Document:

DCOR

 

LETTER AGREEMENT DATED SEPTEMBER 5, 2011

 

Re: Participation Rights – Opportunity
to Acquire Concession in Ghana

 

Dear Mike:

 

This letter will confirm
the agreement among DCOR, LLC ("DCOR"), EOS Petro, Inc. ("EOS"), and Plethora Bay Oil & Gas, Ltd. ("Plethora
Bay"), (collectively, EOS Petro, Inc. and Plethora Bay Oil & Gas, Ltd. will be referred to as the "EOS Entities")
regarding DCOR's participation in an opportunity to participate in the acquisition and development of that certain oil and gas
concession offshore Ghana, West Africa known as the Ferrari concession (hereinafter referred to as the "Concession").
The following are the key points of our agreement:

 

		1.	DCOR will agree to serve as the operational partner in the application being filed by the EOS Entities
for the Concession, and agrees to provide to the EOS Entities, all necessary information concerning DCOR as required in such application.

 

		2.	In the event the EOS Entities are awarded the Concession, and DCOR elects to receive an assignment
of the DCOR Interest as described below, DCOR will serve as operator for the development of the Concession and will provide technical
offshore operating expertise and engineering and geotechnical expertise in the evaluation of the Concession. The activities in
the evaluation and exploration of the Concession would be governed by a standard Exploration Agreement. DCOR's operations of the
Concession would be governed by a standard offshore Joint Operating Agreement to be signed by all of the working interest owners
in the Concession.

 

		3.	In exchange for the commitment by DCOR to provide the services described in Paragraphs 1 and 2
above, DCOR will receive an option to acquire a tern percent (10%) ownership interest (the "DCOR Interest") in the Concession
if awarded to the EOS Entities. The option to acquire the DCOR Interest, if exercised by DCOR as described below, shall be at no
cost to DCOR.

 

		4.	Up ratification of the Concession, EOS and DCOR will review the data associated with the Concession
for a period of sixty (60) days (the "Review Period"). Upon the expiration of the Review Period, DCOR shall have an additional
thirty (30) days in which to elect to acquire the DCOR Interest. If DCOR elects to acquire the DCOR Interest, the EOS Entities
will take the steps necessary to assign ownership of the DCOR interest into DCOR, or an assignee. If DCOR elects to not acquire
the DCOR Interest, then this Agreement shall terminate and be of no further force and effect.

 

		5.	If the EOS Entities determine that it is necessary for DCOR to qualify a subsidiary in Ghana in
order to assist in the process to acquire the Concession, DCOR agrees to make such filings at its own cost and expense.

 

DCOR-EOS Entities-Ghana

September 5, 2011

Page 1 of 2

290 MAPLE COURT SUITE 290 VENTURA, CA
93003

PHONE: (805) 535-2000 FAX: (805) 535-2100

 

    	 

    	 

    
 

		6.	If the EOS Entities are awarded the Concession, and DCOR elects to be assigned the DCOR Interest,
DCOR and the EOS Entities agree to use commercially reasonable efforts to allow DCOR to acquire from the EOS Entities, an additional
thirty percent (30%) ownership interest in the concession to be completed within six (6) months following DCOR's election to receive
an assignment of the DCOR Interest.

 

		7.	If the event that the EOS Entities do not acquire the Concession or in the event that DCOR elects
to not acquire the DCOR Interest (as described in #4 above), the EOS Entities agree to return, destroy or delete all information
about DCOR which has been provided by DCOR to the EOS Entities and to use best efforts to cause the return, destruction or deletion
of such information which was provided as part of the application to acquire the Concession.

 

If the terms of this
letter agreement are consistent with our discussions, please indicate your agreement by executing three copies of this letter where
indicated below and return one fully-executed copy to the undersigned.

