Document:

LOAN AGREEMENT

 

	Borrower(s):	 	EOS Petro, Inc., a Delaware corporation, (the “Borrower”)
	 	 	 
	Lender:	 	Vicki P. Rollins (“Lender”)
	 	 	 
	Transaction:	 	A bridge loan (the “Loan”) in the amount of $350,000 (the “Loan Amount”), proceeds of the Loan to be used as a “bridge” to other financing being secured by Borrower which shall be used to pay off the Loan in full. Borrower and Lender wish to conduct this transaction in such a manner as to be compliant with all applicable laws.
	 	 	 
	Term:	 	Effective May 22, 2012, all outstanding principle and interest will be due and payable on the date that is no longer than one hundred twenty (120) days from the closing and funding date of the Loan (the “Maturity Date” on September 22, 2012). Borrower agrees to make best efforts to retire the Loan within forty-five (45) days of funding.
	 	 	 
	Repayment:	 	Borrower agrees to full repayment of Loan plus a preferred return equal to six percent (6.0%) of the Loan Amount, or $21,000. Borrower shall make aggregate partial payments and/or one, single balloon payment of $396,000 to retire the Loan at or before the Maturity Date. 
	 	 	 
	Equity Incentive:	 	As further additional consideration, on the date of this Loan is made, Borrower shall transfer to Lender 175,000 warrants with a strike price of $2.50, expected to have a “going-out” trading value range of US$4.00 to US$7.00 per share.  Borrower agrees to fully document the transfer of the shares to Lender, by updating the share registry and any other necessary document, immediately on the same date the Loan is made, with a subscription agreement to be negotiated and executed with Lender thereafter.
	 	 	 
	Penalty:	 	In the event the Loan is not repaid on or before the Maturity Date, all unpaid principal and accrued unpaid interest (i.e. as of the Maturity Date) shall accrue interest at the rate of 18% per annum thereafter until paid in full.
	 	 	 
	Fees and Costs:	 	Borrower shall be solely responsible for the payment of all closing and professional fees associated with this transaction. The Borrower and Lender shall be responsible for their own legal review.
	 	 	 
	Other Debt:	 	Borrower shall be prohibited from incurring additional indebtedness during the term of the Loan, with the exception of the existing Sharma Loans, without the written consent of Lender and at Lender’s sole discretion.

 

    	 

    	 

    

 

	Security:	 	First priority blanket security interest in all of EOS Petro Inc.’s assets to be shared with Vatsala Sharma, including newly acquired assets. Borrower shall authorize Lender to file any UCC-1 financing statements perfecting any security interest granted to Lender by EOS under the Loan. Nikolas Konstant further agrees to personally indemnify the Lender against any loss arising out of fraud, misrepresentation, failure to pay taxes, misapplication of funds, failure to apply funds to pay debt  following default, subordinate financing without Lender consent, transfer of assets, gross negligence, willful misconduct, court costs, attorneys’ fees, and bankruptcy. Borrower shall confess judgment to the Lender. . Arranging Broker to handle perfection of security interest, including without limitation filing any financing statements.
	 	 	 
	Due Diligence:	 	Borrower and its representatives have previously provided all available due diligence items to Lender and its representatives in connection with this Loan. Borrower agrees to furnish any supplemental information or documentation which Lender or its counsel reasonably deems necessary in connection with the Loan.
	 	 	 
	Warranties and Representations:	 	Borrower shall provide all customary warranties and representations that Borrower is duly incorporated and in good
    standing, that the Loan has been properly authorized by the corporation and that all due diligence materials provided by
    Borrower shall be accurate and complete in all material respects. Borrower understand that any material misrepresentation by
    Borrower to Lender or improper self-dealing by Borrower may result in Lender having recourse to the Borrower.
	 	 	 
	Governing Law:	 	The Loan shall be governed by the laws of the State of California, and the parties shall agree that California shall be the exclusive venue for any action brought under the terms of the Loan. This Term Sheet contains all of the terms and conditions of the private Loan proposed between the parties hereto, which may  be  set  forth  in  greater detail  in the form of more  definitive documentation at the mutual consent of both Parties to this Agreement. As a result, this Term Sheet is, and shall be deemed to constitute, a commitment to consummate the transaction contemplated herein, all of which shall be subject to ordinary approvals, definitive documentation and the satisfaction or waiver of all conditions set forth therein. However, in the event the subsequent definitive documentation fails to address any term set forth with reasonable specificity in this term sheet, either party shall have the right to enforce compliance with such terms under this term sheet.

