GROSS OVERRIDING ROYALTY AGREEMENT
(FIREBAG AREA SASKATCHEWAN)
THIS AGREEMENT made effective as of the 29th day of September, 2004.
BETWEEN:
STRIPPER ENERGY SERVICES LIMITED., a corporation having an office in
the City of Calgary, in the Province of Alberta (hereinafter
referred to as "Royalty Owner")
- and -
808099 ALBERTA LTD. a corporation having an office in the City of
Vancouver, in the Province of British Columbia (hereinafter referred
to as "Grantor")
WHEREAS the Powermax Energy Inc. and the Grantor have agreed to a sale,
purchase and conveyance of certain working interests in the royalty lands to the
Grantor, pursuant to the terms and conditions of an Agreement of Purchase and
Sale (hereinafter referred to as the Sale Agreement) made effective September
29, 2004; and
WHEREAS as a condition precedent of the Sale Agreement, the Grantor has
agreed that a royalty is payable and to grant and pay to the Royalty Owner a
non-convertible gross overriding royalty on a one hundred (100%) percent
interest in the royalty lands; and
WHEREAS the parties desire to document this gross overriding royalty.
NOW THEREFORE THIS AGREEMENT WITNESSETH that the parties hereto agree as
follows:
1. Definitions
Notwithstanding the jurisdiction in which the royalty lands may be
situated, the parties hereto agree that, as among themselves, the
definitions set out in the Oil and Gas Conservation Act, R.S.A. 1980,
C.O-5, as amended, together with the definitions set out in the 1990 CAPL
Operating Procedure, as such definitions pertain to any and all substances
constituting Petroleum Substances, shall be applicable for the purpose of
interpreting this Agreement, except insofar as any such definition may
have been modified, as provided hereunder:
(a) "Assignment Procedure" means the 1993 CAPL Assignment Procedure.;
(b) "condensate" has the meaning set out in the Oil and Gas Conservation
Act, R.S.A. 1980 C.0-5;
(c) "crude oil" means a mixture mainly of pentane and heavier
hydrocarbons (whether or not contaminated with sulphur compounds)
that is recovered at a well from an underground reservoir and that
is liquid at the conditions under which its volume is measured or
estimated and shall include crude naphtha or condensate that is so
recovered;
(d) "current market value" means the price received by the Grantor at
the point of measurement for its share of petroleum substances
produced and marketed from, or allocated to, the royalty lands
pursuant to a scheme of pooling or unitization which price shall not
be less than that which the Grantor would have received at the
wellhead if acting as a reasonably prudent operator having regard to
the current market prices, availability to market and economic
conditions of the petroleum industry generally.
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(e) "natural gas" shall mean raw gas or marketable gas as the context so
requires, and as those terms are defined in the Oil and Gas
Conservation Act for the Province of Alberta;
(f) "Operating Procedure" means the 1990 CAPL Operating Procedure.;
(g) "Petroleum Substances" means all crude oil, natural gas and related
hydrocarbons and any other substances, whether fluids or solids and
whether hydrocarbons or not, but only insofar as and to the extent
the same are granted by the title document.
(h) "point of measurement" shall mean the production tankage in the case
of crude oil, the wellhead in the case of natural gas and the point
of delivery for all other petroleum substances.
(i) "Regulations" means all statues, laws, rules, orders and regulations
in effect from time to time and made by governmental authorities
having jurisdiction over the royalty lands and over the operations
to be conducted thereon;
(j) "royalty lands" means the lands more particularly described and from
time to time remaining in Schedule "A".
(k) "title document" means the documents of title by virtue of which the
holders thereof are entitled to drill for, win, take or remove
Petroleum Substances underlying all or any part of the royalty lands
and includes all renewals or extensions thereof or other title
documents issued thereunder or in substitution therefor.
2. Reservation of Royalty
(a) Grantor hereby grants and assigns to the Royalty Owner a gross
overriding royalty equal to two and one half percent (2.5%) of the
current market value on one hundred percent (100%) of all petroleum
substances produced, saved and marketed from the royalty lands
(hereinafter referred to as the "royalty").
