SECOND MODIFICATION AND EXTENSION AGREEMENT
This
MODIFICATION AND EXTENSION AGREEMENT (the “Agreement”) is made and entered into
as of September 25, 2007 by and between Bend Arch Petroleum, Inc., a Texas
corporation (the “Company”) and Proco Operating Co., Inc. (the “Note
Holder”).
WHEREAS,
the Company has previously entered into a promissory note (the “Note”) with the
Note Holder dated June 15, 2004; and
WHEREAS,
the Company has previously entered into a modification and extension agreement
(the “First Extension”) with the Note Holder dated July 25, 2007;
and
WHEREAS,
the Company and the Note Holder desire to extend the term of the Note as
set
forth in this Agreement (the “Second Extension”).
NOW,
THEREFORE, in consideration of the mutual promises and covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which is acknowledged, the Company and the Note Holder agree as
follows:
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1.
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Extension
of Term of Note.
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The
term
of the Note is hereby extended and shall be due and payable in full, on or
before March 31, 2008.
All
other
terms and conditions of the Note and the First Extension remain the
same.
IN
WITNESS WHEREOF, each of the Company and the Note Holder has caused this
Agreement to be executed as of the date first set forth
hereinabove.
| THE COMPANY: | NOTE HOLDER: | |||
| Bend Arch Petroleum, Inc. | Proco Operating Co., Inc | |||
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Director
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President
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