Attached files
Exhibit 10.3
PETRO RIVER OIL CORP
55 5TH
AVENUE, 17TH FL
NEW YORK, New York 10003
December 17, 2018
Petro Exploration Funding, LLC
55 5th
Avenue
New York, New York 10003
Attn: Scot Cohen
Re:
Interest Extension
Dear Scot:
Reference is hereby made to (i) that certain Securities Purchase
Agreement (the “SPA”), dated as of June 13, 2017, entered into
by and among Petro River Oil Corp (the “Company”),
Spyglass Energy Group, LLC (“Spyglass”) and Petro
Exploration Funding, LLC (“Petro Funding”), and (ii)
that certain Secured Promissory Note in the principal amount of
$2,000,000 dated June 15, 2017 (the “Promissory Note”).
Capitalized terms used but not otherwise defined herein shall have
the meaning ascribed to such terms in the SPA or the Promissory
Note.
Petro Funding hereby is willing to extend the due date of the first
interest payment as set forth in Section 2.2(b) of the Promissory
Note (as modified on May 17, 2018) from December 31, 2018 to March
31, 2019.
Please execute this letter below to acknowledge and agree to the
interest payment extension.
Very truly yours,
By:
/s/
Stephen
Brunner
Name: Stephen
Brunner
Title:
President
ACCEPTED AND AGREED
PETRO EXPLORATION FUNDING, LLC
By: /s/ Scot
Cohen
Scot Cohen, Managing
Member