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PROMISSORY NOTE

$______________ USD Date: ______________________

FOR VALUE RECEIVED, OUTBACK ENERGY CORP. (the “Promissor”) hereby promises to
pay to ______________________, or such other holder for the time being hereof
(the "Holder"), the principal amount of ___________ Dollars ($__________ .00) in
United States currency (the "Principal Amount""), and to pay interest thereon at
the rate of eighteen per cent (18% per annum calculated annually and payable
quarterly from ________ , 2007 on so much of the Principal Amount as shall be
outstanding from time to time, ON DEMAND.

Arrears in payment of the principal Amount or any interest shall bear interest
at the rate of thirty percent (30%) per annum calculated annually. Default in
paying the Principal Amount or any interest shall, at the option of the Holder,
render the entire balance then owing hereunder at once due and payable. Time
shall be of the essence of this Note. Extension of time for payment of all or
any part of the amount owing hereunder at any time or times, or failure of the
Holder to enforce any of the rights or remedies hereunder, shall not release the
Promissor and shall not constitute a waiver of the rights of the Holder to
enforce such rights and remedies thereafter.

Should suit be brought recover on this Note, the Promissor promises to pay
reasonable attorney’s fees and court costs in addition to the amount found to be
due on this Note.

The Holder shall have the right to convert all or any part of the unpaid
Principal Amount, plus all accrued but unpaid interest thereon, into the shares
of the Promissor at a price equal to the price any future financings over the
next 12 months.

WITNESS WHEREOF the Promissor has executed this Note on ________, 2008.

PETRONATIONAL CORP.

 

 

By: ______________________

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