(b) The royalty shall be in addition to the royalties payable under and
pursuant to the title document. The royalty shall be paid to the
Royalty Owner during the term of the title document and any renewal,
extension, variation or replacement thereof.
(c) If any petroleum substances are sold at less than current market
value in any transaction (including those transactions which are not
at arm's length or any transaction involving any arrangement from
which the Grantor obtains a collateral advantage in consideration of
a reduced price, the gross proceeds of sale of such petroleum
substances for the purposes of calculating the royalty under
subclause 2(a) hereof shall be deemed to be not less than the
current market value of those Petroleum Substances when sold.
(d) If any well drilled on the royalty lands is classified by the
appropriate governmental authority as an oil well; and is completed
in more than one producing oil zone and the production therefrom is
segregated and accounted for separately in accordance with the
Regulations, then the computation of the royalty provided for in
subclause 2(a) hereof shall be made separately for each producing
zone rather than for the total production from such well.
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3. Commingling Production
The Grantor shall have the right to commingle Petroleum Substances
produced from the royalty lands with Petroleum Substances produced from
other lands provided methods acceptable to the Royalty Owner are used to
determine the proper measurement of individual well production.
Where Governmental regulations or orders require segregated production
tests of individual xxxxx at intervals not greater than two months, such
tests will be deemed acceptable to the Royalty Owner under this Clause and
no further tests will be required.
4. Right to Pool or Unitize
Grantor is hereby given the right and authority, at any time and from time
to time, to pool the royalty lands, or any portion thereof or to unitize
the royalty lands or any portion thereof, or any zone or formation
underlying the royalty lands, or any portion thereof, with any other lands
or any zone or formation underlying the same, on reasonable terms and
conditions. In the event of such pooling or unitization, the Royalty Owner
shall, in lieu of the royalty, receive royalty at the rate herein
specified but calculated on that portion of the production of the
Petroleum Substances from the area so pooled or unitized which is
allocated to that portion of the royalty lands which is contributed to the
pooled or unitized area pursuant to the pooling or unitization agreement
concerned.
5. Operations
Grantor may use any of the petroleum substances produced from the royalty
lands or allocated thereto pursuant to a pooling and unitization agreement
in its operations on or in respect to the royalty lands and the Royalty
Owner shall own no royalty hereunder in the Petroleum Substances so used.
6. Taking in Kind
(a) Royalty Owner may by notice to Grantor elect to take its royalty in
kind or to revoke any previous election made by it to take in kind,
provided that Royalty Owner may not make an election with respect to any
of the Petroleum Substances within one hundred and eighty (180) days after
any prior election relating to that same portion of the Petroleum
Substances. Such election to take in kind may be exercised separately with
respect to crude oil, natural gas and condensate. If Royalty Owner elects
to take its royalty in kind, the percentages and measurement criteria
stipulated in Clause 2 hereof shall apply to the quantities of Petroleum
Substances produced and saved at the wellhead instead of the gross
proceeds of sale or the current market value thereof, as the case may be.
Commencing with the month next following sixty (60) days after receipt of
such notice, Grantor, in accordance with the notice and as provided in
Clause 7 hereof, shall either:
(i) deliver to the Royalty Owner or to its nominee, the Royalty
Owner's royalty share of all petroleum substances produced from the
royalty lands which Royalty Owner has elected to take as provided
above, or
(ii) pay the royalty in cash as provided in Clause 2 hereof.
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(b) Any such election by the Royalty Owner to take in kind shall be
subject to the terms of any sales contracts which Grantor may have
previously made with respect to production of petroleum substances
from the royalty lands which shall be consistent with the minimum
needs of the industry under the circumstances but shall not, however
exceed one (1) year without the Royalty Owner's written approval.
(c) If the Royalty Owner elects to take its royalty share or crude oil
in kind, Grantor shall:
(i) at no cost or charge to the Royalty Owner, remove basic
sediment and water from the Royalty Owner's share of crude oil
in accordance with normal oilfield practices so that pipeline
specifications in that regard are met, and
(ii) at the request of the Royalty Owner, provide production
tankage capacity for not more than ten (10) days' accumulation
of the Royalty Owner's share of crude oil and Grantor shall
deliver the same to the Royalty Owner, or to the Royalty
Owner's nominee, at the tank outlets in accordance with usual
customary shipping practice, free and clear of all charges
whatsoever.