 

	 	Sincerely,
	 	 
	 	DCOR, LLC
	 	 
	 	/s/ Andrew L. Prestridge
	 	Andrew L. Prestridge
	 	President

 

Agreed to and executed this 5th
day of September, 2011

EOS Petro, Inc., on its behalf and on behalf
of the EOS Entities

 

/s/ Michael Finch                                                                       

By: Michael J. Finch, President

 

DCOR-EOS Entities-Ghana

September 5, 2011

Page 2 of 2

290 MAPLE COURT SUITE 290 VENTURA, CA
93003

PHONE: (805) 535-2000 FAX: (805) 535-2100October -3-2011 

 

Chief Kojo Aidoo

BAYCHESTER PETROLEUM LIMITED

TEMA Ghana

 

Re:       Exclusive
Business Partner and Advisory Agreement

 

Dear Chief Kojo Aidoo:

 

The purpose of this
letter agreement (the "Agreement") is to confirm and set forth the terms and conditions of this exclusive engagement
of BAYCHESTER Petroleum, a GHANAIAN limited company (the "Partner"), by Eos Petro, Inc., a Delaware corporation (the
"Company"), to exclusively render oil and gas Strategic Partner Services to the Company for the purpose of assisting
the Company’s growth and development in the AFRICA REGION ESPECIALLY THE West Africa region.

 

The Company also desires
Partner to establish commercial and strategic partnerships and joint venture relationships. The services rendered by Partner, to
the Company, shall be subject to the following terms and conditions:

 

For the purposes of this Agreement, "Strategic
Partner Services" is defined as :

 

		(i)	making itself reasonably available for consultation on such business matters as may be determined
by the Company's Chief Executive Officer ("CEO") and Chairman ("Chairman");

 

		(ii)	advising the Company on strategic partnerships;

 

		(iii)	assisting Company in the acquisitions of onshore and
offshore concessions

 

		(iv)	assisting the Company in developing a business and/or
strategic plan;

 

		(v)	assisting the Company in heightening investor awareness of the Company by introducing the Company's
management to: various related corporations in the region and strategic partners.; members of the media such as Broadcasting Channels
in each region ; stock brokers; and "sell side" analysts, as appropriate; and

 

    	 

    	 

    

 

		(vi)	utilizing Partners network of contacts to introduce the Company to potential board members, advisers,
technical and managerial employees and consultants.

 

This Agreement shall
have an initial term beginning on the date of the signing of this agreement, hereof and ending two years from the date hereof.

 

1.          Engagement.
The Company hereby engages Partner to act on an exclusive basis as its lead business and strategic Partner and on a best efforts
basis upon the terms and conditions set forth in this Agreement. Partner accepts this engagement. During the terms of its engagement,
Partner will consult with the Company in developing business plans, marketing plans, strategic models and strategic strategies.
The Partner will assist the Company in organizing its due diligence materials, preparing Company presentations and making the Company’s
material information available to appropriate parties. Appropriate parties are, but not limited to, potential underwriters, merger
and acquisition candidates, commercial and strategic partnerships and joint venture relationships. Partner may perform other services
as agreed by the parties. The parties agree that Partner is not a registered broker/dealer and Partner will not be required to
engage in the offer or sale of securities on behalf of the Company. While Partner has relationships and contacts with various investors,
broker/dealers, underwriters, and investment funds, Partner’s participation in the offer or sale of the Company’s securities
shall be limited to that of a Partner to the Company and as a "finder" of investors, broker/dealers and funds. The Company
acknowledges and agrees that the solicitation and consummation of any purchases of the Company’s securities shall be handled
by the Company or by one or more FINRA member firms engaged by the Company.

 

2.          Compensation
to the Partner.

 

(a)          Compensation
for Services. The Company will compensate Partner as follows:

 

(i)          the
Company will pay Partner a monthly fee of $10,000 plus will provide additional funding for travel expenses and business entertainment
for partner conducting advisory work of EOS on a preapproved basis by the company and further working capital when EOS Atlantic
Ltd. Officially open offices In Ghana. The first monthly fee to partner is due on the date of the closing of the merger and on
the first day of each of the next twenty four (24) months thereafter;

 

(ii)         the
Company will grant Business Partner common stock of EOS Petro inc. (the parent company) to acquire 5,000,000 shares of its common
stock at $.001 per share; the purchase of these common shares shall be subject to the following events: In the event that EOS Atlantic
or Plethora Partners is granted a concession from the parliament of Ghana on one or both of the blocks that applications were submitted
with GNPC on their behalf and or a concession from another Government in the Sub Region of West Africa as defined in paragraph
1 and 2 in this agreement then BAYCHESTER will immediately be granted the shares. The granted purchased shares shall be in
substantially the form attached as Exhibit A (the "Shares"). The shares shall carry piggy back registration rights. If
the Company is a fully reporting company, the Company will take any and all actions necessary to include the shares in the registration
statement. ;

 

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(iii)        in
the event the Company merges into or is otherwise acquired by a public company (a "Public Company"), the Company shall
cause the Public Company to assume this agreement and the obligations; and

 

(iv)        all
Shares and Warrants, including the shares of the common stock of the Public Company underlying the Warrants, shall be issued pursuant
to the requirements of Rule 701 of the Securities & Exchange Commission.

