Agreement

Exhibit 10.11

 

 

Agreement
(CHINESE CHARACTER)
This Agreement is executed by the following Parties on 18 September 2007:
(CHINESE CHARACTER)
Party A:   MI Energy Corporation
Address:   Room 406, ▇▇▇▇▇ ▇, ▇▇▇▇▇ ▇▇▇▇▇, ▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇
Legal Representative: ▇▇▇▇▇ ▇▇▇▇▇▇
(CHINESE CHARACTER)
(CHINESE CHARACTER)
(CHINESE CHARACTER)
Party B: ▇▇▇▇▇ ▇▇▇▇▇▇
     
Passport Number:  ▇▇▇▇▇▇▇▇▇
   
 
    
(CHINESE CHARACTER)
    
(CHINESE CHARACTER)
    G18206054
Party A and Party B shall be referred to individually as a “Party” or collectively as the “Parties”.
(CHINESE CHARACTER)
Whereas:
(CHINESE CHARACTER)
1.   Party A has paid several sums of amount on behalf of Party B to third parties upon requests of Party B accumulatively in an aggregate amount of RMB equal to USD 119,206,906.36 (the “Payments”);
 
    (CHINESE CHARACTER)
 
2.   Party B agrees to repay the Payments to Party A in accordance with this Agreement.
 
    (CHINESE CHARACTER)
Therefore, the Parties have through friendly consultation reached the following agreement on repayment of the Payments by Party B to Party A:

1

 

(CHINESE CHARACTER)
Article 1. Confirmation of Payments and Repayment
(CHINESE CHARACTER)
The Parties hereby agree and confirm that Party A has made the Payments set out in Annex A hereto to third parties on behalf of Party B.
(CHINESE CHARACTER)
Party B shall make a repayment to Party A of all the amount of the Payments in accordance with the Repayment Schedule attached as Annex B to this Agreement, provided that Party B shall be permitted to prepay the amount of the Payments in whole or in part at any time prior to the dates referenced therein without premium or penalty.
(CHINESE CHARACTER)
Article 2. Representations and Warrants
(CHINESE CHARACTER)
The Parties hereby make the following Representations and Warrants:
(CHINESE CHARACTER)
The Parties have full power, authority and legal rights to execute this Agreement;
     (CHINESE CHARACTER)
Each party’s obligations under this agreement shall be lawful, valid and enforceable;
     (CHINESE CHARACTER)
The fact that the Parties execute this Agreement shall not contradict with or cause the violation of any laws, regulation, judgments, orders, authorizations, agreements or obligation applicable to them.
     (CHINESE CHARACTER)
Article 3. Governing Law
(CHINESE CHARACTER)
This Agreement shall be governed by and construed according to the laws of Hong Kong.
(CHINESE CHARACTER)
Article 4. Dispute Settlement

2

 

(CHINESE CHARACTER)
Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach termination or invalidity thereof, shall be settled by arbitration in accordance with the UNCITRAL Arbitration Rules as at present in force and as may be amended by the rest of this clause. The appointing authority shall be Hong Kong International Arbitration Centre. The place of arbitration shall be in Hong Kong at Hong Kong International Arbitration Centre (HKIAC), There shall be only one arbitrator. The languages to be used in the arbitral proceedings shall be Chinese and English. Any such arbitration shall be administered by HKIAC in accordance with HKIAC Procedures for Arbitration in force at the date of this Agreement including such additions to the UNCITRAL Arbitration Rules as are therein contained.
(CHINESE CHARACTER)
Article 5. Miscellaneous
(CHINESE CHARACTER)
1.   Any amendment, modification or supplement to this Agreement must adopt the written form and shall be effective upon its execution by the Parties to this Agreement.
 
    (CHINESE CHARACTER)
 
2.   This Agreement shall take on effect as of the date on which the Agreement is executed by the Authorized Representative of Party A with its signature and official seal and by Party B with its signature affixed thereon.
 
