Document:

exhibit10_1.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    AGENCY
      AGREEMENT

    

    June
      20,
      2007

    

    GeoGlobal
      Resources Inc.

    605
–
      1st Street
      S.W., Suite 310

    Calgary,
      Alberta  T2P 3S9

    

    Attention:                                Allan
      J. Kent, Executive Vice President and Chief Financial Officer

    

    Dear
      Sirs/Mesdames:

    

    Primary
      Capital Inc. (“Primary Capital”) and Jones, Gable & Company
      Limited (the “Agents”) understand that GeoGlobal Resources Inc.
      (the “Corporation”) proposes to issue and offer for sale, by
      way of private placement, up to 5,680,000 units of the Corporation (the
“Units”) at a price of U.S.$5.00 per Unit for aggregate gross
      proceeds of up to U.S.$28,400,000 (the
“Offering”).  Each Unit consists of one Common Share
      (as defined herein) (each, a “Unit Share”) and one-half of one
      common share purchase warrant of the Corporation (each whole common share
      purchase warrant, a “Warrant”).  Each Warrant
      entitles the holder thereof to purchase one Common Share (each, a
“Warrant Share”) at an exercise price of U.S.$7.50 at any time
      (such period, the “Warrant Term”) prior to 5:00 p.m. (Toronto
      time) on the date that is 24 months following the Closing Date (as defined
      herein), provided that if (i) the trading price of the Common Shares on the
      American Stock Exchange (the “AMEX”) or on any other exchange
      on which the Common Shares are listed is U.S.$12.00 or more for 20 consecutive
      trading days, (ii) the Registration Statement (as defined herein) has been
      declared effective by the United States Securities and Exchange Commission
      (the
“SEC”), and (iii) the hold periods imposed upon the Underlying
      Securities (as defined herein) pursuant to applicable Canadian Securities Laws
      (as defined herein) have expired (the occurrence of all such events, the
“Acceleration Event”), then the Warrant Term shall expire at
      5:00 p.m. (Toronto time) on the date which is the 30th day following
      the
      date of issuance by the Corporation of a news release announcing the change
      to
      the Warrant Term (or if such 30th day is
      not a
      Business Day (as defined herein), then on the first Business Day after such
      30th
      day).

    

    The
      Agents further understand that, as part of the Offering, each purchaser of
      Units
      shall also receive one non-transferable right (each, a “Right”)
      for each Unit purchased (all such Rights to be issued under the Offering,
      together with all of the Units to be sold under the Offering, the
“Offered Securities”), each Right entitling the purchaser to
      receive, for nominal consideration, an additional 0.10 of one Unit (each such
      whole Unit, a “Rights Unit”) in the event that the Registration
      Statement is not filed with the SEC prior to 5:00 p.m. (Toronto time) on the
      date that is 60 days following the Closing Date (the “Registration
      Filing Deadline”).

    

    The
      Agents hereby offer to act, and upon their acceptance hereof, the Corporation
      hereby appoints the Agents, as the Corporation’s exclusive agents to offer the
      Offered Securities for sale, on a best efforts basis, upon and subject to the
      terms and conditions set forth herein.  The Corporation understands
      that the Agents are not obliged under any circumstances to purchase any of
      the
      Offered Securities.

    

    The
      Agents may form and manage a group of Canadian investment dealers to offer
      the
      Offered Securities for sale.  Subject to the terms hereof, the
      Corporation understands that no such investment dealer is obliged under any
      circumstances to purchase any of the Offered Securities.  The Agents
      may determine the remuneration payable to such investment dealers appointed
      by
      them, provided that any fee charged by such investment dealers shall not exceed
      the Agents’ Fee (as defined herein) and shall be payable by the
      Agents.

    

    In
      consideration of the services to be rendered to the Corporation by the Agents
      pursuant to this agreement, at the Closing Time (as defined herein), the
      Corporation shall pay to the Agents a fee equal to 6% of the gross proceeds
      from
      the Offering (the “Agents’ Fee”) and shall issue to the Agents
      compensation options (the “Compensation Options”) entitling the
      Agents to purchase up to that number of Common Shares (the “Compensation
      Shares”) that is equal to 6% of the number of Units sold pursuant to
      the Offering, subject to adjustment as described in the certificates evidencing
      the Compensation Options, at an exercise price of U.S.$5.00 per Compensation
      Share at any time prior to 5:00 p.m. (Toronto time) on the date that is 24
      months following the Closing Date.  At the Closing Time, the Agents
      shall also receive one non-transferable right (each, a “Compensation
      Right”) for each Compensation Option issued to the Agents, each
      Compensation Right entitling the Agents to receive, for nominal consideration,
      an additional 0.10 of one Compensation Share for each Compensation Share
      purchased by the Agents (whether purchased before or after the Registration
      Filing Deadline), in the event that the Registration Statement is not filed
      with
      the SEC prior to the Registration Filing Deadline.  The Compensation
      Options and the Compensation Rights will be evidenced by one or more
      certificates (the “Compensation Option
      Certificates”).

    

    DEFINITIONS

    

    In
      this
      agreement, in addition to the terms defined above or elsewhere in this
      agreement, and unless otherwise indicated or the context manifestly requires
      otherwise, the following terms shall have the following meanings:

    

    “agreement”
      means the agreement resulting from the acceptance hereof by the
      Corporation;

    

    “Agreements”
      means this agreement, the Subscription Agreements, the Registration Rights
      Agreement, the Warrant Certificates, the Right Certificates and the Compensation
      Option Certificates;

    

    “AMEX”
      means the American Stock Exchange;

    

    “Business
      Day” means a day on which chartered banks are normally open for
      business in Toronto, Ontario, excluding Saturdays, Sundays or statutory or
      civic
      holidays;

    

    “Canadian
      Securities Laws” means all applicable securities laws in each of the
      Offering Provinces and the respective regulations made thereunder, together
      with
      applicable published policy statements, rules and orders of the securities
      regulatory authorities in such provinces;

    

    “Closing”
      means the completion of the issue and sale by the Corporation of the Offered
      Securities and the purchase by the Purchasers of the Offered Securities pursuant
      to this agreement, which may, at the option of the Agents, occur on one or
      more
      separate occasions, each of which occasion shall be a “Closing”
for the purposes of this agreement;

    

    “Closing
      Date” means June 20, 2007 or such other date as the Corporation and the
      Agents may agree upon;

    

    “Closing
      Time” means 10:00 a.m. (Toronto time) on the Closing Date or such other
      time on the Closing Date as the Corporation and the Agents may agree
      upon;

    

    “Common
      Shares” means the common shares of the Corporation as constituted on
      the date hereof;

    

    “Corporation’s
      Information Record” means all the reports filed by the Corporation
      since January 1, 2004 pursuant to Section 13 of the U.S. Exchange Act (and
      including extracts or portions thereof), press releases issued by the
      Corporation, Schedules 14A filed pursuant to Section 14 of the U.S. Exchange
      Act, registration statements filed by the Corporation since January 1, 2004
      pursuant to the U.S. Securities Act and other documents which have been filed
      by
      or on behalf of the Corporation with the SEC or the Canadian securities
      regulatory authorities and the SEC;

    

    “Financial
      Statements” means the audited consolidated balance sheets of the
      Corporation as at December 31, 2006 and December 31, 2005, the audited
      consolidated statements of operations, stockholders’ equity and cash flows of
      the Corporation for the years ended December 31, 2006, December 31, 2005 and
      December 31, 2004, the unaudited consolidated balance sheet of the Corporation
      as at March 31, 2007, and the unaudited consolidated statements of operations
      and cash flows of the Corporation for the three months ended March 31, 2007
      and
      March 31, 2006, together with the notes thereto;

    

    “GeoGlobal
      Barbados” means GeoGlobal Resources (Barbados) Inc., a corporation
      constituted under the laws of Barbados and an indirect wholly-owned subsidiary
      of the Corporation;

    

    “GeoGlobal
      Barbados Participating Interests” means, collectively, the CB 2002/2
      Participating Interest, the CB 2002/3 Participating Interest, the CB 2
      Participating Interest, the DS Participating Interest, the CB 2003/2
      Participating Interest, the KG 2004/1 Participating Interest, the RJ 2004/2
      Participating Interest, the RJ 2004/3 Participating Interest and the DS 2004/1
      Participating Interest, each defined in subsection 6(bbb) hereof;

    

    “GeoGlobal
      Canada” means GeoGlobal Resources (Canada) Inc., a corporation
      incorporated under the laws of the Province of Alberta and a wholly-owned
      subsidiary of the Corporation;

    

    “GeoGlobal
      India” means GeoGlobal Resources (India) Inc., a corporation
      constituted under the laws of Barbados and a wholly-owned subsidiary of the
      Corporation;

    

    “misrepresentation”,
      “material fact”, “material change” and
“distribution” have the respective meanings
      ascribed thereto in
      the Securities Act (Ontario), except as otherwise expressly provided
      herein;

    

    “Offering
      Provinces” means the provinces of British Columbia, Alberta and Ontario
      and such other provinces of Canada as the Corporation and the Agents may agree
      upon;

    

    “Purchasers”
      means the persons who acquire Offered Securities from the Corporation by
      executing Subscription Agreements accepted by the Corporation, and permitted
      assignees or transferees of such persons from time to time;

    

    “Registration
      Rights Agreement” means the agreement to be entered into between the
      Corporation and the Agents on or before the Closing Date pursuant to which
      the
      Corporation shall grant certain registration rights to the Purchasers in respect
      of the Underlying Shares;

    

    “Registration
      Statement” means a registration statement with respect to the resale of
      the Underlying Shares prepared in the appropriate form as prescribed by the
      SEC;

    

    “Regulation
      S” means Regulation S adopted by the SEC under the U.S. Securities
      Act;

    

    “Right
      Certificates” means the certificates evidencing the Rights to be
      executed by the Corporation, in form and substance satisfactory to the
      Corporation and the Agents;

    

    “Subscription
      Agreement” means a subscription agreement executed by a Purchaser and
      accepted by the Corporation in the form agreed upon by the Corporation and
      the
      Agents;

    

    “Subsidiaries”
      means GeoGlobal Barbados, GeoGlobal Canada and GeoGlobal India, being all of
      the
      subsidiaries (as defined in the Business Corporations Act (Ontario)) of
      the Corporation;

    

    “Underlying
      Shares” means, collectively, the Unit Shares, the Warrant Shares and
      the Compensation Shares and, in the event that the Corporation fails to file
      the
      Registration Statement prior to the Registration Filing Deadline,
“Underlying Shares” shall include the Unit Shares forming part
      of the Rights Units and the Warrant Shares issuable upon exercise of the
      Warrants forming part of the Rights Units and, for the purposes of clarity,
      shall include any additional Compensation Shares issuable to the Agents as
      a
      result of the exercise of Compensation Options granted pursuant to the
      Compensation Rights;

    

    “U.S.
      Exchange Act” means the United States Securities Exchange Act of
      1934, as amended;

    

    “U.S.
      Securities Act” means the United States Securities Act of
      1933, as amended; and

    

    “Warrant
      Certificates” means the certificates evidencing the Warrants to be
      executed by the Corporation, in form and substance satisfactory to the
      Corporation and the Agents.

    

    INTERPRETATION

    

    The
      division of this agreement into sections, subsections, paragraphs and other
      subdivisions and the insertion of headings are for convenience of reference
      only
      and shall not affect the construction or interpretation of this
      agreement.  Unless otherwise inconsistent therewith, references in
      this agreement to sections, subsections, paragraphs and other subdivisions
      are
      to sections, subsections, paragraphs and other subdivisions of this
      agreement.  In this agreement, words importing the singular number
      only include the plural and vice versa and words importing gender
      include all genders.

    

    TERMS
      AND CONDITIONS

    

    
      	
              1.  

            	
              Sale
                on Exempt Basis.  The Agents
                shall:

            

    

    

    
      	
              (a)  

            	
              offer
                for sale and sell the Offered Securities in Canada only in the Offering
                Provinces in compliance with all applicable Canadian Securities Laws
                and
                pursuant to Regulation S or outside of Canada and the United States
                in
                compliance with applicable laws and pursuant to Regulation S; provided
                that any offer or sale in any jurisdiction other than an Offering
                Province
                shall be effected in a manner exempt from the applicable prospectus
                or
                registration requirements under the securities legislation of the
                jurisdiction in which such Purchaser resides, and provided further
                that
                all of the forgoing shall be conducted in accordance with Schedule
“A”
                hereto;

            

    

    

    
      	
              (b)  

            	
              offer
                for sale and sell the Offered Securities only to such Purchasers
                and in
                such manner so that, pursuant to the provisions of Canadian Securities
                Laws, no prospectus or offering memorandum need be filed or delivered
                in
                connection therewith;

            

    

    

    
      	
              (c)  

            	
              not
                offer for sale or sell the Offered Securities in any jurisdiction
                where
                the Corporation may be subject to liability in connection with the
                sale of
                the Offered Securities which is materially more onerous than the
                liability
                to which it may be subject under Canadian Securities Laws;
                and

            

    

    

    
      	
              (d)  

            	
              obtain
                from each Purchaser an executed Subscription Agreement subject to
                acceptance by the Corporation.

            

    

    

    The
      Agents and the Corporation hereby agree that the offer and sale of the Offered
      Securities will be made in compliance with the provisions of Schedule “A”
attached hereto.

    

    
      	
              2.  

            	
              Filings.  The
                Corporation undertakes to file or cause to be filed all forms or
                undertakings required to be filed by the Corporation and the Purchasers,
                respectively, in connection with the purchase and sale of the Offered
                Securities so that the distribution of the Offered Securities may
                lawfully
                occur without the necessity of filing a prospectus or an offering
                memorandum in the Offering Provinces or elsewhere, and the Agents
                undertake to use their reasonable best efforts to cause Purchasers
                to
                complete and file, if required, any forms or undertakings required
                by
                Canadian Securities Laws or any other applicable securities
                laws.  All such filings shall be made by the Corporation on
                behalf of the party legally responsible to file the same and all
                fees
                payable in connection with such filings shall be at the sole expense
                of
                the Corporation.

            

    

    

    
      	
              3.  

            	
              No
                Offering Memorandum.  Neither the Corporation nor the
                Agents shall (i) provide to prospective purchasers an offering memorandum
                within the meaning of Canadian Securities Laws; or (ii) cause the
                sale of
                the Offered Securities to be advertised in printed public media of
                general
                and regular paid circulation, radio, television or telecommunications,
                including electronic display and the internet.  The Corporation
                represents and warrants that the documents made available to the
                Agents
                for distribution to prospective purchasers in connection with the
                Offering
                are the Subscription Agreement, the term sheet and the Corporation’s
                Information Record and such documents do not constitute an offering
                memorandum under Canadian Securities Laws.  The Agents represent
                and warrant that they shall only distribute to prospective purchasers
                the
                Subscription Agreement, the term sheet and any documents from the
                Corporation’s Information Record.  The Agents further represent
                and warrant that they shall offer for sale and sell the Offered Securities
                only in those jurisdictions contemplated in subsection 1(a) and not
                elsewhere, without the express consent of the
                Corporation.

            

    

    

    
      	
              4.  

            	
              Covenants
                of the Corporation.  The Corporation hereby covenants
                to the Agents, the Purchasers and their respective permitted assigns
                and
                acknowledges that each of them is relying on such covenants in connection
                with the purchase of the Units, that the Corporation
                shall:

            

    

    

    
      	
               

            	
              (a)

            	
              for
                a period of 24 months following the Closing Date, maintain its status
                as a
                reporting issuer under Canadian Securities Laws in the provinces
                of
                British Columbia, Alberta, Ontario and Québec not in default of any
                requirement of such Canadian Securities
                Law;

            

    

    

    
      	
               

            	
              (b)

            	
              for
                a period of 24 months following the Closing Date, maintain the listing
                of
                the Common Shares, including the Underlying Shares, on the AMEX or
                such
                other stock exchange as may be acceptable to the
                Agents;

            

    

    

    
      	
               

            	
              (c)

            	
              as
                promptly as practicable after the Closing Date, file the Registration
                Statement with the SEC and thereafter use its best efforts to have
                the
                Registration Statement declared effective by the
                SEC;

            

    

    

    
      	
               

            	
              (d)

            	
              for
                a period of 150 days following the Closing Date, not issue or announce
                the
                issuance of any Common Shares or any securities convertible into,
                exchangeable for or exercisable to acquire Common Shares, without
                the
                prior consent of the Agents, acting reasonably, other
                than:

            

    

    

    
      	
               

            	
              (i)

            	
              options
                granted pursuant to any of the Corporation’s stock option plans or stock
                purchase plans;

            

    

    

    
      	
               

            	
              (ii)

            	
              any
                Common Shares issued pursuant to the exercise of any options granted
                pursuant to such stock option or stock purchase plans, outstanding
                common
                share purchase warrants, including the Warrants, or the Compensation
                Options; or

            

    

    

    
      	
               

            	
              (iii)

            	
              pursuant
                to non-brokered private placement transactions contemplated to be
                completed simultaneously with the closing of the Offering, provided
                that
                none of the Corporation, the Subsidiaries, any of their affiliates,
                or any
                person acting on their behalf has, directly or indirectly, made any
                offers
                or sales of any security or solicited any offers to buy any security,
                under circumstances that would require registration of any of the
                Offered
                Securities under the U.S. Securities Act or cause this Offering to
                be
                integrated with prior or concurrent offerings by the Corporation
                for
                purposes of the U.S. Securities Act or any applicable shareholder
                approval
                provisions, including, without limitation, under the rules and regulations
                of any exchange or automated quotation system on which any of the
                securities of the Corporation are listed or designated.  None of
                the Corporation, the Subsidiaries, their affiliates and any person
                acting
                on their behalf will take any action or steps referred to in the
                preceding
                sentence that would require registration of any of the Offered Securities
                under the U.S. Securities Act or cause the Offering to be integrated
                with
                other offerings;

            

    

    

    
      	
               

            	
              (e)

            	
              take
                all steps necessary to:  (A) authorize the execution and
                delivery of the Agreements; (B) authorize the issuance of the Underlying
                Shares and ensure that sufficient unreserved Common Shares are available
                for the issuance of the Underlying Shares; (C) authorize the creation
                of
                the Warrants, the Rights, the Compensation Options and the Compensation
                Rights; and (D) ensure that the Underlying Shares are or will be
                upon
                their issue listed and posted for trading on the AMEX or any other
                stock
                exchange on which the Common Shares are listed for trading from time
                to
                time;

            

    

    

    
      	
               

            	
              (f)

            	
              fulfill
                all legal requirements applicable to it to permit the Offering, including,
                without limitation, compliance with all Canadian Securities Laws
                to enable
                the Offered Securities to be offered for sale and sold to Purchasers
                without the necessity of filing a prospectus or registration statement
                in
                the Offering Provinces or in any other
                jurisdiction;

            

    

    

    
      	
               

            	
              (g)

            	
              at
                all times prior to the Closing Date, allow the Agents and their
                representatives to conduct all due diligence which the Agents may
                reasonably require and use its best efforts to make available the
                Corporation’s senior management, counsel, auditors, independent engineers
                and other applicable experts to answer any questions which the Agents
                (or
                another syndicate member) have or may have, including, without limiting
                the generality of the foregoing, any questions posed at one or more
                due
                diligence sessions to be held prior to the Closing Time, for which
                the
                Agents (or their counsel) shall distribute in advance a list of written
                questions to be answered thereat and to which the Corporation shall
                provide written responses, at or prior to each session, and the
                Corporation shall use its reasonable best efforts to have written
                responses provided at or prior to each session by its outside consultants,
                auditors, independent engineers and other experts who have been asked
                by
                the Agents (or another syndicate member) or their counsel to attend
                thereat to respond to questions;

            

    

    

    
      	
               

            	
              (h)

            	
              use
                its best efforts to fulfill, at or prior to the Closing Date, each
                of the
                conditions set out in Section 8;

            

    

    

    
      	
               

            	
              (i)

            	
              use
                the net proceeds derived from the Offering for the exploration and
                development of the newly acquired NELP-VI exploration blocks and
                all other
                exploration blocks acquired hereafter, and for general corporate
                purposes;

            

    

    

    
      	
               

            	
              (j)

            	
              use
                its best efforts to obtain the necessary regulatory consents from
                the
                securities regulatory authorities in each of the Offering Provinces
                in
                respect of the transactions contemplated by this agreement, on such
                terms
                as are mutually acceptable to the Agents and the Corporation, acting
                reasonably; and

            

    

    

    
      	
               

            	
              (k)

            	
              forthwith
                after the Closing, file such documents as may be required under the
                Canadian Securities Laws relating to the Offering which, without
                limiting
                the generality of the foregoing, shall include a Form 45-106F1 as
                prescribed by National Instrument 45-106 Prospectus and Registration
                Exemptions.

            

    

    

    
      	
              5.  

            	
              Material
                Changes.  If, at any time after the date hereof until
                Closing, there occurs any material change or material changes (actual,
                proposed or prospective) in the business, affairs, operations, assets,
                liabilities, capital or prospects of the Corporation considered as
                a
                whole, the Corporation shall:

            

    

    

    
      	
              (a)  

            	
              promptly
                notify the Agents, in writing, providing full particulars of any
                such
                change(s); and

            

    

    

    
      	
              (b)  

            	
              file
                or cause to be filed with promptness, and in any event within any
                statutory limitation period therefor, any document required to be
                filed
                with any regulatory body having jurisdiction and comply with all
                requirements of any applicable securities legislation of such
                jurisdiction.

            

    

    

    The
      Corporation shall in good faith discuss with the Agents any change in
      circumstances (actual, proposed or prospective) in respect of which there is
      reasonable doubt whether written notice should be given to the Agents pursuant
      to this section.

    

    
      	
              6.  

