Exhibit 10.1
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                        AUSTRALIAN OIL & GAS CORPORATION
                         (incorporated in Delaware, USA)
                                 ("the Company")






                                       and





                             ERNEST GEOFFREY ALBERS
                                ("the Director")






________________________________________________________________________________

                          DEED WITH RESPECT TO TERMS OF
                    RE-APPOINTMENT AS CHAIRMAN OF DIRECTORS,
                  AND AS CHIEF EXECUTIVE OFFICER OF THE COMPANY
________________________________________________________________________________









________________________________________________________________________________

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THIS DEED is made the 17th  day of February 2009

BETWEEN           AUSTRALIAN OIL & GAS CORPORATION a company incorporated in
                  Delaware and having its head office at 21st Floor, 500 Collins
                  Street, Melbourne, Victoria 3000 ("the Company" or "AOGC")

AND               ERNEST GEOFFREY ALBERS of "Great Missenden",  330 Landscape
                  Road,  Tallarook,  Victoria,
                  Australia ("the Director")

WHEREAS

A.   The Director, a citizen and resident of Australia, has agreed to continue
     his appointment as the Chairman of Directors of the Company ("the
     Directorship Appointment") on the terms and conditions set out in this
     Deed. The Director accepted or is deemed to have accepted appointment as a
     Chairman of Directors of the Company on 6 August 2003.

B.   The Director agrees to continue the appointments as President, Chief
     Executive Officer and Chief Financial Officer of the Company ("the
     Executive Officer Appointment") on the terms set out herein.

C.   The Company accepts liability for the provision of all indemnities and
     other benefits due hereunder to the Director as if this Agreement had been
     executed on the Effective Date.

D.   The Company and the Director desire to execute this Deed for the purpose of
     recording the terms upon which the Director has agreed to continue to
     maintain appointment both as a director and as an officer of the Company
     and the conditions subject to which such appointment shall continue.

NOW THIS DEED WITNESSETH as follows:

1.   INTERPRETATION

     "Act" means the Corporations Act 2001 (Australia).

     "Affiliate" means

     (i)  a body corporate which at the relevant time is a direct or indirect
          subsidiary of the Company;

     (ii) a body corporate of which the Company is at the relevant time a direct
          or indirect subsidiary; or

     (iii) a body corporate which at the relevant time is a direct or indirect
          subsidiary of a body corporate of which the Company is a direct or
          indirect subsidiary.

     For the purposes hereof, `subsidiary' has the meaning specified in the Act.


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     "Appointment" means the Directorship Appointment and or Executive Officer
     Appointment.

     "Associate" means a body corporate which is owned as to 20% or more by the
     Company or any Affiliate of the Company.

     "Board" means all or some of the Directors of AOGC acting as a board of
     directors.

     "Code" means the General Corporation Law of the State of Delaware, USA.

     "Company" and or "AOGC" means Australian Oil & Gas Corporation
     (incorporated in Delaware, USA) and is deemed to include any Affiliate or
     Associate thereof where the context so permits.

     "Contract Remuneration" means the remuneration defined in clause 4.2
     hereof.

     "Constitution" means the certificate of incorporation and by-laws of the
     Company.

     "Directorship Appointment" has the meaning set out in clause 2.1 hereof.

     "Directorship Remuneration" means the remuneration defined in clause 4.1
     hereof.

     "Effective Date" is 6 August 2003.

     "emoluments" has the meaning given to it in the Act and, without limiting
     the generality thereof, includes the remuneration detailed in Clause 4,
     Clause 5, Clause 6.4 and the Clause 14.5.

     "Executive Officer Appointment" has the meaning set out in clause 2.2
     hereof.

     "Fund" or "Albers Superannuation and Pension Fund" means the superannuation
     fund constituted by the Trust Deed dated 9 May 2007 made by 500 Custodian
     or any other fund nominated in substitution thereto by the Director.

     "Remuneration" means both the Directorship Remuneration and or the Contract
     Remuneration.