 

(b)          Business
Arrangement. In the event the Company consummates a Business Arrangement, as a result of Partner’s introduction or contact,
Partner shall be entitled to a Bonus fee (a "Bonus Fee") at the discretion of only the Chief Executive Officer of the
Parent Company.

 

(d)          Reimbursement
of Expenses. The Company agrees to pay all reasonable out-of-pocket expenses, including legal fees, travel expenses, and other
business related disbursements, incurred by Partner in acting on the Company’s behalf at the request of the Company. The
Company consents to a due diligence trip for the Partner's analysis.

 

(e)          Compensation
under Rule 701. The Company acknowledges and agrees that all compensation received by Partner pursuant to this Agreement shall
be in consideration Partner’s consulting and advisory services. It is further acknowledged and agreed that no compensation
was paid to Partner in connection with the offer and sale of securities in a capital-raising transaction and that no compensation
is subject to the consummation of any transactions. In addition, the Company acknowledges and agrees that this agreement constitutes
a written contract relative to the compensation of Partner pursuant to the requirements of Rule 701 of the Securities & Exchange
Commission.

 

3.          Obligations
of the Company.

 

(a)          Corporate
Authorization. The Company agrees to take all necessary and appropriate steps to authorize all actions required by this Agreement.

 

(b)          Furnishing
of Information. The Company will furnish to Partner all information Partner may reasonably request to facilitate Partner’s
performance of Partner services, including, but not limited to, access to company facilities, members of the management, and copies
of management reports, budgets and the like.

 

4.          Representations
and Warranties of the Company. The Company represents and warrants that any information furnished to Partner for use in any
business plans, marketing plans, strategic models or strategies, and/or Business Arrangement(s), to the best of the Company's knowledge
and belief will contain no untrue statement of any material fact nor omit any material fact which would make the information misleading.
The Company further warrants that if the circumstances relating to information or documents furnished to Partner change at any
time, the Company will inform Partner promptly of the changes and immediately deliver to Partner documents or information necessary
to ensure the continued accuracy and completeness of all information and documents.

 

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5.          Representations
and Warranties of Partner. Partner represents to the Company that it will not, to the best of Partner’s officers’
knowledge and belief, make any untrue statement of material fact. Partner further represents and warrants to the Company that,
to the best of Partner’s officers’ knowledge and belief, all actions taken by it, on behalf of the Company, in connection
with its’ Partnery services will be conducted in compliance with all applicable state and federal laws. Further Partner shall
comply with any procedures that might be reasonably imposed by the Company or its legal counsel to ensure compliance with such
laws.

 

6.          Review
and Approval of Documentation. The Company shall have the right to review and approve, prior to distribution, the content of
any business or marketing plans, strategic models or strategies, funding strategies or disclosure or offering documents prepared
by Partner.

 

7.          Cooperation
of Parties. The Company and its counsel shall cooperate with Partner and its counsel with respect to the preparation of any
due diligence investigation of the Company. In addition, the Company shall cooperated with Partner in preparing any Company business
plans, marketing plans, strategic models and strategies, and any other related documentation, as may be required in the rendering
of Partnery services to the Company.

 

8.          No
Obligation to Consummate Transactions. The Company shall not be obligated to enter into any Business Arrangement presented
to it by Partner. Partner shall have no authority to make any representations on behalf of the Company or to otherwise bind the
Company. If the Company elects to consummate a transaction presented to it by or as a result of the efforts of Partner, the final
terms of the transaction shall be subject to negotiation by the Company and its legal counsel. The parties understand and acknowledge
that neither party has represented to or assured the other that a Business Arrangement will actually be entered into as a result
of Partner’s services hereunder.