            	
              Representations
                and Warranties of the Corporation.  The Corporation
                represents and warrants to the Agents and the Purchasers, and acknowledges
                that the Agents and the Purchasers are each relying upon such
                representations and warranties in entering into this agreement and
                the
                Subscription Agreements or purchasing Offered Securities, as the
                case may
                be, that:

            

    

    

    
      	
              (a)  

            	
              each
                of the Corporation and the Subsidiaries has been duly incorporated
                or
                organized and is validly existing under the laws of the jurisdiction
                of
                its incorporation or organization and has all requisite corporate
                capacity, power and authority to carry on its business as now conducted
                by
                it and as is presently proposed to be conducted by it and to own,
                lease
                and operate its assets;

            

    

    

    
      	
              (b)  

            	
              the
                Subsidiaries are the only subsidiaries of the Corporation and the
                Corporation is the registered and beneficial owner of all of the
                issued
                and outstanding securities of each Subsidiary, free and clear of
                all
                mortgages, liens, charges, pledges, encumbrances, security interests,
                adverse claims or demands of any kind whatsoever, and neither the
                Corporation nor any of the Subsidiaries is a party to nor has it
                granted
                any agreement, warrant, option, right or privilege capable of becoming
                an
                agreement, for the purchase, subscription or issuance of any securities
                of
                any Subsidiary;

            

    

    

    
      	
              (c)  

            	
              each
                of the Corporation and the Subsidiaries is duly qualified to carry
                on
                business under the laws of the jurisdiction in which it carries on
                its
                business or proposes to carry on business and is in good standing
                in each
                of such jurisdictions;

            

    

    

    
      	
              (d)  

            	
              each
                of the Corporation and the Subsidiaries holds all material licences,
                certificates, registrations, permits, consents or qualifications
                required
                in order to enable its business to be carried on as now conducted
                or as
                proposed to be conducted, and all such licences, certificates,
                registrations, permits, consents and qualifications are valid and
                subsisting and in good standing and neither the Corporation nor any
                Subsidiary has received any notice of proceedings related to the
                revocation or modification of any such licence, certificate, registration,
                permit, consent or qualification;

            

    

    

    
      	
              (e)  

            	
              each
                of the Corporation and the Subsidiaries has conducted and is conducting
                its business in material compliance with all applicable laws, by-laws,
                rules and regulations of each jurisdiction in which that business
                is
                carried on and the Corporation is not aware of any fact or circumstance
                that would reasonably be expected to have a material adverse effect
                upon
                the condition, financial or otherwise, or the earnings, business
                affairs
                or business prospects of the Corporation on a consolidated
                basis;

            

    

    

    
      	
              (f)  

            	
              no
                consent, approval, permit, authorization, order of or filing with
                any
                court or governmental agency or body is required by the Corporation
                for
                the execution and delivery of and the performance by the Corporation
                of
                its obligations under this agreement, except as may be required under
                the
                Canadian Securities Laws, the U.S. Securities Act and applicable
                state
                securities laws and the rules of the AMEX, all of which have been
                or will
                be obtained or filed, as the case may be, in a timely manner in accordance
                with such laws and rules;

            

    

    

    
      	
              (g)  

            	
              none
                of the execution and delivery of the Agreements, the performance
                by the
                Corporation of its obligations hereunder or thereunder, the issuance
                and
                sale of the Offered Securities hereunder, the issuance of the Warrants,
                the issuance of the Compensation Options and the Compensation Rights
                to
                the Agents, or the issuance of the Underlying Shares will:  (A)
                conflict with or result in a breach of or create a state of facts
                which,
                after notice or lapse of time or both, will result in a breach of
                (i) any
                statute, rule or regulation applicable to the Corporation; (ii) Canadian
                Securities Laws; (iii) the constating documents, by-laws or resolutions
                of
                the directors (or any committee thereof) or shareholders of the
                Corporation or any of the Subsidiaries which are in effect at the
                date
                hereof, (iv) any mortgage, note, indenture, contract, agreement,
                instrument, lease or other document to which the Corporation or any
                Subsidiary is a party or by which it is bound; or (v) any judgement,
                decree or order binding the Corporation or any of the Subsidiaries
                or
                their respective properties or assets; (B) require the consent, approval,
                authorization, registration or qualification of or with any governmental
                authority, stock exchange, securities association or other third
                party,
                except:  (i) such as have been obtained; or (ii) such as may be
                required (and shall be obtained prior to the Closing Time) under
                Canadian
                Securities Laws; or (C) give rise to any lien, charge or claim in
                or with
                respect to the properties or assets of the Corporation or any of
                the
                Subsidiaries or the acceleration of or the maturity of any debt under
                any
                indenture, mortgage, lease, agreement or instrument binding or affecting
                the Corporation or any of the Subsidiaries or any of their respective
                properties or assets;

            

    

    

    
      	
              (h)  

            	
              the
                Financial Statements:

            

    

    

    
      	
              (i)  

            	
              have
                been prepared in accordance with United States generally accepted
                accounting principles applied on a basis consistent with those of
                preceding fiscal periods;

            

    

    

    
      	
              (ii)  

            	
              present
                fully, fairly and correctly the consolidated assets, liabilities
                and
                financial condition of the Corporation as at the dates at which they
                were
                prepared and the consolidated results of its operations, stockholders’
                equity and cash flows for the periods then
                ended;

            

    

    

    
      	
              (iii)  

            	
              are
                in accordance with the consolidated books and records of the Corporation;
                and

            

    

    

    
      	
              (iv)  

            	
              contain
                and reflect all necessary adjustments for the fair presentation on
                a
                consolidated basis of the results of its operations, stockholders’ equity
                and cash flows for the periods covered
                thereby,

            

    

    

    and,
      since December 31, 2006, other than as publicly disclosed in the Corporation’s
      Information Record, there has not been any material adverse change in the
      consolidated financial position of the Corporation or the Corporation’s
      consolidated assets or liabilities (including, without limitation, any
      write-down of assets), or the capital stock or consolidated long-term debt
      of
      the Corporation;

    

    
      	
              (i)  

            	
              the
                Corporation and each of the Subsidiaries has filed all necessary
                tax
                returns and notices and has paid all applicable taxes of whatever
                nature
                for all tax years to the date hereof to the extent such taxes have
                become
                due or have been alleged to be due and the Corporation is not aware
                of any
                tax deficiencies or interest or penalties accrued or accruing, or
                alleged
                to be accrued or accruing, thereon with respect to the Corporation
                or any
                of the Subsidiaries where, in any of the above cases, it would reasonably
                be expected to result in any material adverse change in the condition,
                financial or otherwise, or in the earnings, business affairs or business
                prospects of the Corporation on a consolidated
                basis;

            

    

    

    
      	
              (j)  

            	
              the
                Corporation is, and will at the Closing Time be, a reporting issuer
                in
                good standing under the securities laws of the provinces of Ontario,
                Alberta, British Columbia and Québec and has a class of equity securities
                registered pursuant to Section 12(b) of the U.S. Exchange Act and,
                pursuant thereto, is obligated to file periodic and other reports
                and
                schedules with the SEC and is current in, and will at the Closing
                Time be
                current in, filing all such periodic reports and schedules and the
                Corporation has complied with its obligations under Canadian Securities
                Laws to make timely disclosure of all material changes relating to
                it and
                no such disclosure has been made on a confidential basis and there
                is no
                material change relating to the Corporation which has occurred and
                with
                respect to which the requisite material change report has not been
                filed
                under Canadian Securities Laws;

            

    

    

    
      	
              (k)  

            	
              the
                Corporation has taken no action designed to, or reasonably likely
                to have
                the effect of, terminating the registration of the Common Shares
                under the
                U.S. Exchange Act nor has the Corporation received any notification
                that
                the SEC is contemplating terminating such
                registration;

            

    

    

    
      	
              (l)  

            	
              no
                portion of the Corporation’s Information Record contained an untrue
                statement of a material fact or omitted to state a material fact
                necessary
                in order to make the statements made, in the light of the circumstances
                under which they were made, not misleading, as at its date of
                filing;

            

    

    

    
      	
              (m)  

            	
              the
                authorized capital of the Corporation consists of 100,000,000 Common
                Shares and 1,000,000 preferred shares, of which, as at June 15, 2007,
                66,335,756 Common Shares and no preferred shares are issued and
                outstanding as fully paid and non-assessable shares of the
                Corporation;

            

    

    

    
      	
              (n)  

            	
              Computershare
                Trust Co., NA at its principal offices in the City of Golden, Colorado,
                United States, has been duly appointed as the registrar and transfer
                agent
                for the Common Shares;

            

    

    

    
      	
              (o)  

            	
              the
                outstanding Common Shares are listed for trading on the AMEX and
                no order
                ceasing or suspending trading in any securities of the Corporation
                or
                prohibiting the issue and sale of securities by the Corporation has
                been
                issued and, to the best of the Corporation’s knowledge, no proceedings for
                such purpose have been instituted or are
                pending, contemplated or
                threatened;

            

    

    

    
      	
              (p)  

            	
              the
                attributes of the Offered Securities, the Compensation Options and
                the
                Compensation Rights, and of all the securities forming part thereof
                or
                issuable upon exercise thereof shall conform in all material respects
                with
                the description thereof in this agreement and the Subscription
                Agreements;

            

    

    

    
      	
              (q)  

            	
              each
                of the form of certificate representing the Unit Shares, the Warrant
                Certificate, the Right Certificate and the Compensation Option Certificate
                has been duly approved by the directors of the Corporation, does
                not
                conflict with the constating documents of the Corporation and, to
                the
                extent applicable, is in proper form under the laws of the State
                of
                Delaware and complies with the rules of the
                AMEX;

            

    

    

    
      	
              (r)  

            	
              the
                Corporation is not a party to nor has it granted any agreement, warrant,
                option, right or privilege capable of becoming an agreement, for
                the
                purchase, subscription or issuance of any Common Shares or securities
                convertible into or exchangeable for Common Shares, other than pursuant
                to
                the Offering and except pursuant to existing outstanding options,
                rights,
                warrants, convertible securities and obligations as set out in Schedule
                “B” attached hereto;

            

    

    

    
      	
              (s)  

            	
              each
                of the Agreements has been, is or will be upon execution thereof,
                duly
                authorized, executed and delivered by the Corporation and constitutes,
                or
                will constitute when executed, a legal, valid and binding obligation
                of
                the Corporation enforceable against the Corporation in accordance
                with its
                terms except that:  (i) the enforcement thereof may be limited
                by bankruptcy, insolvency and other laws affecting the enforcement
                of
                creditors’ rights generally, (ii) rights of indemnity, contribution and
                waiver of contribution thereunder may be limited under applicable
                law, and
                (iii) equitable remedies, including, without limitation, specific
                performance and injunctive relief, may be granted only in the discretion
                of a court of competent
                jurisdiction;

            

    

    

    
      	
              (t)  

            	
              other
                than the Agents, there is no person, firm or company acting or purporting
                to act at the request of the Corporation, who is entitled to any
                brokerage, agency, finder’s or similar fee in connection with the
                transactions contemplated herein;

            

    

    

    
      	
              (u)  

            	
              the
                Corporation has not, directly or indirectly, declared or paid any
                dividend
                or declared or made any other distribution on any of its shares or
                securities of any class, or, directly or indirectly, redeemed, purchased
                or otherwise acquired any of its shares or securities or agreed to
                do any
                of the foregoing;

            

    

    

    
      	
              (v)  

            	
              there
                is not, in the articles or by-laws of the Corporation or in any agreement,
                mortgage, note, debenture, indenture or other instrument or document
                to
                which the Corporation is a party, any restriction upon or impediment
                to
                the declaration or payment of dividends by the directors of the
                Corporation, the payment of dividends by the Corporation to the holders
                of
                its Common Shares or the carrying on of business as currently
                contemplated;

            

    

    

    
      	
              (w)  

            	
              the
                Corporation has not withheld, and will not withhold from the Agents
                at any
                time during the distribution of the Offered Securities, any facts
                relating
                to the Corporation or any Subsidiary including, without limitation,
                facts
                relating to any threatened or pending legal, regulatory or administrative
                proceeding, or to the Offering that would be material to a prospective
                purchaser of the Offered
                Securities;

            

    

    

    
      	
              (x)  

            	
              at
                the Closing Time, all necessary corporate action will have been taken
                by
                the Corporation to (i) create the Warrants, the Rights, the Compensation
                Options and the Compensation Rights, (ii) authorize the Corporation
                to
                enter into the Agreements, and (iii) allot and authorize the issuance
                of
                the Underlying Shares which, when issued in the case of the Unit
                Shares,
                and when issued in accordance with their terms in the case of the
                other
                Underlying Shares, will be issued as fully paid and non-assessable
                shares;

            

    

    

    
      	
              (y)  

            	
              there
                is no action, suit, proceeding, investigation or inquiry outstanding,
                pending or, to the best of the knowledge, information and belief
                of the
                Corporation, threatened against or affecting the Corporation or any
                Subsidiary or any of their respective properties or assets, at law
                or in
                equity or before or by any federal, provincial, state, municipal
                or other
                governmental or regulatory department, commission, agency or board,
                domestic or foreign, which would reasonably be expected to have a
                material
                adverse effect on the condition (financial or otherwise) of the business,
                properties, assets, capital, net worth or results of operations of
                the
                Corporation on a consolidated
                basis;

            

    

    

    
      	
              (z)  

            	
              other
                than as publicly disclosed in the Corporation’s Information Record and as
                set forth in the disclosure schedule attached as Schedule “D” hereto, none
                of the current or former directors or officers of the Corporation
                or any
                of the Subsidiaries or any associate or affiliate of any of the foregoing
                had, has or intends to have any material interest, direct or indirect,
                in
                the transactions contemplated by this agreement, in any material
                transaction or in any proposed material transaction with the Corporation
                or any of the Subsidiaries which, as the case may be, materially
                affects,
                is material to or will materially affect the Corporation or any
                Subsidiary;

            

    

    

    
      	
              (aa)  

            	
              other
                than as set forth in the disclosure schedule attached as Schedule
“D”
                hereto, each of the Corporation and the Subsidiaries is in compliance
                in
                all material respects with all terms and provisions of all contracts,
                agreements, indentures, mortgages, deeds of trust, bank loans, credit
                agreements, leases, policies, instruments and licences in connection
                with
                the conduct of its business and all such contracts, agreements,
                indentures, mortgages, deeds of trust, bank loans, credit agreements,
                leases, policies, instruments and licences are valid and binding
                in
                accordance with their terms and in full force and effect, and no
                breach or
                default by the Corporation or any Subsidiary or event which, with
                notice
                or lapse of time or both, could constitute a material breach or material
                default by the Corporation or any Subsidiary exists with respect
                thereto;

            

    

    

    
      	
              (bb)  

            	
              except
                as disclosed in the Financial Statements, each of the Corporation
                and the
                Subsidiaries has all of the right, title and interest in and to its
                property interests, free and clear of all mortgages, liens, charges,
                pledges, encumbrances, claims, security interests or demands of any
                kind
                whatsoever;

            

    

    

    
      	
              (cc)  

            	
              since
                December 31, 2006, other than as disclosed in the Corporation’s
                Information Record:

            

    

    

    
      	
              (i)  

            	
              there
                has not been any material adverse change in the assets, liabilities
                or
                obligations (absolute, accrued, contingent or otherwise) of the
                Corporation on a consolidated
                basis;

            

    

    

    
      	
              (ii)  

            	
              there
                has not been any material change in the capital stock or long-term
                debt of
                the Corporation on a consolidated
                basis;

            

    

    

    
      	
              (iii)  

            	
              there
                has not been any material adverse change in the business, business
                prospects, conditions (financial or otherwise) or results of the
                operations of the Corporation on a consolidated basis;
                and

            

    

    

    
      	
              (iv)  

            	
              each
                of the Corporation and the Subsidiaries has carried on business in
                the
                ordinary course;

            

    

    

    
      	
              (dd)  

            	
              except
                as disclosed in the Financial Statements, neither the Corporation
                nor any
                of the Subsidiaries has any liabilities, direct or indirect, contingent
                or
                otherwise, which materially adversely affects or would reasonably
                be
                expected to materially adversely affect the business, operations
                or
                condition (financial or otherwise) of the Corporation or any of the
                Subsidiaries or their respective properties or assets, taken as a
                whole.  Without limiting the generality of the foregoing,
                neither the Corporation nor any of the Subsidiaries has any material
                obligation or liability for the debts or obligations of others or
                has any
                material exposure or liability, except as set forth in the Financial
                Statements or those arising in the ordinary course of business, none
                of
                which is material to the Corporation on a consolidated
                basis;

            

    

    

    
      	
              (ee)  

            	
              to
                the knowledge of the Corporation and its directors and officers,
                no
                shareholders’, pooling or other form of agreement is in force or effect
                which in any manner affects the voting or control of any of the securities
                of the Corporation;

            

    

    

    
      	
              (ff)  

            	
              each
                of the Corporation and the Subsidiaries has procured and maintains
                adequate insurance against all insurable risks which are material
                to the
                Corporation on a consolidated basis, which insurance is of such type
                and
                in such amounts as is usual and customary to the industry in which
                it is
                engaged and the scope of its
                operations;

            

    

    

    
      	
              (gg)  

            	
              the
                Corporation is not aware of any legislation which it anticipates
                will
                materially and adversely affect the business, affairs, operations,
                assets,
                liabilities (contingent or otherwise) or prospects of the
                Corporation;

            

    

    

    
      	
              (hh)  

            	
              each
                of the Corporation and the Subsidiaries owns or possesses adequate
                rights
                to use or assign all material intellectual property used by it in
                the
                operation of its business, without making any payment to any person
                or
                granting any rights to any person in exchange therefor, other than
                in
                accordance with the terms of any such license, sub-license or franchise
                arrangement.  No event has occurred during the registration or
                filing of, or during any other proceeding relating to such material
                intellectual property owned by the Corporation or the Subsidiaries
                that
                would make invalid or unenforceable, or negate the right to issuance
                or
                use of any of such material intellectual property owned by the Corporation
                or the Subsidiaries, other than any such event which would not reasonably
                be expected to materially adversely affect the business, operations
                or
                conditions (financial or otherwise) of the Corporation on a consolidated
                basis.  There is no intellectual property of any person which,
                to the knowledge of the Corporation, impairs or prevents the development,
                manufacture, use, sale, lease, license and service of products, now
                existing or under development by the Corporation or the
                Subsidiaries;

            

    

    

    
      	
              (ii)  

            	
              to
                the knowledge of the Corporation, there are not any defects, failures
                or
                impairments in the title of the oil and natural gas properties which
                are
                the subject of the agreements entered into between the Corporation
                and the
                owners of such properties;

            

    

    

    
      	
              (jj)  

            	
              the
                Corporation maintains disclosure controls and procedures as required
                by
                Rule 13a-15 or Rule 15d-15 under the U.S. Exchange Act, and such
                controls
                and procedures are effective to ensure that all material information
                concerning the Corporation is made known, on a timely basis, to the
                individuals responsible for the preparation of the Corporation’s filings
                with the SEC.  The Corporation has disclosed to its auditors and
                the audit committee of its board of directors (i) all significant
                deficiencies and material weaknesses in the design or operation of
                internal control over financial reporting (as such term is defined
                by
                Rules 13a-15(f) and 15d-15(f) under the U.S. Exchange Act) which
                are
                reasonably likely to adversely affect the Corporation’s ability to record,
                process, summarize and report financial information, and (ii) any
                fraud,
                whether or not material, that involves management or other employees
                who
                have a significant role in the Corporation’s internal control over
                financial reporting;

            

    

    

    
      	
              (kk)  

            	
              the
                Corporation and each of the Subsidiaries maintains a system of internal
                accounting controls sufficient to provide commercially reasonable
                assurance that:  (i) transactions are executed in accordance
                with management’s general or specific authorizations; (ii) transactions
                are recorded as necessary to permit preparation of financial statements
                in
                conformity with generally accepted accounting principles and to maintain
                asset accountability; (iii) access to assets is permitted only in
                accordance with management’s general or specific authorization; and (iv)
                the recorded accountability for assets is compared with the existing
                assets at reasonable intervals and appropriate action is taken with
                respect to any differences;

            

    

    

    
      	
              (ll)  

            	
              the
                Corporation has complied in all material respects with the provisions
                of
                the Sarbanes-Oxley Act of 2002 to which it has been subject through
                the
                date hereof and the corporate governance rules of the AMEX applicable
                to
                it;

            

    

    

    
      	
              (mm)  

            	
              there
                has never been a reportable event (within the meaning of National
                Instrument 51-102 of the Canadian securities administrators) involving
                the
                Corporation and its current or former
                auditors;

            

    

    

    
      	
              (nn)  

            	
              the
                Corporation has fulfilled its obligations, if any, under the minimum
                funding standards of Section 302 of the U.S. Employee Retirement
                Income
                Security Act of 1974 (“ERISA”) and the regulations and
                published interpretations thereunder with respect to each “plan” as
                defined in Section 3(3) of ERISA and such regulations and published
                interpretations in which its employees are eligible to participate
                and
                each such plan is in compliance in all material respects with the
                presently applicable provisions of ERISA and such regulations and
                published interpretations.  No “Reportable Event” (as defined in
                ERISA) has occurred with respect to any “Pension Plan” (as defined in
                ERISA) for which the Corporation could have any
                liability;

            

    

    

    
      	
              (oo)  

            	
              the
                Corporation is not the operator under any of the production sharing
                contracts to which it is a party, except for those production sharing
                contracts referenced in paragraphs 6(bbb)(iv) and (ix), which are
                both in
                the early stages of seismic studies, and whenever “operations of the
                Corporation” are referred to herein this should be taken as the operations
                by the joint ventures of which the Corporation is a partner as operated
                by
                the operator under the terms of the respective production sharing
                contract;

            

    

    

    
      	
              (pp)  

            	
              the
                property, assets and operations of the Corporation and the Subsidiaries
                comply, to the best of the knowledge of the Corporation, in all material
                respects with all applicable Environmental Laws (which term means
                and
                includes, without limitation, any and all applicable international,
                federal, provincial, state, municipal or local laws, statutes,
                regulations, treaties, orders, policies, judgments, decrees, ordinances,
                official directives and all authorizations relating to the environment,
                occupational health and safety, or any Environmental Activity (which
                term
                means and includes, without limitation, any past, present or future
                activity, event or circumstance in respect of a Contaminant (which
                term
                means and includes, without limitation, any pollutants, dangerous
                substances, liquid wastes, hazardous wastes, hazardous materials,
                hazardous substances or contaminants or any other matter including
                any of
                the foregoing, as defined or described as such pursuant to any
                Environmental Laws), including, without limitation, the storage,
                use,
                holding, collection, purchase, accumulation, assessment, generation,
                manufacture, construction, processing, treatment, stabilization,
                disposition, handling or transportation thereof, or the release,
                escape,
                leaching, dispersal or migration thereof into the natural environment,
                including the movement through or in the air, soil, surface water
                or
                groundwater).  For these purposes, Environmental Laws,
                Environmental Activity or Contaminant do not include the normal course
                obligations for an oil and gas exploration and exploitation
                business.  During the normal course business of plugging or
                abandoning wells, there are or may be obligations under applicable
                Environmental Laws to restore the area to its natural state, which
                obligations are performed by the Corporation, to the extent required,
                according to the applicable Environmental Laws.  The Corporation
                also is or may be required to close open reserve pits, which obligations
                are completed, to the extent required, within the time periods and
                according to the specifications of the relevant regulatory
                agency;