    (CHINESE CHARACTER)
 
3.   This Agreement shall be executed in bilingual form in four original copies; each Party shall hold two (2) original copies. All of the original copies shall be equally effective. In the event of any inconsistency between the English and Chinese language in this Agreement, the English language shall prevail.
 
    (CHINESE CHARACTER)

3

 

Signature Page
(CHINESE CHARACTER)
Party A: MI Energy Corporation (Official Seal) [Official Seal affixed]
(CHINESE CHARACTER)
Authorized Representative: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
(CHINESE CHARACTER)
Signature: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇  
(CHINESE CHARACTER)
Date: 18 September 2007
(CHINESE CHARACTER)
Party B: ▇▇▇▇▇ ▇▇▇▇▇▇
(CHINESE CHARACTER)
Signature: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇     
(CHINESE CHARACTER)
Date: 18 September 2007
(CHINESE CHARACTER)

4

 

Annex A: Payment made by MIE on behalf of ▇▇▇▇▇ ▇▇▇▇▇▇ as at 18 September 2007
                         
(CHINESE CHARACTER)(Ref)   (CHINESE CHARACTER)(Names)   (CHINESE CHARACTER)(RMB)   (CHINESE CHARACTER)(USD)
  1    
Songyuan Fu Yuan Agriculture Production Material Corp.
     132,326,200.00       17,501,845.07  
       
(CHINESE CHARACTER)
                
       
 
                
  2    
Jillin San Huan Petrolum Corp.
     270,483,900.00       35,774,981.16  
       
(CHINESE CHARACTER)
                
       
 
                
  3    
Hua You Guo Tai(Beijing) Petrolum Technology Corp.
     55,201,967.41       7,301,171.51  
       
(CHINESE CHARACTER)
                
       
 
                
  4    
Zhong Kai Century(Beijing) Investment Consultant Corp.
     1,696,071.97       224,327.38  
       
(CHINESE CHARACTER)
                
       
 
                
  5    
Jilin Guo Tai Oilfield Development Corp.
     884,712.00       117,014.57  
       
(CHINESE CHARACTER)
                
       
 
                
  6    
Mudan River Oil Equipment Corp.
     6,450,000.00       853,095.62  
       
(CHINESE CHARACTER)
                
       
 
                
  7    
No.2 Drilling Company of Zhongyuan Oilfield
     7,700,000.00       1,018.424.22  
       
(CHINESE CHARACTER)
                
       
 
                
  ▇    
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
     100,000.00       13,226.29  
       
(CHINESE CHARACTER)
                
       
 
                
  9    
Songyuan Refinery Corp.
     10,000,000.00       1,322,628.86  
       
(CHINESE CHARACTER)
                
       
 
                
  10    
Songyuan Hai Bin Service Crop.
     53,060,000.00       7,017,868.72  
       
(CHINESE CHARACTER)
                
       
 
                
  11    
Songyuan ▇▇▇▇▇ ▇▇▇▇ Trading Corp.
     8,100,000.00       1,071,329.38  
       
(CHINESE CHARACTER)
                
       
 
                
  12    
Songyuan Water Supply Construction Corp.
     2,000,000.00       264,525.78  
       
(CHINESE CHARACTER)
                
       
 
                
  13    
Songyuan ▇▇▇ ▇▇▇▇ Trading Corp.
     350,000.00       46,292.01  
       
(CHINESE CHARACTER)
                
       
 
                
  14    
Hua You ▇▇▇▇▇ ▇▇▇ Energy Corp.
     5,110,000.00       675,863.35  
       
(CHINESE CHARACTER)
                
       
 
                
  15    
Excel Delight (Beijing) Energy Corp.
     100,000.00       13,226.29  
       
(CHINESE CHARACTER)
                
       
 
                
  16    
Beijing Jin Shui Si Yuan Information Centre
     500,000.00       66,131.45  
       
(CHINESE CHARACTER)
                
       
 
