Document:

ex10-1.htm

    
      
         

      

      THIS AGREEMENT (this “Agreement”), dated
June __, 2009 is entered into by and between STRIKER OIL & GAS, INC.,
a Nevada corporation (the “Company”), AFFILIATED HOLDINGS, INC.
(“Affiliated”)
and YA GLOBAL INVESTMENTS, L.P.
(the “Buyer”).  Reference
is made to the Securities Purchase Agreement (the “Securities Purchase
Agreement”) dated as of May 17, 2007, as amended, between the Company and
the Buyer.  All capitalized terms used but not defined herein shall
have the meaning ascribed thereto in the Securities Purchase
Agreement.

       

      WHEREAS:

       

      
        	
                          

              	
                A.

              	
                Pursuant
      to the Securities Purchase Agreement and the documents and instruments
      entered into in connection therewith, the Company issued to the Buyer
      certain secured convertible debentures which were secured by, among other
      things, a security interest in all the assets of the Company and
      Affiliated.

              

      

       

      
        	
                          

              	
                B.

              	
                The
      Company desires to borrow, and the Buyer is willing to lend, additional
      funds to the Company for the benefit of both the Company and
      Affiliated.

              

      

       

      
        	
                          

              	
                C.

              	
                Upon
      the terms and conditions set forth herein, the Buyer will agree to loan
      additional funds for the benefit of the Company and Affiliated on the
      condition that the Company and Affiliated take certain steps to obtain
      duly executed and properly recorded assignments of certain leases and oil
      and gas rights and to provide the Buyer with a perfected security interest
      in the assets of the Company and
Affiliated.

              

      

       

      NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company, Affiliated, and the Buyer hereby agree as
follows:

       

      1.           Additional
Loan.  In reliance on the representations and warranties and
the terms and conditions set forth in this Agreement, upon the satisfaction of
the condition precedent set forth in Section 5 hereof, the Buyer shall make an
additional loan to the Company in accordance with the terms of the promissory
note (the “Note”) in the form
attached hereto as Exhibit
A.  The principal amount of the Note shall be
$500,000.  Upon the issuance of the Note the Buyer shall wire the
principal amount to the Company or its designees, less any fees or expenses to
be paid to the Buyer and deducted from the proceeds as set forth below, by wire
transfer of immediately available funds in accordance with the closing statement
attached hereto as Exhibit
B.

       

      2.           Catfish Creek Prospect
(Texas).

       

      (a)           The
Company shall promptly obtain and properly record assignments from Perryman
Exploration Partners, L.L.C. (“Perryman”) of
leasehold interests, oil and gas wells, and equipment with respect to those
certain participation agreements among the Company, Affiliated, and Perryman
relating to the Catfish Creek Prospect, including, without limitation Catfish
Creek Wells # 1, 2, and 3 and associated leases (collectively, the “Catfish Creek
Property”), to the satisfaction of the Buyer and have the same filed of
record in Texas, subject only to the payment by the Company of approximately
$468,301.53 owed to Perryman which shall be paid from the proceeds of the
Note.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (b)           The
Company shall promptly grant the Buyer a lien and security interest in and to
the Catfish Creek Property and execute and deliver to the Buyer for filing and
recordation the Deed of Trust, Mortgage, Assignment of Production, Security
Agreement, Fixture Filing and Financing Statement from the Company to the
Trustee for the benefit of the Buyer (the “Deed of Trust”) with
respect to the property described therein.

       

      3.           North Edna Prospect
(Louisiana).

       

      (a)           The
Company and/or Affiliated shall promptly obtain all leasehold assignments from
Jordan Oil Company, Inc. (“Jordan”) with respect
to those certain participation agreements among the Company, Affiliated, and
Jordan relating to the North Edna Prospect (the “North Edna Property”)
to the satisfaction of the Buyer and have the same filed of record in
Louisiana.

       

      (b)           The
Company shall promptly grant the Buyer a lien and security interest in and to
the North Edna Property and execute and deliver to the Buyer for filing and
recordation the Mortgage, Assignment of Production, Security Agreement, Fixture
Filing and Financing Statement from the Company to the Trustee for the benefit
of the Buyer (the “Mortgage”) with
respect to the property described therein.