            

    

    

    
      	
              (qq)  

            	
              no
                property which is or has been owned, leased or occupied by the Corporation
                or the Subsidiaries has been designated as a Superfund site pursuant
                to
                the Comprehensive Environmental Response, Compensation and Liability
                Act
                of 1980, as amended (42 U.S.C. Section 9601, et. seq.)
                (“CERCLA”) or otherwise designated as a contaminated site
                under applicable state or local law.  Neither the Corporation
                nor any of the Subsidiaries has been named as a “potentially responsible
                party” under CERCLA;

            

    

    

    
      	
              (rr)  

            	
              the
                Corporation does not have any knowledge of, and has not received
                any
                notice of, any material claim, judicial or administrative proceeding,
                pending or threatened against, or which may affect, the Corporation
                or any
                of the Subsidiaries or any of the properties, assets or operations
                thereof, relating to, or alleging any violation of any Environmental
                Laws,
                the Corporation is not aware of any facts which could give rise to
                any
                such claim or judicial or administrative proceeding and neither the
                Corporation nor any of the Subsidiaries or, to the knowledge of the
                Corporation, any of their respective property, assets or operations,
                is
                the subject of any investigation, evaluation, audit or review by
                any
                Governmental Authority (which term means and includes, without limitation,
                any national, federal government, province, state, municipality or
                other
                political subdivision of any of the foregoing, any entity exercising
                executive, legislative, judicial, regulatory or administrative functions
                of or pertaining to government and any corporation or other entity
                owned
                or controlled (through stock or capital ownership or otherwise) by
                any of
                the foregoing) to determine whether any violation of any Environmental
                Laws has occurred or is occurring or whether any remedial action
                is needed
                in connection with a release of any Contaminant into the environment,
                except for compliance investigations conducted in the normal course
                by any
                Governmental Authority;

            

    

    

    
      	
              (ss)  

            	
              neither
                the Corporation nor any of the Subsidiaries has given or filed any
                notice
                under any international, federal, state, provincial or local law
                with
                respect to any Environmental Activity, to the knowledge of the
                Corporation, neither the Corporation nor any of the Subsidiaries
                has any
                liability (whether contingent or otherwise) in connection with any
                Environmental Activity and the Corporation is not aware of any notice
                being given under any international, federal, state, provincial or
                local
                law or of any liability (whether contingent or otherwise) with respect
                to
                any Environmental Activity relating to or affecting the Corporation
                or any
                of the Subsidiaries or any of their respective properties, assets,
                businesses or operations;

            

    

    

    
      	
              (tt)  

            	
              neither
                the Corporation nor any of the Subsidiaries stores any hazardous
                or toxic
                waste or substance on the property thereof and they have not disposed
                of
                any hazardous or toxic waste, in each case in a manner contrary to
                any
                Environmental Laws, and there are no Contaminants on any of the premises
                at which the Corporation or the Subsidiaries carries on business,
                in each
                case other than in compliance with Environmental
                Laws;

            

    

    

    
      	
              (uu)  

            	
              to
                the knowledge of the Corporation, neither the Corporation nor any
                of the
                Subsidiaries is subject to any contingent or other liability relating
                to
                the restoration or rehabilitation of land, water or any other part
                of the
                environment, or compliance with any Environmental
                Laws;

            

    

    

    
      	
              (vv)  

            	
              neither
                the Corporation nor any other person associated with or acting on
                behalf
                of the Corporation including, without limitation, any director, officer,
                agent or employee of the Corporation or the Subsidiaries, has, directly
                or
                indirectly, while acting on behalf of the Corporation or the Subsidiaries
                (i) used any corporate funds for unlawful contributions, gifts,
                entertainment or other unlawful expenses relating to political activity;
                (ii) made any unlawful payment to foreign or domestic government
                officials
                or employees or to foreign or domestic political parties or campaigns
                from
                corporate funds; (iii) violated any provision of the Foreign Corrupt
                Practices Act of 1977, as amended; or (iv) made any other unlawful
                payment;

            

    

    

    
      	
              (ww)  

            	
              GeoGlobal
                India is a party to the following material agreements (collectively,
                the
                “GeoGlobal India Material
                Agreements”):

            

    

    

    
      	
              (i)  

            	
              a
                Carried Interest Agreement dated August 27, 2002 between GeoGlobal
                India
                and Gujarat State Petroleum Corporation Limited (“GSPC”),
                granting to GeoGlobal India a 10% carried interest (the “KG
                Carried Interest”) for its share of costs
                incurred in respect of the exploration activities conducted on an
                exploration block known as block KG OSN 2001/3 (the “KG
                2001/3”) prior to commencement of commercial production on KG
                2001/3 (such agreement, the “Carried Interest
                Agreement”);

            

    

    

    
      	
              (ii)  

            	
              a
                Production Sharing Contract dated February 4, 2003 among GeoGlobal
                India,
                the Government of India, GSPC and Jubilant Enpro Limited, granting
                to
                GeoGlobal India a 10% participating interest (the “KG
                Participating Interest”) in KG 2001/3 (such contract, the
                “KGPSC”);
                and

            

    

    

    
      	
              (iii)  

            	
              a
                Participating Interest Agreement dated March 27, 2003 between GeoGlobal
                India and Roy Group (Mauritius) Inc., a corporation incorporated
                under the
                laws of Mauritius (“Roy Group”) and wholly owned by Jean
                Paul Roy, providing for the transfer and assignment to Roy Group
                of a 50%
                interest in the KG Carried Interest and the KG Participating Interest
                (the
                “KG Participating Interest
                Agreement”);

            

    

    

    
      	
              (xx)  

            	
              each
                of the GeoGlobal India Material Agreements is in full force and effect
                and
                has not been amended from the form available to the public on EDGAR,
                and
                each of the GeoGlobal India Material Agreements constitutes a legal,
                valid
                and binding obligation of the Corporation, enforceable against it
                in
                accordance with its terms for the periods (if any) stated therein,
                except
                that:  (i) the enforcement thereof may be limited by bankruptcy,
                insolvency and other laws affecting the enforcement of creditors’ rights
                generally, (ii) rights of indemnity, contribution and waiver of
                contribution thereunder may be limited under applicable law, and
                (iii)
                equitable remedies, including, without limitation, specific performance
                and injunctive relief, may be granted only in the discretion of a
                court of
                competent jurisdiction;

            

    

    

    
      	
              (yy)  

            	
              other
                than as set forth in the disclosure schedule attached as Schedule
“D”
                hereto, GeoGlobal India has fulfilled or has taken all actions necessary
                at this time to enable it to fulfill when due all of its obligations
                under
                the GeoGlobal India Material Agreements, and there is not, under
                any of
                the GeoGlobal India Material Agreements, any existing default or
                event of
                default or any event which, with or without the giving of notice
                or the
                passage of time, would constitute a default under any of the GeoGlobal
                India Material Agreements or provide to any party to any GeoGlobal
                India
                Material Agreement a right of termination thereunder.  There are
                no laws, regulations, rules or decrees currently in effect or reasonably
                expected to be in effect which adversely affect or might adversely
                affect
                GeoGlobal India’s rights under any of the GeoGlobal India Material
                Agreements;

            

    

    

    
      	
              (zz)  

            	
              subject
                to the terms of the KG Participating Interest Agreement, GeoGlobal
                India
                has a legal, valid and enforceable ownership interest in the KG
                Participating Interest and has not sold, conveyed, transferred, assigned
                or otherwise disposed of, or created any encumbrance on or with respect
                to, the KG Participating Interest;

            

    

    

    
      	
              (aaa)  

            	
              other
                than as a party to the GeoGlobal India Material Agreements and other
                than
                as disclosed in the Corporation’s Information Record, GeoGlobal India has
                no business activities, assets, liabilities, employees, customers
                or
                suppliers and has no revenues;

            

    

    

    
      	
              (bbb)  

            	
              GeoGlobal
                Barbados is a party to the following material agreements (collectively,
                the “GeoGlobal Barbados Material
                Agreements”):

            

    

    

    
      	
              (i)  

            	
              a
                Production Sharing Contract dated February 6, 2004 among GeoGlobal
                Barbados, the Government of India, GSPC and Jubilant Enpro Private
                Limited, granting to GeoGlobal Barbados a 10% participating interest
                (the
                “CB 2002/2 Participating Interest”) in an exploration
                block known as block CB ONN 2002/2 (the “CB 2002/2”)
                (such contract, the “CB 2002/2
                PSC”);

            

    

    

    
      	
              (ii)  

            	
              a
                Production Sharing Contract dated February 6, 2004 among GeoGlobal
                Barbados, the Government of India, GSPC, Jubilant Enpro Private Limited
                and Prize Petroleum Company Limited, granting to GeoGlobal Barbados
                a 10%
                participating interest (the “CB 2002/3 Participating
                Interest”) in an exploration block known as block CB ONN 2002/3
                (the “CB 2002/3”) (such contract, the “CB 2002/3
                PSC”);

            

    

    

    
      	
              (iii)  

            	
              a
                Deed of Assignment and Assumption dated April 7, 2005 among GeoGlobal
                Barbados and GSPC, granting to GeoGlobal Barbados a 20% participating
                interest (the “CB 2 Participating Interest”) in an
                exploration block known as block CB ON 2, subject to reduction to
                a 14%
                participating interest pursuant to the terms thereof (such deed,
                the
                “Assignment”);

            

    

    

    
      	
              (iv)  

            	
              a
                Production Sharing Contract dated September 23, 2005 between the
                Government of India and GeoGlobal Barbados, granting to GeoGlobal
                Barbados
                a 100% participating interest (the “DS Participating
                Interest”) in an exploration block known as block DS ONN 2003/1
                (the “DS 2003/1”) (such contract, the “DS 3
                PSC”);

            

    

    

    
      	
              (v)  

            	
              a
                Production Sharing Contract dated September 23, 2005 among the Government
                of India, GSPC, GAIL (India) Ltd., Jubilant Capital Pvt. Ltd. and
                GeoGlobal Barbados, granting to GeoGlobal Barbados a 10% participating
                interest (the “CB 2003/2 Participating Interest”) in an
                exploration block known as block CB ONN 2003/2 (the “CB
                2003/2”) (such contract, the “CB 3
                PSC”);

            

    

    

    
      	
              (vi)  

            	
              a
                Production Sharing Contract dated March 2, 2007 among the Government
                of
                India, Oil India Limited (“OilIndia”)
                and GeoGlobal Barbados, granting to GeoGlobal Barbados a 10% participating
                interest (the “KG 2004/1 Participating Interest”) in an
                exploration block known as block KG ONN 2004/1 (the “KG
                2004/1”) (such contract, the “KG 4
                PSC”);

            

    

    

    
      	
              (vii)  

            	
              a
                Production Sharing Contract dated March 2, 2007 among the Government
                of
                India, Oil India and GeoGlobal Barbados, granting to GeoGlobal Barbados
                a
                25% participating interest (the “RJ 2004/2 Participating
                Interest”) in an exploration block known as block RJ ONN 2004/2
                (the “RJ 2004/2”) (such contract, the “RJ 4/2
                PSC”);

            

    

    

    
      	
              (viii)  

            	
              a
                Production Sharing Contract dated March 2, 2007 among the Government
                of
                India, Oil India, Hindustan Petroleum Corpn. Ltd. and GeoGlobal Barbados,
                granting to GeoGlobal Barbados a 25% participating interest (the
                “RJ 2004/3 Participating Interest”) in an exploration
                block known as block RJ ONN 2004/3 (the “RJ 2004/3”)
                (such contract, the “RJ 4/3
                PSC”);

            

    

    

    
      	
              (ix)  

            	
              a
                Production Sharing Contract dated March 2, 2007 between the Government
                of
                India and GeoGlobal Barbados, granting to GeoGlobal Barbados a 100%
                participating interest (the “DS 2004/1 Participating
                Interest”) in an exploration block known as block DS ONN 2004/01
                (the “DS 2004/1”) (such contract, the “DS 4
                PSC”);

            

    

    

    
      	
              (ccc)  

            	
              each
                of the GeoGlobal Barbados Material Agreements is in full force and
                effect
                and has not been amended from the form available to the public on
                EDGAR or
                provided to the Agents, as applicable, and each of the GeoGlobal
                Barbados
                Material Agreements constitutes a legal, valid and binding obligation
                of
                the Corporation, enforceable against it in accordance with its terms
                for
                the periods (if any) stated therein, except that:  (i) the
                enforcement thereof may be limited by bankruptcy, insolvency and
                other
                laws affecting the enforcement of creditors’ rights generally, (ii) rights
                of indemnity, contribution and waiver of contribution thereunder
                may be
                limited under applicable law, and (iii) equitable remedies, including,
                without limitation, specific performance and injunctive relief, may
                be
                granted only in the discretion of a court of competent
                jurisdiction;

            

    

    

    
      	
              (ddd)  

            	
              GeoGlobal
                Barbados has fulfilled or has taken all actions necessary at this
                time to
                enable it to fulfill when due all of its obligations under the GeoGlobal
                Barbados Material Agreements, and there is not, under any of the
                GeoGlobal
                Barbados Material Agreements, any existing default or event of default
                or
                any event which, with or without the giving of notice or the passage
                of
                time, would constitute a default under any of the GeoGlobal Barbados
                Material Agreements or provide to any party to any GeoGlobal Barbados
                Material Agreement a right of termination thereunder.  There are
                no laws, regulations, rules or decrees currently in effect or reasonably
                expected to be in effect which adversely affect or might adversely
                affect
                GeoGlobal Barbados’ rights under any of the GeoGlobal Barbados Material
                Agreements;

            

    

    

    
      	
              (eee)  

            	
              GeoGlobal
                Barbados has a legal, valid and enforceable ownership interest in
                each of
                the GeoGlobal Barbados Participating Interests and has not sold,
                conveyed,
                transferred, assigned or otherwise disposed of, or created any encumbrance
                on or with respect to, the GeoGlobal Barbados Participating
                Interests;

            

    

    

    
      	
              (fff)  

            	
              GeoGlobal
                Barbados is (in addition to GSPC, Jubilant Enpro Private Limited
                and Prize
                Petroleum Company Limited) the legal and registered owner of the
                CB 2002/3
                License, free and clear of any and all
                encumbrances;

            

    

    

    
      	
              (ggg)  

            	
              other
                than as a party to the GeoGlobal Barbados Material Agreements and
                other
                than as disclosed in the Corporation’s Information Record, GeoGlobal
                Barbados has no business activities, assets, liabilities, employees,
                customers or suppliers and has no
                revenues;

            

    

    

    
      	
              (hhh)  

            	
              the
                Corporation:  (i) has no reason to believe that the Corporation
                and the Subsidiaries do not have the right to produce and sell the
                petroleum, natural gas and related hydrocarbons that may from time
                to time
                be produced, saved and sold from the properties which are the subject
                of
                the production sharing contracts to which it is a party (for the
                purpose
                of this paragraph, the foregoing is collectively referred to as the
                “Interests”); and (ii) represents and warrants that the
                Interests are free and clear of adverse claims created by, through
                or
                under the Corporation except those arising in the ordinary course
                of
                business;

            

    

    

    
      	
              (iii)  

            	
              Schedule
                “C” attached hereto is a complete list of all of the agreements pursuant
                to which the Corporation and the Subsidiaries have a material interest
                in
                oil and gas properties, the description of such oil and gas properties
                is
                complete and accurate in all material respects and the Corporation
                does
                not have any other, direct or indirect, interests in any other oil
                and gas
                properties;

            

    

    

    
      	
              (jjj)  

            	
              the
                petroleum and natural gas rights of the Corporation and the Subsidiaries
                in respect of the agreements listed in Schedule “C” attached hereto are
                not subject to reduction by virtue of the conversion or other alteration
                of the interest of any person under existing agreements created by,
                through or under the Corporation or the Subsidiaries, except that
                each of
                such agreements has relinquishment provisions whereby portions of
                the
                contract area may be relinquished as the contract proceeds from one
                exploration phase to the next;

            

    

    

    
      	
              (kkk)  

            	
              except
                as set forth below, the wells of the Corporation and the Subsidiaries
                are
                not subject to a production penalty whereby the production proceeds
                allocable to their respective interest are payable to a person until
                an
                amount calculated in respect of certain costs and expenses paid by
                such
                person are recovered by such person.  The Corporation does not
                have any producing wells or proven reserves.  Under the Carried
                Interest Agreement which relates to the KG Offshore Block, GSPC is
                entitled to recover out of the production attributable to the Corporation
                (including Roy Group Mauritius) its capital costs incurred during
                the
                development phase and the Corporation and Roy Group Mauritius are
                not
                entitled to any share of production until those costs and expenses
                have
                been recovered.  There are production sharing provisions in the
                production sharing contracts and the Government of India is entitled
                to a
                royalty;

            

    

    

    
      	
              (lll)  

            	
              to
                the Corporation’s knowledge, all oil and gas wells established on the
                properties in which it has an interest have, in all material respects,
                been drilled and, if completed, completed and, if abandoned, abandoned
                in
                accordance with normal oil field
                practice;

            

    

    

    
      	
              (mmm)  

            	
              the
                Corporation and the Subsidiaries have no outstanding royalty
                obligations;

            

    

    

    
      	
              (nnn)  

            	
              there
                are no production sales contracts, gas balancing agreements or
                arrangements under which it, or any person acting on its behalf,
                is
                obligated to sell or deliver petroleum substances allocable to the
                petroleum and natural gas rights of the Corporation or the Subsidiaries
                to
                any person, except as set forth in the production sharing contracts;
                and

            

    

    

    
      	
              (ooo)  

            	
              any
                and all operations of the Corporation and, to the Corporation’s knowledge,
                information and belief, any and all operations by third parties,
                on or in
                respect of the assets and properties of the Corporation have been
                conducted in accordance with good oilfield
                practices.

            

    

    

    
      	
              7.  

            	
              Closing
                Deliveries.  The purchase and sale of the Offered
                Securities shall be completed at the Closing Time at the offices
                of
                Cassels Brock & Blackwell LLP, counsel to the Agents, at 40 King
                Street West, Suite 2100, Toronto, ON  M5H 3C2 or at such other
                place as the Agents and the Corporation may agree upon.  Subject
                to the terms of this agreement, at the Closing Time, the Agents shall
                deliver to the Corporation duly executed Subscription Agreements
                and shall
                cause Cassels Brock & Blackwell LLP to pay to the Corporation or as
                the Corporation may direct the aggregate gross proceeds from the
                Offering
                less the Agents’ Fee and the Agents’ expenses in lawful money of the
                United States by cheque, banker’s draft or wire transfer.  At
                the Closing Time, the Corporation shall, subject to and to the extent
                of
                its acceptance of Subscription Agreements, issue and deliver definitive
                certificates representing the Unit Shares, the Warrants and the Rights
                subscribed for pursuant to the Subscription Agreements registered
                in such
                names as shall be designated in the Subscription Agreements and issue
                and
                deliver to the Agents the Compensation Option Certificates evidencing
                the
                Compensation Options and Compensation Rights to which they are entitled
                hereunder.

            

    

    

    
      	
              8.  

            	
              Closing
                Conditions.  The Agents’ obligations under this
                agreement, and each Purchaser’s obligation to purchase the Offered
                Securities at the Closing Time, shall be conditional upon the fulfilment
                at or before such Closing Time of the following
                conditions:

            

    

    

    
      	
               

            	
              (a)

            	
              the
                Agents shall have received a certificate, dated as of the Closing
                Date,
                signed by two executive officers of the Corporation, certifying for
                and on
                behalf of the Corporation, to the best of the knowledge, information
                and
                belief of the persons so signing, after having made due enquiry,
                that:

            

    

    

    
      	
               

            	
              (i)

            	
              no
                order, ruling or determination having the effect of suspending the
                sale or
                ceasing the trading in any securities of the Corporation (including
                the
                Common Shares) has been issued by any regulatory authority and is
                continuing in effect and no proceedings for that purpose have been
                instituted or are pending or, are contemplated or threatened by any
                regulatory authority;

            

    

    

    
      	
               

            	
              (ii)

            	
              there
                has not been any material change in the affairs of the Corporation
                on a
                consolidated basis, financial or otherwise, which requires disclosure
                under the timely disclosure provisions of Canadian Securities Laws,
                except
                as has been publicly disclosed and no such disclosure has been made
                on a
                confidential basis;

            

    

    

    
      	
               

            	
              (iii)

            	
              the
                representations and warranties of the Corporation contained in this
                agreement are true and correct as of the Closing Time with the same
                force
                and effect as if made at and as of the Closing Time after giving
                effect to
                the transactions contemplated by this agreement;
                and

            

    

    

    
      	
               

            	
              (iv)

            	
              the
                Corporation has duly complied with all the terms, covenants and conditions
                of this agreement on the Corporation’s part to be complied with up to the
                Closing Time;

            

    

    

    
      	
               

            	
              (b)

            	
              the
                Agents shall have received a certificate, dated as of the Closing
                Date,
                signed by an appropriate officer or director of the Corporation addressed
                to the Agents and their counsel, with respect to the articles and
                by-laws
                of the Corporation, the resolutions of the Corporation’s board of
                directors relevant to the Offering, the incumbency and specimen signatures
                of signing officers, and such other matters as the Agents may reasonably
                request;

            

    

    

    
      	
               

            	
              (c)

            	
              the
                Agents shall have received copies of all correspondence indicating
                that
                the Corporation has obtained all necessary approvals for the Unit
                Shares
                and the Warrant Shares, including the Compensation Shares to be issued
                upon exercise of the Compensation Options, to be conditionally listed
                on
                the AMEX;

            

    

    

    
      	
               

            	
              (d)

            	
              the
                Agreements shall have been executed or endorsed, as applicable, and
                delivered by the parties thereto in form and substance satisfactory
                to the
                Agents and their counsel, acting
                reasonably;

            

    

    

    
      	
               

            	
              (e)

            	
              the
                Agents shall have received favourable legal opinions of counsel to
                the
                Corporation in respect of certain matters concerning the Corporation,
                Canadian Securities Laws, United States securities laws, the GeoGlobal
                India Material Agreements and the GeoGlobal Barbados Material Agreements,
                addressed to the Agents, the Purchasers and counsel to the Agents,
                in form
                and substance satisfactory to the Agents and their counsel, acting
                reasonably, and, in providing such opinions, counsel to the Corporation
                shall be entitled to rely on opinions of local counsel as to matters
                governed by the laws of such other jurisdictions as such counsel
                deems
                appropriate, and as to matters of fact or expert matters not within
                the
                knowledge or professional competence of counsel, on certificates
                of public
                officials and of the auditors, the transfer agent and the officers
                of the
                Corporation or the Subsidiaries;

            

    

    

    
      	
               

            	
              (f)

            	
              the
                Agents shall have received from local counsel in the jurisdiction
                of
                incorporation, organization or formation of each of the Subsidiaries,
                a
                legal opinion, in form and substance satisfactory to the Agents and
                their
                counsel, acting reasonably, with respect to the following
                matters:

            

    

    

    
      	
              (i)  

            	
              the
                applicable Subsidiary is a corporation or other form of entity existing
                under the laws of the jurisdiction in which it was incorporated,
                organized, formed, amalgamated or continued and has all requisite
                corporate power to carry on its business as now conducted and to
                own,
                lease and operate its property and assets;
                and

            

    

    

    
      	
              (ii)  

            	
              all
                of the issued and outstanding shares or other ownership interests
                or
                rights of the applicable Subsidiary are registered, directly or
                indirectly, in the name of the Corporation or a subsidiary of the
                Corporation;

            

    

    

    
      	
               

            	
              (g)

            	
              the
                Agents shall have received such letters of comfort that it reasonably
                requires with respect to the Corporation’s ownership of the
                Interests;

            

    

    

    
      	
               

            	
              (h)

            	
              the
                Agents shall have received a Certificate of Status or the equivalent
                in
                respect of the Corporation and each of the Subsidiaries issued by
                the
                appropriate regulatory authority in each jurisdiction in which the
                Corporation and the Subsidiaries are
                subsisting;

            

    

    

    
      	
               

            	
              (i)

            	
              the
                Agents shall have received a certificate from the Corporation’s registrar
                and transfer agent as to the number of Common Shares issued and
                outstanding as at a date no more than two Business Days prior to
                the
                Closing Date;

            

    

    

    
      	
               

            	
              (j)

            	
              the
                Agents shall be satisfied, in their sole discretion, after carrying
                out
                such due diligence as the Agents deem appropriate, as to the legal,
                financial and business affairs of the
                Corporation;

            

    

    

    
      	
               

            	
              (k)

            	
              the
                Corporation shall have obtained all requisite regulatory approvals
                required to be obtained by the Corporation in respect of the Offering,
                on
                terms mutually acceptable to the Corporation and the Agents, including
                the
                approval of the AMEX as to the listing of the Underlying Shares
                thereon;

            

    

    

    
      	
               

            	
              (l)

            	
              the
                Corporation and the Agents shall have complied fully with all covenants
                set forth herein and all relevant statutory and regulatory requirements,
                required to be complied with prior to the Closing Time;
                and

            

    

    

    
      	
               

            	
              (m)

            	
              the
                Underlying Shares and the Warrants shall not be subject to a hold
                period
                under Canadian Securities Laws that is greater than four months from
                the
                Closing Date.

