Service Agreement Between Oceanic Exploration Company And General Atomics For Karsten Blue

Exhibit 10.34 SERVICES AGREEMENT This Agreement is entered into by and between General Atomics, a California corporation (" GA" ) and Oceanic Exploration Company, a Delaware corporation (" Oceanic" ), and is effective August 1, 2007 (the " Effective Date" ). GA and Oceanic are individually referred to herein as a " Party" and collectively as the " Parties" . RECITALS WHEREAS, Oceanic wishes GA to provide it with consulting services and GA is willing to provide such services.NOW THEREFORE, in consideration of the promises, mutual covenants and agreements herein contained, the Parties hereto agree as follows: 1. Scope of Services. GA shall provide consulting services in coordinating various activities in support of Oceanic efforts regarding the East Timor Project. The services shall be performed by Mr. Karsten Blue. GA may not use any other personnel to perform services under this Agreement without the written approval of Oceanic. 2. Term. This Agreement shall commence as of the Effective Date and shall remain in effect until terminated by either Party in accordance with the Termination provision set forth in Paragraph 10 below. 3. Consideration/Payment. Labor-related costs, including salary and fringe benefits, incurred in the performance of services identified in Paragraph 1 shall be billed at a fixed monthly amount of $6,500.00. Non-labor related costs, including travel, required in the performance of services identified in Paragraph 1 shall be billed at actual cost plus a fixed handling fee of 2.5%. Payments to GA for services rendered will be both due and payable in full no later than 30 days after the invoice date. All payments made pursuant to this Agreement will be in U.S. Dollars and will be made via check to the address designated on the GA invoice. The Parties acknowledge that the $6,500.00 fixed monthly amount provided for, herein, shall be reviewed annually. That amount may be adjusted by mutual agreement between the parties. 4. Limitation of Liability. Each Party hereto shall use its reasonable efforts in the performance of its obligations under this Agreement; and, provided it has done so, shall not be liable to the other Party for any loss or damage of whatever nature sustained by the other Party, as a result of such ...