Addendum to SETTLEMENT AGREEMENT
Exhibit 10.27
Addendum to
This Addendum to Settlement Agreement ("Agreement") is made and entered into effective as of May 17, 2011, by and between ▇▇▇ ▇. ▇▇▇▇▇▇▇, Bloomfield LLC, and M.I.C. Inc. (hereinafter collectively "▇▇▇▇▇▇▇"), and ▇▇▇▇▇▇ Energy Group, Inc. ("HEG”), ▇▇▇▇▇▇ Operating, Inc. ("HOPIN") and ▇▇▇▇▇▇ Petroleum, Inc. (hereinafter collectively "▇▇▇▇▇▇"). ▇▇▇▇▇▇▇ and ▇▇▇▇▇▇ are referred to as the "the Parties," and any one of the Parties is sometimes referred to as a "Party".
The Parties agree to modify and amend the Settlement Agreement dated effective as of March 31, 2011 (the "Settlement Agreement"), as follows:
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1.
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Oil Sales: Balance Due. All oil sales from the subject leases prior to April 30, 2011, shall belong to ▇▇▇▇▇▇▇. All oil sales after April 30, 2011 shale belong to ▇▇▇▇▇▇, and the net proceeds less operating expenses from such sales shall be applied to the balance of the Equalizing Payment in the amount of $26,400 due to ▇▇▇▇▇▇▇ under paragraph 6 of the Settlement Agreement. ▇▇▇▇▇▇▇ shall send an accounting of all oil sales and credits to ▇▇▇▇▇▇. The due date of such payment, after such credits are applied, shall be extended to June 25, 2011.
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2.
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No Other Changes. Except as modified hereby, the Settlement Agreement shall remain unchanged and in full force and effect.
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M.I.C. Inc.
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▇▇▇▇▇▇ Petroleum, Inc.
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/s/ ▇▇▇ ▇▇▇▇▇▇▇
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/s/ J. ▇▇▇▇▇ ▇▇▇▇▇
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By ▇▇▇ ▇. ▇▇▇▇▇▇▇, President
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By J. ▇▇▇▇▇ ▇▇▇▇▇, President/CEO
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▇▇▇ ▇. ▇▇▇▇▇▇▇, Individually
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▇▇▇▇▇▇ Energy Group, Inc.
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/s/ ▇▇▇ ▇▇▇▇▇▇▇
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/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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By ▇▇▇ ▇. ▇▇▇▇▇▇▇
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By ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, President
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Bloomfield, LLC
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▇▇▇▇▇▇ Operating, Inc.
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/s/ ▇▇▇ ▇▇▇▇▇▇▇
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/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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By ▇▇▇ ▇. ▇▇▇▇▇▇▇, Manager
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By ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, President
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