            

    

    

    
      	
              9.  

            	
              Rights
                of Termination.  In addition to any other remedies
                which may be available to the Agents, the Agents shall be entitled,
                at
                their option, to terminate and cancel, without any liability on their
                part, all of their obligations under this agreement and the obligations
                of
                any person whom it has solicited to purchase the Offered Securities
                who
                has executed a Subscription Agreement, by notice in writing to that
                effect
                delivered to the Corporation prior to the Closing Time
                if:

            

    

    

    
      	
              (a)  

            	
              they
                are not satisfied in their sole discretion with the results of all
                or any
                portion of their due diligence review and investigations of the
                Corporation and the Subsidiaries;

            

    

    

    
      	
              (b)  

            	
              there
                has occurred any material adverse change (actual, contemplated or
                threatened) or any change in a material fact or a new material fact
                or a
                development that could, in the sole opinion of the Agents, be expected
                to
                result in a material adverse change or a change in a material fact
                or a
                new material fact in respect of the business, operations, capital,
                condition (financial or otherwise), properties, assets, liabilities,
                obligations or affairs of the Corporation and the Subsidiaries (taken
                as a
                whole);

            

    

    

    
      	
              (c)  

            	
              there
                should develop, occur or come into effect or existence any event,
                action,
                state, condition or major financial occurrence of national or
                international consequence, any acts of terrorism or hostilities or
                escalation thereof or other calamity or crisis, or any law or regulation
                which, in the reasonable opinion of the Agents, seriously adversely
                affects, or involves, or would be expected to seriously adversely
                affect
                or involve, the financial markets or the business, operations or
                affairs
                of the Corporation and the Subsidiaries (taken as a
                whole);

            

    

    

    
      	
              (d)  

            	
              there
                has occurred any change of law or the interpretation or administration
                thereof in the Offering Provinces or any inquiry, action, suit,
                investigation or other proceeding (whether formal or informal) is
                announced, commenced or threatened by any federal, provincial, state,
                municipal or other governmental department, commission, board, bureau,
                agency or instrumentality (including, without limitation, the AMEX
                or any
                securities regulatory authority), or securities commission, stock
                exchange
                or similar regulatory authority, or any order is issued in relation
                to the
                Corporation, any of its affiliates, or any of its directors or officers
                or
                any of the Corporation’s securities (other than any such inquiry, action,
                suit, investigation, proceeding or order relating solely to the Agents)
                which, in the sole opinion of the Agents, prevents or restricts trading
                in
                or the distribution of the Offered Securities or the Underlying Shares,
                or
                has or would be expected to have a material adverse effect on the
                market
                price or value of or the investment quality or marketability of the
                Offered Securities or the Underlying
                Shares;

            

    

    

    
      	
              (e)  

            	
              the
                state of the financial markets or of the industry or markets in which
                the
                Corporation operates or conducts business is or becomes such that
                the
                Offered Securities or the Underlying Shares cannot, in the reasonable
                opinion of the Agents, be successfully or profitably marketed or
                sold;

            

    

    

    
      	
              (f)  

            	
              any
                order to cease or suspend trading in any securities of the Corporation,
                or
                prohibiting or restricting the distribution of any of the Offered
                Securities or the Underlying Shares is made, threatened or announced
                by
                any securities regulatory authority in the Offering Provinces (or
                in the
                United States or in any other jurisdiction in which Offered Securities
                are
                to be offered for sale and sold in accordance with section 1(a) of
                this
                agreement), stock exchange or other competent authority and such
                order is
                not rescinded, revoked or
                withdrawn;

            

    

    

    
      	
              (g)  

            	
              the
                Corporation is in breach of, in default under or in non-compliance
                with
                any material representation, warranty, term, condition or covenant
                of this
                agreement or the Subscription Agreement;
                or

            

    

    

    
      	
              (h)  

            	
              the
                Unit Shares, Warrants or Warrant Shares acquired by any Purchaser
                in the
                Offering Provinces would be, if the Offering were completed, subject
                to a
                hold period in excess of four months from the Closing Date (exclusive
                of
                any restrictions on transfer into the United States unless such transfer
                is made pursuant to the Registration Statement or an exemption from
                the
                registration requirements of the U.S. Securities
                Act).

            

    

    

    The
      rights of termination contained in paragraphs 9(a), (b), (c), (d), (e), (f),
      (g)
      and (h) may be exercised by the Agents and are in addition to any other rights
      or remedies the Agents may have in respect of any default, act or failure to
      act
      or non-compliance by the Corporation in respect of any of the matters
      contemplated by this agreement or otherwise.  In the event of any such
      termination by the Agents, there shall be no further liability on the part
      of
      the Agents to the Corporation or on the part of the Corporation to the Agents
      except in respect of any liability which may have arisen or may arise after
      such
      termination in respect of acts or omissions prior to such termination under
      Sections 10, 12 and 13.

    

    
      	
              10.  

            	
              Expenses.  Whether
                or not Closing occurs, the Corporation shall pay all costs, fees
                and
                expenses of or incidental to the performance of the obligations under
                this
                agreement including, without limitation:  (i) the cost of
                registration, countersignature and delivery of the Warrants and the
                Underlying Shares, (ii) the fees and expenses of the Corporation’s
                auditors, counsel and any local counsel, transfer agent, engineers
                and
                other outside consultants, (iii) the reasonable fees and expenses
                of any
                counsel employed by the Agents (including GST thereon), (iv) the
                Agents’
                reasonable out-of-pocket expenses, and (v) all filing fees and stock
                exchange listing fees relating to the Offering.  Such amounts
                payable to the Agents shall be paid by the Corporation at the Closing
                Time
                to the Agents in respect of expenses and fees incurred to such date
                and in
                respect of expenses and fees incurred after the Closing Time, such
                amounts
                shall be paid by the Corporation to the Agents upon receipt of invoices
                from time to time from the Agents to the
                Corporation.

            

    

    

    
      	
              11.  

            	
              Survival
                of Representations and Warranties.  All warranties,
                representations, covenants and agreements herein contained or contained
                in
                any documents submitted pursuant to this agreement and in connection
                with
                the transactions herein contemplated shall survive the Closing Date
                and,
                as applicable, shall continue in full force and effect for the benefit
                of
                the Purchasers, regardless of the Closing and regardless of any
                investigation which may be carried out by the Purchasers or on their
                behalf for a period of two (2) years following the Closing
                Date.

            

    

    

    
      	
              12.  

            	
              Indemnity.  The
                Corporation hereby agrees to indemnify and hold the Agents and/or
                any of
                its affiliates (the “Affiliates”) and each of the
                directors, officers, employees and shareholders of the Agents and/or
                the
                Affiliates (hereinafter collectively referred to as the
                “Personnel”) harmless from and against any and all
                expenses, losses (other than loss of profits), claims, actions, damages
                or
                liabilities, whether joint or several (including the aggregate amount
                paid
                in reasonable settlement of any actions, suits, proceedings or claims),
                and the reasonable fees and expenses of their counsel that may be
                incurred
                in advising with respect to and/or defending any claim that may be
                made
                against the Agents and/or the Affiliates, to which the Agents and/or
                the
                Affiliates and/or the Personnel may become subject or otherwise involved
                in any capacity under any statute or common law or otherwise on demand
                insofar as such expenses, losses, claims, damages, liabilities or
                actions
                arise out of or are based, directly or indirectly, upon the performance
                of
                professional services rendered to the Corporation by the Agents and/or
                the
                Affiliates and the Personnel hereunder or otherwise in connection
                with the
                matters referred to in this agreement, provided, however, that this
                indemnity shall not apply to the extent that a court of competent
                jurisdiction in a final judgment that has become non-appealable shall
                determine that:

            

    

    

    
      	
               

            	
              (i)

            	
              the
                Agents and/or any Personnel have been grossly negligent or has committed
                any fraudulent act or engaged in wilful misconduct in the course
                of such
                performance or has breached any material provision of this agreement;
                and

            

    

    

    
      	
               

            	
              (ii)

            	
              the
                expenses, losses, claims, damages or liabilities, as to which
                indemnification is claimed, were directly caused by the gross negligence,
                fraud, wilful misconduct or material breach of this agreement referred
                to
                in (i).

            

    

    

    The
      Corporation hereby agrees to waive any right it may have of first requiring
      the
      Agents and/or the Affiliates and any Personnel to proceed against or enforce
      any
      other right, power, remedy, security or claim payment from any other person
      before claiming under this indemnity.

    

    If
      for
      any reason (other than the occurrence of any of the events itemized in (i)
      and
      (ii) above), the foregoing indemnification is unavailable to the Agents and/or
      the Affiliates or insufficient to hold them harmless, then the Corporation
      shall
      contribute to the amount paid or payable by the Agents and/or the Affiliates
      as
      a result of such expense, loss, claim, damage or liability in such proportion
      as
      is appropriate to reflect not only the relative benefits received by the
      Corporation on the one hand and the Agents and/or the Affiliates on the other
      hand but also the relative fault of the Corporation and the Agents and/or the
      Affiliates, as well as any relevant equitable considerations; provided that
      the
      Corporation shall, in any event, contribute to the amount paid or payable by
      the
      Agents and/or the Affiliates as a result of such expense, loss, claim, damage
      or
      liability, any excess of such amount over the amount of the fees received by
      the
      Agents and/or the Affiliates hereunder pursuant to this agreement.

    

    The
      Corporation agrees that in case any legal proceeding shall be brought against
      the Corporation and/or the Agents and/or the Affiliates by any governmental
      commission or regulatory authority or any stock exchange or other entity having
      regulatory authority, either domestic or foreign, shall investigate the
      Corporation and/or the Agents and/or the Affiliates and any Personnel shall
      be
      required to testify in connection therewith or shall be required to respond
      to
      procedures designed to discover information regarding, in connection with,
      or by
      reason of the performance of professional services rendered to the Corporation
      by the Agents and/or the Affiliates under this agreement, the Agents and/or
      the
      Affiliates shall have the right to employ its own counsel in connection
      therewith, and the reasonable fees and expenses of such counsel as well as
      the
      reasonable costs (including an amount to reimburse the Agents and/or the
      Affiliates for time spent by its Personnel in connection therewith) and
      out-of-pocket expenses incurred by its Personnel in connection therewith shall
      be paid by the Corporation as they occur on demand by the Agents.

    

    Promptly
      after receipt of notice of the commencement of any legal proceeding against
      the
      Agents and/or the Affiliates or any of the Personnel or after receipt of notice
      of the commencement of any investigation, which is based, directly or
      indirectly, upon any matter in respect of which indemnification may be sought
      from the Corporation, the Agents and/or the Affiliates (or any one of them)
      will
      notify the Corporation in writing of the commencement thereof and the
      Corporation shall undertake the investigation and defence thereof on behalf
      of
      the Agents and/or the Affiliates and/or any Personnel, as applicable, including
      the prompt employment of counsel reasonably acceptable to the Agents or the
      applicable Personnel affected and the payment of all reasonable
      expenses.  Failure by the Agents and/or the Affiliates or any of the
      Personnel to so notify the Corporation shall not relieve the Corporation of
      its
      obligation of indemnification hereunder unless (and only to the extent that)
      such failure results in forfeiture by the Corporation or material impairment
      of
      its substantive rights or defences.  The Corporation shall, throughout
      the course of any investigation as contemplated herein, provide copies of all
      relevant documentation to the Agents, will keep the Agents advised of the
      progress thereof and will discuss with the Agents all significant actions
      proposed.

    

    No
      admission of liability and no settlement of any action shall be made without
      the
      prior written consent of the Corporation and the Agents or the Personnel
      affected, such consent not to be unreasonably withheld or delayed.

    

    Notwithstanding
      that the Corporation shall undertake the investigation and defence of any
      action, the Agents and/or the Affiliates or the Personnel affected shall have
      the right to employ separate counsel in any such action and participate in
      the
      defence thereof, but the fees and expenses of such counsel will be at the
      expense of the Agents and/or the Affiliates or the Personnel affected unless
      (a)
      employment of such counsel has been authorized by the Corporation; (b) the
      Corporation shall not have assumed the defence of the action within a reasonable
      period of time after receiving notice of the action; (c) the named parties
      to
      any such action include both the Corporation and the Agents and/or the
      Affiliates or any Personnel and the Agents and/or the Affiliates or the affected
      Personnel shall have been advised by counsel that there may be a conflict of
      interest between the Corporation and the Agents and/or the Affiliates or the
      affected Personnel, as the case may be; or (d) there are one or more legal
      defences available to the Agents and/or the Affiliates or the affected Personnel
      which are different from or in addition to those available to the
      Corporation.

    

    The
      indemnity and contribution obligations of the Corporation shall be in addition
      to any liability which the Corporation may otherwise have, shall extend upon
      the
      same terms and conditions to those of the Agents and/or the Affiliates and
      the
      Personnel who are not signatories hereto and shall be binding upon and enure
      to
      the benefit of any successors, assigns, heirs and personal representatives
      of
      the Corporation, the Agents and/or the Affiliates and any of the Personnel
      of
      the Agents and/or the Affiliates.  The foregoing provisions shall
      survive the completion of professional services rendered under this agreement
      or
      any termination of the authorization given by this agreement.

    

    
      	
              13.  

            	
              Contribution.  In
                the event that, for any reason, the indemnity provided for in Section
                12
                hereof is illegal or unenforceable, each of the Agents and the Corporation
                shall contribute to the aggregate of all losses, claims, costs, damages,
                expenses or liabilities (except loss of profits in connection with
                the
                sale of the Offered Securities) of the nature provided for in Section
                12
                hereof such that the Agents shall be responsible for that portion
                represented by the percentage that the Agents’ Fee bears to the gross
                proceeds from the Offering and the Corporation shall be responsible
                for
                the balance, provided that in no event shall the Agents be responsible
                for
                any amount in excess of the Agents’ Fee actually received by
                it.  Notwithstanding the foregoing, a person guilty of
                fraudulent misrepresentation, bad faith, negligence or wilful misconduct
                shall not be entitled to contribution from any other party.  Any
                party entitled to contribution will, promptly after receiving notice
                of
                commencement of any claim, action, suit or proceeding against such
                party
                in respect of which a claim for contribution may be made against
                another
                party or parties under this section, notify such party or parties
                from
                whom contribution may be sought.  In no case shall such party
                from whom contribution may be sought be liable under this agreement
                unless
                such notice shall have been provided, but the omission to so notify
                such
                party shall not relieve the party from whom contribution may be sought
                from any other obligation it may have otherwise than under this
                section.  The right to contribution provided in this section
                shall be in addition to and not in derogation of any other right
                to
                contribution which the Agents may have by statute or otherwise by
                law.

            

    

    

    
      	
              14.  

            	
              Breach
                of Agreement.  All terms and conditions of this
                agreement to be performed or satisfied by the Corporation shall be
                construed as conditions and any breach of, or failure by the Corporation
                to comply with, any term or condition of this agreement shall entitle
                the
                Agents, on behalf of the Purchasers, to terminate their obligations
                to
                purchase the Offered Securities by notice to that effect given to
                the
                Corporation prior to the Closing Time.  In the event of any such
                termination, there shall be no further liability on the part of the
                Corporation or the Agents, except in respect of any liability which
                may
                have arisen or may thereafter arise under Sections 10, 12 or 13
                hereof.  The Agents may waive, in whole or in part, or extend
                the time for compliance with, any terms and conditions without prejudice
                to its rights in respect of any other terms and conditions or any
                other
                subsequent breach or non-compliance provided, however, that any waiver
                or
                extension must be in writing and signed by the Agents in order to
                be
                binding upon it.

            

    

    

    
      	
              15.  

            	
              Advertisements.  Subject
                to the prior consent of the Corporation, the Agents shall have the
                right,
                at its own expense, to place such advertisement or advertisements
                relating
                to the sale of the Offered Securities contemplated herein as the
                Agents
                may consider desirable or appropriate and as may be permitted by
                applicable law.  No such advertisement shall be placed by the
                Agents which the Corporation deems shall be in violation of the securities
                laws of the United States or Canada  The Corporation and the
                Agents each agree that they will not make or publish any advertisement
                in
                any media whatsoever relating to, or otherwise publicize, the transactions
                provided for herein so as to result in any exemption from the prospectus
                and registration requirements of Canadian Securities Laws, the U.S.
                Securities Act or other securities laws being unavailable in respect
                of
                the sale of the Offered Securities to prospective
                purchasers.

            

    

    

    
      	
              16.  

            	
              Notices.  Any
                notice under this agreement shall be given in writing and either
                delivered
                or telecopied to the party to receive such notice at the address
                or
                telecopy numbers indicated below:

            

    

    

    If
      to the
      Corporation, to:

    

    GeoGlobal
      Resources Inc.

    605
–
      1st Street
      S.W., Suite 310

    Calgary,
      Alberta  T2P 3S9

    

    Attention:                                Allan
      J. Kent

    Facsimile:                                (403)
      777-9199

    

    with
      copy
      to:

    

    William
      S. Clarke, P.A.

    65
      South
      Main Street, Suite A-202

    Pennington,
      NJ  08534

    

    Attention:                                William
      S. Clarke, Esq.

    Facsimile:                                (609)
      737-3223

    

    If
      to the
      Agents, to:

    

    Primary
      Capital Inc.

    130
      King
      Street West, Suite 2110

    Toronto,
      Ontario  M5X 1B1

    

    Attention:                                Barry
      Gordon

    Facsimile:                                                     (416)
      214-5954

    

    Jones,
      Gable & Company Limited

    Suite
      600, 110 Yonge Street

    Toronto,
      ON  M5C 1T6

    

    Attention:                                Robb
      Hindson

    Facsimile:                                (416)
      365-8037

    

    with
      a
      copy to:

    

    Cassels
      Brock & Blackwell LLP

    40
      King
      Street West, Suite 2100

    Toronto,
      ON  M5H 3C2

    

    Attention:                                Jay
      Goldman

    Facsimile:                                (416)
      644-9337

    

    or
      such
      other address or telecopy number as such party may hereafter designate by notice
      in writing to the other party.  If a notice is delivered, it shall be
      effective from the date of delivery and if such notice is telecopied (with
      receipt confirmed), it shall be effective on the Business Day following the
      date
      such notice is telecopied.

    

    
      	
              17.  

            	
              Time
                of the Essence.  Time shall, in all respects, be of the
                essence hereof.

            

    

    

    
      	
              18.  

            	
              United
                States Dollars.  All references herein to money amounts
                are to lawful money of the United States of
                America.

            

    

    

    
      	
              19.  

            	
              Headings.  The
                headings contained herein are for convenience only and shall not
                affect
                the meaning or interpretation
                hereof.

            

    

    

    
      	
              20.  

            	
              Singular
                and Plural, etc.  Where the context so requires, words
                importing the singular number include the plural and vice versa,
                and words
                importing gender shall include the masculine, feminine and neuter
                genders.

            

    

    

    
      	
              21.  

            	
              Entire
                Agreement.  This agreement constitutes the only
                agreement between the parties with respect to the subject matter
                hereof
                and shall supersede any and all prior negotiations, understandings
                and
                agreements whether oral or written including, without limitation,
                a letter
                agreement dated May 30, 2007 between the Corporation and Primary
                Capital.  This agreement may be amended or modified in any
                respect by written instrument only executed by the Corporation and
                the
                Agents.

            

    

    

    
      	
              22.  

            	
              Severability.  The
                invalidity or unenforceability of any particular provisions of this
                agreement shall not affect or limit the validity or enforceability
                of the
                remaining provisions of this
                agreement.

            

    

    

    
      	
              23.  

