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Xun Corporate  
#1 Posted : Wednesday, February 25, 2015 2:36:45 PM(UTC)
Xun Corporate

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Location: Portland, OR

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On December 24, 2014, JV008/02 entered into a Profit Sharing Agreement (JV008/02) with an arm's length supplier of Mazut-M100 (GOST 10585-75) to supply 200,000 Metric Tons (MT) FOB Port Vladivostok, Russian Federation, on a pass through basis followed by a production contract of 500,000 MT per month for a 12 month period to a arm's length purchaser of the Mazut-M100.

The Terms and conditions of the Profit Sharing Agreement included the following:

PROCEDURES FOR LIFT DIP & PAY SPOT AND CONTRACT BANK TO BANK PROCEDURE ONLY

1. Supplier accepts and signs Proposal

2. Supplier signs Profit Sharing Pay Order including NCNDA between Supplier and JV008/02

3. End Buyer issues ICPO to Supplier and JV008/02

4. Supplier issues CI in the name of Supplier and JV008/02

5. Buyer signs CI with full Banking Details TOP 25 Bank.

6. Supplier issues documents*1 to End Buyer:
a. Refinery/Supplier Commitment Letter to Supply
b. Refinery Product Availability and Full Commitment Letter
c. Refinery’s Confirmation Letter of Reservoir Injection Commitment
d. DTA – Dip Test Authorization
e. Indigenous Analysis Report or SGS
f. Title of Ownership Certificate
g. All additional Export Documentation
Note 1: The Documents Notarization cost will be borne by JV008/02 and will be added back to JV008/02 amount to be paid by the End Supplier.

7. End Buyer completes Dip Test and accepts Q and Q.

8. End Buyer pays Supplier within 72 hours with MT103

9. Supplier transfers Title Ownership to End Buyer's name

10. Supplier transfers funds due to JV008/02 as indicated above to Paymaster within 24 hours of receipt of MT103

11. Upon completion of first successful lift Supplier issues draft Sales and Purchase Agreement (SPA) to JV008/02 for review and acceptance up to 500,000 MT per month plus Rollovers and Extensions.

12. Supplier and JV008/02 executes SPA and IMFPA/NCNDA

13. JV008/02 bank swift within 7 working days, stand by letter of credit (SBLC), (covering the total monthly cost of the product to Supplier’s bank.

14. Supplier issues to JV008/02 2% PB

15. Supplier issues POP in JV008/02’s name the items below.
a. Certificate of Origin of the product
b. Company Registration
c. Statement of product Availability
d. Export License
e. Commitment to produce the product
f. Attestation of allocation certificate
g. Certificate of conformity
h. Certificate of Q&Q
i. Analytic report equivalent to SGS
j. DTA, ATS and TSR

16. JV008/02 dips tank on successful dip results pays Supplier by MT 103

17. Title Ownership is transferred to End Buyer's name.

18. Commission/Profits will be paid by the Supplier per shipment as signed in NCNDA and IMFPA.

On December 28, 2014, JV008/02's Exit Buyer accepted the December 26, 2014 Commercial Invoice (CI) issued by the Supplier which moved the Mazut-M100 sale to Step 6 of the sales transaction procedures.

On January 20, 2015, JV008/02's Supplier issued the following Notarized Documents as required under Step 6 of the procedures for the Mazut-M100 sales transaction to the Exit Buyer upon receipt of the Notarization fees from JV008/02:

a. Product passport
b. Analytical test report
c. Refinery Product Availability
d. Certificate Of Origin
e. Commitment to Supply Letter
f. Supplier export license
g. Supplier registration certificate

The supplier did not provide the following documents as required under Step 6 of the procedures:

a. Dip Test Authorization (DTA),
b. Authority To Verify (ATV),
c. Fresh SGS report, and
d. Tank Storage Receipt (TSR)

The Supplier informed JV008/02 that there has been changes at that Vladivostok Port Authority which requires the port authority fees to be paid before the DTA, TSR, and ATV are released by the Supplier to the Exit Buyer and that these documents would be released upon the Exit Buyers bank receiving the original documents and confirmation of receiving the documents.

On January 30, 2015, the Supplier issued the invoice for the Vladivostok Port Authority fees and the requested documents by the Exit Buyer.

On February 4, 2015, the Exit Buyer makes claim that the documents provided by the Supplier are not consistent with Russian Federation regulations.