                
  17    
Beijing An Ping ▇▇▇▇ ▇▇ ▇▇▇ Technology Corp.
     250,000.00       33,065.73  
       
(CHINESE CHARACTER)
                
       
 
                
  18    
Beijing Xin ▇▇▇ ▇▇▇ Technology Corp.
     2,500,000.00       330,657.22  
       
(CHINESE CHARACTER)
                
       
 
                
  19    
Beijing Na Er Da Trading Corp.
     1,662,000.00       219,820.92  
       
(CHINESE CHARACTER)
                
       
 
                
  20    
Beijing Gu Da Er Trading Corp.
     1,500,000.00       198,394.33  

5

 

                         
(CHINESE CHARACTER)(Ref)   (CHINESE CHARACTER)(Names)   (CHINESE CHARACTER)(RMB)   (CHINESE CHARACTER)(USD)
       
(CHINESE CHARACTER)
                
       
 
                
  21    
Beijing Tian Du ▇▇▇ ▇▇ Energy Technology Corp.
     1,500,000.00       198.394.33  
       
(CHINESE CHARACTER)
                
       
 
                
  22    
Beijing Haidian District Tranning School
     831,000.00       109,910.46  
       
(CHINESE CHARACTER)
                
       
 
                
  23    
Beijing Da Bao Resturant
     300,000.00       39,678.87  
       
(CHINESE CHARACTER)
                
       
 
                
  24    
Beijing Zhong Ke ▇▇▇ ▇▇▇ Agent for Registration
     300,000.00       39,678.87  
       
(CHINESE CHARACTER)
                
       
 
                
  25    
Beijing ▇▇▇▇▇ ▇▇▇▇▇ Tong Public Relation Corp.
     7,293,450.00       964,652.75  
       
(CHINESE CHARACTER)
                
       
 
                
  26    
Beijing Tong ▇▇▇▇ ▇▇▇▇▇ Corporation Image Design Company
     1,300,000.00       171,941.76  
       
(CHINESE CHARACTER)
                
       
 
                
  27    
Daan Hong Wei Construction Material Corp.
     200,000.00       26,452.58  
       
(CHINESE CHARACTER)
                
       
 
                
  28    
Daqing Song Zheng Material Trading Corp.
     200,000.00       26.452.58  
       
(CHINESE CHARACTER)
                
       
 
                
  29    
Daan ▇▇▇▇ ▇▇▇▇ Material Trading Corp.
     700.000.00       92,584.02  
       
(CHINESE CHARACTER)
                
       
 
                
  30    
Project Company of Drilling & Exploration
     1,150.000.00       152,102.32  
       
(CHINESE CHARACTER)
                
       
 
                
  31    
Mei ▇▇ ▇▇▇ Fu ▇▇▇▇ Fertilizer Company
     4,000,000.00       529,051.55  
       
(CHINESE CHARACTER)
                
       
 
                
  32    
Beijing ▇▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇ Technology Corp.
     1,000,000.00       132.262.89  
       
(CHINESE CHARACTER)
                
       
 
                
  33    
Daqing ▇▇▇▇ ▇▇▇ Shopping Mall
     200,000.00       26.452.58  
       
(CHINESE CHARACTER)
                
       
 
                
  34    
Shanghai ▇▇▇▇▇ ▇▇▇▇ Group Corp.
     1,000,000.00       132,262.89  
       
(CHINESE CHARACTER)
                
       
 
                
  35    
▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Drilling Corp.
     1,000,000.00       132.262.89  
       
(CHINESE CHARACTER)
                
       
 
                
  36    
Songyuan Xing Da Drilling Corp.
     1,250,000.00       165,328.61  
       
(CHINESE CHARACTER)
                
       
 
                
  37    
Xi An Hai Qin Energy Technology Corp.
     5,400,000.00       714,219.59  
       
(CHINESE CHARACTER)
                
       
 
                
  ▇▇    
▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇ Energy Service Corp.
     2,000,000.00       264,525.78  
       
(CHINESE CHARACTER)
                
       
 