(d) If the Royalty Owner elects to take its royalty share of petroleum
substances other than crude oil in kind, the Royalty Owner shall
either take its share thereof at the wellhead or shall make
arrangements for the processing of such substances.
7. Sale of Royalty
(a) When and so often as the Royalty Owner shall fail or refuse to take
the royalty in kind and separately dispose of the same, the Grantor
shall have the authority, revocable by the Royalty Owner at will
(subject to any existing sales contracts) to sell, and shall sell
for the account of the Royalty Owner, the royalty for such periods
of time as are consistent with the minimum needs of the industry
under the circumstances, but in no event shall any contract be for a
period in excess of one (1) year.
(b) The Grantor shall pay to the Royalty Owner, for the royalty sold or
purchased by the Grantor, the current market value thereof on or
before the first day of the second month following the month of
production and shall include therewith a complete statement of
inventories, production and sales for the month of production.
(c) If any royalty remains unpaid at the expiration of the period
specified above, Royalty Owner may, by notice, advise the Grantor of
same. If the Grantor does not pay the royalty within thirty (30)
days of receipt of such notice, then from the expiration of the
period specified above, the unpaid amount shall bear interest at the
prime rate plus two percent (2%) per annum until paid. In this
subclause, "prime rate" means the rate of interest expressed as a
percentage per annum used and announced by the Canadian Imperial
Bank of Commerce as a reference rate then in effect for determining
interest on Canadian dollar commercial loans in Canada. The prime
rate shall be determined on the last day of each month and applied
to the next succeeding month.
(d) Grantor shall maintain complete and accurate records of the
petroleum substances produced, or deemed to have been produced,
saved and sold from the royalty lands and of the monies received
therefrom and shall forward with each payment of royalty hereunder a
statement giving sufficient detail for the Royalty Owner to
ascertain the accuracy of the payment made therewith. The Grantor
shall also forward to the Royalty Owner a copy of Grantor's
governmental production statement for the month for which the
royalty is calculated and, with respect to Crown permits, a copy of
the Crown royalty statement with respect to those permits.
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8. Deductions
There are no deductions allowed to be taken by the Grantor (for the
purposes of calculating the royalty payments), and all royalty amounts
owing and payable under this agreement shall be calculated as determined
by the volumes produced at the wellhead or other reservoir proximity to
in-situ equivalent thereto. It is also agreed to that the Royalty Owner
shall have the right to register this royalty interest on the lands and
that regardless of such registration, the royalty is deemed to be an
interest in land and as such will have all of the legal rights associated
with an interest in land.
9. Ratable Production
The Grantor shall make every reasonable endeavor within its legal
authority to market any of the Petroleum Substances produced or capable of
being produced from the royalty lands rateably with any other similar
substances produced from any lands within the same field in which the
Grantor, its parent or subsidiary or subsidiary of its parent has an
interest and further the Grantor covenants that it will not discriminate
against the petroleum substances produced or capable of being produced
from the royalty lands in the production and marketing of the same.
10. Indemnity
The Grantor shall indemnify and save harmless the Royalty Owner from and
against all actions, suits, claims and demands whatsoever by any person or
persons whomsoever, and in respect of any loss, injury, damage or
obligation arising out of or connected with any of the operations of the
Grantor conducted on the royalty lands.
11. Grantor Not Obliged to Develop
Notwithstanding any provision herein contained, Grantor shall be under no
obligation to the Royalty Owner to develop the royalty lands or any part
thereof or to produce the Petroleum Substances which may be within, upon
or under the royalty lands.
12. Force Majeure
None of the parties hereto shall be deemed to be in default in respect to
non-performance of their obligations hereunder if and so long as their
non-performance is due to strikes, lockouts, fire, tempest or acts of God
or the queen's enemies, or any other cause (whether similar or dissimilar
to those enumerated) beyond its control, but lack of finances shall not in
any event be deemed to be a cause beyond the control of a party.
