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:

 

1.

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;

 

2.

Section IV Profits. The parties agree that the following amendment shall become
effective automatically and without any further action by any Party;

 

 

(a)

The heading “Profits” will be amended to read “Profits, Fees and Financial
Obligations”

 

 

(b)

Section 8.6 is added to the JV Agreement and shall become effective
automatically and without any further action by any Party;

 

“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;”

 

 

(c)

Section 8.7 is added to the JV Agreement and shall become effective
automatically and without any further action by any Party;

 

“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;”

 

 

(d)

Section 8.8 is added to the JV Agreement and shall become effective
automatically and without any further action by any Party;

 

 

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;”

 

 

(e)

Section 8.9 is added to the JV Agreement and shall become effective
automatically and without any further action by any Party;

 

“Access will contribute $[Confidential treatment requested] per year in order to
assist with research on impacts on water, wildlife and other resources;”

 

 

(f)

Section 8.10 is added to the JV Agreement and shall become effective
automatically and without any further action by any Party;

 

“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:

 

 

(i)

In the event the project is not viable, the monies will be forgiven and the BRDN
will not be responsible for repayment;

 

 

(ii)

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;

 

 

(iii)

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

 

 

(iv)

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”.

 

 

(g)

Section 8.11 is added to the JV Agreement and shall become effective
automatically and without any further action by any Party;

 

 

(i)

“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.

 

 

(ii)

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.

 

 

(iii)

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

 

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.

 

 

(iv)

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”.

 

 

(h)

Section 8.12 is added to the JV Agreement and shall become effective
automatically and without any further action by any Party;

 

 

(i)

“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.”

 

 

(i)

Section 8.13 is added to the JV Agreement and shall become effective
automatically and without any further action by any Party;

 

“Access will contribute $[Confidential treatment requested] per year to hire a
Traditional Lands environmental officer and environmental manager trainee.”

 

 

(j)

Section 8.14 is added to the JV Agreement and shall become effective
automatically and without any further action by any Party;

 

“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:

 

 

(i)

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;

 

 

(ii)

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;

 

 

(iii)

Access will assist the BRDN in seeking funding opportunities to support training
objectives;

 

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]

 

 

 

 

(iv)

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;

 

 

(v)

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;

 

 

(k)

Section 8.15 is added to the JV Agreement and shall become effective
automatically and without any further action by any Party;

 

 

(i)

Access agrees to participate in the BRDN Traditional Land Use Studies by
contributing $[Confidential treatment requested] for a one year of the study.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed on the date first above written.

 

ACCESS ENERGY INC.

 

 

 

Per:

/s/ Paul A. Parisotto                                        

 

Paul A. Parisotto

 

 

 

BUFFALO RIVER DENE DEVELOPMENT

CORPORATION

 

 

 

Per:

/s/ Louis R. Chanalquay                                  

 

Louis R. Chanalquay

 

 

 

 

JVA Amendment #2 (7)(2)

 

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