SEC Contract Filing

Filing Date: 2023-11-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>6
<FILENAME>ea188693ex10-2_hnracq.htm
<DESCRIPTION>PROMISSORY NOTE ISSUED TO POGO ROYALTY, LLC BY HNR ACQUISITION CORP, DATED NOVEMBER 15, 2023
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROMISSORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 90%">HNRA Upstream, LLC</TD>
 <TD STYLE="text-align: right; width: 10%"> 12.00%</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Promissory Note</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS PROMISSORY NOTE AND ANY SECURITIES ISSUABLE
RELATED TO THIS PROMISSORY NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS THEY HAVE BEEN REGISTERED UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This unsecured, subordinated note (the &ldquo;Note&rdquo;)
is being delivered pursuant to that certain Amended and Restated Membership Interest Purchase Agreement dated as of August 28, 2023 (the
&ldquo;<B>Purchase Agreement</B>&rdquo;), by and among CIC Pogo LP, a Delaware limited partnership (&ldquo;<B>CIC</B>&rdquo;), DenCo Resources,
LLC, a Texas limited liability company (&ldquo;<B>DenCo</B>&rdquo;), 4400 Holdings, LLC, a Texas limited liability company (&ldquo;<B>4400</B>&rdquo;),
Pogo Resources Management, LLC, a Texas limited liability company (&ldquo;<B>Pogo Management</B>&rdquo;, and together with CIC, DenCo
and 4400, collectively, &ldquo;<B>Sellers</B>&rdquo;), HNR Acquisition Corp., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;),
HNRA Partner, Inc., a Delaware corporation (&ldquo;<B>Partner</B>&rdquo;), and HNRA Upstream, LLC, a Delaware limited liability company
(&ldquo;<B>Obligor</B>&rdquo;), and, solely for purposes of Section 6.20 thereof, HNRAC Sponsors LLC, a Delaware limited liability company,
pursuant to which the Obligor and Partner have agreed to acquire 100% of the outstanding equity interests of Pogo Resources, LLC, a Texas
limited liability company (&ldquo;<B>Pogo</B>&rdquo;). All capitalized terms used but not otherwise defined herein shall have the meaning
ascribed to such terms in the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED, Obligor
hereby promises to pay to Pogo Royalty, LLC, a Texas limited liability company and an affiliate of Sellers (the &ldquo;<B>Holder</B>&rdquo;),
an amount equal to $15,000,000.00 (the &ldquo;<B>Principal</B>&rdquo;) on or before May 15, 2024 (the &ldquo;<B>Maturity Date</B>&rdquo;),
together with accrued interest thereon at an interest rate equal to 12.00% per annum (&ldquo;<B>Interest</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. <U>Payment Terms</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) <U>Payment</U>.
Payment of the Principal and any accrued Interest (including Default Interest, as such term is defined herein (if any)) shall be made
on the Maturity Date by certified or bank cashier&rsquo;s check payable to the Holder, or by bank wire transfer, in immediately available funds,
to the account so specified, in lawful money of the United States of America. If the Maturity Date occurs on a date that is not a Business
Day then the Principal or Interest (including Default Interest, if applicable) then due shall be paid on the next succeeding Business
Day. &ldquo;<B>Business Day</B>&rdquo; shall mean any day other than Saturday, Sunday or any day upon which banks in Dallas, Texas are
authorized or required to be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) <U>Prepayment</U>.
Obligor may prepay this Note at any time, without premium or penalty, in whole or in pa