       

      4.           Security Interest Granted
Pursuant to Security Documents.

       

      (a)           Reference
is made to the security agreement dated as of May 17, 2007, by and between the
Company, Affiliated, and the Buyer (the “Security
Agreement”).

       

      (b)           Affiliated
does hereby, by execution of this Agreement in the space provided below, confirm
that it has joined in the execution of, and become a party to, the Security
Agreement as a “Subsidiary” and “Company” thereunder and joins in the grant,
pledge, and assignment of any interest by the Company (as such term is used in
the security Agreement).

       

      (c)           The
Company and Affiliated hereby ratify and confirm all terms and conditions of the
Security Agreement and acknowledge and agree that the Security Agreement remains
in full force and effect without set-off, counterclaim, or defense.

       

      (d)           The
Company and Affiliated agree and acknowledge (i) that its obligations under the
Note shall be secured by all collateral previously granted by each of the
Company and Affiliated to the Buyer, including, without limitation, pursuant to
the Security Agreement, and the Real Estate Security, (ii) that the obligations
under the Note are hereinafter expressly included as part of the “Obligations”
as such term is defined and used in the Security Agreement and the other
Security Documents and (iii) the Security Agreement shall hereby be deemed
amended to reflect that the definition of “Obligations” in the Security
Agreement specifically includes all obligations of the Company or Affiliated
under the Note.

       

      5.           Conditions to
Closing.

       

      (a)           The
obligation of the Buyer to make the loan pursuant to the Note hereunder is
subject to the satisfaction, or waiver by the Buyer, of each of the following
conditions

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (i)       The
Company and Affiliated shall have executed each of this Agreement and the Note
and shall have delivered the same to the Buyer;

       

      (ii)           The
Company shall have received assignments of the Catfish Creek Property and the
North Edna Property in forms satisfactory to the Buyer and delivered the same to
the Buyer for filing and recordation.

       

      (iii)           The
Company shall have executed and delivered to the Buyer the Mortgage and the Deed
of Trust in suitable form for filing and recordation in the appropriate
jurisdictions.

       

      (iv)           The
Company shall have provided an officer’s certificate indicating approval of the
Board of Directors of the Company the transactions contemplated
herein.

       

      (b)           The
obligation of the Company to issue the Note to the Buyer hereunder is subject to
the satisfaction, or waiver by the Company, of each of the following
conditions

       

      (i)           The
Buyer shall have executed this Agreement and shall have delivered the same to
the Company.

       

      (ii)           The
Buyer shall have paid the principal amount of the Note in accordance with the
Closing Statement.

       

      6.           Other
Agreements.

       

      (a)           Fees and Expenses.
The Company shall pay a structuring and due diligence fee to the Buyer or its
designees in the amount of $5,000, which shall be paid directly from the
proceeds of the issuance of the Note.

       

      (b)           Further Assurances.
Company and Affiliated shall, from and after the execution of this Agreement,
execute and deliver to the Buyer whatever additional documents, instruments, and
agreements that the Buyer may require in order to (i) perfect its lien and
security interest in the Catfish Creek Property and the Edna Property, and (ii)
correct any document deficiencies, or to vest or perfect the Transaction
Documents and the collateral granted therein more securely in the Buyer and/or
to otherwise give effect to the terms and conditions of this Agreement, and
hereby authorize the Buyer to file any financing statements (including financing
statements with a generic description of the collateral such as “all assets”),
and take any other normal and customary steps, the Buyer deems necessary to
perfect or evidence the Buyer’s security interests and liens in any such
collateral.

       

      (c)           Except
as modified pursuant hereto, no other changes or modifications to the
Transaction Documents are intended or implied and in all other respects the
Transaction Documents are hereby specifically ratified, restated and confirmed
by all parties hereto as of the effective date hereof.  To the extent
of conflict between the terms of this Agreement and the other Transaction
Documents, the terms of this Agreement shall control.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

       

      

      [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

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

       

      
        	 
      	
                COMPANY:

              
	 
      	
                STRIKER
      OIL & GAS, INC.

              
	 
      	 
      
	 
      	
                By:                                                                

              
	 
      	
                Name:  Lester
      Garrett

              
	 
      	
                Title:                      Chief
      Executive Officer

              
	 
      	 
      
	 
      	 
      
	 
      	
                BUYER:

              
	 
      	
                YA
      GLOBAL INVESTMENTS, L.P.