            	
              Governing
                Law.  Except for matters arising under Canadian
                Securities Laws, this agreement shall be governed by and be construed
                in
                accordance with the laws of the State of Delaware and the laws of
                the
                United States of America applicable therein and the parties hereto
                irrevocably attorn to the jurisdiction of the courts of the State
                of
                Delaware.

            

    

    

    
      	
              24.  

            	
              Successors
                and Assigns.  The terms and provisions of this
                agreement shall be binding upon and enure to the benefit of the
                Corporation, the Agent and the Purchasers and their respective successors
                and permitted assigns; provided that, except as provided herein or
                in the
                Subscription Agreements, this agreement shall not be assignable by
                any
                party without the written consent of the
                others.

            

    

    

    
      	
              25.  

            	
              Further
                Assurances.  Each of the parties hereto shall do or
                cause to be done all such acts and things and shall execute or cause
                to be
                executed all such documents, agreements and other instruments as
                may
                reasonably be necessary or desirable for the purpose of carrying
                out the
                provisions and intent of this
                agreement.

            

    

    

    
      	
              26.  

            	
              Effective
                Date.  This agreement is intended to and shall take
                effect as of the date first set forth above, notwithstanding its
                actual
                date of execution or delivery.

            

    

    

    
      	
              27.  

            	
              French
                Language.  The parties hereto acknowledge that they
                have expressly required this agreement and all notices, statements
                of
                account and other documents required or permitted to be given or
                entered
                into pursuant hereto to be drawn up in the English language
                only.  Les parties reconnaissent avoir expressément demandées
                que la présente convention ainsique toutavis, tout état de compte et tout
                autre document à être out pouvant être donné ou conclu en vertudes
                dispositions des présdentes, soient rédigés en langue anglaise
                seulement.

            

    

    

    
      	
              28.  

            	
              Counterparts.  This
                agreement may be executed in any number of counterparts, which taken
                together shall form one and the same
                agreement.

            

    

    

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                                                      Legal*2743125.9
                                                    
            

          
      

                  
      
    

         

      

      
         

        
          

        

      

      
         

      

    

    If
      the
      Corporation is in agreement with the foregoing terms and conditions, please
      so
      indicate by executing this letter where indicated and delivering a copy to
      the
      Agents.

    

    Yours
      very truly,

    

    PRIMARY
      CAPITAL INC.

    

    

    Per:           /s/
      Barry Gordon

    Authorized
      Signing Officer

    

    

    JONES,
      GABLE & COMPANY LIMITED

    

    

    Per:           /s/
      Robb Hindson

    Authorized
      Signing Officer

    

    

    The
      foregoing is hereby accepted on the terms and conditions herein set
      forth.

    

    

    DATED
      as of
      this                                           
day of June, 2007.

    

    

    GEOGLOBAL
      RESOURCES INC.

    

    

    Per:           /s/
      Allan J. Kent

    Authorized
      Signing Officer

     

    
      
              

          
            	              

                                     
                                    
              

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                                                      Legal*2743125.9
                                                    
            

          
      

                  
      
    

      

    

    SCHEDULE
      “A”

    

    UNITED
      STATES SECURITIES LAWS

    

    As
      used
      in this Schedule “A”, capitalized terms used herein and not defined herein shall
      have the meanings ascribed thereto in the agency agreement to which this
      Schedule is annexed and the following terms shall have the meanings
      indicated:

    

    
      	
              (a)  

            	
              “Directed
                Selling Efforts” means directed selling efforts as that term is defined in
                Regulation S.  Without limiting the foregoing, but for greater
                clarity in this Schedule, it means, subject to the exclusions from
                the
                definition of directed selling efforts contained in Regulation S,
                any
                activity undertaken for the purpose of, or that could reasonably
                be
                expected to have the effect of, conditioning the market in the United
                States for any of the Offered Securities and includes the placement
                of any
                advertisement in a publication with a general circulation in the
                United
                States that refers to the offering of the Offered
                Securities;

            

    

    

    
      	
              (b)  

            	
              “Distribution
                Compliance Period” means the one-year period that begins on the later of
                (i) the date the Offered Securities are first offered to persons
                other
                than distributors in reliance on Regulation S or (ii) the Closing
                Date;
                provided that, all offers and sales by a distributor of an unsold
                allotment or subscription shall be deemed to be made during the
                Distribution Compliance Period;

            

    

    

    
      	
              (c)  

            	
              “Regulation
                S” means Regulation S adopted by the SEC under the U.S. Securities
                Act;

            

    

    

    
      	
              (d)  

            	
              “SEC”
                means the United States Securities and Exchange
                Commission;

            

    

    

    
      	
              (e)  

            	
              “U.S.
                Securities Act” means the United States Securities Act of 1933,
                as amended;

            

    

    

    
      	
              (f)  

            	
              “U.S.
                Exchange Act” means the United States Securities Exchange Act of
                1934, as amended;

            

    

    

    
      	
              (g)  

            	
              “U.S.
                Person” means a U.S. Person as that term is defined in Regulation S;
                and

            

    

    

    
      	
              (h)  

            	
              “United
                States” means the United States of America, its territories and
                possessions, any state of the United States, and the District of
                Columbia.

            

    

    

    Representations,
      Warranties and Covenants of the Agents

    

    The
      Agents acknowledge that the Offered Securities have not been and will not be
      registered under the U.S. Securities Act and may be offered and sold only in
      transactions exempt from the registration requirements of the U.S. Securities
      Act.  Each of the Agents severally represents, warrants and covenants
      to the Corporation that:

    

    
      	
              1.  

            	
              It
                has not offered or sold, and will not offer or sell, any Offered
                Securities as part of their initial distribution, except in an Offshore
                Transaction (as defined in Regulation S) in accordance with Rule
                903 of
                Regulation S.  Accordingly, none of the Agents, their respective
                affiliates nor any person acting on their behalf, has made or will
                make:

            

    

    

    
      	
              (i)  

            	
              any
                offer to sell or any solicitation of an offer to buy, any Offered
                Securities to any person within the United States, any U.S. Person,
                or for
                the account or benefit of any U.S. Person or person within the United
                States;

            

    

    

    
      	
              (ii)  

            	
              any
                sale of Offered Securities to any purchaser unless such purchaser
                is not a
                U.S. Person and is not purchasing for the account or benefit of any
                U.S.
                Person and, at the time the buy order was or will have been originated,
                the purchaser was outside the United States, or such Agent, affiliate
                or
                person acting on behalf of either reasonably believed that such purchaser
                was outside the United States; or

            

    

    

    
      	
              (iii)  

            	
              any
                Directed Selling Efforts with respect to the Offered
                Securities.  It agrees that, at or prior to confirmation of the
                sale of the Offered Securities, it will have sent to each distributor,
                dealer or person receiving a selling concession, fee or other remuneration
                that purchases Offered Securities from it during the Distribution
                Compliance Period a confirmation or notice to substantially the following
                effect:

            

    

    

    “The
      securities covered hereby have not been registered under the United States
      Securities Act of 1933, as amended (the “U.S. Securities Act”), and may
      not be offered or sold within the United States or to, or for the account or
      benefit of, U.S. Persons (i) as part of their distribution at any time or (ii)
      otherwise until one-year after the later of the commence­ment of the
      offering and closing date, except in either case in accordance with Regulation
      S
      under the U.S. Securities Act.  Terms used herein have the meanings
      given to them in Regulation S.”

    

    In
      addition, prior to the expiration of the Distribution Compliance Period, all
      offers and sales of the Offered Securities by such Agent shall be made only
      in
      accordance with the provisions of Rule 903 or 904 of Regulation S; pursuant
      to a
      registration of the Offered Securities under the U.S. Securities Act; or
      pursuant to an available exemption from the registration requirements of the
      U.S. Securities Act.

    

    Such
      Agent agrees to obtain substantially identical undertakings from each member
      of
      any banking and selling group formed in connection with the distribution of
      the
      Offered Securities contemplated hereby and to comply with the offering
      restriction requirements of Regulation S.

    

    
      	
              2.  

            	
              It
                has not entered and will not enter into any contractual arrangement
                with
                respect to the distribution of the Offered Securities, except with
                its
                affiliates, any selling group members or with the prior written consent
                of
                the Corporation.  It shall require each selling group member to
                agree, for the benefit of the Corporation, to comply with, and shall
                use
                its best efforts to ensure that each selling group member complies
                with,
                the same provisions of this Schedule as apply to such Agent if such
                provisions applied to such selling group
                member.

            

    

    

    Representations,
      Warranties and Covenants of the Corporation

    

    The
      Corporation represents, warrants, covenants and agrees that:

    

    
      	
              1.  

            	
              The
                Corporation is a “reporting issuer” within the meaning of Regulation
                S.

            

    

    

    
      	
              2.  

            	
              The
                Corporation is not, and as a result of the sale of the Offered Securities
                contemplated hereby will not be, an “investment company” as defined in the
                United States Investment Company Act of 1940, as
                amended.

            

    

    

    
      	
              3.  

            	
              Neither
                the Corporation nor any of its affiliates, nor any person acting
                on its or
                their behalf, has made or will make:  (A) any offer to sell, or
                any solicitation of an offer to buy, any Offered Securities to any
                U.S.
                Person or a person in the United States; or (B) any sale of Offered
                Securities unless, at the time the buy order was or will have been
                originated, the purchaser is not a U.S. Person and is (i) outside
                the
                United States or (ii) the Corporation, its affiliates, and any person
                acting on their behalf reasonably believe that the purchaser is outside
                the United States.

            

    

    

    
      	
              4.  

            	
              During
                the period in which the Offered Securities are offered for sale,
                neither
                it nor any of its affiliates, nor any person acting on its or their
                behalf
                has made or will make any Directed Selling Efforts in the United
                States.

            

    

    

    
      	
              5.  

            	
              Except
                as hereinafter provided and except with respect to the offer and
                sale of
                the Offered Securities offered hereby and offers and sales of common
                shares of the Corporation pursuant to the Corporation’s employee benefit
                plans, the Corporation has not, for a period of six months prior
                to the
                date hereof sold, offered for sale or solicited any offer to buy
                any of
                its securities in the United
                States.

            

    

    
      	
              1.  

            	 

    

    
      
              

          
            	              

                                     
                                    
              

                                                      Legal*2743125.9
                                                    
            

          
      

                  
      
    

         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
              

          
            	              

                                     
                                    
              

                                                      Legal*2743125.9exhibit10_2.htm

    
      
         

      

      
         

        
          

        

      

      
         

              

                  
      
      

           

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    GEOGLOBAL
      RESOURCES INC.

    

    SUBSCRIPTION
      AGREEMENT

    FOR
      CANADIAN AND OFFSHORE PURCHASERS

    

    THE
      UNITS BEING OFFERED FOR SALE MAY ONLY BE PURCHASED BY

    RESIDENTS
      OF THE PROVINCES OF BRITISH COLUMBIA, ALBERTA AND ONTARIO

    AND
      JURISDICTIONS OUTSIDE OF NORTH AMERICA

    IN
      EACH CASE PURSUANT TO AVAILABLE EXEMPTIONS

    UNDER
      APPLICABLE SECURITIES LEGISLATION

    

    INSTRUCTIONS

    

    All
      Subscribers:

    

    1.           Complete
      and sign the Execution Pages of the Subscription Agreement.

    

    2.           Complete
      and sign Schedule “B” attached to the Subscription Agreement.

    

    Canadian
      Subscribers Only:

    

    Also
      complete and sign Schedule “C” attached to the Subscription Agreement, if
      applicable, and, if the Subscriber is, or the Subscriber’s disclosed principal
      is, an “accredited investor”, Appendix A attached thereto (this schedule
      does not have to be completed and signed by subscribers purchasing for at least
      $150,000).

    

    Offshore
      Subscribers Only:

    

    Also
      complete and sign Schedule “D” attached to the Subscription
      Agreement.

    

    __________________________________________

    

    Unless
      other arrangements acceptable to Primary Capital Inc. have made, a completed
      and
      originally executed copy of this Subscription Agreement must be delivered,
      by no
      later than 10:00 a.m. (Toronto time) on June 14, 2007, to Primary Capital Inc.,
      Attention: Barry Gordon, 130 King Street West, Suite 2110, Toronto,
      Ontario  M5X 1B1, Facsimile:  (416) 214-5954.

    

    Unless
      other arrangements acceptable to Primary Capital Inc. have been made, a
      certified cheque, bank draft, money order or wire transfer (in accordance with
      the wire transfer instructions in Schedule “E” attached to the Subscription
      Agreement) made payable to “Cassels Brock & Blackwell LLP in
      Trust” must be delivered, by no later than 10:00 a.m. (Toronto time) on
      June 14, 2007, to Cassels Brock & Blackwell LLP (counsel to Primary Capital
      Inc.), Attention:  Jennifer Traub, 40 King Street West, Suite 2100,
      Toronto, Ontario  M5H 3C2 (Telephone:  (416) 860-6526;
      Fax:  (416) 640-3196).

    

    
      
              

                  
      
      

           

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

              

                  
      
      

           

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    SUBSCRIPTION
      AGREEMENT

    

    
      	
              TO:

            	
              Purchasers
                of Units of GeoGlobal Resources
                Inc.

            

    

    

    Dear
      Sirs:

    

    Re:           Sale
      of Units

    

    This
      Subscription Agreement is to confirm your agreement to purchase from GeoGlobal
      Resources Inc. (the “Corporation”), subject to the terms and
      conditions set forth herein, that number of units (the “Units”)
      of the Corporation set out above your name on the execution page hereof at
      a
      price of U.S.$5.00 per Unit (the “Purchase
      Price”).  Each Unit will consist of one Common Share (as
      defined herein) (a “Unit Share”) and one-half of one common
      share purchase warrant of the Corporation (each whole common share purchase
      warrant, a “Warrant”).

    

    Each
      Warrant shall entitle the holder to subscribe for one Common Share (each, a
      “Warrant Share”) at an exercise price of U.S.$7.50 at any time
      (such period, the “Warrant Term”) prior to 5:00 p.m. (Toronto
      time) on the date that is 24 months following the Closing Date (as defined
      below), provided that if the trading price of the Common Shares on the American
      Stock Exchange (or on any other exchange on which the Common Shares are listed)
      is U.S.$12.00 or more for 20 consecutive trading days, the Registration
      Statement (as defined herein) has been declared effective by the United States
      Securities and Exchange Commission (the “SEC”) and the hold
      periods imposed upon the Underlying Securities (as defined herein) pursuant
      to
      applicable Canadian Securities Laws (as defined herein) have expired, the
      Warrant Term shall be automatically reduced and shall end on the date that
      is 30
      days from the date of the initial issuance of a news release by the Corporation
      announcing the change to the Warrant Term.

    

    For
      each
      Unit that you purchase pursuant to this Subscription Agreement, you will also
      receive one non-transferable right (a “Right” and all such
      Rights, together with all of the Units that you purchase, the “Purchased
      Securities”) entitling you to receive 0.10 of one Unit (each such whole
      Unit, a “Rights Unit”), for nominal consideration, in the event
      that a Registration Statement is not filed with the SEC prior to 5:00 p.m.
      (Toronto time) on the date that is 60 days following the Closing
      Date.

    

    The
      Purchased Securities form part of a larger sale of up to an aggregate of
      5,000,000 Units (and associated Rights) (collectively, the “Offered
      Securities”).  A term sheet with respect to the offering of
      the Offered Securities is attached hereto as Schedule “A”.  It is
      understood that less than all the Offered Securities may be sold and the
      offering of the Offered Securities is not subject to the sale of any minimum
      amount of Offered Securities.

    

    The
      proceeds of the Offered Securities will be immediately available to the
      Corporation upon Closing (as defined herein).

    

    
      	
              1.  

            	
              Definitions

            

    

    

    In
      this
      Subscription Agreement, unless the context otherwise requires:

    

    
      	
               

            	
              (a)

            	
              “Agency
                Agreement” means the agency agreement to be dated on or about the Closing
                Date to be entered into between the Agents and the Corporation in
                respect
                of the Offering;

            

    

    

    (b)           “Agents”
      means Primary Capital Inc. and Jones, Gable & Company Limited;

    

    
      	
               

            	
              (c)

            	
              “Agreement”
                or “Subscription Agreement” means this subscription agreement as the same
                may be amended, supplemented or restated from time to
                time;

            

    

    

    
      	
               

            	
              (d)

            	
              “Business
                Day” means a day on which Canadian chartered banks are open for the
                transaction of regular business in the City of Toronto,
                Ontario;

            

    

    

    (e)           “Closing”
      means the closing of the purchase and sale of the Offered
      Securities;

    

    
      	
               

            	
              (f)

            	
              “Closing
                Date” means June 15, 2007 or such other date as the Corporation and the
                Agents may agree upon;

            

    

    

    
      	
               

            	
              (g)

            	
              “Closing
                Time” means 10:00 a.m. (Toronto time) on the Closing Date or such other
                time on the Closing Date as the Corporation and the Agents may agree
                upon;

            

    

    

    
      	
               

            	
              (h)

            	
              “Common
                Shares” means the common shares of the Corporation as constituted on the
                date hereof;

            

    

    

    (i)           “Compensation
      Options” has the meaning ascribed thereto in section 10;

    

    
      	
               

            	
              (j)

            	
              “Corporation”
                means GeoGlobal Resources Inc., a corporation incorporated under
                the laws
                of the state of Delaware, and includes any successor corporation
                thereto;

            

    

    

    
      	
               

            	
              (k)

            	
              “Information”
                means all information made publicly available by the Corporation
                or that
                the Corporation causes to become publicly available regarding the
                Corporation, and includes but is not limited to, all press releases,
                material change reports and financial statements of the
                Corporation;

            

    

    

    
      	
               

            	
              (l)

            	
              “NI
                45-106” means National Instrument 45-106 – Prospectus and Registration
                Exemptions of the Canadian Securities
                Administrators;

            

    

    

    
      	
               

            	
              (m)

            	
              “Offered
                Securities” has the meaning ascribed thereto on the first page of this
                Agreement;

            

    

    

    
      	
               

            	
              (n)

            	
              “Offering”
                means the offering of the Offered Securities pursuant to this Agreement
                and the Agency Agreement;

            

    

    

    
      	
               

            	
              (o)

            	
              “Offering
                Jurisdictions” means the provinces of British Columbia, Alberta and
                Ontario, and jurisdictions outside of North
                America;

            

    

    

    
      	
               

            	
              (p)

            	
              “Person”
                means an individual, a firm, a corporation, a syndicate, a partnership,
                a
                trust, an association, an unincorporated organization, a joint venture,
                an
                investment club, a government or an agency or political subdivision
                thereof and every other form of legal or business entity of whatsoever
                nature or kind;

            

    

    

    
      	
               

            	
              (q)

            	
              “Primary
                Capital” means Primary Capital
                Inc.;

            

    

    

    (r)           “Purchase
      Price” has the meaning ascribed thereto on the first page of this
      Agreement;

    

    
      	
               

            	
              (s)

            	
              “Purchased
                Securities” has the meaning ascribed thereto on the first page of this
                Agreement;

            

    

    

    
      	
               

            	
              (t)

            	
              “Registration
                Statement” means a registration statement with respect to the resale of
                (i) the Unit Shares; (ii) the Warrant Shares; and (iii) the Common
                Shares
                issuable upon exercise of the Compensation
                Options;

            

    

    

    (u)           “Regulation
      S” means Regulation S adopted by the SEC under the Securities Act;

    

    (v)           “Right”
      has the meaning ascribed thereto on the first page of this
      Agreement;

    

    (w)           “Rights
      Unit” has the meaning ascribed thereto on the first page of this
      Agreement;

    

    (x)           “SEC”
      has the meaning ascribed thereto on the first page of this
      Agreement;

    

    (y)           “Securities
      Act” means the United States Securities Act of 1933, as amended;

    

    
      	
               

            	
              (z)

            	
              “Securities
                Laws” means the securities legislation and regulations of, and the
                instruments, rules and regulations, rules, orders, codes, notices
                and
                interpretation notes of the applicable securities regulatory authority
                or
                applicable securities regulatory authorities of, the applicable
                jurisdiction or jurisdictions
                collectively;

            

    

    

    (aa)           “Stock
      Exchange” means the American Stock Exchange;

    

    
      	
               

            	
              (bb)

            	
              “Subscriber”
                means the Person, which may include the Agents, if applicable, purchasing
                the Purchased Securities and whose name appears on the first execution
                page hereof and who has signed this Subscription Agreement or, if
                the
                Person whose name appears on the first execution page hereof has
                signed
                this Subscription Agreement as agent for, or on behalf of, a beneficial
                purchaser and is not a trust company, trust corporation or portfolio
                manager deemed to be purchasing the Purchased Securities as principal
                under NI 45-106, the Person who is the beneficial purchaser of the
                Purchased Securities as disclosed on the execution pages
                hereof;

            

    

    

    
      	
               

            	
              (cc)

            	
              “Underlying
                Securities” means the Unit Shares and the Warrants comprising the Offered
                Securities;

            

    

    

    (dd)           “Unit”
      has the meaning ascribed thereto on the first page of this
      Agreement;

    

    (ee)           “Unit
      Share” has the meaning ascribed thereto on the first page of this
      Agreement;

    

    
      	
               

            	
              (ff)

            	
              “United
                States” means the United States of America, its territories and
                possessions, any state of the United States, and the District of
                Columbia;

            

    

    

    (gg)           “U.S.
      dollars” or “U.S.$” means lawful money of the United States of
      America;

    

    (hh)           “U.S.
      Person” means a U.S. person as that term is defined in Regulation
      S;

    

    (ii)           “Warrant”
      has the meaning ascribed thereto on the first page of this
      Agreement;

    

    
      	
               

            	
              (jj)

            	
              “Warrant
                Share” has the meaning ascribed thereto on the first page of this
                Agreement; and

            

    

    

    (kk)           “Warrant
      Term” has the meaning ascribed thereto on the first page of this
      Agreement.

    
      
              

                  
      
      

           

                  
      
      

          
            	              

                                     
                                    
              

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              2.  

            	
              Conditions
                of Purchase

            

    

    

    In
      connection with your purchase of the Purchased Securities, the following
      documents are attached hereto which you are requested to complete and sign
      as
      indicated and return together with an executed copy of this Agreement and
      payment of the Purchase Price for the Purchased Securities in accordance with
      this section 2 as soon as possible and in any event no later than 10:00 a.m.
      (Toronto time) on June 14, 2007:

    

    
      	
              (a)  

            	
              Schedule
                “B”, with respect to registration and delivery instructions;
                and

            

    

    

    
      	
              (b)  

            	
              if
                you are, or if applicable, the beneficial purchaser for whom you
                are
                contracting hereunder is, a resident of, or otherwise subject to
                the
                Securities Laws of

            

    

    

    
      	
              (i)  

            	
              a
                province or territory of Canada, Schedule “C”, being, among other things,
                your Canadian “accredited investor” certification, as applicable;
                or

            

    

    

    
      	
              (ii)  

            	
              a
                jurisdiction outside of North America, Schedule “D”, being your “offshore
                investor” certification.