                
  39    
▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇ Hai Construction Corp.
     1,300,000.00       171,941.76  
       
(CHINESE CHARACTER)
                
       
 
                
  40    
Beijing Guo Long Wei Ye Trading Corp.
     300,000.00       39,678.87  
       
(CHINESE CHARACTER)
                

6

 

                         
(CHINESE CHARACTER)(Ref)   (CHINESE CHARACTER)(Names)   (CHINESE CHARACTER)(RMB)   (CHINESE CHARACTER)(USD)
  41    
Shenzhen Xinlong Investment Corp.
     13,310.000.00       1,760,419.01  
       
(CHINESE CHARACTER)
                
       
 
                
  42    
Huai Ren Xin Da Trading Corp.
     300,000.00       39.678.87  
       
(CHINESE CHARACTER)
                
       
 
                
  43    
Dalian ▇▇▇ ▇▇▇▇ Real Estate Corp.
     14,736,150.00       1,949,045.73  
       
(CHINESE CHARACTER)
                
       
 
                
  44    
Tongliao firecraker Corp.
     300,000.00       39,678.87  
       
(CHINESE CHARACTER)
                
       
 
                
  45    
Songyuan ▇▇▇ ▇▇▇ Computer Corp.
     200,000.00       26,452.58  
       
(CHINESE CHARACTER)
                
       
 
                
  46    
Daan ▇▇ ▇▇ Construction Corp.
     800,000.00       105,810.31  
       
(CHINESE CHARACTER)
                
       
 
                
  47    
Beijing ▇▇▇▇▇ ▇▇▇▇ LLP(Lawfirm)
     25,274,000.00       3,342,812.18  
       
(CHINESE CHARACTER)
                
       
 
                
  48    
Ge Gen Temple of lnner Mongolia
     7,200,000.00       952,292.78  
       
(CHINESE CHARACTER)
                
       
 
                
  49    
Qingdao ▇▇▇▇ ▇▇▇▇ Logsitical Corp.
     9,800.000.00       1,296,176.28  
       
(CHINESE CHARACTER)
                
       
 
                
  50    
FullFame Corp.
     80,000,000.00       10,581,030.86  
       
(CHINESE CHARACTER)
                
       
 
                
  51    
Beijing ▇▇▇ ▇▇▇▇ Yi De Energy Investment Corp.
     1,550,000.00       205,007.48  
       
(CHINESE CHARACTER)
                
       
 
                
  52    
Songyuan Hong Yang Energy Service Corp.
     1,000,000.00       132,262.89  
       
(CHINESE CHARACTER)
                
       
 
                
  53    
Beijing ▇▇▇▇ ▇▇▇▇▇ Engineering Corp.
     2,400,000.00       317,430.93  
       
(CHINESE CHARACTER)
                
       
 
                
  54    
Songyuan ▇▇▇▇ ▇▇ Trading Corp.
     1,000,000.00       132,262.89  
       
(CHINESE CHARACTER)
                
       
 
                
  55    
Zhejiang Hua Qing Group Corp.
     1,000,000.00       132,262.89  
       
(CHINESE CHARACTER)
                
       
 
                
  56    
Mongolia ▇▇▇ ▇▇ Trading Corp.
     950,000.00       125,649.75  
       
(CHINESE CHARACTER)
                
       
 
                
  51    
Beijing ▇▇▇ ▇▇▇ Investment Holding Corp.
     40,262,500.00       5,325,234.44  
       
(CHINESE CHARACTER)
                
       
 
                
  58    
Daan Contruction Corp.
     1,000,000.00       132,262.89  
       
(CHINESE CHARACTER)
                
       
 
                
  59    
Shanghai Yong Ji Trading Corp.
     2,400,000.00       317,430.93  
       
(CHINESE CHARACTER)
                
       
 
                
  60    
Daqing San ▇▇▇▇▇ ▇▇▇ Da Trading Corp.
     2,500.000.00       330,657.22  
       
(CHINESE CHARACTER)
                
