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O I L S A N D S L E A S E

Lease Agreement

O I L S A N D S L E A S E | Document Parties: SCOTT LAND  LEASE LTD You are currently viewing:
This Lease Agreement involves

SCOTT LAND LEASE LTD

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Title: O I L S A N D S L E A S E
Date: 8/3/2007

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Alberta

                                           ENERGY

 

 

 

 

O I L    S A N D S    L E A S E    
NO.  7406080083

 

Term Commencement Date: August 10, 2006

 

Lessee:  
   
SCOTT LAND & LEASE LTD. 100.0000000%


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OSLF
29-06-06

          WHEREAS Her Majesty is the owner of the minerals in respect of which rights are granted under this Lease;

          THEREFORE, subject to the terms and conditions contained in this Lease, Her Majesty grants to the Lessee, insofar as Her Majesty has the right to grant the same, the exclusive right to drill for, win, work and recover the Leased Substances within the Location, together with the right to remove from the Location any Leased Substances recovered, for the term of fifteen (15) years computed from the Term Commencement Date and, subject to the Mines and Minerals Act, for so long after the expiration of that term as this Lease is permitted to continue under the Mines and Minerals Act,

          RESERVING AND PAYING to Her Majesty,

  (a)

in respect of each year during which this Lease remains in effect, a clear yearly rental computed at the rate prescribed by, and payable in accordance with, the Mines and Minerals Act, and

     
  (b)

the royalty on all Leased Substances recovered pursuant to this Lease, that is now or may hereafter from time to time be prescribed by, and that is payable in accordance with, the Mines and Minerals Act, such royalty to be calculated free of any deductions except those that are permitted under the Mines and Minerals Act.


1(1)

In this Lease, a reference to the Mines and Minerals Act or to any other Act of the Legislature of Alberta referred to in section 2(2)(b) of this Lease shall be construed as a reference to


  (a)

that Act, as amended from time to time,

     
  (b)

any replacement of all or part of that Act from time to time enacted by the Legislature, as amended from time to time, and

     
  (c)

any regulations, orders, directives or other subordinate legislation from time to time made under any enactment referred to in clause (a) or (b), as amended from time to time.


(2)

In this Lease,

     
(a)

"Her Majesty" means Her Majesty in right of Alberta, as represented by the Minister of Energy of the Province of Alberta;

     
(b)

"Leased Substances" means the minerals described under the heading "Description of Location and Leased Substances" in the Appendix to this Lease;



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     OSLF
29-06-06

  (c)

"Location" means the subsurface area or areas underlying the surface area of the Tract and


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