            

    

    

    The
      obligation of the Corporation to sell the Purchased Securities to you is subject
      to, among other things, the following conditions:

    

    
      	
              (a)  

            	
              you
                execute and return all documents required by the Securities Laws
                of the
                Offering Jurisdictions and the rules and regulations of the Stock
                Exchange
                for delivery on your behalf, including the forms set out in Schedules
“B”
                to “D” attached hereto, as applicable,
                to:

            

    

    

    Primary
      Capital Inc.

    130
      King
      Street West, Suite 2110

    Toronto,
      Ontario  M5X 1B1

    

    Attention:                     Barry
      Gordon

    Facsimile:                     (416)
      214-5954

    

    
      	
              (b)  

            	
              unless
                other arrangements have been made with the Agents, you make payment
                of the
                Purchase Price for the Purchased Securities by certified cheque,
                bank
                draft, money order or wire transfer (in accordance with the wire
                transfer
                instructions contained in Schedule “E” hereto) in United States dollars
                payable to “Cassels Brock & Blackwell LLP in
                Trust”;

            

    

    

    
      	
              (c)  

            	
              the
                representations and warranties made by you and, if applicable, any
                beneficial purchaser for whom you are contracting hereunder (including
                representations and warranties made in any schedule attached hereto,
                as
                applicable), herein are true and correct when made and are true and
                correct on the Closing Date with the same force and effect as if
                they had
                been made on and as of such date;

            

    

    

    
      	
              (d)  

            	
              all
                covenants, agreements and conditions contained in this Agreement
                to be
                performed by you and, if applicable, any beneficial purchaser for
                whom you
                are contracting hereunder, on or prior to the Closing Date shall
                have been
                performed or complied with in all material respects;
                and

            

    

    

    
      	
              (e)  

            	
              all
                necessary regulatory approvals and other closing conditions shall
                have
                been obtained or satisfied (or waived, if applicable) prior to the
                Closing
                Date.

            

    

    

    By
      returning this Subscription Agreement you consent and, if applicable, any
      beneficial purchaser for whom you are contracting hereunder consents, to the
      filing by the Corporation of all documents and personal information concerning
      the Subscriber provided in this Subscription Agreement required by the
      Securities Laws of the Offering Jurisdictions and the rules and requirements
      of
      the Stock Exchange.

    

    If
      you
      are not subscribing for the Purchased Securities for your own account and you
      are not a trust company, trust corporation or portfolio manager deemed to be
      purchasing as principal under NI 45-106, each beneficial purchaser for whom
      you
      are contracting hereunder must be purchasing the Purchased Securities as
      principal and (unless you are an authorized agent with power to sign on behalf
      of the beneficial purchaser and such beneficial purchaser is disclosed on the
      second execution page hereof) must execute all documents required by the
      Securities Laws of the Offering Jurisdictions and the rules and regulations
      of
      the Stock Exchange with respect to the Purchased Securities being acquired
      by
      each such beneficial purchaser as principal.  If you are signing this
      Subscription Agreement as agent or pursuant to a power of attorney for the
      Subscriber, you represent and warrant that you have authority to bind the
      Subscriber.

    

    You
      agree, and you agree to cause any beneficial purchaser for whom you are
      contracting hereunder, to comply with all Securities Laws of the Offering
      Jurisdictions and with the rules and regulations of the Stock Exchange
      concerning the purchase of, the holding of, and the resale restrictions
      applicable to, the Purchased Securities.

    

    
      	
              3.  

            	
              Authorization
                of Primary Capital

            

    

    

    The
      Subscriber irrevocably authorizes Primary Capital, in its discretion, to act
      as
      the Subscriber’s representative at the Closing, and hereby appoints Primary
      Capital, with full power of substitution, as its true and lawful attorney with
      full power and authority in the Subscriber’s place and stead:

    

    
      	
              (i)  

            	
              to
                receive certificates representing the Underlying Securities, to execute
                in
                the Subscriber’s name and on its behalf all closing receipts and required
                documents, to complete and correct any errors or omissions in any
                form or
                document provided by the Subscriber in connection with the subscription
                for the Purchased Securities and to exercise any rights of termination
                contained in the Agency Agreement;

            

    

    

    
      	
              (ii)  

            	
              to
                extend such time periods and to waive, in whole or in part, any
                representations, warranties, covenants or conditions for the Subscriber’s
                benefit contained in this Subscription Agreement, the Agency Agreement
                or
                any ancillary or related document;

            

    

    

    
      	
              (iii)  

            	
              to
                terminate this Subscription Agreement if any condition precedent
                is not
                satisfied, in such manner and on such terms and conditions as Primary
                Capital in its sole discretion may determine;
                and

            

    

    

    
      	
              (iv)  

            	
              without
                limiting the generality of the foregoing, to negotiate, settle, execute,
                deliver and amend the Agency
                Agreement.

            

    

    

    
      	
              4.  

            	
              The
                Closing

            

    

     

    Delivery
      and payment for the Purchased Securities will be completed at the Closing Time
      on the Closing Date at the offices of Cassels Brock & Blackwell LLP at 40
      King Street West, Suite 2100, Toronto, Ontario M5H 3C2, or at such other
      location and/or such other time as Primary Capital and the Corporation may
      agree
      upon.  If, prior to the Closing Time, the terms and conditions
      contained in this Subscription Agreement and the Agency Agreement have been
      complied with to the satisfaction of Primary Capital, or waived by Primary
      Capital, the Agents shall deliver to the Corporation all completed Subscription
      Agreements and shall cause Cassels Brock & Blackwell LLP to make payment of
      the aggregate Purchase Price for all of the Offered Securities sold pursuant
      to
      the Agency Agreement against delivery by the Corporation of certificates
      representing the Underlying Securities comprising the Offered Securities sold
      pursuant to the Agency Agreement, and such other documentation as may be
      required pursuant to the Subscription Agreement and the Agency
      Agreement.

    

    Certificates
      representing the Underlying Securities will be available for delivery to the
      Subscriber following the Closing.  For greater certainty, certificates
      evidencing the Shares and Warrants will be issued and delivered and no separate
      certificate representing Units will be issued by the Corporation.

    

    If,
      prior
      to the Closing Time, the terms and conditions contained in this Subscription
      Agreement (other than delivery by the Corporation of certificates representing
      the Underlying Securities) and the Agency Agreement have not been complied
      with
      to the satisfaction of Primary Capital, or waived by Primary Capital, the
      Agents, the Corporation and the Subscriber will have no further obligations
      under this Subscription Agreement.

    

    
      	
              5.  

            	
              Conditions
                of Closing

            

    

    

    The
      following are certain of the conditions precedent to the Closing and to the
      purchase of the Offered Securities by the Subscribers, which conditions the
      Corporation hereby covenants and agrees to use its commercially reasonable
      efforts to fulfill within the time set out herein, and which conditions may
      be
      waived in writing in whole or in part by Primary Capital:

    

    
      	
               

            	
              (a)

            	
              the
                Corporation shall have received all necessary approvals and consents,
                including all necessary regulatory approvals and consents (including
                those
                of the Stock Exchange) required for the completion of the transaction
                contemplated by this Subscription Agreement, and the Stock Exchange
                shall
                have approved the listing thereon of the Unit Shares and Warrant
                Shares
                upon issuance (including those issuable in connection with the Rights
                Units) and the Common Shares underlying the Compensation Options,
                subject
                to the fulfillment of normal
                conditions;

            

    

    

    
      	
               

            	
              (b)

            	
              the
                representations and warranties of the Corporation contained herein
                and in
                the Agency Agreement shall be true and correct as of the Closing
                Time with
                the same force and effect as if made at and as of the Closing Time
                after
                giving effect to the transactions contemplated
                hereby;

            

    

    

    
      	
               

            	
              (c)

            	
              the
                Corporation shall have complied with all covenants, and satisfied
                all
                terms and conditions contained herein and in the Agency Agreement
                to be
                complied with and satisfied by the Corporation at or prior to the
                Closing;

            

    

    

    
      	
               

            	
              (d)

            	
              the
                Agents shall not have previously terminated their obligations pursuant
                to
                the terms of the Agency Agreement;
                and

            

    

    

    
      	
               

            	
              (e)

            	
              the
                Subscriber shall have completed this Subscription Agreement in full
                and
                shall have paid the Purchase Price for the Purchased Securities in
                the
                manner contemplated in this Subscription
                Agreement.

            

    

    

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

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    6.           Representations,
      Warranties and Acknowledgements of the Subscriber

    

    The
      sale
      of the Purchased Securities by the Corporation to you is conditional upon such
      sale being exempt from the requirements as to the filing of a prospectus and
      as
      to the preparation of an offering memorandum or similar document contained
      in
      any statute, regulation, instrument, rule or policy applicable to the sale
      of
      the Purchased Securities or upon the issue of such orders, consents or approvals
      as may be required to permit such sale without the requirement of filing a
      prospectus or delivering an offering memorandum or similar
      document.

    

    You
      acknowledge and agree that:

    

    
      	
              (a)  

            	
              You,
                or others for whom you are contracting hereunder, have been independently
                advised as to or are aware of the restrictions with respect to trading
                in,
                and the restricted period or statutory hold period applicable to,
                the
                Underlying Securities and the Warrant Shares imposed
                by the Securities Laws of the jurisdiction in which you reside or
                to which
                you or the Underlying Securities and Warrant Shares are subject and
                by the
                rules and regulations of the Stock Exchange, that a suitable legend
                or
                legends will be placed on the certificates representing the Underlying
                Securities and the Warrant Shares (to the extent
                that such Warrant Shares are issued prior to the expiry of the applicable
                hold period) to reflect the applicable restricted period and statutory
                hold period to which such securities are subject and
                you are hereby advised that during such period, because the Underlying
                Securities and Warrant Shares bear restrictive legends, the Unit
                Shares
                and Warrant Shares cannot be traded through the facilities of the
                Stock
                Exchange as such securities are not freely transferable and consequently
                delivery of the certificate representing such securities will not
                constitute “good delivery” in settlement of transactions on the Stock
                Exchange and that the Stock Exchange will deem you to be responsible
                for
                any loss incurred on a sale made by you in such securities; you,
                or others
                for whom you are contracting hereunder, are aware that the Warrants
                will
                not be listed for trading on the Stock Exchange at any
                time;

            

    

    

    
      	
              (b)  

            	
              You,
                or others for whom you are contracting hereunder, are solely responsible
                and the Corporation and the Agents are not in any way responsible
                for
                compliance by you or any beneficial purchaser for whom you are contracting
                hereunder with all applicable hold periods and resale restrictions
                to
                which the Underlying Securities and the Warrant Shares are
                subject;

            

    

    

    
      	
              (c)  

            	
              You,
                or others for whom you are contracting hereunder, have not received
                or
                been provided with a prospectus, offering memorandum (within the
                meaning
                of the Securities Laws of the Offering Jurisdictions) or similar
                document
                and that your decision, or the decision of others for whom you are
                contracting hereunder, to enter into this Subscription Agreement
                and to
                purchase the Purchased Securities from the Corporation has not been
                based
                upon any verbal or written representation as to fact or otherwise
                made by
                or on behalf of the Corporation or the Agents and that your decision,
                or
                the decision of others for whom you are contracting hereunder, is
                based
                entirely upon this Subscription Agreement and the term sheet attached
                as
                Schedule “A” hereto and information about the Corporation which is
                publicly available (any such information having been independently
                obtained by you) and you and any others for whom you are contracting
                hereunder further acknowledge that the sale of the Purchased Securities
                was not accompanied by any advertisement in printed media of general
                and
                regular paid circulation including printed public media, radio, television
                or telecommunications, including electronic display and the
                Internet;

            

    

    

    
      	
              (d)  

            	
              The
                Agents and/or their directors, officers, employees, agents and
                representatives assume no responsibility or liability of any nature
                whatsoever for the accuracy or adequacy of any publicly available
                information concerning the Corporation or as to whether all information
                concerning the Corporation that is required to be disclosed or filed
                by
                the Corporation under the Securities Laws of the United States, British
                Columbia, Alberta, Ontario and Quebec has been so disclosed or
                filed.  The Subscriber acknowledges and agrees that neither the
                Agents nor their representatives have conducted an investigation
                or due
                diligence review with respect to the Corporation or its publicly
                filed
                documentation;

            

    

    

    
      	
              (e)  

            	
              As
                a consequence of the sale being exempt from the prospectus requirements
                of
                the Securities Laws of the Offering
                Jurisdictions:

            

    

    

    
      	
              (i)  

            	
              certain
                protections, rights and remedies provided by the Securities Laws
                of the
                Offering Jurisdictions, including statutory rights of rescission
                or
                damages, will not be available to you, or others for whom you are
                contracting hereunder;

            

    

    

    
      	
              (ii)  

            	
              you,
                or others for whom you are contracting hereunder, may not receive
                information that would otherwise be required to be given under the
                Securities Laws of the Offering Jurisdictions;
                and

            

    

    

    
      	
              (iii)  

            	
              the
                Corporation is relieved from certain obligations that would otherwise
                apply under the Securities Laws of the Offering Jurisdictions;
                and

            

    

    

    
      	
              (f)  

            	
              No
                Person has made any written or oral
                representation:

            

    

    

    
      	
              (i)  

            	
              that
                any Person will resell or repurchase the Underlying Securities or
                the
                Warrant Shares;

            

    

    

    
      	
              (ii)  

            	
              that
                any Person will refund the Purchase Price or exercise price of the
                Warrants; or

            

    

    

    
      	
              (iii)  

            	
              as
                to the future price or value of the Underlying Securities or the
                Warrant
                Shares.

            

    

    

    This
      subscription may be accepted in whole or in part and the right is reserved
      to
      the Corporation to allot to any Subscriber less than the amount of Offered
      Securities subscribed for hereunder.  Confirmation of acceptance or
      rejection of this Subscription Agreement will be forwarded to you promptly
      after
      the acceptance or rejection of this Subscription Agreement by the
      Corporation.  If this Subscription Agreement is rejected in whole, you
      understand that any certified cheques, bank drafts or wire transfers delivered
      by you to the Agents representing the Purchase Price for the Purchased
      Securities will be promptly returned to you without interest.  If this
      Subscription Agreement is accepted only in part, you understand that a cheque
      representing the portion of the Purchase Price for that number of Offered
      Securities which is not accepted by the Corporation will be promptly delivered
      to you, without interest.

    

    By
      your
      acceptance of this Subscription Agreement, you, and, if applicable, any others
      for whom you are contracting hereunder represent and warrant to the Agents
      and
      to the Corporation (which representations and warranties shall be true and
      correct both as of the date of execution of this Subscription Agreement and
      as
      of the Closing Date and shall survive the Closing) that:

    

    
      	
              B.  

            	
              General:

            

    

    

    
      	
              (a)  

            	
              You
                are and any beneficial purchaser for whom you are contracting hereunder
                is
                resident, or if not an individual, has the head office, in the
                jurisdiction set out under the heading “residential address, including
                postal code” above your signature or under the heading “residential
                address and telephone number of beneficial purchaser” below your
                signature, as applicable, set forth on the execution pages of this
                Subscription Agreement which address is your residence or place of
                business, or the residence or place of business of any beneficial
                purchaser for whom you are contracting hereunder, as applicable,
                and such
                address was not obtained or used solely for the purpose of acquiring
                the
                Purchased Securities.

            

    

    

    
      	
              (b)  

            	
              If
                you are an individual, you have attained the age of majority in the
                jurisdiction in which you are resident and have the legal capacity
                and
                competence to enter into and be bound by this Subscription Agreement
                and
                to perform the covenants and obligations
                herein.

            

    

    

    
      	
              (c)  

            	
              If
                you are not an individual (i) you have the legal capacity to authorize,
                execute and deliver this Subscription Agreement, and (ii) the individual
                signing this Subscription Agreement has been duly authorized to execute
                and deliver this Subscription
                Agreement.

            

    

    

    
      	
              (d)  

            	
              You
                are, and any beneficial purchaser for whom you are contracting hereunder
                is, at arm’s-length, within the meaning of the Securities Laws of the
                Offering Jurisdictions and the rules and regulations of the Stock
                Exchange, with the Corporation.

            

    

    

    
      	
              (e)  

            	
              If
                you are, and, if applicable, any beneficial purchaser for whom you
                are
                contracting hereunder is, a resident of a province or territory of
                Canada
                and cannot otherwise satisfy any of the requirements set forth in
                this
                Section 4, you are, or, if applicable, any beneficial purchaser for
                whom
                you are contracting hereunder is, acquiring the Purchased Securities
                pursuant to and in compliance with an exemption from the prospectus
                requirements of the Securities Laws of the jurisdiction of residence
                and
                will provide the Corporation and the Agents, on request, whether
                before or
                after the Closing Date, with evidence of such
                compliance.

            

    

    

    
      	
              (f)  

            	
              If
                you are, or, if applicable, any beneficial purchaser for whom you
                are
                contracting hereunder is, a resident of a jurisdiction other than
                a
                jurisdiction in Canada, you, and, if applicable, any beneficial purchaser
                for whom you are contracting hereunder (i) have knowledge of or have
                been
                independently advised as to and will comply with the requirements
                of all
                the Securities Laws of the jurisdiction of your residence or the
                residence
                of any beneficial purchaser for whom you are contracting hereunder,
                as the
                case may be, (ii) confirm that the requirements of the Securities
                Laws in
                the jurisdiction of your residence or the residence of any beneficial
                purchaser for whom you are contracting hereunder, as the case may
                be, does
                not (A) require the Corporation to make any filings or seek any approvals
                of any kind whatsoever from any regulatory authority of any kind
                or nature
                whatsoever, (B) require the Corporation to prepare and file a prospectus
                or similar document or to register the Common Shares or (C) impose
                any
                registration or other requirements on the Agents, (iii) will provide
                such
                evidence of compliance with all such matters as the Corporation or
                the
                Agents may request, and (iv) has completed Schedule
                “D”.

            

    

    

    
      	
              (g)  

            	
              You
                are, and, if applicable, any beneficial purchaser for whom you are
                contracting hereunder is capable of assessing the proposed investment
                in
                the Purchased Securities as a result of financial or investment experience
                or as a result of advice received from a registered person other
                than the
                Corporation or an affiliate thereof and you are or, if applicable,
                any
                beneficial purchaser for whom you are contracting hereunder is, as
                the
                case may be, able to bear the economic loss of the investment in
                the
                Purchased Securities.

            

    

    

    
      	
              (h)  

            	 

    

    
      	
              (i)  

            	
              You
                are not a U.S. Person and you are not acquiring the Purchased Securities
                directly or indirectly, for the account of or on behalf of any U.S.
                Person
                or Person in the United States;

            

    

    

    
      	
              (ii)  

            	
              the
                Purchased Securities were not offered to you in the United
                States;

            

    

    

    
      	
              (iii)  

            	
              at
                the time the buy order for the Purchased Securities was originated,
                you
                were, and, if applicable, any beneficial purchaser for whom you are
                contracting hereunder was, outside the United States and this Subscription
                Agreement was not executed or delivered in the United
                States;

            

    

    

    
      	
              (iv)  

            	
              you
                agree to resell the Purchased Securities only in accordance with
                the
                provisions of Regulation S (Rule 901 through Rule 905, and Preliminary
                Notes), pursuant to registration under the Securities Act, or pursuant
                to
                an available exemption from registration;
                and

            

    

    

    
      	
              (v)  

            	
              you
                agree not to engage in hedging transactions with regard to the Purchased
                Securities unless in compliance with the Securities
                Act.

            

    

    

    
      	
               

            	
              (i)

            	
              The
                Purchased Securities to be issued hereunder are not being purchased
                with
                knowledge of any material fact about the Corporation that has not
                been
                generally disclosed.

            

    

    

    
      	
               

            	
              (j)

            	
              You
                acknowledge and, if applicable, any beneficial purchaser for whom
                you are
                contracting hereunder acknowledges, that no agency, governmental
                authority, securities commission or similar regulatory body, stock
                exchange or other entity has reviewed, passed on or made any finding
                or
                determination as to the merit for investment of the Underlying Securities
                nor have any such agencies or governmental authorities made any
                recommendation or endorsement with respect to the Subject Shares
                or the
                Warrants.

            

    

    

    
      	
               

            	
              (k)

            	
              This
                Subscription Agreement has been duly executed and delivered and,
                when
                accepted by the Corporation, will constitute a legal, valid and binding
                obligation enforceable against you and, if you are signing this
                Subscription Agreement on behalf of a beneficial purchaser, also
                against
                such beneficial purchaser, in each case in accordance with the terms
                hereof.

            

    

    

    
      	
              (l)  

            	
              If
                you are contracting hereunder as trustee or agent (including, for
                greater
                certainty, as portfolio manager or comparable adviser) for one or
                more
                beneficial purchasers, you are authorized to execute and deliver
                this
                Subscription Agreement and all other necessary documentation in connection
                with the subscription made on behalf of such beneficial purchaser
                or
                beneficial purchasers and this Subscription Agreement has been authorized,
                executed and delivered on behalf of such beneficial purchaser or
                beneficial purchasers, and you acknowledge that either or both the
                Corporation and the Agents may be required by law to disclose the
                identity
                of each beneficial purchaser for whom you are contracting
                hereunder.

            

    

    

    
      	
              (m)  

            	
              The
                execution and delivery of this Subscription Agreement, the performance
                and
                compliance with the terms hereof, the purchase of the Purchased Securities
                and the completion of the transactions described herein by you will
                not
                result in any material breach of, or be in conflict with or constitute
                a
                material default under, or create a state of facts which, after notice
                or
                lapse of time, or both, would, if you are not or any beneficial purchaser
                for whom you are contracting hereunder is not an individual, constitute
                a
                material default under any term or provision of your constating documents,
                by-laws or resolutions or the constating documents, by-laws or resolutions
                of any beneficial purchaser for whom you are contracting hereunder,
                as the
                case may be, the Securities Laws or any other laws applicable to
                you or
                any beneficial purchaser for whom you are contracting hereunder,
                any
                agreement to which you are or any beneficial purchaser for whom you
                are
                contracting hereunder is a party, or any judgment, decree, order,
                statute,
                rule or regulation applicable to you or any beneficial purchaser
                for whom
                you are contracting hereunder.

