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");
