Exhibit 10.22
AMENDMENT TO VOLUNTARY POOLING AGREEMENT
THIS AGREEMENT DATED FOR REFERENCE THE 11th DAY OF SEPTEMBER, 1997.
BETWEEN:
BENZ ENERGY LTD., a Yukon company having an office at 1305-1090
West Georgia Street;
(the "Issuer")
AND:
C.M. OLIVER & COMPANY LIMITED, 2nd Floor, 750 West Georgia Street,
Vancouver, B.C.;
(the "Agent")
AND:
THE UNDERSIGNED SECURITYHOLDERS OF BENZ ENERGY LTD.,
(the "Pooled Securityholders")
AND:
MONTREAL TRUST COMPANY OF CANADA, having an office at 510 Burrard
Street, Vancouver, British Columbia, V6C 3B9;
(the "Trustee")
WHEREAS:
A. The Pooled Securityholders agreed to place in pool a total of 12,342,497
shares of the Issuer (the "Securities"), presently owned or to be acquired
upon exercise of warrants, pursuant to a voluntary pooling agreement dated
for reference April 18, 1997 (the "Voluntary Pooling Agreement");
B. Certain of the Pooled Securityholders have since been required by the
Ontario Securities Commission ("OSC") to place some of the Securities into
escrow pursuant to an escrow agreement to be administered by the OSC (the
"OSC Escrow Agreement");
C. The Agent and the Issuer have agreed to release from the Voluntary
Pooling Agreement certain of the Shares in order to facilitate the OSC Escrow
Agreement and to amend the Voluntary Pooling Agreement accordingly;
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises
and in consideration of the sum of Ten Dollars ($10) now paid by the parties
hereto, each to the other, the receipt and sufficiency of which is hereby
acknowledged, and in further consideration of the mutual
covenants and conditions hereinafter contained, the parties hereto agree
(the "Amendment") to amend the Voluntary Pooling Agreement as follows:
1. The following Securities held by the following Pooled Securityholders
shall be released from the Voluntary Pooling Agreement and the Trustee is
hereby authorized and directed to return the certificates representing
such securities to the respective Pooled Securityholders:
POOLED SECURITYHOLDER SECURITIES
--------------------- ----------
Texstar Petroleum, L.L.C. 361,304 shares
Calibre Energy, L.L.C. 331,193 special warrants
Boone Petroleum Inc. 1,600,000 shares and 1,600,000 warrants
DNG Capital Corp. 400,000 warrants
Slattery Trust 4,972,500 shares
Ruston Trust 765,000 shares
Houston Trust 765,000 shares
Starbuck's Trust 765,000 shares
2. Schedules A and B of the Voluntary Pooling Agreement are replaced in
their entirety with the Schedules A and B attached to this Amendment.
3. With respect to 400,000 warrants and 1,600,000 warrants (the "Warrants")
held by DNG Capital Corp ("DNG") and Boone Petroleum ("Boone"),
respectively, DNG and Boone each agree that:
(a) any shares issued to them upon the exercise of such warrants (the
"Warrant Shares") will not be sold by them for a period of 90 days
from the date that the last of the receipts is issued by the
applicable Securities Commissions for the Company's final prospectus
(the "Receipt Date").
(b) on the dates which are 30, 60 and 90 days from the Receipt Date, DNG
and Boone will provide to the Issuer and the Agent confirmation from
the member firms at which their Warrants and/or Warrant Shares are
lodged, that the Warrants and/or Warrant Shares have not been sold.
-2-
4. The parties hereto agree that except as specifically amended herein, the
Voluntary Pooling Agreement remains in full force and effect.
IN WITNESS WHEREOF the Pooled Securityholders and the Trustee have executed
the presents as from the day and year first above written.
THE CORPORATE SEAL of BENZ )
ENERGY LTD. was hereunto affixed in the )
presence of: )
) c/s
/s/ Nick DeMare )
- ---------------------------------------- )
)
)
- ---------------------------------------- )
C.M. OLIVER & COMPANY LIMITED
Per:
- ----------------------------------------
THE CORPORATE SEAL of MONTREAL )
TRUST COMPANY OF CANADA was )
hereunto affixed in the presence of: )
) c/s
)
- ---------------------------------------- )
)
)
- ---------------------------------------- )
THE CORPORATE SEAL of TEXSTAR )
PETROLEUM, L.L.C. was hereunto affixed )
in the presence of: )
) c/s
)
- --------------------------------------- )
)
/s/ Todd Grabois, Treasurer )
- --------------------------------------- )
THE CORPORATE SEAL of CALIBRE )
ENERGY, L.L.C. was hereunto affixed in )
the presence of: )
) c/s
)
- ---------------------------------------- )
)
/s/ Todd Grabois, Treasurer )
- --------------------------------------- )
-3-
THE CORPORATE SEAL of BOONE )
PETROLEUM INC. was hereunto affixed in )
the presence of: )
) c/s
/s/ Donald Busby )
- ---------------------------------------- )
)
)
- ---------------------------------------- )
THE CORPORATE SEAL of DNG )
CAPITAL CORP. was hereunto affixed in )
the presence of: )
) c/s
/s/ Nick DeMare )
- ---------------------------------------- )
)
)
- ---------------------------------------- )
SIGNED, SEALED & DELIVERED )
by PRENTIS B. TOMLINSON, JR. )
in the presence of: )
)
Lorraine N. Howard ) /s/ Prentis B. Tomlinson, Jr.