 

9.          Indemnification
of Partner. The Company agrees to indemnify and hold the Partner and each of its affiliates, directors, officers, employees,
agents and any person controlling a person or entity (hereinafter "Indemnified Person") harmless against any losses,
actions, proceedings, claims, damages, liabilities, whether joint or several, arising under any statute, common law, or otherwise,
which arises in connection with or based upon any document or representation provided by the Company or transaction entered into
by the Company contemplated by this Agreement. The Indemnified Person shall be entitled to reimbursement of any travel, legal or
other out-of-pocket expenses reasonably incurred by the Indemnified Person. This indemnification shall include any amounts paid
in settlement, if such settlement is effected with the written consent of the Company. The foregoing indemnity shall be in addition
to any other rights which an Indemnified Person may have at common law or otherwise.

 

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10.         Term
and Termination of Agreement. This Agreement shall remain in full force and effect for a term of 2 years. During the term of
this Agreement, Partner shall be the lead strategic Partner to the Company. The Company agrees not to enter into any similar or
like agreement with any other party in relation to the West African Region during this period without the prior written consent
of Partner. The indemnity provisions set forth paragraph 9, shall survive any termination of this Agreement.

 

11.         Compliance
with Rule 701. The Company shall use its best efforts to ensure that all offers and sales of equity securities to Partner,
shall comply with Rule 701 of the Securities & Exchange Commission. The Company will cooperate with Partner in taking all action
necessary or required to ensure that these securities are entitled to the benefits of Rule 701. Further, the Company will not cause
or permit the sale of securities, of the Company, in such a manner as to restrict or prevent the sale or transfer of those securities
of the Company held by Partner.

 

12.         Rights
of Parties. Partner shall be entitled to assign all of its rights and obligations hereunder to a designee reasonably acceptable
to the Company. An assignment shall be effective upon the execution by the assignee of a counterpart of this Agreement. Upon assignment,
the term "Partner", as used herein, shall refer to the assignee. Except as otherwise provided above, no party shall be
entitled to transfer or assign any of its rights or obligations under this Agreement without the prior written consent of the other
party. This Agreement shall be binding upon and inure to the benefit of, the parties and their respective successors and assigns.

 

13.         Legal
Counsel: Waiver of Conflict of Interest. The parties have had the opportunity to review the terms of this Agreement with their
legal counsel and have either obtained the advice of legal or do hereby expressly waive their right to seek such legal counsel
in connection with this transaction.

 

14.         Governing
Law. This Agreement shall be interpreted in accordance with the laws of the State of California..

 

15.         Attorneys’
Fees. Should it become necessary to enforce any provision of this Agreement the prevailing party shall be entitled to recover
fees and costs including but not limited to reasonable attorneys’ fees.

 

16.         Entire
Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements, understandings,
representations and statements, if any, whether oral or written. No modification of this Agreement shall be valid or binding unless
in writing and signed by both parties.

 

17.         Headings.
The headings used in this Agreement have been inserted for convenience only and are not to be considered in construing the meaning
of the Agreement.

 

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If the foregoing is
in accordance with the Company’s understanding, please sign and return the enclosed copy of this letter, whereupon this Agreement
shall constitute a binding agreement between the Company and Partner.

 

This Business Strategic Partner Agreement
is acknowledged and agreed to by the undersigned as of this 3 day of October , 2011. NON-CIRCUMVENTION. 

Each party agrees that for a period
of four (2) years from the effective date it will not circumvent this agreement by contacting, for the purpose of initiating a
business relationship that excludes the other party, in any way any party introduced to it by the other party related to the purpose,
without the prior written consent of that party, which written consent may be in the form of letter, fax, scanned document or email and  Unless a
party is given prior written authorization, the parties agree to pay the injured party a commission of three (1.5%) percent
of all revenues gained from the business  in violation of any of the foregoing, and such commission shall be due and payable
within thirty (30) days after the revenue has been earned by that party.

  

SIGNATURES NEXT PAGE

 

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	 	Eos Petro, Inc.
	 	 
	 	By:	/s/ Michael Finch
	 	 
	 	Michael J. Finch
		 
	 	Chief Executive Officer

 

This Business Strategic
Partner Agreement is acknowledged and agreed to by the undersigned as of this 3 day of October, 2011.

 

	 	BAYCHESTER PETROLEUM LTD.
	 	 
	 	By:	/s/ Kojo Aidoo
	 	 
	 	Kojo Aidoo
	 	 
	 	Chief Executive Officer
	 	 
	 	EOS ATLANTIC OIL& GAS, LTD
	 	 
	 	By:	/s/ Michael Finch
	 	 
	 	Michael J. Finch
	 	 
	 	Chief Executive Officer

 

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