MODUSPEC USA INC MASTER SERVICE AGREEMENT

NIT: 444444311
1330 Enclave Parkway, Suite 200 Contract number/date
TELF: 281 6492750 9015464 / 24.04.2012
FAX: 281 3988694 Persona contacto/Telfono
E-MAIL: www.moduspec.com CCMDJEREZ
Houston, Texas, Houston, Texas Administrador
VM.DURAN

Su n proveedor seg. n/criterios Persona Responsable :

444444311 Tom Collins
Telfono :
281-3983998
Su referen. :19017979
Enviar factura a: Inicio periodo validez 24.04.2012
Petrobras Colombia Limited Fin periodo validez 23.04.2014
Cra. 7 No. 71-21 Torre B Piso 17 Cat : Serv Esp de Ing.perforacin
Bogot D.C., Colombia
NIT. 860.521.658-1

Cond.Pago : Bank transfer in 30 days Moneda USD

SERVICE OF DRILLING RIG INSPECTION FOR THE DRILLING, EXPLORATION AND

DEVELOPMENT WELLS FOR PETROBRAS COLOMBIA LIMITED

DEFINITIONS: a.-Petrobras Colombia Limited a company organized and

existing under the Laws of Colombia, having its registered address at
Carrera 7 N71-21 Torre B Piso 17 Bogot D.C, Colombia herein referred
to as PETROBRAS.

b.- CONTRACTOR means the company that will perform the services.

SCOPE OF WORK: This CONTRACT is issued to cover the Service by calling

- Execution of a Full Condition Survey of numerous unknown land rigs
the Petrobras, in accordance with the terms and conditions stipulated
in the CONTRACTORs Quotation No.US2724.1 Rev 2, dated May 16, 2012
(Annex 2).

PERFORMANCE TERM: The CONTRACTS performance term is for two (2) years,
beginning upon signature of the Act by both parties. Any modification
or extension to this CONTRACT is not valid unless set forth in a
written amendment executed by both parties.

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Petrobras Colombia Ltd.
MODUSPEC USA INC Contract number/date Pg.
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SERVICE VALUE: The CONTRACTs estimated value is eight hundred thirty

nine thousand seven hundred fifty-eight dollars (USD$839.758,00).

The CONTRACTs value will be determined by the mathematical calculation

derived from the sum of all the invoices correctly presented by the
CONTRACTOR, as a result of the multiplication of the tariffs or prices
presented in ANNEX No.1, times the worked quantities executed by the
CONTRACTOR, and approved by the PETROBRAS, during the legal term of the
CONTRACT.

The value of this CONTRACT is an estimated figure. PETROBRAS will not

be forced to execute this CONTRACT and its tariffs presented in ANNEX
No. 1, until it reaches its estimated value. The COMPANY will only pay
the equivalent value that results from the multiplication of the
tariffs or prices presented in ANNEX No.1, times the worked quantities
executed by the CONTRACTOR, and approved by PETROBRAS, during the legal
term of the CONTRACT.

- Tariffs will be adjusted as per the following procedure:

Estimated costs of each Full Condition Survey of unknown Land Rigs

located in Colombia. Cost below is for 2012 with an increase of 7% in
day rates/costs for 2013.

This tariffs# adjustments procedure will not be subject of any

modification during the duration of the CONTRACT.

The SUPPLIER will send PETROBRAS the new adjusted tariffs, together
with the corresponding supportive documentation. This information will
be analyzed by PETROBRAS, and after internal approval, ANNEX No. 1 will
be sent to the SUPPLIER#S attention, via e-mail in PDF format, with the
above mentioned adjustments.

PAYMENT TERMS: Payment of this CONTRACT will be made through wire

transfer; to the account the CONTRACTOR will inform PETROBRAS in
writing, including all relevant information.

Payment will be made on the next Tuesday within the thirty (30) days
following receipt of the original invoice in the offices of PETROBRAS.
All fees related with the bank transfer will be charged to the
CONTRACTOR.

Invoices will be submitted by the CONTRACTOR specifying: a) Name of the

CONTRACTOR; b) A consecutive number of invoice; c) Issue date of the
invoice; d) Contract number; e) Ticket Service number given by the
administrator of this CONTRACT; f) Description of the SERVICES,
performance site, rates and currency; g) Total value of the SERVICES;
h) Bank information (bank name and address, account number, ABA and
sort code numbers).

IVA (Spanish acronym for value added tax): In accordance with the
provisions of Article 12 of Regulatory Decree number 1165 issued in
1996, and for purposes of what is provided for in numeral 3 of Article
_______________________________________________________________________
Petrobras Colombia Ltd.
MODUSPEC USA INC Contract number/date Pg.
9015464 / 24.04.2012 3 / 7

437-2 of the Colombian Tax Statute, the amount of the Value Added Tax
that shall be subject to the theoretical withholding of IVA by
PETROBRAS shall be the amount that results from applying the overall
Value Added Tax rate that is in force on the date when this CONTRACT is
signed, to the value that is subject to the aforementioned tax.

