On July 26, 2012 Chimera Energy Corporation entered into a license agreement with China Inland Oil Exploration Company of Chencunzhen, China related to certain technologies developed by CIOEC. Pursuant to the terms of the license, Chimera is granted an exclusive license to develop and commercialize CIOEC's cutting edge technologies related to Non-Hydraulic Extraction. Chimera will to CIOEC a monthly license fee of USD 5,000 for the term of the agreement. In addition, CIOEC will be due a royalty payment equal to 20% of the net proceeds generated from the Non-Hydraulic Extraction technologies.