13. Surrender
Grantor may at any time and from time to time surrender the title document
or any severable part thereof upon giving the Royalty Owner at least sixty
(60) days notice in writing (herein called "the surrender notice"), before
the accrual of a rental or other obligation under the title document, of
its intention so to surrender specifying the effective date of such
surrender and in the case of a partial surrender the lands intended to be
surrendered. Unless the Royalty Owner, within thirty (30) days of the
service of the surrender notice, gives notice in writing to the Grantor
requiring an assignment of the title document to the extent that it
comprises the lands referred to in the surrender notice, the Grantor may
surrender same and thereupon all of the Grantor's obligations under this
Agreement with respect to the interest so surrendered shall cease. If the
Royalty Owner, within thirty (30) days gives notice in writing to Grantor
requiring an assignment as aforesaid the Grantor shall forthwith deliver
to the Royalty Owner a proper assignment, in favour of the Royalty Owner,
of the title document to the extent that it comprises the lands subject to
the surrender notice, and the Grantor thereafter shall be under no
liability under this Agreement in any manner whatsoever in connection with
the interest so assigned and the Royalty Owner shall indemnify and save
the Grantor harmless from all obligations which shall accrue under the
title document in respect of such lands from the effective date of the
surrender.
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14. Records
Grantor shall maintain in Canada at all times current books, records and
accounts showing the quantity of Petroleum Substances taken out of each
well drilled on the royalty lands, or allocated to the royalty lands, and
the disposition thereof, and shall permit the royalty Owner to inspect or
audit the same and to make copies thereof. Insofar as Grantor may grant
such right, it shall permit the employees or agents of Royalty Owner to
enter upon the royalty lands, or any other lands from which Petroleum
Substances subject to the royalty are produced, at its sole risk and
expense for the purpose of ascertaining the quantity and nature of the
Petroleum Substances produced from any well thereon. All information
obtained by Royalty Owner pursuant to this clause shall be treated as
confidential and shall not be disclosed to third persons without prior
written consent of the Grantor.
15. Audits
(a) The Royalty Owner, by reasonable notice to Grantor and at its own
expense may audit Grantor's books, accounts and records for a
calendar year relating to the production, disposition and sale of
the Petroleum Substances with respect to which Grantor is required
to pay the Royalty Owner's royalty, provided that such audit shall
be conducted and completed within twenty-six (26) months following
the end of such calendar year and shall be conducted so as to cause
Grantor a minimum of inconvenience. Upon receiving notice that the
Royalty Owner wishes to conduct an audit, Grantor, at its own
expense, shall make available the said books, accounts and records
in Alberta and shall permit the Royalty Owner to conduct the audit
during normal business hours. Grantor shall, within three (3) months
following completion of the audit, take required action to resolve
the claims or discrepancies disclosed by that audit and if it does
not do so, the results of the audit shall be deemed to be correct.
If required, Grantee shall be entitled to a face-to-face meeting to
resolve the claims and discrepancies, and Grantor shall attend with
representatives with sufficient seniority to make effective and
binding decisions on behalf of Grantor.
(b) The Royalty Owner may also, through its servants or agents, and at
its sole risk and expense, enter on the royalty lands and at all
reasonable times gauge tanks, check the quantities of Petroleum
Substances in storage, witness tests and otherwise view operations
on the royalty lands.
(c) Any payment made or statement rendered by Grantor hereunder which is
not disputed by the Royalty Owner within three (3) months from the
last day during which the Royalty Owner may, under subclause 16(a)
hereof, conduct an audit in connection with such payment or
statement shall be deemed to have been correct.
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16. Remedies
(a) The Royalty Owner shall be entitled to and shall have a first and
paramount charge upon Grantor's share of all Petroleum Substances
from time to time produced from the royalty lands to secure the
payment of any cash payment in respect of the royalty. Such charge
shall be first and paramount with respect to all other liens,
charges and encumbrances against Grantor's share of all Petroleum
Substances and shall not operate to release Grantor from personal
liability for monies due to the Royalty Owner. Such charge shall
attach to Grantor's share of Petroleum Substances sold or otherwise
disposed of from the royalty lands and immediately on default
occurring in payment by Grantor of monies payable to the Royalty
Owner, such charge shall operate as an assignment to the Royalty
Owner of the consideration thereafter payable to Grantor for the
Petroleum Substances sold up to the amount owed to the Royalty Owner
and not so paid by Grantor.
