Alberta
ENERGY
OIL SANDS LEASE
NO. 7406080084
Term Commencement Date: August 10, 2006
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Lessee:
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SCOTT LAND & LEASE LTD.
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100.0000000%
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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,
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(a)
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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
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(b)
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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.
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1(1)
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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
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(a)
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that Act, as amended from time to time,
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(b)
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any replacement of all or part of that Act from
time to time enacted by the Legislature, as amended from time to
time, and
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(c)
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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.
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(2)
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In this Lease,
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(a)
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"Her Majesty" means Her Majesty in right of
Alberta, as represented by the Minister of Energy of the Province
of Alberta;
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(b)
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"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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(c)
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"Location" means the subsurface area or areas
underlying the surface area of the Tract and des
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