- --------------------------------------- ) -----------------------------
Signature of Witness ) PRENTIS B. TOMLINSON, JR
)
Name of Witness: Lorraine N. Howard )
------------------------ )
)
Address of Witness: 1000 Louisiana St. )
--------------------- )
)
Ste. 3950, Houston, TX 77002 )
- ---------------------------------------- )
)
Occupation of Witness: Receptionist )
----------------- )
SIGNED, SEALED & DELIVERED )
by TODD GRABOIS in the presence of: )
)
Lorraine N. Howard )
- ---------------------------------------- ) /s/ Todd Grabois
Signature of Witness ) -----------------------------
) TODD GRABOIS
Name of Witness: Lorraine N. Howard )
----------------------- )
)
Address of Witness: 1000 Louisiana St. )
--------------------- )
)
Ste. 3950, Houston, TX 77002 )
- ---------------------------------------- )
)
Occupation of Witness: Receptionist )
----------------- )
-4-
SIGNED, SEALED & DELIVERED )
by PRENTIS TOMLINSON, TRUSTEE )
OF THE SLATTERY TRUST in the )
presence of: )
) /s/ Prentis Tomlinson
Lorraine N. Howard ) -----------------------------
- ---------------------------------------- ) TRUSTEE OF THE SLATTERY TRUST
Signature of Witness )
)
Name of Witness: Lorraine N. Howard )
------------------------ )
)
Address of Witness: 1000 Louisiana St. )
--------------------- )
)
Ste. 3950, Houston, TX 77002 )
- ---------------------------------------- )
)
Occupation of Witness: Receptionist )
----------------- )
SIGNED, SEALED & DELIVERED )
by PRENTIS TOMLINSON, TRUSTEE )
OF THE RUSTON TRUST in the presence )
of: )
) /s/ Prentis Tomlinson
Lorraine N. Howard ) -----------------------------
- ---------------------------------------- ) TRUSTEE OF THE RUSTON TRUST
Signature of Witness )
)
Name of Witness: Lorraine N. Howard )
------------------------ )
)
Address of Witness: 1000 Louisiana St. )
--------------------- )
)
Ste. 3950, Houston, TX 77002 )
- ---------------------------------------- )
)
Occupation of Witness: Receptionist )
----------------- )
-5-
SIGNED, SEALED & DELIVERED )
by PRENTIS TOMLINSON, TRUSTEE )
OF THE HOUSTON TRUST in the )
presence of: )
) /s/ Prentis Tomlinson
Lorraine N. Howard ) ----------------------------
- ---------------------------------------- ) TRUSTEE OF THE HOUSTON TRUST
Signature of Witness )
)
Name of Witness: Lorraine N. Howard )
------------------------ )
)
Address of Witness: 1000 Louisiana St. )
--------------------- )
)
Ste. 3950, Houston, TX 77002 )
- ---------------------------------------- )
)
Occupation of Witness: Receptionist )
----------------- )
SIGNED, SEALED & DELIVERED )
by HEATHER TOMLINSON, TRUSTEE )
OF THE STARBUCKS TRUST in the )
presence of: )
) /s/ Heather J. Tomlinson
Lorraine N. Howard ) ----------------------------
- ---------------------------------------- ) TRUSTEE OF THE STARBUCKS
Signature of Witness ) TRUST
)
Name of Witness: Lorraine N. Howard )
------------------------ )
)
Address of Witness: 1000 Louisiana St. )
--------------------- )
)
Ste. 3950, Houston, TX 77002 )
- ---------------------------------------- )
)
Occupation of Witness: Receptionist )
------------------ )
-6-
SIGNED, SEALED & DELIVERED )
by ROBERT NOVAK in the presence of: ) /s/ Robert Novak
) ----------------------------
Lorraine N. Howard ) ROBERT NOVAK
- ---------------------------------------- )
Signature of Witness )
)
Name of Witness: Lorraine N. Howard )
------------------------ )
)
Address of Witness: 1000 Louisiana St. )
--------------------- )
)
Ste. 3950, Houston, TX 77002 )
- ---------------------------------------- )
)
Occupation of Witness: Receptionist )
------------------ )
-7-
SCHEDULE "A" TO AMENDMENT EFFECTIVE SEPTEMBER 11, 1997
FULL NAME & ADDRESS NUMBER OF SIGNATURE OF
OF SECURITYHOLDER SECURITIES SECURITYHOLDER
- ----------------------- -------------- --------------------
DNG Capital Corp. DNG Capital Corp.
1305-1090 West Georgia Per:
Vancouver, B.C. V6E 3V7
/s/ Nick DeMare
400,000 shares --------------------
Nick DeMare
Todd Grabois
8919 Ashridge Park /s/ Todd Grabois
Spring, Texas 77379 267,750 shares --------------------
Todd Grabois
Robert Novak
6326 Willgus Trail /s/ Robert Novak
Lane, Texas 77066 114,750 shares --------------------
Robert Novak
--------------
TOTAL 782,500 shares
--------------
--------------
-8-
SCHEDULE "B" TO AMENDMENT EFFECTIVE SEPTEMBER 11, 1997
RELEASE DATES(1)
----------------------------------------------------
NAME OF SECURITYHOLDER APRIL 18, 1998 APRIL 18, 1999 APRIL 18, 2000
- ---------------------- -------------- -------------- --------------
DNG Capital Corp. 120,000 120,000 160,000
Todd Grabois 80,325 80,325 107,100
Robert Novak 34,425 34,425 45,900
------- ------- -------
TOTAL 234,750 234,750 313,000
------- ------- -------
------- ------- -------
- --------------------
(1) Subject to acceleration pursuant to paragraph 5 of the Voluntary Pooling
Agreement.
-9-