On February 20, 2015, the Exit Buyer's representative informs JV008/02 that they are not proceeding with the Mazut-M100 sales transaction. JV008/02 is evaluating its Profit Sharing Agreement with the Supplier. Should JV008/02 continue with the Supplier, there are no assurances that there will be a successful close on the Mazut-M100 sale, and there can be no assurance that the sale of the Mazut-M100 will be profitable or that the company will be able to generate sufficient revenues to operate profitably.
thanks 7 users thanked Xun Corporate for this useful post.
4on4off on 2/25/2015(UTC), fischerman1940 on 2/25/2015(UTC), charyabb on 2/25/2015(UTC), Daddyvlo17 on 2/25/2015(UTC), Xun VP - Investor Relations on 2/26/2015(UTC), JOECROWE789 on 2/27/2015(UTC), osu1978 on 2/27/2015(UTC)
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JOECROWE789  
#2 Posted : Friday, February 27, 2015 11:09:53 AM(UTC)
JOECROWE789

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Man
Canada

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Good Afternoon XNRG Shareholders,

I consider this to be a valuable post detailing the procedures required to occur in sequence ranging from the Initial Proposal to The Potential Profits.

It appears that there are up to 34 moving parts for each physical commodity trade to occur and as we gain additional knowledge of this profit sharing plan, logic suggests that they will be successfully executed.

We seem to be advancing further to deal completion as more proposals are initiated.

Great Work, Results will follow,

JOECROWE7898-BJBV
thanks 5 users thanked JOECROWE789 for this useful post.
Xun VP - Investor Relations on 3/3/2015(UTC), Xun Pres on 3/6/2015(UTC), Daddyvlo17 on 3/15/2015(UTC), 4on4off on 3/16/2015(UTC), fischerman1940 on 7/7/2015(UTC)
fischerman1940  
#3 Posted : Sunday, March 15, 2015 10:15:09 AM(UTC)
fischerman1940

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Dear Xun Management,

One question pertaining to this joint venture. Is this joint venture still active in that Xun Oil Marketing is still working with the supplier to find another buyer? If so, have there been any updates on this joint venture?

Thank you for your time and efforts.
thanks 4 users thanked fischerman1940 for this useful post.
JOECROWE789 on 3/15/2015(UTC), Daddyvlo17 on 3/15/2015(UTC), Xun Pres on 3/16/2015(UTC), 4on4off on 3/16/2015(UTC)
Xun Pres  
#4 Posted : Monday, March 16, 2015 10:37:33 AM(UTC)
Xun Pres

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Thank you fischerman1940 for your post and questions in Post #3 above.

We have replicated your post below:

Dear Xun Management,

One question pertaining to this joint venture. Is this joint venture still active in that Xun Oil Marketing is still working with the supplier to find another buyer? If so, have there been any updates on this joint venture?

Thank you for your time and efforts.


Question #1: One question pertaining to this joint venture. Is this joint venture still active in that Xun Oil Marketing is still working with the supplier to find another buyer? If so, have there been any updates on this joint venture?

Response to Question #1: The Joint Venture is open. There are no updates regarding the use of this supplier. The price of Mazut correlates to the price of Brent Crude oil and is not stable at this time. We plan to revisit with the supplier once Brent crude oil prices stabilize or if we have a motivated Buyer.

DISCLAIMER: SUBJECT TO SAFE HARBOR CLAUSE.

We thank you for your interest, support and faith in the Company.

Respectfully,

Xun Energy, Inc.
Jerry G. Mikolajczyk
President and CEO

Safe Harbor

The statements contained in this post may not be historical fact, are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements contained herein are based on current expectations that involve a number of risks and uncertainties. These statements can be identified by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” "projects" or “anticipates,” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. The Company wishes to caution the reader that its forward-looking statements that are historical facts are only predictions. No assurances can be given that the future results indicated, whether expressed or implied, will be achieved. While sometimes presented with numerical specificity, these projections and other forward-looking statements are based upon a variety of assumptions relating to the business of the Company, which, although considered reasonable by the Company, may not be realized. Because of the number and range of assumptions underlying the Company’s forward-looking statements, many of which are subject to significant uncertainties and contingencies that are beyond the reasonable control of the Company, some of the assumptions inevitably will not materialize, and unanticipated events and circumstances may occur subsequent to the date of this report. These forward-looking statements are based on current expectations and the Company assumes no obligation to update this information. Therefore, the actual experience of the Company and the results achieved during the period covered by any particular forward-looking statements may differ substantially from those projected. Consequently, the inclusion of forward-looking statements should not be regarded as a representation by the Company or any other person that these estimates and projections will be realized. The Company’s actual results may vary materially. There can be no assurance that any of these expectations will be realized or that any of the forward-looking statements contained herein will prove to be accurate. There is no guarantee that the Company will close on the financing or close on the acquisition of the producing oil and gas leases.
thanks 5 users thanked Xun Pres for this useful post.
JOECROWE789 on 3/16/2015(UTC), fischerman1940 on 3/16/2015(UTC), Daddyvlo17 on 3/16/2015(UTC), 4on4off on 3/16/2015(UTC), Xun VP - Investor Relations on 3/17/2015(UTC)
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