Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - LILIS ENERGY, INC. | f8k120409_recovery.htm |
| EX-99.1 - PRESS RELEASE. - LILIS ENERGY, INC. | f8k120409wx99i_recovery.htm |
| EX-10.1 - PURCHASE AND SALE AGREEMENT FOR WILKIE FIELD PROSPECT. - LILIS ENERGY, INC. | f8k120409wx10i_recovery.htm |
Exhibit 10.2
PROMISSORY
NOTE
$2,200,000.00
(U.S.) Denver,
Colorado
December 4,
2009
For value received, the undersigned,
RECOVERY ENERGY INC., a Nevada corporation (“Borrower”), hereby promises to pay
to the order of EDWARD MIKE DAVIS, L.L.C., a Nevada limited liability company
(“Lender”), at 200 Rancho Circle, Las Vegas, Nevada 89107, or at any
other place designated at any time by the holder hereof, by bank wire transfer
to the account of Edward Mike Davis, L.L.C., Account No. 4961570002, at the Bank
of America, P.O. Box 98600, Las Vegas, Nevada 89193, telephone number
866-214-6822, Bank Routing Number 026009593, the principal sum of TWO MILLION
AND TWO HUNDRED THOUSAND DOLLARS ($2,200,000.00), together with interest on the
principal amount hereunder from December 18, 2009 until this Note is fully paid
at a rate equal to the prime plus two percent, as established by Bank of America
in Las Vegas, Nevada (computed based on a 360 day year) but in no event greater
than the maximum lawful rate permitted by applicable law (the “Interest
Rate”).
The principal hereof and interest
accruing thereon shall be due and payable in full in the legal currency of the
United States of America on December 18, 2009 (the “Loan Maturity
Date”). This Note may be prepaid.
This Note
is issued in connection with the acquisition by the Borrower of oil and gas
interests in Colorado and Nebraska on or about the date hereof. This
Note is subject to and is payable in accordance with the terms of that certain
Purchase and Sale Agreement dated effective December 1, 2009, by and between
Borrower and Lender.
This Note is secured, among other
things, by that certain Mortgage, Deed of Trust, Assignment, Security Agreement,
Fixture Filing and Financing Statement, and may now or hereafter be secured by
one or more other security agreements, pledges, assignments, agreements or other
instruments.
The
Borrower hereby agrees to pay all costs of collection, including attorneys’ fees
and legal expenses, if this Note is not paid when due, whether or not legal
proceedings are commenced. Presentment or other demand for payment,
notice of dishonor and protest are expressly waived.
RECOVERY ENERGY INC.
By: /s/ Jeffrey A.
Beunier___________________
Jeffrey A. Beunier,
President