              
	 
      	
                By:  Yorkville
      Advisors, LLC

              
	 
      	
                         its
      Investment Manager

              
	 
      	 
      
	 
      	
                By:
      _________________________________

              
	 
      	
                Name:

              
	 
      	
                Title:    Managing
      Member

              

      

      

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Exhibit
A

      

      Form of
Note

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Exhibit
B

      

      Closing
Statement

      

      

      

      The undersigned do hereby:

      

      1.           Acknowledge
the acceptance of gross proceeds of $500,000 from the issuance of a Note of Striker Oil & Gas,
Inc., a Nevada company (the “Company”);
and

      

      2.           Agree
that proceeds shall be disbursed via wire transfer in immediately available U.S.
funds, as set forth below.

      
 

      
        
          
            
              	
                      Gross
      Proceeds:

                    	
                      From
      YA Global Investments, L.P.

                    	 	$	500,000	 
	 
      	 
      	 	 	 	 
	
                      Less:

                    	
                      Structuring
      and Due Diligence Fee to Yorkville Advisors, LLC

                    	 	$	(5,000	)
	 
      	 
      	 	 	 	 
	
                      Net
      Proceeds:

                    	 
      	 	$	495,000	 
	
                      Disbursements:

                    	
                      To
      Perryman Exploration Partners, LLC for payments towards Catfish Creek
      Property

                    	 	$	(468,302	)
	 
      	 
      	 	 	 	 
	 
      	
                      To
      Richardson and Patel, counsel to the Company, as retainer for legal
      services

                    	 	$	(7,500	)
	 
      	 
      	 	 	 	 
	 
      	
                      To
      YA Global Investments, L.P. to repay protective advance made on May 19,
      2009

                    	 	$	(280	)
	 
      	 
      	 	 	 	 
	
                      Net
      Proceeds to the Company:

                    	 	$	18,918	 

            

          

        

      

      

      

      [SIGNATURE PAGE IMMEDIATELY TO
FOLLOW]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Striker
Oil & Gas, inc.

      

      

      

      By:
______________________________

      
        	
                Name:                      Lester
      Garrett

              
	
                Title:                      Chief
      Executive Officer

              

      

      

      

      YA
Global Investments, L.P.

      

      By:           Yorkville
Advisors, LLC

      Its:           Investment
Manager

      

      By:  _______________________________

      Name:

      Its:           Managing
Member

      

      

      

      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Wire
Instructions:

      

      

      

      

      Perryman
Exploration Partners Wiring Information:

      

      First
State Bank Of Athens

      

      Perryman
Exploration Partners

      

      Acct#
1041010

      

      ABA#
111921777

      

      

      

      RICHARDSON
& PATEL LLP

      

      BANK
NAME:                      COMERICA
BANK OF CALIFORNIA

      WESTWOOD OFFICE

      10900 WILSHIRE BLVD.

      LOS ANGELES, CALIF. 90024

      PHONE NUMBER:
800-888-3595

      ABA NUMBER: 121137522

      ACCT. NUMBER:1891937581

      BENEFICIARY:RICHARDSON & PATEL LLP
CLIENT
TRUST ACCT.

      

      CLIENT:                                Striker
Oil & Gas, Inc.ex10-2.htm

    
      

    

    THE
SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS.  THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE
OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN A FORM
REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER
SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144
UNDER SAID ACT.

    

    

    TERM
NOTE

    

    June 11,
2009

    

    
      	
              Jersey
      City, New Jersey

            	
              $500,000.00

            

    

    

    FOR VALUE RECEIVED, the
undersigned, STRIKER OIL & GAS, INC., a Nevada corporation (the “Company”), promises
to pay YA GLOBAL
INVESTMENTS, L.P. (the “Lender”) at 101
Hudson Street, Suite 3700, Jersey City, New Jersey 07302 or other address as the
Lender shall specify in writing, the principal sum of $500,000.00 and interest accrued
thereon pursuant to the following terms of this Term Note (the “Note”):

     

    1.           Principal and
Interest.

    

    (i)           Interest.  Interest
shall accrue on the outstanding   principal balance of this Note
at the rate of twelve percent per year (computed on the basis of a 365-day
year and the actual days elapsed) from the date of this Note until
paid.