     "retirement", in relation to the Director, means the death of the Director
     or the vacation by the Director of the office of director of the Company.

     "Retirement Benefit" means any benefit payable upon the termination of an
     Appointment.

     "500 Custodian" means 500 Custodian Pty Ltd (ABN 95 234 365 446).

     "termination", in relation to Director, means:

     (a)  removal from office in any of the circumstances referred to in Clause
          14.1, or


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     (b)  removal from office in accordance with the Constitution of the
          Company.

     "Trust Deed" means the Deed Poll made by 500 Custodian in relation to the
     Fund and dated 9 May 2007.

     "Trustee" means 500 Custodian, unless otherwise nominated by the Director,
     in which event "Trustee" shall mean the Company nominated as such by the
     Director.

A reference to a statute, code or other law includes consolidations, amendment,
re-enactments or replacements of any of them.

2.   APPOINTMENT

     2.1  During the period of four years from 1 January 2008 and ending on the
          retirement or termination of Appointment of the Director, the terms
          upon which and the conditions subject to which the Director's
          continued appointment as Chairman of Directors of the Company (the
          "Directorship Appointment") shall take place and the emoluments and
          benefits payable are those set forth in this Deed. During the period
          of the Directorship Appointment, the Company shall employ the Director
          and the Director shall serve the Company as a member of the Board and
          as its Chairman.

     2.2  It is agreed that all services are required to be performed by the
          Director solely within Australia and no service shall be deemed to
          have been performed or consideration received for such performance
          other than within Australia.

     2.3  During the four-year period effective from 1 January 2008 and ending
          on 31 December 2011 the Director shall accept the executive positions
          and responsibilities of President, Chief Executive Officer and Chief
          Financial Officer of the Company (the "Executive Officer
          Appointment"). During the period of the Executive Officer Appointment
          the Company shall employ the Director as its President, Chief
          Executive Officer and Chief Financial Officer on an as-and-when-needed
          basis, for a period not exceeding 400 hours per annum in 2008, 360
          hours in 2009, 320 hours per annum in 2010 and 280 hours per annum in
          2011.

     2.4  For all purposes relating to the laws of Australia the restricted
          stock share consideration agreed to be issued pursuant to Clause 4.2
          shall have a value per Common Stock unit equal to the net assets of
          the Company as shown in the Form 10K for the prior full year ending 31
          December.

3.   RESPONSIBILITY

     3.1  The Director shall:

          (a)  assume and exercise the powers and perform the duties from time
               to time reasonably vested in or assigned to him as Chairman of
               Directors and as the President, Chief Executive Officer and Chief
               Financial Officer of the Company; and


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          (b)  well and faithfully serve the Company and its subsidiaries and
               use his best endeavours to promote their interests and welfare.

     3.2  It is acknowledged and hereby approved that the Director may on or
          after this date already be or become an executive or a director of
          companies in the petroleum exploration industry in Australia or
          elsewhere which has operations in competition with the Company.
          Unconditional consent is hereby given for participation by the
          Director in the management and directorate of such companies, at the
          total and absolute discretion of the Director.

4.   REMUNERATION

     4.1  The remuneration of the Director with respect to the Directorship
          Appointment ("Directorship Remuneration") shall be:

          (i)  such annual amount or other amount to be established as the
               Director's fee as shall be determined from time to time by the
               Board;

          (ii) any contributions with respect to superannuation made pursuant to
               Clause 5.1;

          (iii) any payments made pursuant to Clause 6 with respect to the cost
               of personal directors and officers insurance (if any);

          (iv) any payment due on termination pursuant to Clause 14.5;

          (v)  any Retirement Benefits approved by the Board from time to time.

