Exhibit 10.1
THIS
EXTENSION AGREEMENT made
on September 9, 2009
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EXCELARON
LLC a company
incorporated in the State of California and having its principal
executive office at 1075 Court Street, Suite 207, San Luis Obispo,
California, United States of America (" Company
")
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MOGUL ENERGY
INTERNATIONAL, INC. a
company having its principal executive office at 201 - 47 Colborne
Street, Toronto, Ontario, Canada (“ Mogul
”)
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RECITAL:
The Company
agreed pursuant to an agreement dated February 11, 2009 (the
“Agreement”) to permit Mogul to subscribe for a 40%
Members Percentage Interest in the Company. The Members
Percentage Interest subscribed by Mogul was in consideration of the
Capital Contribution by Mogul to the Company of
US$2,300,000. Mogul, the Company and the Members of the
Company hereby agree to an extension of time for the payment of the
subscription payments. All parties to this agreement are
agreeable to the granting of the requested extension and to
adjusting the schedule of subscription payments.&
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