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EXHIBIT 10.26
F. ROBERT TIDDENS
8360 East Hinsdale Avenue
Englewood, CO 80112
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Phone 303-779-3681
Fax 978-438-0629
Email: [email protected]
AGREEMENT
April 29, 1999
Colorado Wyoming Reserve Company
751 Horizon Ct. Ste. # 205
Grand Junction, CO 881506
Gentlemen:
Pursuant to that certain Merger Agreement (The Agreement) dated February 6,
1998, between Shoreline Resource Company, Inc. (Shorco), and Colorado Wyoming
Reserve Company (CWYR), said Agreement provided for a $54,000.00 retainer fee to
be paid to F. Robert Tiddens, the President of Shorco, as additional
consideration of The Agreement. Due to a limited budget, it has been determined
that a reduction in this retainer fee will be in the best interest of the
shareholders of CWYR and will assist in preserving capital for the continued
operation of the Company.
Therefor, it is agreed that the undersigned will reduce this fee to $27,000.00
payable five (5) days from acceptance hereof, which will represent payment in
full and satisfaction of all provisions under The Agreement subject to the
following additional conditions:
1. Due to the aforementioned limited budget, it will be necessary to solicit an
industry partner to engage the proposed 3 dimensional seismic survey and
potential drilling partner in the Paradox Basin Project in San Juan County, UT.
F. Robert Tiddens will offer his industry expertise and contacts to seek such
partner for the sum of $40.00 per hour plus reasonable expenses. Said service
will be invoiced bi-monthly and shall be due and payable five (5) days from
invoice.
2. In addition, should the undersigned or anyone else involved in the team
soliciting a partner for the Paradox Project be successful in consummating a
sharing arrangement, defined herein as any arrangement that will significantly
enhance the value of the Paradox Project such as a seismic survey and/or a
drilling commitment, an Overriding Royalty of 1% of 8/8ths shall be assigned to
F. Robert Tiddens under all acreage subject to any agreement thereof. In
addition, in the case of a sale, merger and or financing arrangement of CWYR,
said Overriding Royalty shall also apply if the undersigned contributes a
significant amount of time and effort initiating and/or consummating said
transaction.
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If the foregoing terms are acceptable, please sign in the space provided below,
forwarding the enclosed extra copy to the undersigned within five (5) days of
receipt hereof.
Sincerely,
/S/ F. ROBERT TIDDENS
F. Robert Tiddens and Shoreline Resources Company, Inc.
Agreed to and Accepted,
Colorado Wyoming Reserve Company
By:/S/KIM M. FUERST
CC: Trinity Petroleum Management, LLC