    

    (ii)           Payments.   For
value received, the Company hereby promises to pay to the order of the Lender,
in lawful money of the United States of America and in immediately available
funds, $26,000 per month (the “Monthly Payment”)
commencing on July 1, 2009 and continuing on the first date of each month
through June 1, 2011.  On June 10, 2011 (the “Maturity Date”) the
Company hereby promises to pay to the order of the Lender, in lawful money of
the United States of America and in immediately available funds, all outstanding
principal of this Note, together with accrued and unpaid interest
thereon.  Each Monthly Payment will be applied first to accrued and
unpaid interest and then to principal outstanding on this Note.

    

    2.           Right of
Prepayment.  The Company at its option shall have the right to
prepay any amount of outstanding principal of the Note and accrued and unpaid
interest thereon without premium or
penalty.    

    

    3.           Waiver
and Consent.  To the fullest extent permitted by law and except
as otherwise provided herein, the Company waives demand, presentment, protest,
notice of dishonor, suit against or joinder of any other person, and all other
requirements necessary to charge or hold the Company liable with respect to this
Note.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    4.           Costs,
Indemnities and Expenses.  In the event of default as described
herein, the Company agrees to pay all reasonable fees and costs incurred by the
Lender in collecting or securing or attempting to collect or secure this Note,
including reasonable attorneys’ fees and expenses, whether or not involving
litigation, collecting upon any judgments and/or appellate or bankruptcy
proceedings.  The Company agrees to pay any documentary stamp taxes,
intangible taxes or other taxes which may now or hereafter apply to this Note or
any payment made in respect of this Note, and the Company agrees to indemnify
and hold the Lender harmless from and against any liability, costs, attorneys’
fees, penalties, interest or expenses relating to any such taxes, as and when
the same may be incurred.

    

    5.           Security.  The
Company agrees and acknowledges (i) that its obligations under this Note shall
be secured by all collateral granted by the Company and Affiliated Holdings,
Inc. (“Affiliated”) to the
Lender, including, without limitation, the assets of the Company pledged to the
Lender pursuant to (a) that certain Security Agreement dated May 17, 2007 by and
among the Company, Affiliated, and the Lender (the “Security Agreement”),
(b) that certain Mortgage, Assignment of Production, Security Agreement, Fixture
Filing and Financing Statement granted by the Company to YA Global as of May 17,
2007, and (c) that certain Deed of Trust, Mortgage, Assignment, Security
Agreement, Fixture Filing and Financing Statement granted by the Company to YA
Global as of May 17, 2007, (d) that certain Deed of Trust, Mortgage, Assignment
of Production, Security Agreement, Fixture Filing and Financing Statement from
the Company to the Trustee for the benefit of the Lender of even date herewith,
and (e) that certain Mortgage, Assignment of Production, Security Agreement,
Fixture Filing and Financing Statement from the Company to the Buyer of even
date herewith ((b) – (e) shall collectively be referred to herein as the “Mortgages”), and (ii)
that the obligations under this Note are hereinafter expressly included as part
of the “Obligations” as such term is defined and used in the Security Agreement
and the Mortgages.

    

    6.           Event of
Default.  An “Event of Default”,
wherever used herein, means any one of the following events (whatever the reason
and whether it shall be voluntary or involuntary or effected by operation of law
or pursuant to any judgment, decree or order of any court, or any order, rule or
regulation of any administrative or governmental body):

    

    (i)           the
Company's failure to pay to the Lender any amount of principal, interest, or
other amounts when and as due under this Note;

    

    (ii)           The
Company shall fail to observe or perform any other covenant, agreement or
warranty contained in, or otherwise commit any breach or default of any
provision of the agreement of even date herewith (the “Agreement”) between
the Lender, the Company and Affiliated, this Note, or any other note, debenture,
or indebtedness issued to the Lender or its affiliates which is not cured within
the applicable cure period, if any;

    

    (iii)           
The Company or any subsidiary of the Company shall commence any proceeding under
any applicable bankruptcy or insolvency laws as now or hereafter in effect or
any successor thereto, or the Company or any subsidiary of the Company commences
any other proceeding under any reorganization, arrangement, adjustment of debt,
relief of debtors,

