SUB-PARTICIPATION AGREEMENTSub-Participation Agreement • November 14th, 2003 • Fairchild International Corp • Mining & quarrying of nonmetallic minerals (no fuels)
Pursuant to the terms of a participation agreement dated September 30, 2003 (the "Participation Agreement") between Patch, and PB Energy USA Inc. ("PB"), Patch was granted the right to earn a 3.75% working interest in the Test Well and a 3.75% working interest in the Program Lands (as those capitalized terms are defined in this Participation Agreement) by paying 5% of the Prospect Acquisition Costs being US$15,000, 5% of the Test Well Operations and 3.75% of the costs of Development of Program Lands, (collectively "the Costs") (as those capitalized terms are defined in the Participation Agreement (the "Interest");
ALBERTA STAR DEVELOPMENT CORP. Suite 506 - 675 West Hastings Street · Vancouver · British Columbia · V6B 1N2 Telephone: (604) 681-3131 Facsimile: (604) 408-3884 NEWS RELEASESub-Participation Agreement • October 15th, 2010 • Alberta Star Development Corp • Metal mining
CALGARY, ALBERTA - Alberta Star Development Corp. (TSXV:ASX) (“Alberta Star” or the “Company”) announces that it has entered into a sub-participation agreement with Arctic Hunter Uranium Inc. (“Arctic Hunter”). Under the agreement, Arctic Hunter has agreed to participate with Alberta Star in the two (2) test wells by October 31, 2010. Alberta Star holds a 50% working interest in the Landrose, Saskatchewan assets which form part of the heavy oil assets acquired by Alberta Star on August 6, 2010 from Western Plains Petroleum Ltd. (“Western Plains”). Under the agreement, Arctic Hunter must pay 100% of Alberta Star’s share of the cost to drill, complete and equip or abandon the test wells to earn a (50% net) before payout (BPO), reserving to Alberta Star a convertible overriding royalty of 10% until payout. After payout, Alberta Star has the option to either convert the gross overriding royalty to a 50% working interest (25% net) in the two test well spacing units or remain in a gross over
