Filed by Automated Filing Services Inc. (604) 609-0244 - Park Place Energy Corp. - Exhibit 10.21






STOCK OPTION AGREEMENT

THIS AGREEMENT made the 22nd day of May, 2007.

BETWEEN:

PARK PLACE ENERGY INC., of 1220
– 666 Burrard Street, 
Vancouver, British Columbia, V6C 2X8

(herein called the “Company”)

OF THE FIRST PART

AND:

CAESAR BIANCOFIORE, of 2601
East Hastings Street, 
Vancouver, British Columbia, V5K 1Z5

(herein called the “Optionee”)

     OF THE SECOND PART 

WHEREAS: 

A.        The Optionee is a
consultant to the Company;

B.        In connection with
the services provided by Optionee to the Company, the Optionee is eligible to
receive incentive stock options in the Company, on the terms set out in this
Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration
of other good and valuable consideration and the sum of One ($1.00) Dollar now
paid by the Optionee to the Company (the receipt and sufficiency whereof is
hereby acknowledged), it is hereby agreed by and between the parties as
follows:

1.                     
In this Agreement, the following terms shall have the following meanings:

	 	(a) 	
      “Expiry Date” means May 21, 2008;

	 	 	 
	 	(b) 	
      “Notice of Exercise” means a notice in writing
      addressed to the Company at its address first recited, which notice shall
      specify therein the number of Optioned Shares in respect of which the
      Option is being exercised;

	 	 	 
	 	(c) 	
      “Option” means the irrevocable right and option to
      purchase, from time to time, all or any part of the Optioned Shares
      granted to the Optionee by the Company pursuant to paragraph 2
    hereof;







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	 	(d) 	
      “Optioned Shares” means the Shares subject to the
      Option;

	 	 	 
	 	(e) 	
      “Shares” means the common shares in the capital
      stock of the Company.



2.                     
The Company hereby grants to the Optionee as an incentive and in consideration
of his services and not in lieu of salary or any other compensation, subject to
the terms and conditions hereinafter set forth, the Option to purchase a total
of 200,000 Optioned Shares at a price of CAD$0.35 per Optioned Share,
exercisable by the Optionee in whole or in part at any time before 5:00 o’clock
p.m., Vancouver time, on the Expiry Date.

3.                     
The Option shall, at 5:00 o’clock p.m., Vancouver time, on the Expiry Date,
forthwith expire and terminate and be of no further force or effect
whatsoever.

4.                     
In the event of the death of the Optionee on or prior to the Expiry Date, the
Option, or such part thereof as remains unexercised, may be exercised by the
personal representative of the Optionee at any time prior to 5:00 o’clock p.m.,
Vancouver time, on the first anniversary of the date of death of the Optionee or
prior to 5:00 o’clock p.m., Vancouver time, on the Expiry Date, whichever is the
earlier.

5.                     
Subject to the provisions hereof, the Option shall be exercisable in whole or in
part (at any time and from time to time as aforesaid) by the Optionee or his
personal representative giving a Notice of Exercise together with payment (by
cash or by certified cheque, made payable to the Company) in full of the
purchase price for the number of Optioned Shares specified in the Notice of
Exercise.

6.                     
Upon the exercise of all or any part of the Option, the Company shall forthwith
cause the registrar and transfer agent of the Company to deliver to the Optionee
or his personal representative within ten (10) days following receipt by the
Company of the Notice of Exercise a certificate in the name of the Optionee or
his personal representative representing, in aggregate, the number of Optioned
Shares specified in the Notice of Exercise and in respect of which the Company
has received payment.

7.                     
Nothing herein contained shall obligate the Optionee to purchase any Optioned
Shares except those Optioned Shares in respect of which the Optionee shall have
exercised his Option in the manner hereinbefore provided.

8.                     
In the event of any subdivision, redivision or change of the Shares of the
Company at any time prior to the Expiry Date into a greater number of Shares,
the Company shall deliver at the time of any exercise thereafter of the option
such additional number of Shares as would have resulted from such subdivision,
redivision or change if such exercise of the Option had been made prior to the
date of such subdivision, redivision or change and the exercise price of the
Option shall be adjusted accordingly.

9.                     
In the event of any consolidation or change of the Shares of the Company at any
time prior to the Expiry Date into a lesser number of Shares, the number of
Shares deliverable by the Company on any exercise thereafter of the Option shall
be reduced to such number of Shares as would have resulted from such
consolidation or change if such exercise of the Option had 




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been made prior to the date of such consolidation or change and
the exercise price of the Option shall be adjusted accordingly.

10.                  
The Optionee shall have no rights whatsoever as a shareholder in respect of any
of the Optioned Shares (including any right to receive dividends or other
distribution therefrom or thereon) except in respect of which the Option has
been properly exercised in accordance with paragraph 5 hereof.

11.                  
Time shall be of the essence of this Agreement.

12.                  
This Agreement shall enure to the benefit of and be binding upon the Company,
its successors and assigns, and the Optionee and his personal representative to
the extent provided in paragraph 4 hereof.

13.                  
This Agreement represents the sole grant of stock options in the Company to the
Optionee and supersedes and replaces any prior agreements in this regard.

14.                  
Subject to paragraph 4, this Agreement shall not be transferable or assignable
by the Optionee or his personal representative and the Option may be exercised
only by the Optionee or his personal representative.

15.                  
If at any time during the continuance of this Agreement, the parties hereto
shall deem it necessary or expedient to make any alteration or addition to this
Agreement, they may do so by means of a written agreement between them which
shall be supplemental hereto and form part hereof.

16.                  
In the event of an conflict between the terms and conditions contained herein
and the Plan, the terms of the Plan shall govern.

17.                  
Wherever the plural or masculine are used throughout this Agreement, the same
shall be construed as meaning singular or feminine or neuter or the body politic
or corporate where the context of the parties thereto require.

18.                   This
Agreement may be executed in several parts in the same form and by facsimile and
such parts or facsimiles as so executed shall together constitute one original
agreement, and such parts or facsimile, if more than one, shall be read together
and construed as if all the signing parties hereto had executed one copy of this
Agreement.

PARK PLACE ENERGY INC.

Per:

/s/ David
Stadnyk                                                  

Authorized Signatory

 

/s/ Caesar
Biancofiore                                            
CAESAR
BIANCOFIORE