INTELLECTUAL PROPERTY: The CONTRACTOR declares that he has title to, or

legitimate right of use of the trademark and intellectual property
rights on the goods and procedures to be used for furnishing the
SERVICES. The CONTRACTOR shall hold PETROBRAS harmless in respect of
any acts or claims made by third parties with regard to these rights,
including the costs of all negotiations needed to resolve it.

PROPRIETARY INFORMATION: The CONTRACTOR agrees that, during and after

the term of this CONTRACT, CONTRACTOR will not directly or indirectly
disclose to any third party, nor use for his own benefit or the benefit
of anyone other than PETROBRAS, any inventions, discoveries,
developments, trade secrets, techniques, methods, processes, formulae,
specifications, specialized knowledge, data records, customer lists or
data, or any other confidential or proprietary information or ideas of
PETROBRAS, encountered by CONTRACTOR while rendering their SERVICES to
PETROBRAS.

The rights-to-use of original information generated by CONTRACTOR in

the course of these SERVICES will be shared equally between CONTRACTOR
and PETROBRAS. The use of the information owned by PETROBRAS will be
subject to a written approval from PETROBRAS.

OWNERSHIP OF MATERIALS AND DOCUMENTS: CONTRACTOR may, in the course of

its performance of the CONTRACT, disclose technical information,
training documentation, drawings, computer programs, computer data
files and the like (collectively, "information") to PETROBRAS. All such
information is confidential or proprietary and PETROBRAS agrees: (a) to
hold such information in confidence and not to disclose it to third
parties; (b) not to use the information for any purpose other than that
for which it was provided; (c) not to copy the information (additional
copies may be purchased); (d) to protect the information from
unauthorized access, use and disclosure allowing only those of
PETROBRAS employees who have a need to know the information access
thereto. PETROBRAS understands and agrees that upon termination of the
CONTRACT, CONTRACTOR may terminate PETROBRAS right to use the
information and require the destruction of, or require the return of
the information and other materials (including translations) embodying
the information.

LIMIT OF LIABILITY: Neither PETROBRAS nor CONTRACTOR or their

affiliates, subcontractors, agents and/or employees shall be liable for
any incidental or consequential damages, including without limitation,
loss of products, loss of profit (other than amounts due under the
CONTRACT), loss of use, losses resulting from or related to downtime
services or the cost of replacement power or compression, howsoever
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Petrobras Colombia Ltd.
MODUSPEC USA INC Contract number/date Pg.
9015464 / 24.04.2012 4 / 7

caused, and whether based on warranty, CONTRACT, tort (including

negligence), strict liability or otherwise.

The liability of CONTRACTOR, its affiliates, subcontractors, agents and

employees arising out of the performance or nonperformance of its
obligations in providing parts and/or the rendition of the field
services in connection with this CONTRACT, whether based on warranty,
CONTRACT, tort, (including negligence), strict liability or otherwise
shall not exceed in the aggregate a sum equal to the CONTRACT price.

PETROBRAS shall not institute any suit or action regarding the CONTRACT
against CONTRACTOR or any of the CONTRACTORs subsidiaries, agents or
employees unless filed within one (1) year of the event giving rise to
the claim. The limitations of liability shall prevail over any
conflicting or inconsistent provisions contained in any documents
comprising the CONTRACT.

WARRANTY: CONTRACTOR warrants that the SERVICES provided by the

CONTRACTOR under the CONTRACT will be performed in a workmanlike
manner. This warranty is subject to clause "limit of liability" and
shall apply only to claims made during the applicable warranty period
as determined in accordance with "Limit of liability".

Warranty Period. The applicable warranty period is thirty (30) days

from the date the applicable Services were furnished.

Warranty Terms. All claims for defective SERVICES under this warranty
must be made in writing immediately upon discovery but in any event
within thirty (30) days from the furnishing thereof. Upon submission
and substantiation of a claim, CONTRACTOR shall, at its option, either:
(a) correct the defective SERVICES.

THE FOREGOING IS EXPRESSLY IN LIEU OF ALL OTHER WARRANTIES,

REPRESENTATIONS AND LIABILITIES WHATSOEVER, EXPRESSED, IMPLIED AND
STATUTORY, INCLUDING WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

SUBCONTRACTING: The SUPPLIER shall not yield nor will it subcontract

without previous written approval from PETROBRAS.

CONTRACT SIGNATURE: The CONTRACT will be sent to the SUPPLIERS

attention via e-mail in PDF format for the SUPPLIERS signature, and
has to be sent back va e-mail in PDF format to the CONTRACTORS
attention, to Mr. Diego Jerez, Contracts Agent (E-mail:
diegojerez.serdan@petrobras.com) PETROBRAS will send the SUPPLIER via
e-mail in PDF format, the CONTRACT signed by both parties.