4.2  Reflecting that the Company's cash resources are limited, the Board and the
     Director have agreed to make and accept remuneration of the Director in
     relation to the provision of Executive Services pursuant to the Executive
     Officer Appointment ("Contract Remuneration") on the following basis:

     (i)  by the Company issuing to the Director or, at the election of the
          Director, to the Trustee of the Fund, Common Stock in lieu of cash
          payments. Specifically, during the first quarter of 2009, the Company
          will issue 2,400,000 shares of Common Stock for his services in
          relation to the period from 1 January 2008 to 31 December 2008.

     (ii) by the Company issuing to the Director or, at the election of the
          Director, to the Trustee of the Fund, Common Stock in lieu of cash
          payments. Specifically, during the fourth quarter of 2009, the Company
          will issue 2,200,000 shares of Common Stock for his services in
          relation to the period from 1 January 2009 to 31 December 2009.


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     (iii) by the Company issuing to the Director or, at the election of the
          Director, to the Trustee of the Fund, Common Stock in lieu of cash
          payments. Specifically, during each the fourth quarter of 2010, the
          Company will issue 2,000,000 shares of Common Stock for his services
          in relation to the period from 1 January 2010 to 31 December 2010.

     (iv) by the Company issuing to the Director or, at the election of the
          Director, to the Trustee of the Fund, Common Stock in lieu of cash
          payments. Specifically, during the fourth quarter of 2011, the Company
          will issue 1,800,000 shares of Common Stock for his services in
          relation to the period from 1 January 2011 to 31 December 2011.

     (v)  contributions with respect to superannuation are to be made pursuant
          to Clause 5.1;

     (vi) any payments made pursuant to Clause 6 with respect to the cost of
          personal directors and officers insurance (if any);

     4.3  Additional remuneration shall be provided to the Director by way of
          such incentives, payments, allowances, benefits, emoluments, grants
          and contributions in such manner as in herein provided and, failing
          such provisions, then as the Director and the Board determine from
          time to time.


5.   SUPERANNUATION

     5.1  The Company shall make superannuation contributions for the benefit of
          the Director, as may be determined by the Board, but being not being
          less than statutory rates applicable to the emoluments payable
          pursuant to this Deed in accordance with the laws of Australia. For
          the sake of clarity, it is agreed that the Contract Remuneration in
          Clause 4.2(i) is exclusive of superannuation.

     5.2  The Director hereby directs the Company to make such superannuation
          contributions (whether in full or in part) to the Trustee of the Fund.

     5.3  Superannuation contributions made to the Trustee of the Fund pursuant
          to this Deed are immediately and fully vested for the benefit of the
          Director.

     5.4  Lump sum or annuity payments by the Trustee to the Director out of the
          Fund with respect to any other superannuation, pension and retirement
          schemes to which the Director is or may become a member, shall be
          independent of any other benefits and amounts due to the Director
          pursuant to this Deed and the making and calculation of such benefits
          by the Trustee shall not be to the detriment of any other benefit due
          to the Director pursuant to this Deed.

6.   ACCESS INDEMNITY AND INSURANCE

     6.1  The Company shall, inter alia,


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          (a)  for a period of seven years, hold a complete set of company
               records (including board papers and correspondence between the
               Company and third parties);

          (b)  allow the Director full and free access to the company records at
               all reasonable times;

     6.2  The Company hereby indemnifies the Director, to the maximum extent
          permitted by the Code, against liability incurred by the Director as
          an Officer and or director of the Company, or as an Officer or
          director of an Affiliate or Associate of the Company, other than
          liability to the Company or such related body corporate of the Company
          arising out of conduct involving a lack of good faith; and

     6.3  The Company shall cause each Affiliate and Associate to separately
          indemnify the Director, to the maximum extent permitted by the
          applicable Code or Act, against liability incurred by the Director as
          an Officer and or director of the Company, or as an Officer or
          director of an Affiliate or an Associate of the Company, other than
          liability to the Company, Affiliate or Associate arising out of
          conduct involving a lack of good faith; and

     6.4  The Company shall, as and when available to the Company, meet the cost
          of a personal directors and officers legal expenses insurance policy
          for an amount of not less than $5 million on terms and conditions
          usual for such insurance policies with respect to the Director
          throughout the period of his Appointment.

