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EXHIBIT 10.3

 


 

 

TEXAS CITIZENS BANK, N.A.

 

LETTER OF CREDIT # 116

 

TO

 

NATIONAL AGENCY OF NATURAL RESOURCES

 

TIRANA

 

National Agency of Natural Resources

Mr. Besjan Pesha

Executive Director

Bulevardi “Bajram Cum”

Biloku “Vasil Shanto”

Tirana, Albania

 

We have been informed that Sky Petroleum, Inc. has entered into a Production Sharing Contract for the Albania Blocks Four, Five and Dumre with the Ministry of Economy, Trade and Energy of Albania effective January 3, 2011 (hereafter “the PSC”) and understand that, according to the provisions of the PSC a Performance Guarantee is required.

 

We have been further informed that pursuant to the terms of the PSC Sky Petroleum, Inc. has undertaken during the First Exploration Period to carry out a Work Program in the Contract Area (all as described in the PSC) and in so doing to spend an amount of United States Dollars One Million, Five Hundred Thousand (US$ 1,500,000.00).

 

At the request of Sky Petroleu


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