Virtus Oil & Gas (CURG) 8-K Entry into a Material Definitive Agreement

Exhibit 10.1

 

May 6, 2014

First Amendment to the "Letter Agreement" between Tidewater OilandGasCompanyLLC, "Tidewater", and Virtus oil and gas, "Virtus"signedNovember 14, 2013and approvedby the bankruptcy court on December11,2013.

The parties to this agreement,Tidewater and Virtus, mutually agreed that it is to their best interest to postpone the drilling date as provided in the Letter Agreement in paragraphs 1.2 and 1.5. This date is February 3,2015.The parties to this agreement have mutually agreed to change the drilling date in paragraph 1.2 and 1.5 to September,2015. This mutualagreementwas done in an effort to give Virtus additional time toshootandacquire additional seismicto delineate additional structuralelementsthat that may be definedwiththisadditionaldata. Both partiesseethis as being beneficial to the overall program and it is their wish to make thisamendmentto the agreement.

IN WITNESS WHEREOF, the undersigned parties as of this6thday ofMay, 2014.

Tidewater Oil & Gas Company LLC

By:/s/ James S. Jones

Name: James S. Jones

Title: Manager 

Virtus Oil and Gas

By:/s/ Dan Ferris

Name: Dan Ferris

Title: CEO