7.   OTHER PLANS

     The Director shall be and is eligible to participate in any Performance
     Plan, Directors and Officers Share Option Incentive Plan and Share Plan and
     Loan Scheme or any such similar compensation or incentive arrangement, as
     may be established from time to time by the Board.

8.   EXPENSES

     The Company shall reimburse the Director for all travelling, accommodation,
     hospitality and general expenses incurred by the Director in connection
     with the business of the Company and its subsidiaries and shall, in
     addition, reimburse the Director for costs of all meals, beverages,
     entertainment, hospitality and like expenses made or incurred in connection
     with business conducted on behalf of the Company.

9.   MEMBERSHIPS

     The Company shall meet the annual cost of the Directors membership of not
     more than two industry associations, at the election of the director.



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10.  CONFERENCES AND SYMPOSIUMS

     The Company shall meet all costs and reasonable entertainment expenses of
     the Director and his wife for attendance at Conferences or Symposiums
     relating to matters relevant to the Company's activities.

11.  HOME ENTERTAINMENT AND HOSPITALITY COSTS AND ALLOWANCE

     The Company will meet all costs up to a maximum of $2,000 per annum
     relating to the entertainment and hospitality extended to business
     associates and representatives or other companies or organisations with
     which the Company conducts business.

12.  TRAVEL AND ACCOMMODATION

     All travel and accommodation on behalf of the Company by the Director and
     his wife shall be on basis no less favourable to the Director than as
     follows:

         International Travel:                             Business Class
         Interstate Air travel                             (not more than 1 1/4
                                                           hours) - Economy
                                                           Class (more than
                                                           1 1/4 hours) -
                                                           Business Class
         Interstate/International Accommodation:           Five Star hotel.

13.  EXPENSES (FOOD AND BEVERAGE) DURING TRAVEL

     All food and beverages consumed and all costs of hospitality incurred by
     the Director and or his wife whilst on Company business during travel shall
     be met in full by the Company.

14.  TERMINATION

     14.1 The Company or the Board may terminate or take steps to terminate
          either Appointment of the Director should the Director:

          (a)  becomes disqualified to act pursuant to the Code or pursuant to
               the Constitution; or

          (b)  becomes incapacitated by illness or injury from performing his
               duties under this Deed for a continuous period of 12 months or
               any periods aggregating 12 months in any continuous period of 24
               months;

          (c)  be in material breach of the terms of this Deed;

          (d)  be convicted of any criminal offence which in the reasonable
               opinion of the Board brings the Board or the Company or any of
               its related bodies corporate into serious disrepute;

          (e)  become bankrupt or make a composition or arrangement with his
               creditors generally or takes advantage of any statute for the
               relief of insolvent debtors; or


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          (f)  become of unsound mind or a person whose person or estate is
               liable to be dealt with under any law relating to mental health.

     14.2 Where the Company or the Board decides to terminate the Appointment
          for a reason specified in Clause 14.1, it shall do so by giving notice
          effective forthwith and paying all Remuneration accrued to the date of
          termination, but without prejudice to any other rights or remedies of
          either party under, or in respect of any breach of, this Deed.

     14.3 The Appointment shall be terminated upon the Director being removed
          from office by vote of shareholders pursuant to the Constitution.

     14.4 The Director's Appointment as Chairman of the Company may be
          terminated by the Board in accordance with its procedures.

     14.5 Upon termination of the Directorship Appointment in either of the
          circumstances referred to Clause 14.3 or in clause 14.4, the Director
          shall be paid by the Company, in addition to any payments due pursuant
          to this Deed, a lump sum equal to the last three years Directorship
          Remuneration.

     14.6 Upon termination of the Appointment, however and whenever occurring,
          the Director will be entitled to payment of Remuneration which he
          became entitled during or upon termination of the Appointment
          (including a pro rata entitlement for the period after the last
          anniversary of the commencement of the Appointment) but which he did
          not take prior to the termination of the Appointment, and to payment
          of all accrued Retirement Benefits and all accumulation thereto.