ANNEX 1: List of Tariffs.

ANNEX 2: CONTRACTORs Ref No. US2724.1 Rev 2, dated May 16, 2012.

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Petrobras Colombia Ltd.
MODUSPEC USA INC Contract number/date Pg.
9015464 / 24.04.2012 5 / 7

PETROBRAS COLOMBIA LIMITED

____________________________
Mr. Jose Mauricio Gil Mndez
Contracts, Purchases and Materials Manager
Date:______________

For and on behalf of

ModuSpec USA Inc.

______________________
Mr. Teril Smith
President - Americas
Date:______________

ContractsAgent: Diego Jerez, Telephone: +571 3135505

Contract Administrator: Victor Duran Telephone +571 3135000
Requisition: 19017979, Elaborated: May, 2012

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Petrobras Colombia Ltd.
MODUSPEC USA INC Contract number/date Pg.
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ANNEX NO. 1
LIST OF TARIFFS
_______________________________________________________________________
Pos. Material Denominacin
Ctd-prevista Unidad Precio por unidad Valor neto
_______________________________________________________________________

00010 Inspecc Equipos Perforacin Explor/Desar

1 Operation

La posicin 00010 contiene los siguientes servicios:

* 1. Proyecto Exploratorio Cerrero 2012- 2013
10 3005623 Inspeccin Mecnica
0.00 DIA 2,546.00 2,546.00
20 10015509 Reportes y datos tcnicos
0.00 EA 4,968.00 4,968.00
30 10015169 Gastos reembolsables
0.00 OPE 4,600.00 4,600.00
40 3003962 Comisin sobre gastos reembolsables
0.00 OPE 460.00 460.00
* 2. Proyecto Explorator Boquern 2012- 2013
10 3005623 Inspeccin Mecnica
0.00 DIA 2,561.00 2,561.00
20 10015509 Reportes y datos tcnicos
0.00 EA 4,998.00 4,998.00
30 10015169 Gastos reembolsables
0.00 OPE 4,600.00 4,600.00
40 3003962 Comisin sobre gastos reembolsables
0.00 OPE 460.00 460.00
* 3. Proyecto Exploratorio Cebucn 2012- 2013
10 3005623 Inspeccin Mecnica
0.00 DIA 2,574.00 2,574.00
20 10015509 Reportes y datos tcnicos
0.00 EA 5,023.00 5,023.00
30 10015169 Gastos reembolsables
0.00 OPE 4,600.00 4,600.00
40 3003962 Comisin sobre gastos reembolsables
0.00 OPE 460.00 460.00
* 4. Proyecto Explorat Villarrica 2012- 2013
10 3005623 Inspeccin Mecnica
0.00 DIA 2,546.00 2,546.00
20 10015509 Reportes y datos tcnicos
0.00 EA 4,968.00 4,968.00
30 10015169 Gastos reembolsables
0.00 OPE 4,600.00 4,600.00
40 3003962 Comisin sobre gastos reembolsables
0.00 OPE 460.00 460.00
* 5. Proyecto Desarrollo Espinal 2012-2013
10 3005623 Inspeccin Mecnica
0.00 DIA 2,561.00 2,561.00
20 10015509 Reportes y datos tcnicos
0.00 EA 4,997.00 4,997.00
30 10015169 Gastos reembolsables
0.00 OPE 4,600.00 4,600.00

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Petrobras Colombia Ltd.
MODUSPEC USA INC Contract number/date Pg.
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_______________________________________________________________________
Pos. Material Denominacin
Ctd-prevista Unidad Precio por unidad Valor neto
_______________________________________________________________________
40 3003962 Comisin sobre gastos reembolsables
0.00 OPE 460.00 460.00
* 6. Proyecto Desarrollo Boquern 2012-2013
10 3005623 Inspeccin Mecnica
0.00 DIA 2,561.00 2,561.00
20 10015509 Reportes y datos tcnicos
0.00 EA 4,998.00 4,998.00
30 10015169 Gastos reembolsables
0.00 OPE 4,600.00 4,600.00
40 3003962 Comisin sobre gastos reembolsables
0.00 OPE 460.00 460.00
* 7. Proyecto Desarrollo Balay 2012-2013
10 3005623 Inspeccin Mecnica
0.00 DIA 2,546.00 2,546.00
20 10015509 Reportes y datos tcnicos
0.00 EA 4,968.00 4,968.00
30 10015169 Gastos reembolsables
0.00 OPE 4,600.00 4,600.00
40 3003962 Comisin sobre gastos reembolsables
0.00 OPE 440.00 440.00
1 Operation 0.00 0.00

_______________________________________________________________________

Valor neto total USD 0.00

_______________________________________________________________________
Petrobras Colombia Ltd.