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    dissolution,
insolvency or liquidation or similar law of any jurisdiction whether now or
hereafter in effect relating to the Company or any subsidiary of the Company; or
there is commenced against the Company or any subsidiary of the Company an
involuntary bankruptcy, insolvency or other proceeding which remains undismissed
for a period of 61 days; or the Company or any subsidiary of the Company is
adjudicated insolvent or bankrupt; or any order of relief or other order
approving any such case or proceeding is entered; or the Company or any
subsidiary of the Company suffers any appointment of any custodian, private or
court appointed receiver or the like for it or any substantial part of its
property which continues undischarged or unstayed for a period of sixty one
days; or the Company or any subsidiary of the Company makes a general assignment
for the benefit of creditors; or the Company or any subsidiary of the Company
shall fail to pay, or shall state that it is unable to pay, or shall be unable
to pay, its debts generally as they become due; or the Company or any subsidiary
of the Company shall call a meeting of its creditors with a view to arranging a
composition, adjustment or restructuring of its debt; or the Company or any
subsidiary of the Company shall by any act or failure to act expressly indicate
its consent to, approval of or acquiescence in any of the foregoing; or any
corporate or other action is taken by the Company or any subsidiary of the
Company for the purpose of effecting any of the foregoing; or

    

    (iv)           The
Company or any subsidiary of the Company shall default in any of its obligations
under any other promissory note, or any mortgage, credit agreement or other
facility, indenture agreement, factoring agreement, debenture, convertible
debenture or other instrument under which there may be issued, or by which there
may be secured or evidenced any indebtedness for borrowed money or money due
under any long term leasing or factoring arrangement of the Company or any
subsidiary of the Company in an amount exceeding $50,000, whether such
indebtedness now exists or shall hereafter be created and such default shall
result in such indebtedness becoming or being declared due and payable prior to
the date on which it would otherwise become due and payable;

    

    7.           Remedies.                                
During the time that any portion of this Note is outstanding, if any Event of
Default has occurred, the full unpaid principal amount of this Note, together
with interest and other amounts owing in respect thereof, to the date of
acceleration shall become at the Lender's election, immediately due and payable
in cash.  The Lender need not provide and the Company hereby waives
any presentment, demand, protest or other notice of any kind and the Lender may
immediately and without expiration of any grace period enforce any and all of
its rights and remedies hereunder and all other remedies available to it under
applicable law. Such declaration may be rescinded and annulled by Lender at any
time prior to payment hereunder. No such rescission or annulment shall affect
any subsequent Event of Default or impair any right consequent
thereon.

    

    8.           Maximum
Interest Rate.  In no event shall any agreed to or actual
interest charged, reserved or taken by the Lender as consideration for this Note
exceed the limits imposed by New Jersey law.  In the event that the
interest provisions of this Note shall result at any time or for any reason in
an effective rate of interest that exceeds the maximum interest rate permitted
by applicable law, then without further agreement or notice the obligation to be
fulfilled shall be automatically reduced to such limit and all sums received by
the Lender in excess of those lawfully collectible as interest shall be applied
against the principal of this Note immediately upon the
Lender’s receipt thereof, with the same force and effect as though the Company
had specifically designated such extra sums to be so applied to principal and
the Lender had agreed to accept such extra payment(s) as a premium-free
prepayment or prepayments.

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    9.           Cancellation
of Note. Upon the repayment by the Company of all of its obligations
hereunder to the Lender, including, without limitation, the principal amount of
this Note, plus accrued but unpaid interest, the indebtedness evidenced hereby
shall be deemed canceled and paid in full.  Except as otherwise
required by law or by the provisions of this Note, payments received by the
Lender hereunder shall be applied first against expenses and indemnities, next
against interest accrued on this Note, and next in reduction of the outstanding
principal balance of this Note.

    

    10.           Severability.  If any provision
of this Note is, for any reason, invalid or unenforceable, the remaining
provisions of this Note will nevertheless be valid and enforceable and will
remain in full force and effect.  Any provision of this Note that is
held invalid or unenforceable by a court of competent jurisdiction will be
deemed modified to the extent necessary to make it valid and enforceable and as
so modified will remain in full force and effect.