15.  RETIREMENT FROM DIRECTORSHIP APPOINTMENT

     15.1 The Director may retire from the Directorship Appointment in the
          manner specified in Clause 15.2 at any time, if the Director:

          (a)  is requested to assume responsibilities or perform tasks not
               reasonably consistent with his position as Chairman of Directors
               of the Company; or is

          (b)  required to consistently attend meetings of the Board out of
               Melbourne, Australia.

     15.2 Should the Director decide to retire from the Directorship Appointment
          for a reason specified in Clause 15.1, he shall do so by giving the
          Company three months previous written notice of his decision to
          terminate the Directorship Appointment setting out the reason for
          termination and the Directorship Appointment shall terminate on the
          expiry of the notice period. Upon such termination the Director shall
          be entitled a lump sum equal to one years Directorship Remuneration.


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     15.3 The Director may retire from the Directorship Appointment for any
          reason other than those specified in Clause 15.1 or retire from the
          Directorship Appointment without any prior notice of resignation and
          the Directorship Appointment shall end forthwith.

     15.4 Upon retirement from the Directorship Appointment, however and
          whenever occurring, the Director will be entitled to payment of
          Directorship Remuneration which he became entitled during the
          Directorship Appointment (including a pro rata entitlement for the
          period after the last anniversary of the commencement of the
          Directorship Appointment) but which he did not take prior to
          retirement from the Directorship Appointment.

16.  COVENANTS BY DIRECTOR

     16.1 The Director hereby covenants and undertakes that following the
          termination of the Appointment or retirement (however occurring) he
          will not represent himself as being in any way connected with or
          interested in the business of the Company or any related bodies
          corporate.

     16.2 The Director hereby covenants and undertakes that upon the termination
          of the Appointment or retirement (however occurring) that he will
          immediately deliver up to the Company all property belonging to the
          Company or any subsidiary which may be in his possession.

17.  PAYMENT OF OUTSTANDING AMOUNTS ON DEATH

     Upon the death of the Director, the Company shall pay all outstanding
     amounts due to the personal legal representative of the Director.

18.  VARIATION

     This Deed shall not be changed or modified in any way subsequent to its
     execution except in writing signed by the Company and the Director.

19.  PARTIAL INVALIDITY

     If any of the provisions of this Deed are found to be illegal, invalid or
     unenforceable then that illegality, invalidity or unenforceability shall
     not aversely affect the validity of any other provisions of this Deed to
     the intend that any illegal, invalid or unenforceable provision is to be
     treated as for all purpose severed from this Deed without effecting any
     remaining provisions.

20.  MISCELLANEOUS

     20.1 This Deed (and any dispute, controversy, proceedings or claim or
          whatever nature arising out of or in any relating to this Deed or its
          formation) shall be governed by and construed in accordance with laws
          of Victoria, Australia.


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     20.2 Each of the parties to this Deed irrevocably agrees that the Courts of
          Victoria or, where appropriate, the Courts of Australia who each shall
          have sole and exclusive jurisdiction to hear and decide any suit,
          action or proceedings, and/or to settle any disputes, which may arise
          out of or in connection with this Deed and, for these purposes, each
          party irrevocably submits to the non-exclusive jurisdiction of the
          Courts of Victoria or the Courts of Australia.

IN WITNESS WHEREOF the parties have executed this Deed on the date first above
written.


Signed Sealed and Delivered by
ERNEST GEOFFREY ALBERS
in the presence of:                                 /s/ E.G. Albers
                                                    ---------------
                                                    E.G. Albers




Executed for and on behalf of          )
AUSTRALIAN OIL & GAS CORPORATION       )
by authority of the Board of Directors )
in the presence of:                                 /s/ M.A. Muzzin
                                                    ---------------
                                                    Director (M.A. Muzzin)


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