            

    

    

    
      	
              (n)  

            	
              The
                funds representing the aggregate Purchase Price in respect of the
                Purchased Securities which will be advanced by the Subscriber to
                the
                Corporation hereunder will not represent proceeds of crime for the
                purposes of the Proceeds of Crime (Money Laundering) and Terrorist
                Financing Act (Canada) (for the purposes of this paragraph the
                “PCMLTFA”) and you acknowledge that the Corporation may in the future be
                required by law to disclose the name of the Subscriber and other
                information relating to this Subscription Agreement and the subscription
                hereunder, on a confidential basis, pursuant to the PCMLTFA.  To
                the best of your knowledge (a) none of the subscription funds provided
                by
                the Subscriber (i) have been or will be derived directly or indirectly
                from or related to any activity that is deemed criminal under the
                laws of
                Canada, the United States of America, or any other jurisdiction,
                or (ii)
                are being tendered on behalf of a person or entity who has not been
                identified to you and, (b) you will promptly notify the Corporation
                if you
                discover that any of such representations cease to be true, and to
                provide
                the Corporation with appropriate information in connection
                therewith.

            

    

    

    
      	
              (o)  

            	
              You,
                on your own behalf and, if applicable, on behalf of each beneficial
                purchaser for whom you are contracting hereunder, acknowledge and
                consent
                to the fact that the Corporation and the Agents are collecting your
                personal information (as that term is defined under applicable privacy
                legislation, including, without limitation, the Personal Information
                Protection and Electronic Documents Act (Canada) and any other
                applicable similar, replacement or supplemental provincial or federal
                legislation or laws in effect from time to time), and, if applicable,
                that
                of each beneficial purchaser for whom you are contracting hereunder,
                for
                the purpose of completing this Subscription Agreement.  You, on
                your own behalf and, if applicable, on behalf of each beneficial
                purchaser
                for whom you are contracting hereunder, acknowledge and consent to
                the
                Corporation and the Agents retaining such personal information for
                as long
                as permitted or required by law or business practices.  You, on
                your own behalf and, if applicable, on behalf of each beneficial
                purchaser
                for whom you are contracting hereunder, further acknowledge and consent
                to
                the fact that the Corporation or the Agents may be required by the
                Securities Laws of the Offering Jurisdictions, the rules and rules
                and
                regulations of any stock exchange or the rules of the Investment
                Dealers
                Association of Canada to provide regulatory authorities with any
                personal
                information provided under this Subscription Agreement.  You
                represent and warrant, as applicable, that you have the authority
                to
                provide the consents and acknowledgements set out in this paragraph
                on
                behalf of each beneficial purchaser for whom you are contracting
                hereunder.  In addition to the foregoing, you agree and
                acknowledge that the Corporation or the Agents, as the case may be,
                may
                use and disclose your personal information, or that of each beneficial
                purchaser for whom you are contracting hereunder, as
                follows:

            

    

    

    
      	
              (i)  

            	
              for
                internal use with respect to managing the relationships between and
                contractual obligations of the Corporation, the Agents and you or
                any
                beneficial purchaser for whom you are contracting
                hereunder;

            

    

    

    
      	
              (ii)  

            	
              for
                use and disclosure for income tax related purposes, including without
                limitation, where required by law, disclosure to Canada Revenue
                Agency;

            

    

    

    
      	
              (iii)  

            	
              for
                disclosure to securities regulatory authorities and other regulatory
                bodies with jurisdiction with respect to reports of trades and similar
                regulatory filings;

            

    

    

    
      	
              (iv)  

            	
              for
                disclosure to a governmental or other authority to which the disclosure
                is
                required by court order or subpoena compelling such disclosure and
                where
                there is no reasonable alternative to such
                disclosure;

            

    

    

    
      	
              (iv)  

            	
              for
                disclosure to professional advisers of the Corporation or the Agents
                in
                connection with the performance of their professional
                services;

            

    

    

    
      	
              (v)  

            	
              for
                disclosure to any person where such disclosure is necessary for legitimate
                business reasons and is made with your prior written
                consent;

            

    

    

    
      	
              (vi)  

            	
              for
                disclosure to a court determining the rights of the parties under
                this
                Subscription Agreement; or

            

    

    

    
      	
              (vii)  

            	
              for
                use and disclosure as otherwise required or permitted by
                law.

            

    

    

    
      	
              (p)  

            	
              You
                authorize the indirect collection of personal information (as defined
                in
                the Securities Laws of the Province of Ontario) by the Ontario Securities
                Commission and confirm that you have been notified by the
                Corporation:

            

    

    

    
      	
              (i)  

            	
              that
                the Corporation will be delivering such personal information to the
                Ontario Securities Commission;

            

    

    

    
      	
              (ii)  

            	
              that
                such personal information is being collected indirectly by the Ontario
                Securities Commission under the authority granted to it in the Securities
                Laws of the Province of Ontario;

            

    

    

    
      	
              (iii)  

            	
              that
                such personal information is being collected for the purpose of the
                administration and enforcement of the Securities Laws of the Province
                of
                Ontario; and

            

    

    

    
      	
              (iv)  

            	
              that
                the title, business address and business telephone number of the
                public
                official in the Province of Ontario who can answer questions about
                the
                Ontario Securities Commission’s indirect collection of personal
                information is as follows:

            

    

    

    Administrative
      Assistant to the Director of Corporate Finance

    Ontario
      Securities Commission

    Suite
      1903, Box 55, 20 Queen Street West

    Toronto,
      Ontario  M5H 2S8

    Telephone:                      (416)
      593-8086

    

    
      	
              C.  

            	
              Canadian
                Purchasers:  If you are resident in, or are otherwise
                subject to the Securities Laws of, any province or territory in Canada,
                then one or more of the following paragraphs 4B(a) or 4B(b) hereof
                applies
                to you:

            

    

    

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

              

                  
      
      

           

                  -  -      
    

      

    

    
      	
               

            	
              (a)

            	
              Accredited
                Investors (applicable to all Canadian
                Purchasers):

            

    

    

    
      	
              (i)  

            	
              you
                are purchasing the Purchased Securities
                either:

            

    

    

    
      	
               

            	
              A.

            	
              as
                principal and not for the benefit of any other Person, or you are
                deemed
                under NI 45-106 to be purchasing the Purchased Securities as principal
                and
                you are an “accredited investor” within the meaning of NI 45-106;
                or

            

    

    

    
      	
               

            	
              B.

            	
              as
                agent for a beneficial purchaser disclosed on the execution pages
                of this
                Subscription Agreement, and you are an agent or trustee with proper
                authority to execute all documents required in connection with the
                purchase of the Purchased Securities on behalf of such disclosed
                beneficial purchaser and such disclosed beneficial purchaser for
                whom you
                are contracting hereunder is purchasing as principal and not for
                the
                benefit of any other Person, or is deemed under NI 45-106 to be purchasing
                the Purchased Securities as principal and such disclosed beneficial
                purchaser is an “accredited investor” within the meaning of NI
                45-106;

            

    

    

    
      	
              (ii)  

            	
              if
                you are, or the beneficial purchaser for whom you are contracting
                hereunder is, as the case may be, a Person, other than an individual
                or
                investment fund, that has net assets of at least $5,000,000, you
                were not,
                or the beneficial purchaser for whom you are contracting hereunder
                was
                not, as the case may be, created or used solely to purchase or hold
                securities as an accredited investor;
                and

            

    

    

    
      	
              (iii)  

            	
              you
                have concurrently executed and delivered a certificate in the form
                attached as Schedule “C” hereto.

            

    

    

    
      	
              (b)  

            	
              Minimum
                Amount Investment (applicable to all Canadian
                Purchasers):

            

    

    

    
      	
              (i)  

            	
              you
                are purchasing the Purchased Securities
                either:

            

    

    

    
      	
               

            	
              A.

            	
              as
                principal and not for the benefit of any other Person, and your aggregate
                acquisition cost, payable by you in cash at the Closing, for the
                Purchased
                Securities is not less than $150,000;
                or

            

    

    

    
      	
               

            	
              B.

            	
              as
                agent for a beneficial purchaser disclosed on the second execution
                page of
                this Subscription Agreement, and you are an agent or trustee with
                proper
                authority to execute all documents required in connection with the
                purchase of the Purchased Securities on behalf of such disclosed
                beneficial purchaser and such disclosed beneficial purchaser for
                whom you
                are contracting hereunder is purchasing as principal and not for
                the
                benefit of any other Person, and the aggregate acquisition cost of
                such
                disclosed beneficial purchaser, payable by such disclosed beneficial
                purchaser in cash at the Closing, for the Purchased Securities is
                not less
                than $150,000; and

            

    

    

    
      	
              (iii)  

            	
              you
                were not, or the beneficial purchaser for whom you are contracting
                hereunder was not, as the case may be, created or used solely to
                purchase
                or hold securities in reliance on this exemption from the prospectus
                requirement.

            

    

    

    7.           Legends

    

    
      	
              (a)  

            	
              You
                acknowledge that upon the issuance of the Underlying Securities and
                the
                Warrant Shares (to the extent that such Warrant Shares are issued
                prior to
                the expiry of the applicable hold period), the certificates representing
                the Underlying Securities and the Warrant Shares will bear the following
                legend:

            

    

    

    “UNLESS
      PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT
      TRADE THE SECURITY BEFORE [the date which is four months and one day
      after the Closing Date will be inserted].”

    

    
      	
              (b)  

            	
              You
                acknowledge that until such time as the same is no longer required
                under
                applicable requirements of the Securities Act or applicable state
                securities laws, certificates representing Unit Shares and Warrant
                Shares,
                and all certificates issued in exchange therefor or in substitution
                thereof, shall bear the following
                legend:

            

    

    

    “THE
      SECURITIES REPRESENTED HEREBY ARE SECURITIES OF A UNITED STATES DOMESTIC ISSUER
      AND HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
      AS
      AMENDED (THE “SECURITIES ACT”).  THE HOLDER HEREOF, BY PURCHASING SUCH
      SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES
      MAY
      BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B)
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C)
      OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S (RULE 901 THROUGH
      RULE
      905, AND PRELIMINARY NOTES) UNDER THE SECURITIES ACT OR (D) WITHIN THE UNITED
      STATES PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
      ACT, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES
      LAWS.  DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE GOOD DELIVERY
      IN SETTLEMENT OF TRANSACTIONS.  HEDGING TRANSACTIONS INVOLVING SUCH
      SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES
      ACT.”;

    

    provided,
      that, subject to Rule 905 of Regulations under the Securities Act if any such
      securities are being sold or otherwise transferred under paragraphs (C) or
      (D)
      in the above legend, the legend may be removed at such time that the Unit Shares
      and Warrant Shares are no longer deemed to be “restricted securities” as defined
      in Rule 144 under the Securities Act, by delivery to the Corporation’s registrar
      and transfer agent and to the Corporation and its legal counsel of an opinion
      of
      counsel, of recognized standing reasonably satisfactory to the Corporation,
      that
      such legend is no longer required under applicable requirements of the
      Securities Act or state securities laws.

    

    
      	
              (c)  

            	
              You
                acknowledge that until such time as the same is no longer required
                under
                applicable requirements of the Securities Act or applicable state
                securities laws, certificates representing Warrants, and all certificates
                issued in exchange therefor or in substitution thereof, shall also
                bear
                the following legend:

            

    

    

    “THE
      SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF
      ARE SECURITIES OF A UNITED STATES DOMESTIC ISSUER AND HAVE NOT BEEN REGISTERED
      UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”).  THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR
      THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR
      OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (C) OUTSIDE THE AN EFFECTIVE
      UNITED STATES IN ACCORDANCE WITH REGULATION S (RULE 901 THROUGH RULE 905, AND
      PRELIMINARY NOTES) UNDER THE SECURITIES ACT.  THIS WARRANT MAY NOT BE
      EXERCISED BY OR ON BEHALF OF ANY U.S. PERSON UNLESS REGISTERED UNDER THE
      SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE.  AS
      USED HEREIN, THE TERMS “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS
      ASCRIBED TO THEM IN REGULATION S UNDER THE SECURITIES ACT.  HEDGING
      TRANSACTIONS INVOLVING SUCH SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
      WITH THE SECURITIES ACT”.

    

    
      	
               

            	
              (d)

            	
              You
                agree that each Person exercising a Warrant shall be required to
                give
                written confirmation that it is not a U.S. Person and the Warrant
                is not
                being exercised on behalf of a U.S. Person or a written opinion of
                counsel
                to the effect that the Warrant and the Warrant Shares have been registered
                under the Securities Act or are exempt from registration
                thereunder.

            

    

    

    8.           Representations
      and Warranties of the Corporation

    

    The
      Corporation hereby agrees with the Subscriber that the representations and
      warranties made by the Corporation to the Agents in the Agency Agreement shall
      be true and correct in all material respects as of the Closing Date (save and
      except as waived by the Agents).  The Subscriber shall be entitled to
      rely on the representations and warranties made by the Corporation to the Agents
      in the Agency Agreement to the extent that they have not been varied, amended,
      altered or waived, in whole or in part, by the Agents and shall survive the
      closing of the Offering and shall continue in full force and effect for the
      benefit of the Subscriber in accordance with the terms of the Agency
      Agreement.  The representations and warranties made by the Corporation
      to the Agents in the Agency Agreement are hereby incorporated by reference
      such
      that they form an integral part of this Agreement.

    

    The
      Corporation hereby agrees to refuse to register any transfer of the Purchased
      Securities not made in accordance with the provisions of Regulation S (Rule
      901
      through Rule 905, and Preliminary Notes), pursuant to registration under the
      Securities Act or pursuant to an available exemption from
      registration.

    

    9.           Covenants
      of the Corporation

    

    The
      Corporation hereby covenants and agrees with the Subscriber as
      follows:

    

    
      	
               

            	
              (a)

            	
              Securities
                Filings:  Forthwith after the Closing, the Corporation shall
                file such forms and documents as may be required under the Securities
                Laws
                of the Offering Jurisdictions relating to the Offering which, without
                limiting the generality of the foregoing, shall include a Form 45-106F1
                as
                prescribed by NI 45-106.

            

    

    

    
      	
               

            	
              (b)

            	
              Performance
                of Acts:  The Corporation shall perform and carry out all of
                the acts and things to be completed by it as provided in this Subscription
                Agreement.

            

    

    

    
      	
               

            	
              (c)

            	
              Use
                of Proceeds Amount:  The Corporation shall use the proceeds
                from the Offering for the exploration and development of the newly
                acquired NELP-VI exploration blocks and all other exploration blocks
                acquired hereafter, and for general corporate
                purposes.

            

    

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

              

                  
      
      

           

                  -  -      
    

      

    

    10.           Commission

    

    
      	
               

            	
              (a)

            	
              Commission:  You,
                if you are the Subscriber, or if you are not the Subscriber then
                on behalf
                of the Subscriber, acknowledge that in connection with the Offering
                the
                Agents will receive from the Corporation on Closing an aggregate
                cash fee
                equal to 6% of the aggregate Purchase Price.  The Corporation
                will also grant to the Agents non-transferable compensation options
                (the
                “Compensation Options”) entitling the Agents to purchase
                Common Shares equal in number to 6% of the aggregate number of Units
                issued and sold under the Offering.  Each Compensation Option
                shall be exercisable by the Agents for one Common Share at a price
                of
                U.S.$5.00 until 5:00 p.m. (Toronto time) on the date that is 24 months
                following the Closing Date.  The Agents shall also receive one
                Right for each Compensation Option granted to the Agents.  No
                other fee or commission is payable by the Corporation in connection
                with
                the Offering.  The Corporation will, however, pay certain fees
                and expenses of the Agents in connection with the Offering, as set
                out in
                the Agency Agreement.

            

    

    

    
      	
               

            	
              (b)

            	
              Acknowledgement:  You,
                if you are the Subscriber, or if you are not the Subscriber then
                on behalf
                of the Subscriber, acknowledge that the Agents have been appointed
                by the
                Corporation to act as agents of the Corporation to offer the Offered
                Securities on a private placement basis and acknowledge that the
                Agents
                assume no responsibility or liability of any nature whatsoever for
                the
                accuracy or adequacy of the information regarding the Corporation
                which is
                publicly available, that the Agents have not engaged in or conducted
                an
                independent investigation with respect to the Corporation and that
                the
                Agents and their representatives are not liable for any information
                given
                or statement made to the Subscriber by the Corporation in connection
                with
                the Corporation or the transaction contemplated by this Subscription
                Agreement and the Subscriber hereby releases the Agents and their
                representatives and agents thereof from any claim that may arise
                in
                respect of this Subscription Agreement or the transaction contemplated
                hereby.

            

    

    

    11.           General

    

    
      	
               

            	
              (a)

            	
              Headings:  The
                division of this Subscription Agreement into articles and sections
                and the
                insertion of headings are for convenience of reference only and shall
                not
                affect the construction or interpretation of this Subscription
                Agreement.  The terms “this Subscription Agreement,” “hereof,”
                “hereunder”, “herein” and similar expressions refer to this Subscription
                Agreement and not to any particular article, section or other portion
                hereof and include any agreement supplemental thereto and any exhibits
                attached hereto.  Unless something in the subject matter or
                context is inconsistent therewith, reference herein to articles,
                sections
                and paragraphs are to articles, sections, subsections and paragraphs
                of
                this Subscription Agreement.

            

    

    

    
      	
               

            	
              (b)

            	
              Number
                and Gender:  Words importing the singular number only shall
                include the plural and vice versa, words importing the masculine
                gender shall include the feminine gender and neuter and vice
                versa.

            

    

    

    
      	
              (c)  

            	
              Severability:  If
                one or more of the provisions contained in this Subscription Agreement
                shall be invalid, illegal or unenforceable in any respect under any
                applicable law, the validity, legality or enforceability of the remaining
                provisions hereof shall not be affected or impaired
                thereby.  Each of the provisions of this Subscription Agreement
                is hereby declared to be separate and
                distinct.

            

    

    

    
      	
              (d)  

            	
              Notices:

            

    

    

    
      	
              (i)  

            	
              All
                notices or other communications to be given hereunder shall be delivered
                by hand or by telecopier, and if delivered by hand, shall be deemed
                to
                have been given on the date of delivery or, if sent by telecopier,
                on the
                date of transmission if sent before 5:00 p.m. (Toronto time) and
                such day
                is a Business Day or, if not, on the first Business Day following
                the date
                of transmission.

            

    

    

    Notices
      to the Corporation shall be addressed to:

    

    GeoGlobal
      Resources Inc.

    605
–
      1st Street
      S.W., Suite 310

    Calgary,
      Alberta  T2P 3S9

    

    Attention:                     Allan
      J. Kent

    Facsimile:                                (403)
      777-9199

    

    with
      a
      copy to:

    

    William
      S. Clarke, P.A.

    65
      South
      Main Street, Suite A-202

    Pennington,
      NJ  08534

    

    Attention:                     William
      S. Clarke, Esq.

    Facsimile:                                (609)
      737-3223

    

    Notices
      to the Subscriber shall be addressed to the address of the Subscriber set out
      on
      the execution pages hereof, with a copy to Primary Capital at:

    

    Primary
      Capital Inc.

    130
      King
      Street West, Suite 2110

    Toronto,
      Ontario  M5X 1B1

    

    Attention:                     Barry
      Gordon

    Facsimile:                     (416)
      214-5954

    

    with
      a
      copy to:

    

    Cassels
      Brock & Blackwell LLP

    40
      King
      Street West, Suite 2100

    Toronto,
      Ontario  M5H 3C2

    

    Attention:                      Jay
      Goldman

    Facsimile:                      (604)
      644-9337

    

    
      	
              (ii)  

            	
              Any
                such notice, direction or other instrument, if delivered personally,
                shall
                be deemed to have been given and received on the day on which it
                was
                delivered, provided that if such day is not a Business Day then the
                notice, direction or other instrument shall be deemed to have been
                given
                and received on the first Business Day next following such day and
                if
                transmitted by fax, shall be deemed to have been given and received
                on the
                day of its transmission, provided that if such day is not a Business
                Day
                or if it is transmitted or received after the end of normal business
                hours
                then the notice, direction or other instrument shall be deemed to
                have
                been given and received on the first Business Day next following
                the day
                of such transmission.

            

    

    

    
      	
              (iii)  

            	
              Either
                the Corporation or the Subscriber may change its aforesaid address
                for
                service by notice in writing to the other party hereto specifying
                its new
                address for service hereunder.

            

    

    

    
      	
              (e)  

            	
              Further
                Assurances:  Each party hereto shall from time to time at
                the request of the other party hereto do such further acts and execute
                and
                deliver such further instruments, deeds and documents as shall be
                reasonably required in order to fully perform and carry out the provisions
                of this Subscription Agreement.  The parties hereto agree to act
                honestly and in good faith in the performance of their respective
                obligations hereunder.

            

    

    

    
      	
              (f)  

            	
              Successors
                and Assigns:  Except as otherwise provided, this
                Subscription Agreement shall enure to the benefit of and shall be
                binding
                upon the parties hereto and their respective successors and permitted
                assigns.

            

    

    

    
      	
              (g)  

            	
              Entire
                Agreement:  The terms of this Subscription Agreement express
                and constitute the entire agreement between the parties hereto with
                respect to the subject matter hereof and no implied term or liability
                of
                any kind is created or shall arise by reason of anything in this
                Subscription Agreement.

            

    

    

    
      	
              (h)  

            	
              Time
                of Essence:  Time is of the essence of this Subscription
                Agreement.

            

    

    

    
      	
              (i)  

            	
              Amendments:  The
                provisions of this Subscription Agreement may only be amended with
                the
                written consent of all of the parties
                hereto.

            

    

    

    
      	
              (j)  

            	
              Survival:  Notwithstanding
                any other provision of this Subscription Agreement, the representations,
                warranties, covenants and indemnities of or by the Corporation contained
                herein or in any certificate, document or instrument delivered pursuant
                hereto shall survive the completion of the transactions contemplated
                by
                this Subscription Agreement.

            

    

    

    
      	
              (k)  

            	
              Governing
                Law:  Except for matters arising under Canadian Securities
                Laws, this Subscription Agreement shall be governed by and construed
                in
                accordance with the laws of the State of Delaware and the laws of
                the
                United States of America applicable therein and the parties hereto
                irrevocably attorn to the jurisdiction of the courts of the State
                of
                Delaware.

            

    

    

    
      	
              (l)  

            	
              Costs:  All
                costs and expenses incurred by you (including any fees and disbursements
                of any counsel retained by you) relating to the purchase by you of
                the
                Purchased Securities shall be borne by
                you.