    

    11.           Amendment
and Waiver.  This Note may be
amended, or any provision of this Note may be waived, provided that any such
amendment or waiver will be binding on a party hereto only if such amendment or
waiver is set forth in a writing executed by the parties hereto.  The
waiver by any such party hereto of a breach of any provision of this Note shall
not operate or be construed as a waiver of any other breach.

    

    12.           Successors.  Except as
otherwise provided herein, this Note shall bind and inure to the benefit of and
be enforceable by the parties hereto and their permitted successors and
assigns.

    

    13.           Assignment.  This Note shall
not be directly or indirectly assignable or delegable by the
Company.  The Lender may assign this Note as long as such assignment
complies with the Securities Act of 1933, as amended.

    

    14.           Reissuance
of this Note.

    

    (i)           Transfer.  This
Note may be assigned by the Lender, provided however, that if this Note is to be
transferred any such transfer must be made in accordance with applicable
securities laws.  Upon any such transfer, the Company shall issue a
new Note registered in the name of the registered transferee or assignee,
representing the outstanding Principal being transferred by the Holder and, if
less than the entire outstanding Principal is being transferred, a new Note to
the Lender representing the outstanding principal not being
transferred.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (ii)           Lost, Stolen or Mutilated
Note.  Upon receipt by the Company of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Note, and, in the case of loss, theft or destruction, of any
indemnification undertaking by the Lender to the Company in customary form and,
in the case of mutilation, upon surrender and cancellation of this Note, the
Company shall execute and deliver to the Lender a new Note (in accordance with
Section 14(iv)) representing the outstanding principal.

    

    (iii)           Note Exchangeable for
Different Denominations.  This Note is exchangeable, upon the
surrender hereof by the Lender at the principal office of the Company, for a new
Note or Notes (in accordance with Section 14(iv)) representing in the aggregate
the outstanding principal of this Note, and each such new Note will represent
such portion of such outstanding principal as is designated by the Lender at the
time of such surrender.

    

    (iv)           Issuance of New
Notes.  Whenever the Company is required to issue a new Note
pursuant to the terms of this Note, such new Note (i) shall be of like tenor
with this Note, (ii) shall represent, as indicated on the face of such new Note,
the principal remaining outstanding (or in the case of a new Note being issued
pursuant to Section 14(i) or Section 14(iii), the principal designated by the
Lender which, when added to the principal represented by the other new Notes
issued in connection with such issuance, does not exceed the principal remaining
outstanding under this Note immediately prior to such issuance of new Notes),
(iii) shall have an date, as indicated on the face of such new Note, which is
the same as the date of this Note, (iv) shall have the same rights and
conditions as this Note, and (v) shall represent accrued and unpaid interest
from the date of this Note.

    

    15.           Use of
Proceeds. The Company shall use all of the proceeds of the issuance of
this Note solely as set forth on the closing statement of even date
herewith.

    

    16.           No Strict
Construction.  The language used
in this Note will be deemed to be the language chosen by the Lender and the
Company to express their mutual intent, and no rule of strict construction will
be applied against any party.

    

    17.           Further
Assurances.  The Company will
execute all documents and take such other actions as the Lender may reasonably
request in order to consummate the transactions provided for herein and to
accomplish the purposes of this Note.

    

    18.           Notices,
Consents, etc.  Any notices, consents, waivers or other
communications required or permitted to be given under the terms hereof must be
in writing and will be deemed to have been delivered:  (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); or (iii) one (1) trading day
after deposit with a nationally recognized overnight delivery service, in each
case properly addressed to the party to receive the same.  The
addresses and facsimile numbers for such communications shall be:

    

    

    
      	
              If
      to Company:

            	
              Striker
      Oil and Gas, Inc.

            
	 
      	
              1875
      Lawrence Street, Suite 450

              Denver,
      CO 80202

            
	 
      	 
      
	
              If
      to the Lender:

            	
              YA
      Global Investments, LP

            
	 
      	
              101
      Hudson Street, Suite 3700

            
	 
      	
              Jersey
      City, NJ 07302

            
	 
      	
              Attention: Mark
      A. Angelo

            
	 
      	
              Telephone: (201)
      985-8300

            
	 
      	
              Facsimile:
      (201) 985-8744

            
	 
      	 
      

    

