EXHIBIT 10.8.1
[Certain portions of this
agreement have been omitted and filed separately with the
Commission
pursuant to the Registrant’s application requesting
confidential treatment under Rule 24b-2 of the Securities Exchange
Act of 1934, as amended]
AMENDMENT AGREEMENT NO. 2 TO
JOINT VENTURE AGREEMENT
THE AMENDING AGREEMENT No. 2 (this
“Agreement”) dated as of March 17, 2008, among the
Buffalo River Dene Development Corporation (the
“BRDDC”) and Access Energy Inc. (“Access
Energy”).
WHEREAS, BRDDC and Access Energy (collectively
the “Parties”) are parties to a Joint Venture Agreement
dated November 30, 2006 (the “JV
Agreement”);
WHEREAS, the JV Agreement was subsequently
amended on May 9, 2007;
WHEREAS, the Parties wish to amend the JV
Agreement in order to properly reflect their current agreement with
respect to the matters addressed herein; and
NOW, THEREFORE, in consideration of the premises
and the mutual agreements contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as
follows:
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1.
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Section I – Definitions .
Capitalized terms used herein (including in the recitals above)
without definition and which are defined in the JV Agreement are
used herein with the respective meanings given such terms in the JV
Agreement;
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2.
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Section IV Profits . The parties agree
that the following amendment shall become effective automatically
and without any further action by any Party;
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(a)
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The heading “Profits” will be
amended to read “Profits, Fees and Financial
Obligations”
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(b)
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Section 8.6 is added to the JV Agreement and
shall become effective automatically and without any further action
by any Party;
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“Access will contribute
$[Confidential treatment requested] per year for four years
commencing in 2007 until 2011 to assist in capacity building and
development and implementation of the IMBA. In 2011, the BRDN will
assess the actual cost of ongoing implementation annually and this
will be paid by Access;”
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(c)
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Section 8.7 is added to the JV Agreement and
shall become effective automatically and without any further action
by any Party;
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“Access will make available
and administer a loan availability fund of up to $[Confidential
treatment requested] to assist any BRDN existing forestry
contractors exiting that industry to make a transition to approved
contracts within the venture. The maximum assistance per contractor
is $[Confidential treatment requested] and will be repayable
from contracts that the contractors might be approved
for;”
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(d)
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Section 8.8 is added to the JV Agreement and
shall become effective automatically and without any further action
by any Party;
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JVA Amendment #2 (7)(2)
[Certain portions of this
agreement have been omitted and filed separately with the
Commission
pursuant to the Registrant’s application requesting
confidential treatment under Rule 24b-2 of the Securities Exchange
Act of 1934, as amended]
“Access will contribute
$[Confidential treatment requested] per year in order to
assist with infrastructure, including roads, public services and
housing;”
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(e)
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Section 8.9 is added to the JV Agreement and
shall become effective automatically and without any further action
by any Party;
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“Access will contribute
$[Confidential treatment requested] per year in order to
assist with research on impacts on water, wildlife and other
resources;”
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(f)
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Section 8.10 is added to the JV Agreement and
shall become effective automatically and without any further action
by any Party;
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“Access will contribute
$[Confidential treatment requested] in order to assist with
participation options pursuant to Article IV. These funds will be
dealt with in accordance with the following structure:
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(i)
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In the event the project is not viable, the
monies will be forgiven and the BRDN will not be responsible for
repayment;
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(ii)
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In the event the project is viable, upon the
successful completion of a Proven and Probable Reserve Report, BRDN
will contribute 5% of its gross income to Access, as
repayment;
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(iii)
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Interest will accrue on the $[Confidential
treatment requested] which shall not exceed the Prime Lending
Rate, as determined by the Royal Bank of Canada or as otherwise
agreed to in writing by both parties; and
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(iv)
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For the purposes of this clause, the term
“viability” will means wells producing commercial
quantities as determined by BRDN in consultation with Access and
through assessment reports or commercial bankable feasibility
reports as required by BRDN to access its potential investment and
costs will be paid for by Access”.
