Exhibit 10.1
COGNOVIT PROMISSORY NOTE OF
JOHN D. OIL AND GAS COMPANY
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$600,000
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February 13,
2009
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For value
received, the undersigned, promises to pay to the order of Great
Plains Exploration, LLC the principal sum of six hundred thousand
dollars ($600,000.00) with interest payable at
the rate of 8.0% per month. Principal is payable in the
amount of one hundred thousand dollars ($100,000.00 ) per
month plus accrued but unpaid interest on the twenty-eighth date of
each month beginning on March 28, 2009.
The
indebtedness evidenced hereby may be prepaid in whole or in part at
any time without penalty or notice.
Notwithstanding
anything to the contrary which may be provided for, or implied by,
the other terms of this Note, the entire principal balance,
together with all accrued and unpaid interest and any other
charges, advances and fees, if any, outstanding hereunder, shall be
due and payable in full on demand if the maker is more than thirty
(30) days in arrears under this Note.
The Maker
waives demand presentment for payment, prote