 	 

On this 24th day of January 2009, before me, a Notary Public in and for said
County, personally appeared Ian T. Bothwell, to me known to
be the Æ of Rio Vista Energy
Partners, L.P. who executed the foregoing instrument and acknowledged that he executed the same as
his free and voluntary act and deed and on behalf of the Limited Partnership herein named and
acknowledged that the Limited Partnership authorized the execution of this document for the uses
and purposes therein set forth.

IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal the day and
year last above written.

	 	 	 	 	 
	 

	 	/s/ Marilyn Sears
 

Notary
	 	 

	 	 	 	 	 	 	 	 	 
	STATE OF OKLAHOMA

	 	 	)	 	 	 	 	 
	 

	 	 	)	 	 	SS
	 	ACKNOWLEDGMENT
	COUNTY OF MCINTOSH

	 	 	)	 	 	 	 	 

On this
 _____ 
day of January 2009, before me, a Notary Public in and for said
County, personally appeared                     , to me known to be the identical
person described and who executed the foregoing instrument and acknowledged that they executed the
same as their free and voluntary act and deed, for the uses and purposes therein set forth.

IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal the day and
year last above written.

	 	 	 	 	 
	 

	 	 
 

Notary

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