 

	“BORROWER”	 	“LENDER”
	 	 	 
	By:	/s/ Nikolas Konstant	 	By:	/s/ Vicki P. Rollins
	 	 	 	 	 
	Name: 	Nikolas Konstant	 	Name: 	Vicki P. Rollins
	 	 	 	 	 
	Title:	Chairman	 	Title:	An IndividualFIRST AMENDMENT AND ALLONGE
TO PROMISSORY NOTE

 

This Amendment and Allonge to Promissory
Note (this "Amendment") is made and entered into this 10th day of July, 2012 (the "Effective Date") try and
between EOS Petro Inc., a Delaware corporation, and Nikolas Konstant, an individual (collectively, "Makers") and RT Holdings
LLC, an Arizona limited liability company ("Payee"). This Amendment is attached to and made an integral part of that
certain Promissory Now (the "Note") dated October 24, 2011 in the original principal amount of $200,000.00 from Makers
in favor of Payee. Makers and Payee wish to amend the Note as more fully set forth herein.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

 

1.          Partial
Payment. On or before July 30, 2012, Makers shall pay Payee the sum of Twenty Five Thousand and No/100 Dollars
($25,000.00) (the "Partial Payment") towards the amounts owing under the Note. The Partial Payment shall be applied
to the amounts currently owing under the Note in the manner determined by Payee. The Partial Payment shall be made via wire
transfer pursuant to wiring instructions provided by Payee.

 

2.          Extension
Consideration. Within three (3) business days of the Effective Date and as consideration for an extension of the
Maturity Date of the Note as set forth herein, Makers shall cause to be issued and delivered to Payee Twenty Thousand
(20,000) shares of EOS Petro Inc. common stock (collectively, the "Extension Consideration"). The Extension
Consideration shall not be applied in satisfaction of any amounts or obligations owing under the Note but is being given
solely in exchange for an extension of the Maturity Date.

 

3.          Extension
of Maturity Date. Contingent upon Payee's timely receipt of the Partial Payment and the Extension Consideration, the
Maturity Date of the Note shall be extended to September 30, 2012. All principal, accrued interest, and other amounts owing
under the Note shall be due and payable in full, without notice or demand, on the Maturity Date.

 

4.          Interest
Rate. The interest rate under the Note is twenty-four percent (24%) per annum effective as of October 24, 2011 and continuing
until the Note is paid in full, regardless of whether an Event of Default has occurred or exists under the Note.

 

5.          Governing
Law; Venue; Jurisdiction; Service of Process. The Note shall be governed by and construed In all respects in accordance with
the laws of the State of Arizona without
giving effect to any contrary choice of law provision or rule. Makers, and each of them. submit and agree to personal jurisdiction
in the courts of Maricopa County, Arizona in any action or proceeding arising out of or relating to the Note and agree that any
such action or proceeding maybe brought in such courts. In the event any suit is filed by Payee for enforcement of the Note, service
of process may be effected upon Makers by sending copies of process to Makers via regular U.S. Mail and via certified mail return
receipt requested at the address of 2049 Century Park East, Suite 3670, Los Angeles California 90067. Service of process shall
be deemed completed and effected three (3) business days after such mailing.

 

6.          Fee
on Maturity. In addition to all other amounts owing under the Note Payee shall continue to be entitled to receive a fee of
Ten Thousand and no/100 Dollars ($10,0000) on the Maturity Date as set forth in the final sentence of the first paragraph of the
Note. Payee acknowledges previous receipt of Two Hundred Thousand (200,000) shares of EOS Petro Inc. common stock as set forth
in the final sentence of the first paragraph of the Note, which Makers acknowledge are distinct from the Twenty Thousand (20,000)
shares that comprise the Extension Consideration.

 

    	 

    	 

    

  

7.          Time
of the Essence. Time is of the essence with respect to the deadlines set forth in this Amendment.

 

8.          Dismissal
of Lawsuit. Contingent upon Payee's timely receipt of the Partial Payment and the Extension Consideration, Payee will dismiss
its pending lawsuit against Makers without prejudice.

 

9.          Ratification.
Except to the extent expressly amended hereby, all terms and conditions of the Note remain in full force and effect. In the event
of any inconsistency between the terms of the Note and the terms of this Amendment, the terms of this Amendment shall prevail and
control. Makers hereby ratify and affirm all terms and conditions of the Note as modified herein.

 

10.         Counterparts.
This Amendment may be executed in counterparts, each of which shall be deemed an original but all of which shall constitute one
and the same instrument. Signature pages delivered by facsimile or other electronic means shall be deemed to be originals thereof.

 

[SIGNATURE PAGE FOLLOWS]

(BALANCE OF PAGE INTENTIONALLY LEFT BLANK)

 

    	 

    	 

    

 

IN WITNESS HEREOF, Makers and
Payee have executed this Amendment and Allonge to Promissory Note as of the Effective Date.

 

	 	EOS PETRO INC., a Delaware corporation
	 	 
	 	By:	/s/ Nikolas Konstant
	 	Printed: Nikolas Konstant
	 	Its:     Chairman
	 	 
	 	/s/ Nikolas Konstant
	 	Nikolas Konstant, an individual
	 	 
	 	RT HOLDINGS LLC, an Arizona limited
	 	liability company
	 	 
	 	By:	/s/ Donald N.
	 	Printed: Donald N R
	 	Its: MGR

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