(b) Service of a copy of this Agreement upon any purchaser of Petroleum
Substances together with written notice from the Royalty Owner
setting forth the amount owed to the royalty Owner shall constitute
written authorization on the part of Grantor for such purchaser to
pay the Royalty Owner the proceeds from any sale or sales of
Grantor's share of Petroleum Substances up to the amount owed to the
Royalty Owner by Grantor, and such purchaser is authorized to rely
upon the statement of the Royalty Owner as to the amount owed to it
by Grantor. The Royalty Owner shall also serve Grantor with a copy
of the written notice at the same time the notice is served upon the
purchaser of Petroleum Substances.
(c) Without restricting any other rights which the Royalty Owner may
have under this Agreement or at law, the Royalty Owner shall have
the right to recover any overdue payments thereunder by setting off
the amount thereof against any other Monies whatsoever which may now
or in future be or become owing by the Royalty Owner to Grantor.
17. Assignment by Grantor
Grantor may assign any legal or equitable interest in this Agreement, the
royalty lands, the title document or any portion or portions thereof and
in the event of such assignment, the Grantor shall continue to be bound by
all of the conditions and provisions of this Agreement as if there had
been no assignment until such time as the Royalty Owner shall have been
served with a copy of the assignment and a written undertaking under seal
by the Grantor, directly enforceable by the Royalty Owner, to perform and
be bound thereafter by all of the terms and provisions of this Agreement
to the same extent and degree, with respect to the interest which has been
assigned to it, as it would have been if it had been a party to this
Agreement in the place and stead of Grantor. Any assignment thereunder
shall be made in accordance with the Assignment Procedure.
18. Assignment by the Royalty Owner
The Royalty Owner may at any time assign, all or part of its interest
thereunder provided that if at any time the share of the royalty payable
to the Royalty Owner becomes held by more than one entity, Grantor may
require that all entities claiming such share appoint in writing an agent
to deal with claiming such share appoint in writing an agent to deal with
Grantor hereunder and to receive all payments of that share of the royalty
for distribution to the holders thereof. If such holder neglects or
refuses to appoint such an agent, the Grantor may withhold payment of the
royalty until such agent is appointed. In the event of such disposition,
the Royalty Owner shall continue to be bound by all of the conditions and
provisions of this Agreement as if there had been no disposition until
such time as Grantor shall have been served with a copy of the assignment
and a written undertaking under seal by the royalty Owner, directly
enforceable by the Grantor, to perform and be bound thereafter by all of
the terms and provisions of this Agreement to the same extent and degree,
with respect to the interest which has been assigned to it, as it would
have been if it had been a party to this Agreement in the place and stead
of the Royalty Owner. Any assignment hereunder shall be made in accordance
with the Assignment Procedure.
- 8 -
19. Service of Notice
All payments hereunder in respect of the royalty shall be paid or tendered
to the Royalty Owner at the address shown herein for service of notices
which shall continue to be the place for payment of any and all sums
payable hereunder regardless of change of ownership, whether by assignment
or otherwise, until the Grantor has been notified by the Royalty Owner in
writing to make such payment to any other payee whose name and address
shall be specified in such notices. Notices may be serviced:
(a) Personally by leaving them with the party on whom they are to be
served at that party's address hereinafter given. Personally served
notices shall be deemed received by the addressees when actually
delivered provided such delivery shall be normal business hours; or
(b) by telephone (or by any other like method by which a written and
recorded message may be sent) directed to the party on whom they are
to be served at that party's address hereinafter given. Notices so
served shall be deemed received by the addresses thereof eight hours
after the time of transmission or at the commencement of the next
ensuing normal business day, whichever is the later, or
(c) by mailing them first class (air mail it to or from the United
States of America) registered post, postage prepaid to the party on
whom they are to be served. Notices so served shall be deemed to be
received by the addressees on the fifth day (excluding Saturdays,
Sundays and Statutory Holidays) following the mailing thereof in
Canada or the United States of America.
