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DECISION AND ORDERI. INTRODUCTION In this action, Universal Resources Holdings, Inc. (“Universal”) seeks to enforce two promissory notes against EHM Energy Partners, Inc. (“EHM”). Presently before this Court are the parties’ cross motions for summary judgment. (Docket Nos. 1-2, 9.) For the reasons that follow, both motions are denied.II. BACKGROUNDA. FactsIn 2005, Universal and EHM began working together on oil and gas projects. (Affidavit of John J. Nalbone, Jr. (“Nalbone Aff.”), Docket No. 13, 5; Affidavit of Thomas B. Corby (“Corby Aff.”), Docket No. 9-3, 5.) Universal was represented by its president, John J. Nalbone, Jr.; EHM was represented by its due diligence agent and corporate secretary, Thomas Corby. (Nalbone Aff.,

1, 7, 8; Corby Aff., 5.)In late 2005, Nalbone and Corby met to discuss drilling oil and gas wells in New York and Pennsylvania. (Nalbone Aff., 8; Corby Aff., 5.) Corby told Nalbone that EHM was interested in retaining Universal to construct the oil and gas wells for EHM on a “turnkey” basis — that is, for Universal to complete all steps necessary to make the oil and gas well projects fully operable so that the only thing needed to run them would be to “turn a key” — and for Universal to then operate the wells for EHM. (Nalbone Aff., 9; Corby Aff., 5.) Corby further advised Nalbone that EHM would pay Universal the majority of the total purchase price for each project in cash, and then treat the remaining balance as a loan from Universal to EHM. (Nalbone Aff., 9.) Nalbone agreed to these payment terms. (Id.)The parties thereafter collaborated on well-drilling projects in New York and Pennsylvania based on agreements reached in 2006 and 2007. (Nalbone Aff.,

 
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