       
 
                
  61    
Beijing Tsinghua Technology Corp.
     1,200,000.00       158,715.47  

7

 

                         
(CHINESE CHARACTER)(Ref)   (CHINESE CHARACTER)(Names)   (CHINESE CHARACTER)(RMB)   (CHINESE CHARACTER)(USD)
       
(CHINESE CHARACTER)
                
       
 
                
  62    
Beijing ▇▇▇▇ ▇▇▇▇ Trading Corp.
     1,000,000.00       132.262.89  
       
(CHINESE CHARACTER)
                
       
 
                
  63    
Shandong He Bo Trading Corp.
     2.800,000.00       370.336.08  
       
(CHINESE CHARACTER)
                
       
 
                
  64    
Tongying ▇▇▇ ▇▇ Technology Corp.
     1,000.000.00       132.262.89  
       
(CHINESE CHARACTER)
                
       
 
                
  65    
Housing Fund Management Centre of Yunan Province
     32,570,682.00       4,307,892.40  
       
(CHINESE CHARACTER)
                
       
 
                
  66    
Beijing Jiaming Real Property Ltd.
     21,293,971.00       2,816.402.06  
       
(CHINESE CHARACTER)
                
       
 
                
  67    
Zibo Huanghe Construction Ltd.
     1,000,000.00       132.262.89  
       
(CHINESE CHARACTER)
                
       
 
                
  68    
Bejing Zijin Shengshi Investment Ltd.
     1,300,000.00       171.941.76  
       
(CHINESE CHARACTER)
                
       
 
                
  69    
Dongying Yuanda Petrochemical Ltd.
     4,900,000.00       648.088.14  
       
(CHINESE CHARACTER)
                
       
 
                
  70    
Beijing Yiáolun Teconlgy Ltd.
     2,500.000.00       330,657.22  
       
(CHINESE CHARACTER)
                
       
 
                
  71    
Beijing Tongchan Development Corporation
     7.000,000.00       925,840.20  
       
(CHINESE CHARACTER)
                
       
 
                
  72    
Shanxi Yingxian Minghe China Ltd.
     500,000.00       66.131.45  
       
(CHINESE CHARACTER)
                
       
 
                
  73    
Xiangfen Longxing Metal Ltd.
     2.900,000.00       383.562.37  
       
(CHINESE CHARACTER)
                
       
 
                
  74    
Songyuan Huatai Construction Ltd.
     3,000,000.00       396,788.66  
       
(CHINESE CHARACTER)
                
       
 
                
  75    
Guangrao Zhongyuan Industry Ltd.
     3,000,000.00       396.788.66  
       
(CHINESE CHARACTER)
                
       
 
                
  76    
Shanxi Dingtao International Hotel Ltd.
     6,800,000.00       899,387.63  
       
(CHINESE CHARACTER)
                
       
 
                
  77    
Julong Investment Ltd.
     11,395,950.00       1,500.000.00  
       
(CHINESE CHARACTER)
                
       
 
                
       
(CHINESE CHARACTER)(Total)
     901,342,554.38       119,206,906.36  

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Annex B: Repayment Schedule
                     
(CHINESE CHARACTER)   (CHINESE CHARACTER)   (CHINESE CHARACTER)
Cut Off Date   Accumulated Repayment Proportion   Accumulated Repayment Amount
 
 2007-12-31       10 %     11,920.690.64  
 
 2008-2-29       20 %     23,841,381.27  
 
 2008-4-30       30 %     35,762,071.91  
 
 2008-7-31       40 %     47,632.762.54  
 
 2008-10-31       50 %     59,603,453.18  
 
 2009-1-31       60 %     71,524,143.82  
 
 2009-4-30       70 %     83,444,834.45  
 
 2009-7-31       80 %     95.365,525.09  
 
 2009-10-31       90 %     107,286,215.72  
 
 2010-7-31       100 %     119,206,906.36  

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Filed: April 16th, 2010