EXHIBIT 10.3
SARATOGA RESOURCES, INC.
A TEXAS CORPORATION
301 Congress Avenue, Suite 1550
Austin, Texas 78701
Telephone: (512) 478-5717
Facsimile: (512) 478-5733
June 21, 1999
Mr. Tom E. Robinson Ivy Oil
Company, LLC
2304 Hancock Drive, Suite
5
Austin, Texas
78756
Mr. Mike Mount
Trek Oil and Gas,
Inc.
811 Dallas, Suite
819
Houston, Texas
77002
RE: Letter
Agreement
Stonewall Prospects
Adcock Farms No. 1 Well
Dawson County,
Texas
Dear Mr. Robinson and Mr.
Mount:
Saratoga Resources,
by virtue of a Letter Agreement ("DBX Letter
Agreement") dated March 22, 1999 executed by and between DBX Geophysical
Corporation, a Texas
corporation, 10134 Panther Ridge, Dallas, Texas 75243
(DBX)
and Saratoga Resources,
Inc., a Texas
corporation, 301
Congress Avenue,
Suite
1550, Austin, Texas 78701, ("Saratoga") has obtained the right to review
and
utilize certain prospect
documentation
and related
information with
regard to
the above-referenced
prospects prepared and
furnished by DBX. The documentation
relates to the geological merit and developmental potential of the AMI as
defined in the DBX Letter
Agreement, which is incorporated herein by reference.
Whereas Ivy Oil Company, L.L.C., a Texas Limited Liability Company,
2304 Hancock Drive,
Suite 5, Austin,
Texas 78756,
(Ivy) has obtained
certain
leasehold interests within the AMI, which lease
schedule is attached hereto as
Exhibit "A" and which may be
amended by mutual agreement between the undersigned
parties from time to
time.
Whereas Trek Oil and Gas, Inc., a Texas corporation, 811 Dallas, Suite
819, Houston,