The address of each of the respective parties hereto shall be as
follows:
808099 Alberta Ltd. Stripper Energy Services Limited
1250, 000 -0xx Xxxxxx XX 0000, 330 5th Avenue S.W.
Calgary AB T2P 0M9 Xxxxxxx, Xxxxxxx. X0X 0X0
Any party hereto may change its said address by written notice
served as aforesaid.
20. Further Assurances
Each of the parties hereto shall, from time to time and at all times, do
such further acts and deliver all such further assurances, deeds and
documents as shall be reasonably required in order to fully perform and
carry out the terms of this Agreement.
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21. Supersedes Previous Agreements
This Agreement supersedes all other agreements, documents, writings and
verbal understandings between the parties hereto relating to the royalty
lands.
22. Laws of Jurisdiction
This Agreement shall be construed and interpreted in accordance with the
laws of the Province of Alberta and Canada.
23. Time of Essence
Time shall be of the essence of this Agreement.
24. No Amendment Except In Writing
No amendment or variation of the provisions of this Agreement shall be
binding upon any party unless it is evidenced in writing executed by the
party.
25. Binds Successors and Assigns
This Agreement shall enure to the benefit of and shall bind the parties
hereto and their respective successors and assigns, and the heirs,
executors, administrators and assigns of natural persons who are or become
parties hereto.
26. Term
This Agreement shall terminate when all title documents on the royalty
lands or lands which become royalty lands, in which Grantor, its
successors or assigns have an interest, expire or are surrendered.
Each party agrees that this conveyance may be executed by fax and that once
executed by fax it is binding, with both parties agreeing that original copies
will be executed as soon as possible.
IN WITNESS WHEREOF the parties have executed this Agreement as of the day
and year first above written.
808099 ALBERTA LTD. STRIPPER ENERGY SERVICES LIMITED.
/s/ /s/ Xxxx X. Xxxxxxxx - Director
-------------------------------- --------------------------------
-------------------------------- --------------------------------
SCHEDULE "A"
Attached to and forming part of a Gross Overriding Royalty Agreement dated
September 29, 2004 between 808099 ALBERTA LTD. as Grantor and STRIPPER ENERGY
SERVICES LIMITED as Royalty Owner.
"royalty lands"
One Hundred (100%) percent Working Interest in the Firebag East Permits, located
in Northwest Saskatchewan, as described below:
----------------------------------------------------------------------------------------------------------------------
Permits Lands Encumbrances
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxxxx Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxx 00,
Xxx 00, X0X: Xxxx 0-0, xxx0, xxx 0, xxxx
0-00, xxx00, ptn 19, secs 20-29, ptn 30,
ptn 31, secs 32-36 (containing 88,782
acres)
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxxxx Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxx 00,
Xxx 00, X0X: Xxxx 0-0, xxx0, xxx 0, xxxx
0-00, xxx00, ptn 19, secs 20-29, ptn 30,
ptn 31, secs 32-36 (containing 88,782
acres)
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxxxx Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Secs 1-36
(containing 92,160 acres)
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxxxx Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxx 00,
Xxx 00, X0X: Xxxx 0-0, xxx0, xxx 0, xxxx
0-00, xxx00, ptn 19, secs 20-29, ptn 30,
ptn 31, secs 32-36 (containing 88,692
acres)
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxxxx Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Secs 1-36
(containing 92,160 acres)
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxxxx Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxx 00,
Xxx 00, X0X: Xxxx 0-0, xxx0, xxx 0, xxxx
00-00, xxx 16, ptn 21, secs 22-27, ptn
28, ptn 33, secs 34-36.