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(g)
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Section 8.11 is added to the JV Agreement and
shall become effective automatically and without any further action
by any Party;
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(i)
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“The scope of BRDN’s participation
rights, including participation rates and extent to which the
participation right will be executed will be a 30 day casing point
election or operations notice.
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(ii)
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For each well, BRDN will be provided with all
data pertinent to the election available at the time of notice,
including well logs, daily drilling reports (including core and
sample descriptions), and any other drilling data and production
test data which may be available to it.
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(iii)
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On receiving the required notice and data, BRDN
and its subsidiary must, within 30 days from presentation of the
data, notify the producer of the working interest it elects in the
well project. If the election is not made
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JVA Amendment #2 (7)(2)
[Certain portions of this
agreement have been omitted and filed separately with the
Commission
pursuant to the Registrant’s application requesting
confidential treatment under Rule 24b-2 of the Securities Exchange
Act of 1934, as amended]
within the allowed time or if BRDN
elects not to participate, then BRDN will be deemed to have elected
not to participate in the well project but the penalty provisions
of the Operation Procedure attached to the Joint Venture Agreement
will apply. The producer will advise alto when the penalty period
is expiring.
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(iv)
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If BRDN elects to participate in the well
project, it must approve the corresponding AFE and the part of the
minerals lands associated with that spacing unit will constitute
“joint land” for the purposes of the Operating
Procedure”.
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(h)
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Section 8.12 is added to the JV Agreement and
shall become effective automatically and without any further action
by any Party;
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(i)
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“Access recognizes that the BRDN currently
has an outstanding claim with the Province of Saskatchewan and the
Government of Canada, including a claim of Denesuline title to
mineral rights within their territories. It is understood and
agreed that Access will adhere to any legal requirement or decision
rendered with respect to those claims and will pay the royalties as
negotiated.”
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(i)
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Section 8.13 is added to the JV Agreement and
shall become effective automatically and without any further action
by any Party;
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“Access will contribute
$[Confidential treatment requested] per year to hire a
Traditional Lands environmental officer and environmental manager
trainee.”
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(j)
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Section 8.14 is added to the JV Agreement and
shall become effective automatically and without any further action
by any Party;
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“To enable skills development
on an individual or group basis that will ultimately encourage
successful and satisfying employment within the BRDN community.
Access will contribute the following:
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(i)
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Access will support, financially or through
other means, education and training programs that provide career
planning and skills development. Specifically, Access will
contribute $[Confidential treatment requested] per year for
each eligible student that is confirmed and enrolled in an
accredited post-secondary institution program to obtain a degree or
diploma;
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(ii)
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Access will provide presentations at career days
or conferences, upon request, at agreeable times and dates and will
contribute $[Confidential treatment requested] per year to
identify opportunities that exist in the oil and gas
industry;
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(iii)
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Access will assist the BRDN in seeking funding
opportunities to support training objectives;
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JVA Amendment #2 (7)(2)
[Certain portions of this
agreement have been omitted and filed separately with the
Commission
pursuant to the Registrant’s application requesting
confidential treatment under Rule 24b-2 of the Securities Exchange
Act of 1934, as amended]
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(iv)
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Access will contribute $[Confidential
treatment requested] per year towards, salary, travel and
disbursements for an education and training coordinator who will
assist adult learners and children in identifying education and
training opportunities and focus;
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(v)
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Access will contribute [Confidential
treatment requested]% of the annual salary per year required in
order to hire a Traditional Lands coordinator’s position who
will be responsible for the development, coordinator and execution
of exposure to children of traditional land use, survival,
traditional skills and values;
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(k)
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Section 8.15 is added to the JV Agreement and
shall become effective automatically and without any further action
by any Party;
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(i)
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Access agrees to participate in the BRDN
Traditional Land Use Studies by contributing $[Confidential
treatment requested] for a one year of the study.
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IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed on the date first above
written.
ACCESS ENERGY INC.
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Per:
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/s/ Paul A.
Parisotto
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Paul A. Parisotto
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BUFFALO RIVER DENE
DEVELOPMENT
CORPORATION
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Per:
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/s/ Louis R.
Chanalquay
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Louis R. Chanalquay
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JVA Amendment #2 (7)(2)