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Extension and Modification Agreement

 

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Title:

Extension and Modification Agreement

Entities:

Energy Partners, Ltd.; Intelliready Inc /CO/

Date:

2000

Size:

Preview shows 2KB of 6KB total

Price:

$32

ID:

#1460610

 

 

► Legal ► Modification ► Extension & Modification Agreements
► Energy ► Oil & Gas Operations

 

 

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                      EXTENSION AND MODIFICATION AGREEMENT



This Extension and Modification Agreement (the "Agreement") is entered this
3rd day of October, 2000 by and among IntelliReady, Inc., a Colorado corporation
("IntelliReady"), Pan Western Energy Corporation, an Oklahoma corporation ("Pan
Western") and Pan Western Acquisition Corporation, a Colorado corporation
("PWAC").


RECITALS

WHEREAS, IntelliReady, Pan Western and PWAC entered into a Merger Agreement
and Plan of Reorganization dated August 25, 2000 (the "Merger Agreement");

WHEREAS, the Merger Agreement required the parties to close on or before
August 31, 2000;

WHEREAS, The Merger Agreement required Pan Western to have no more than
$25,000 of liabilities, $250,000 of cash and two limited partnership interests;

WHEREAS, Pan Western currently has liabilities in excess of $25,000,
$230,998.68 in cash and additional assets carried on the books at $61,496.52;

WHEREAS, at this time it appears that the net fair market value of the
liabilities less the fair market value of Pan Western's additional assets is
less than $25,000;

WHEREAS; the parties desire to adjust the number of shares given to
IntelliReady to account for the shortage in Pan Western's cash; and

WHEREAS, the parties are now ready to Close the Merger Agreement and desire
to amend the closing date and otherwise modify the Merger Agreement as set forth
in this Agreement.


AGREEMENT

NOW THEREFORE, in consideration of IntelliReady extending the closing date

 

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