(containing 83,460 acres)
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00,X0X: Secs 1-36 Crown Lessor Royalty
Permit # PS00211 Xxx 00, Xxx 00,X0X: Xxxx 0-00
Xxx 00, Xxx 00,X0X: Xxxx 0-00
Xxx 00, Xxx 00,X0X: Secs 1-36
(containing 92,160 acres)
----------------------------------------------------------------------------------------------------------------------
- 11 -
----------------------------------------------------------------------------------------------------------------------
Permits Lands Encumbrances
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxxxx Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxx 00,
Xxx 00, X0X: Xxxx 0-0, xxx0, xxx 0, xxxx
00-00, xxx 16, ptn 21, secs 22-27, ptn
28, ptn 33, secs 34-36.
(containing 83,432 acres)
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxxxx Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxx 00,
Xxx 00, X0X: Xxxx 0-0, xxx0, xxx 0, xxxx
00-00, xxx 16, ptn 21, secs 22-27, ptn
28, ptn 33, secs 34-36.
(containing 83,360 acres)
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxxxx Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 000, Xxx 00, X0X: Secs 1-36
(containing 92,160 acres)
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxxxx Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxx 00,
Xxx 00, X0X: Xxxx 0-0, xxx0, xxx 0, xxxx
00-00, xxx 16, ptn 21, secs 22-27, ptn
28, ptn 33, secs 34-36.
(containing 83,340 acres)
----------------------------------------------------------------------------------------------------------------------
Saskatchewan Oil Shale Exploration Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxxxx Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 00, Xxx 00, X0X: Xxxx 0-00
Xxx 00, Xxx 00, X0X: Xxxx 0-00 Xxx 00,
Xxx 00, X0X: Secs 1-2, ptn 3, ptn 10,
secs 11-14, ptn 15, ptn 22, secs 23-26,
ptn 27, ptn 34, secs 35-36 (containing
78,006 acres)
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Saskatchewan Oil Shale Exploration Xxx 000, Xxx 00, X0X: Secs 1-12 Crown Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 000, Xxx 00, X0X: Xxxx 00-00
Xxx 000, Xxx 00, X0X: Xxxx 0-00 Xxx 000,
Xxx 00, X0X: Xxxx 0-00 Xxx 000, Xxx 00,
X0X: Secs 1-2, ptn 3, ptn 10, secs
11-14, ptn 15, ptn 22, secs 23-26, ptn
27, ptn 34, secs 35-36 (containing
78,360 acres)
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Saskatchewan Oil Shale Exploration Xxx 000, Xxx 00, X0X: Secs 1-36 Crown Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 000, Xxx 00, X0X: Xxxx 0-00
Xxx 000, Xxx 00, X0X: Xxxx 0-00 Xxx 000,
Xxx 00, X0X: Secs 1-2, ptn 3, ptn 10,
secs 11-14, ptn 15, ptn 22, secs 23-26,
ptn 27, ptn 34, secs 35-36 (containing
77,958 acres)
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Saskatchewan Oil Shale Exploration Xxx 000, Xxx 00, X0X: Secs 1-36 Crown Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 000, Xxx 00, X0X: Xxxx 0-00, 00-00, 00, 00-00,
00
Xxx 000, Xxx 00, X0X: Xxxx 0-00 Xxx 000,
Xxx 00, X0X: Secs 1-2, ptn 3, ptn 10,
secs 11-14, ptn 15, ptn 22, secs 23-26,
ptn 27, ptn 34, secs 35-36 (containing
71,552 acres)
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Permits Lands Encumbrances
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Saskatchewan Oil Shale Exploration Xxx 000, Xxx 00, X0X: Secs 1-36 Crown Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 000, Xxx 00, X0X: Xxxx 0-00
Xxx 000, Xxx 00, X0X: Secs 1-36
(containing 69,120 acres)
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Saskatchewan Oil Shale Exploration Xxx 000, Xxx 00, X0X: Secs 1-36 Crown Lessor Xxxxxxx
Xxxxxx # XX00000 Xxx 000, Xxx 00, X0X: Xxxx 00-00
Xxx 000, Xxx 00, X0X: Xxxx 0-00,00-00,
00-00, 00, 00 Xxx 000, Xxx 00, X0X: Ptn
1, ptn 12, ptn 13, ptn 24, ptn 25, ptn
36.
(containing 68,754 acres)
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