CHANCELLOR GROUP, INC. Common Stock Purchase Warrant (Expiring on December 31, 2014)Chancellor Group Inc/ • August 10th, 2009 • Crude petroleum & natural gas
This is to certify that, for value received and subject to the conditions herein set forth, Koala Pictures Proprietary Ltd. (the "Warrantholder") is entitled to purchase, at a price per share of Two Cents ($0.02) per share, Two Million Five Hundred Thousand (2,500,000) shares of common stock, par value $0.001 per share (the "Common Stock"), of Chancellor Group Inc., a Nevada corporation (the "Company"), subject to adjustment as provided below (such shares purchasable upon exercise of this Warrant are herein called the "Warrant Stock"). The amount per share specified above, as adjusted from time to time pursuant to the provisions hereinafter set forth, is herein called the "Purchase Price." This Warrant will be immediately exercisable and may be exercised anytime after its issuance. In the event of a exercise of this Warrant, the Warrantholder shall surrender this Warrant to the Company with payment of the Purchase Price, together with a notice of exercise (the date of such surrender be