    

    or at
such other address and/or facsimile number and/or to the attention of such other
person as the recipient party has specified by written notice given to each
other party three (3) trading days prior to the effectiveness of such
change.  Written confirmation of receipt (A) given by the recipient of
such notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender's facsimile machine containing the time,
date, recipient facsimile number and an image of the first page of such
transmission or (C) provided by a nationally recognized overnight delivery
service, shall be rebuttable evidence of personal service, receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    19.           Remedies,
Other Obligations, Breaches and Injunctive Relief.  The Lender’s
remedies provided in this Note shall be cumulative and in addition to all other
remedies available to the Lender under this Note, at law or in equity (including
a decree of specific performance and/or other injunctive relief), no remedy of
the Lender contained herein shall be deemed a waiver of compliance with the
provisions giving rise to such remedy and nothing herein shall limit the
Lender’s right to pursue actual damages for any failure by the Company to comply
with the terms of this Note.  No remedy conferred under this Note upon
the Lender is intended to be exclusive of any other remedy available to the
Lender, pursuant to the terms of this Note or otherwise.  No single or
partial exercise by the Lender of any right, power or remedy hereunder shall
preclude any other or further exercise thereof.  The failure of the
Lender to exercise any right or remedy under this Note or otherwise, or delay in
exercising such right or remedy, shall not operate as a waiver
thereof.  Every right and remedy of the Lender under any document
executed in connection with this transaction may be exercised from time to time
and as often as may be deemed expedient by the Lender.  The Company
acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Lender and that the remedy at law for any such breach
may be inadequate.  The Company therefore agrees that, in the event of
any such breach or threatened breach, the Lender shall be entitled, in addition
to all other available remedies, to an injunction restraining any breach, and
specific performance without the necessity of showing economic loss and without
any bond or other security being required.

    

    20.           Governing
Law; Jurisdiction.
All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by the internal laws of the
State of New Jersey, without giving effect to any choice of law or conflict of
law provision or rule (whether of the State of New Jersey or any other
jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of New Jersey.  Each party hereby irrevocably
submits to the exclusive jurisdiction of the Superior Court of the State
of

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    New
Jersey sitting in Hudson County, New Jersey and the United States Federal
District Court for the District of New Jersey sitting in Newark, New Jersey, for
the adjudication of any dispute hereunder or in connection herewith or
therewith, or with any transaction contemplated hereby or discussed herein, and
hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is
improper.  Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such
notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof.  Nothing
contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law.

    

    21.           No
Inconsistent Agreements.  None of the
parties hereto will hereafter enter into any agreement, which is inconsistent
with the rights granted to the parties in this Note.

    

    22.           Third
Parties.  Nothing herein
expressed or implied is intended or shall be construed to confer upon or give to
any person or entity, other than the parties to this Note and their respective
permitted successor and assigns, any rights or remedies under or by reason of
this Note.

    

    23.           Waiver of
Jury Trial.  AS A MATERIAL INDUCEMENT FOR THE
LENDER TO LOAN TO THE COMPANY THE MONIES HEREUNDER, THE COMPANY HEREBY WAIVES
ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS
AGREEMENT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS
TRANSACTION.

    

    24.           Entire
Agreement.  This Note (including any recitals hereto) sets
forth the entire understanding of the parties with respect to the subject matter
hereof, and shall not be modified or affected by any offer, proposal, statement
or representation, oral or written, made by or for any party in connection with
the negotiation of the terms hereof, and may be modified only by written
instruments signed by both the Company and the Lender.

    

    [REMAINDER
OF PAGE INTENTIONALY LEFT BLANK]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, this
Promissory Note is executed by the undersigned as of the date
hereof.

     

     

    
      
        	 	STRIKER OIL & GAS,
      INC.	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ 	 
	 	 	Lester
      Garrett	 
	 	 	Chief
      Executive Officer	 
	 	 	 	 

      

    

     

     

    GUARANTEE

     

    Affiliated
Holdings, Inc. hereby guaranties the obligations of the Company to the Lender
under this Note.

     

    IN WITNESS WHEREOF, the
undersigned Guarantor have caused this Guarantee to be duly
executed.

     

    
      	
              Dated:

            	
              June
      __, 2009

               

               

            

    

    
      
        	 	
                AFFILIATED
      HOLDINGS, INC.

              	 
	 	 	 	 
	
              	
                By:
      

              	 	 
	 	 	Name 	 
	 	 	Title

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