            

    

    

    
      	
              (m)  

            	
              Assignment:  This
                Subscription Agreement is not transferable or assignable, in whole
                or in
                part, by you or, if applicable, by others on whose behalf you are
                contracting hereunder.

            

    

    

    
      	
              (n)  

            	
              Counterparts:  This
                Subscription Agreement may be executed in one or more counterparts
                which
                when taken together shall constitute one and the same
                agreement.  Delivery of counterparts may be effected by
                facsimile transmission thereof.

            

    

    

    
      	
              (o)  

            	
              Facsimile
                Copies:  The Corporation and the Agents shall be entitled to
                rely on a facsimile copy of an executed subscription agreement and
                acceptance by the Corporation of such facsimile subscription shall
                be
                legally effective to create a valid and binding agreement between
                the
                Subscriber and the Corporation in accordance with the terms
                thereof.

            

    

    

    If
      the
      foregoing is in accordance with your understanding, please sign and return
      this
      Subscription Agreement together with the other required documents signifying
      your agreement to purchase the Purchased Securities.  You hereby
      authorize the Agents to deliver a copy of this Subscription Agreement on your
      behalf to the Corporation.

    

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

      

    

    EXECUTION
      PAGES

    

    TO:                      GEOGLOBAL
      RESOURCES INC.

    AND
      TO:                      PRIMARY
      CAPITAL INC.

    
      	
              AND
                TO:

            	
              JONES,
                GABLE & COMPANY
                LIMITED

            

    

    

    The
      undersigned hereby accepts the foregoing and agrees to be bound by the terms
      set
      forth herein and, without limitation, agrees that you may rely upon the
      covenants, representations and warranties of the undersigned contained
      herein.

    

    

    DATED
      as
      of
      this                                          
day of __________________, 2007.

    

    

    
      	
              Number
                of Offered Securities to be purchased at U.S.$5.00 each:

            	 
	
               

              Aggregate
                Purchase Price:

            	
               

              U.S.$

            	 
	
               

              Name
                (full legal name of Subscriber) and Residential Address of
                Subscriber:

            	 
	 	 
	 	
              (residential
                address, including postal code)

            
	 	 
	 	 
	 	 
	 	
              (telephone
                number)

            
	 	 
	 	
              (facsimile
                number)

            
	 	
               

              By:

            	 
	 	
              (signature)

            
	 	 
	 	
              (please
                print name)

            
	 	 
	 	
              (official
                capacity)

            

    

    

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

              

                  
      
      

           

                  -
            EX
            -      
    

      

    

    If
      you
      are signing this Subscription Agreement as agent for a beneficial purchaser
      and
      are not a trust company, trust corporation or portfolio manager deemed to be
      purchasing as principal under NI 45-106, please provide the following
      information for each beneficial purchaser:

    

    
      	 	 	 
	 	 	
              (name
                of beneficial purchaser)

            
	 	 	 
	 	 	 
	 	 	
              (residential
                address and telephone number of beneficial purchaser)

               

               

            
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
              (social
                insurance number or federal corporate/business account
                number)

            
	 	 	 

    

    

    The
      above-mentioned subscription is hereby accepted by GeoGlobal Resources
      Inc.

    

    

    DATED
      as
      of
      this                                          
day of __________________, 2007.

    

    

    
      	
              GEOGLOBAL
                RESOURCES INC.

               

               

               

              By:  ______________________________________

              Authorized
                Signing
                Officer

            

    

     

    

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

              

                  
      
      

           

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

      

    

    SCHEDULE
      “A”

    

    GEOGLOBAL
      RESOURCES INC.

    TERM
      SHEET

    

    BEST
      EFFORTS PRIVATE PLACEMENT OF UNITS

    UP
      TO U.S.$25,000,000

    

    
      	
              Issuer:

            	
              GeoGlobal
                Resources Inc. (the “Corporation”).

               

            
	
              Offering:

            	
              Up
                to 5,000,000 units (“Units”).  Each Unit will
                be comprised of one common share of the Corporation (each, a “Unit
                Share”) and one-half of one common share purchase warrant (each
                whole such common share purchase warrant, a
                “Warrant”).  Each Warrant will entitle the
                holder to acquire one additional common share (each, a “Warrant
                Share”) at an exercise price of U.S.$7.50 at any time (such
                period, the “Warrant Term”) prior to 5:00 p.m. (Toronto
                time) on the date that is 24 months following the Closing Date (as
                defined
                below); provided that if the trading price of the common shares on
                the
                American Stock Exchange or on any other exchange that the common
                shares
                are listed is at U.S.$12.00 or more for 20 consecutive trading days,
                if
                the registration statement referred to herein under the caption U.S.
                Registration Statement has been declared effective and the hold periods
                imposed upon the Unit Shares and the Warrants pursuant to applicable
                Canadian securities laws have expired, then the Warrant Term shall
                be
                automatically reduced to 30 days from the date of initial issuance
                of a
                news release by the Corporation announcing the change to the Warrant
                Term.  The Warrants shall be issued pursuant to a warrant
                indenture or certificate which shall contain customary anti-dilution
                provisions.  Subscribers for Units will also be issued one
                non-transferable right (a “Right”) for each Unit
                purchased, each Right entitling the holder thereof, subject to certain
                conditions, to be issued 0.10 of a Unit (each whole such Unit, a
                “Rights Unit”) for nominal consideration in the event
                that the filing of a Registration Statement (as defined below) (the
                “Liquidity Event”) with the United States Securities and
                Exchange Commission (the “SEC”) has not occurred prior to
                5:00 p.m. (Toronto time) on the date that is 60 days following the
                Closing
                Date (the “Liquidity Event Deadline”).

               

            
	
              Offering
                Price:

            	
              U.S.$5.00
                per Unit (the “Offering Price”).

               

            
	
              Offering
                Size:

            	
              Up
                to U.S.$25,000,000.

               

            
	
              Agents:

            	
              Primary
                Capital Inc.

              Jones,
                Gable & Company Limited

               

            
	
              U.S.
                Registration Statement:

            	
              The
                Corporation will, as promptly as practicable after the Closing Date,
                file
                with and will thereafter use its best efforts to have declared effective
                by the SEC a registration statement (the “Registration
                Statement”) with respect to the resale
                of (i) the Common Shares comprising, in part, the
                Units; (ii) the Common Shares issuable upon exercise of the Compensation
                Options; and (iii) the Common Shares issuable upon exercise of the
                Warrants which comprise, in part, the Units, and the subscribers
                and the
                Agents shall agree to provide to the Corporation such information
                as it
                may reasonably request in connection therewith.  In the event
                that the Liquidity Event has not occurred by the Liquidity Event
                Deadline,
                Rights Units shall be issued pursuant to and in accordance with the
                terms
                of the Rights and the Registration Statement will also cover the
                resale of
                the Common Shares comprising in part the Rights Units, the Common
                Shares
                issuable upon exercise of the Warrants which comprise in part, the
                Rights
                Units and the additional Common Shares that become issuable in connection
                with the exercise of the Compensation Options.

               

            
	
              Commission:

            	
              6%
                of the gross proceeds from the Offering.

               

            
	
              Compensation
                Options:

            	
              The
                Agents shall receive at the closing of the Offering non-transferable
                compensation options (the “Compensation Options”)
                entitling the Agents to purchase Common Shares equal in number to
                6% of
                the aggregate number of Units issued and sold under the Offering
                at a
                price of U.S.$5.00 per Common Share, subject to customary anti-dilution
                provisions.  The Compensation Options are to be exercisable at
                any time prior to 5:00 p.m. (Toronto time) on the date that is 24
                months
                following the Closing Date.  The holders of the Compensation
                Options will also receive one Right for each Compensation Option
                issued.

               

            
	
              Offering
                Procedure:

            	
              The
                selling jurisdictions (the “Selling Jurisdictions”) for
                the Offering will be the provinces of Alberta, British Columbia and
                Ontario, and such other provinces as the Agents may specify and the
                Corporation agrees to prior to the Closing Date.  The Units may
                also be placed in United States through a U.S. sub-agent pursuant
                to
                applicable exemptions from the registration requirements of the United
                States Securities Act of 1933, as amended (the
                “Act”), provided that as a “domestic” issuer under the
                securities laws of the United States, the Offering shall be conducted
                in
                all jurisdictions in the United States in accordance with Regulation
                D of
                the Act or other available exemptions from the registration requirements
                of the Act.  The Units may also be sold in certain foreign
                jurisdictions, pursuant to applicable securities regulations, subject
                to
                the Corporation’s approval.  The Units are to be sold on a
                “private placement” basis without the preparation or filing of a
                prospectus, registration statement, offering memorandum or similar
                disclosure document, provided that the subscribers shall acknowledge
                in
                the subscription agreement(s) having available to them an opportunity
                to
                review the Corporation’s periodic reports and other filings made with the
                SEC under the United States Securities Exchange Act of 1934, as
                amended, and the Act and such other access and information as is
                required
                in compliance with Regulation D.  The Agents will only provide
                potential subscribers with this Term Sheet (or an abridged version)
                and
                subscription agreement(s) in respect of the Units.

               

            
	
              Hold
                Period:

            	
              It
                is a condition to closing of the Offering that the Unit Shares, the
                Warrants, the Warrant Shares and the Rights Units will not be subject
                to a
                hold period greater than four months and one day from the Closing
                Date
                under Canadian securities laws.  The Unit Shares, the Warrants,
                the Warrant Shares and the Rights Units will also be subject to a
                restrictive legend under U.S. securities laws.  The legend may
                be removed at such time that the Unit Shares and the Warrant Shares
                are no
                longer deemed to be “restricted securities” as defined in Rule 144 under
                the Act.

            
	
              Use
                of Proceeds:

            	
              The
                net proceeds from the Offering will be used for the exploration and
                development of the newly acquired NELP-VI exploration blocks and
                all other
                exploration blocks acquired hereafter, and for general corporate
                purposes.

               

            
	
              Closing
                Date:

            	
              The
                Offering will close on or about June 15, 2007, or such other date
                as
                agreed to by the Corporation and the Agents, acting reasonably (the
                “Closing Date”).

               

            

    

    

     

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      “B”

    

    ALL
      SUBSCRIBERS

    

    REGISTRATION
      AND DELIVERY INSTRUCTIONS

    

    
      	
              2.  

            	
              Delivery:  Please
                deliver the certificates representing the Unit Shares and the Warrants
                to:

            

    

    
      

      

    

    Name

    
      

      

    

    Account
      reference, if applicable

    
      

      

    

    Contact
      name

    
      

      

    

    

    
      

    

    

    
      

    

    Address,
      including postal code

    
      

      

    

    Telephone
      number

    

    

    
      	
              3.  

            	
              Registration:  The
                certificates representing the Unit Shares and the Warrants which
                is to be
                delivered at Closing should be registered as
                follows:

            

    

    

    
      

    

    Name

    
      

      

    

    Account
      reference, if applicable

    

    

    

    

    
      

      

    

    Address,
      including postal code

    

    Words
      and
      terms herein with the initial letter or letters thereof capitalized and defined
      in the Subscription Agreement shall have the meanings given to such capitalized
      words and terms in the Subscription Agreement.

    

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      “C”

    

    ALL
      CANADIAN SUBSCRIBERS PURCHASING UNDER

    THE
      “ACCREDITED INVESTOR” EXEMPTION

    

    IF
      YOUR SUBSCRIPTION PRICE EXCEEDS $150,000 AND SUBSECTION 4B(b) OF THE
      SUBSCRIPTION AGREEMENT APPLIES TO YOU, YOU ARE NOT REQUIRED TO COMPLETE AND
      SIGN
      THIS CERTIFICATE.

    

    TO:                      GEOGLOBAL
      RESOURCES INC.

    AND
      TO:                      PRIMARY
      CAPITAL INC.

    AND
      TO:                      JONES,
      GABLE & COMPANY LIMITED

    

    CERTIFICATE

    

    In
      connection with the purchase of units (the “Purchased Securities”) of GeoGlobal
      Resources Inc. (the “Corporation”), the undersigned hereby represents, warrants
      and certifies that:

    

    
      	
                1.

            	
              the
                subscriber (the undersigned or, if the undersigned is purchasing
                the
                Purchased Securities as agent on behalf of a disclosed beneficial
                purchaser, such beneficial purchaser being referred to herein as
                the
                “Subscriber”) is resident in a province or territory of Canada or is
                subject to the securities laws of a province or territory of
                Canada;

               

            
	
              2.

            	
              the
                Subscriber is purchasing the Units as principal or is deemed under
                National Instrument 45-106 - Prospectus and Registration Exemptions
                of the Canadian Securities Administrators (“NI 45-106”) to be
                purchasing the Purchased Securities as principal; and

            
	
              3.

            	
              the
                Subscriber is an “accredited investor” within the meaning of NI 45-106, by
                virtue of satisfying the indicated criterion as set out in Appendix
                A to
                this certificate (YOU MUST ALSO INITIAL OR PLACE A CHECK-MARK ON
                THE APPROPRIATE LINE IN APPENDIX A ATTACHED TO THIS
                CERTIFICATE).

            
	
              The
                above representations and warranties will be true and correct both
                as of
                the execution of this certificate and as of the closing time of the
                purchase and sale of the Purchased Securities and acknowledge that
                they
                will survive the completion of the issue of the Purchased
                Securities.

               

            
	
              The
                undersigned acknowledges that the foregoing representations and warranties
                are made by the undersigned with the intent that they be relied upon
                in
                determining the suitability of the Subscriber as a purchaser of the
                Purchased Securities and that this certificate is incorporated into
                and
                forms part of the Subscription Agreement and the undersigned undertakes
                to
                immediately notify the Corporation of any change in any statement
                or other
                information relating to the Subscriber set forth herein which takes
                place
                prior to the closing time of the purchase and sale of the Purchased
                Securities.

            

    

    

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

              

                  -
            C
            -      
      

                  
      
    

      

    

    

    

    Dated
      at
      _______________ this ____ day of ____________, 2007.

    

    

    

    Print
      name of Subscriber (or person signing as agent)

    

    By:            

    Signature

    

    

    Title

    

    

    
      	
               

            	
              (print
                name of individual whose signature appears above, if different from
                name
                of Subscriber or agent printed
                above)

            

    

    

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

              

                  -
            C
            -      
      

                  
      
    

      

    

    APPENDIX
      A TO SCHEDULE “C”

    

    Accredited
      Investor - (defined in NI 45-106) means:

    

    
      	 	
              (a)  

            	
              a
                Canadian financial institution or an authorized foreign
                bank named in Schedule III of the Bank Act (Canada),

               

            
	 	
              (b)  

            	
              the
                Business Development Bank of Canada incorporated under the Business
                Development Bank of Canada Act (Canada),

               

            
	 	
              (c)  

            	
              a
                subsidiary of any person referred to in
                paragraph (a) or (b), if the person owns all of the voting securities
                of
                the subsidiary, except the voting securities required by law to be
                owned
                by directors of that subsidiary,

               

            
	 	
              (d)  

            	
              a
                person registered under the securities legislation of a jurisdiction
                of
                Canada as an adviser or dealer, other than a person registered solely
                as a
                limited market dealer under one or both of the Securities Act
                (Ontario) or the Securities Act (Newfoundland and
                Labrador),

               

            
	 	
              (e)  

            	
              an
                individual registered or formerly registered under the securities
                legislation of a jurisdiction of Canada as a representative of a
                person
                referred to in paragraph (d),

            
	 	
              (f)  

            	
              the
                Government of Canada or a jurisdiction of Canada, or any crown
                corporation, agency or wholly-owned entity of the Government of Canada
                or
                a jurisdiction of Canada,

               

            
	 	
              (g)  

            	
              a
                municipality, public board or commission in Canada and a metropolitan
                community, school board, the Comité de gestion de la taxe scolaire de
                l’île de Montréal or an intermunicipal management board in
                Quebec,

               

            
	 	
              (h)  

            	
              any
                national, federal, state, provincial, territorial or municipal government
                of or in any foreign jurisdiction, or any agency of that
                government,

               

            
	 	
              (i)  

            	
              a
                pension fund that is regulated by either the Office of the Superintendent
                of Financial Institutions (Canada) or a pension commission or similar
                regulatory authority of a jurisdiction of Canada,

               

            
	 	
              (j)  

            	
              an
                individual who, either alone or with a spouse, beneficially owns,
                directly
                or indirectly, financial assets having an aggregate
                realizable value that before taxes, but net of any related
                liabilities, exceeds $1,000,000,

               

            
	 	
              (k)  

            	
              an
                individual whose net income before taxes exceeded $200,000 in each
                of the
                two most recent calendar years or whose net income before taxes combined
                with that of a spouse exceeded $300,000 in each of the two most recent
                calendar years and who, in either case, reasonably expects to exceed
                that
                net income level in the current calendar year,

               

            
	 	
              (l)  

            	
              an
                individual who, either alone or with a spouse, has net assets of
                at least
                $5,000,000,

               

            
	 	
              (m)  

            	
              a
                person, other than an individual or investment fund, that
                has net assets of at least $5,000,000 as shown on its most recently
                prepared financial statements,

               

            
	 	
              (n)  

            	
              an
                investment fund that distributes or has distributed its securities
                only
                to

               

            
	 	 	
              (i)  

            	
              a
                person that is or was an accredited investor at the time of the
                distribution,

               

            
	 	 	
              (ii)  

            	
              a
                person that acquires or acquired securities in the circumstances
                referred
                to in sections 2.10 [Minimum amount investment] and 2.19
                [Additional investment in investment funds] of NI 45-106,
                or

               

            
	 	 	
              (iii)  

            	
              a
                person described in paragraph (i) or (ii) immediately above that
                acquires
                or acquired securities under section 2.18 [Investment fund
                reinvestment] of NI 45-106,

               

            
	 	
              (o)  

            	
              an investment
                fund that distributes or has distributed securities under a prospectus
                in
                a jurisdiction of Canada for which the regulator or, in Quebec, the
                securities regulatory authority, has issued a receipt,

               

            
	 	
              (p)  

            	
              a
                trust company or trust corporation registered or authorized to carry
                on
                business under the Trust and Loan Companies Act (Canada) or under
                comparable legislation in a jurisdiction of Canada or a foreign
                jurisdiction, acting on behalf of a fully managed account
                managed by the trust company or trust corporation, as the case may
                be,

               

            
	 	
              (q)  

            	
              a
                person acting on behalf of a fully managed account managed by that
                person,
                if that person

               

            
	 	 	
              (i)  

            	
              is
                registered or authorized to carry on business as an adviser or the
                equivalent under the securities legislation of a jurisdiction of
                Canada or
                a foreign jurisdiction, and

               

            
	 	 	
              (ii)  

            	
              in
                Ontario, is purchasing a security that is not a security of an investment
                fund,

               

            
	 	
              (r)  

            	
              a
                registered charity under the Income Tax Act (Canada) that, in
                regard to the trade, has obtained advice from an eligibility
                adviser or an adviser registered under the securities legislation
                of the jurisdiction of the registered charity to give advice on the
                securities being traded,

               

            
	 	
              (s)  

            	
              an
                entity organized in a foreign jurisdiction that is analogous to any
                of the
                entities referred to in paragraphs (a) to (d) or paragraph (i) in
                form and
                function,

               

            
	 	
              (t)  

            	
              a
                person in respect of which all of the owners of interests, direct,
                indirect or beneficial, except the voting securities required by
                law to be
                owned by directors, are persons that are accredited
                investors,

               

            
	 	
              (u)  

            	
              an
                investment fund that is advised by a person registered as an adviser
                or a
                person that is exempt from registration as an adviser, or

               

            
	 	
              (v)  

            	
              a
                person that is recognized or designated by the securities regulatory
                authority or, except in Ontario and Quebec, the regulator as

               

            
	 	 	
              (i)  

            	
              an
                accredited investor, or

               

               

            
	 	 	
              (ii)  

            	
              an
                exempt purchaser in British Columbia or
                Alberta.

            

    

    

    
      	
              NOTE:

            	
              The
                investor must initial or place a check-mark beside the portion of
                the
                above definition applicable to the
                investor.

            

    

    

    For
      the purposes hereof:

    

    
      	
              (a)  

            	
              “Canadian
                financial institution” means

               

            	 
	 	
              (i)  

            	
              an
                association governed by the Cooperative Credit Associations Act
                (Canada) or a central cooperative credit society for which an
                order
                has been made under section 473(1) of the Cooperative Credit
                Associations Act (Canada), or

               

            	 
	 	
              (ii)  

            	
              a
                bank, loan corporation, trust company, trust corporation, insurance
                company, treasury branch, credit union, caisse populaire, financial
                services cooperative, or league that, in each case, is authorized
                by an
                enactment of Canada or a jurisdiction of Canada to carry on business
                in
                Canada or a jurisdiction of Canada;

               

            	 
	
              (b)  

            	
              “control
                person” has the meaning ascribed to that term
                in securities legislation except in Manitoba, Ontario, Quebec, Nova
                Scotia, Newfoundland and Labrador, Prince Edward Island, the Northwest
                Territories and Nunavut where “control person” means any person that holds
                or is one of a combination of persons that hold

               

            	 
	 	
              (i)  

            	
              a
                sufficient number of any of the securities of an issuer so as to
                affect
                materially the control of the issuer, or

               

            	 
	 	
              (ii)  

            	
              more
                than 20% of the outstanding voting securities of an issuer except
                where
                there is evidence showing that the holding of those securities does
                not
                affect materially the control of that issuer;

               

            	 
	
              (c)  

            	
              “eligibility
                adviser” means

               

            	 
	 	
              (i)  

            	
              a
                person that is registered as an investment dealer or in an equivalent
                category of registration under the securities legislation of the
                jurisdiction of a purchaser and authorized to give advice with respect
                to
                the type of security being distributed, and

               

            	 
	 	
              (ii)  

            	
              in
                Saskatchewan or Manitoba, also means a lawyer who is a practising
                member
                in good standing with a law society of a jurisdiction of Canada or
                a
                public accountant who is a member in good standing of an institute
                or
                association of chartered accountants, certified general accountants
                or
                certified management accountants in a jurisdiction of Canada provided
                that
                the lawyer or public accountant must not:

               

            	 
	 	 	
              (A)

            	
              have
                a professional, business or personal relationship with the issuer,
                or any
                of its directors, executive officers, founders or control persons,
                and

               

            	 
	 	 	
              (B)

            	
              have
                acted for or been retained personally or otherwise as an employee,
                executive officer, director, associate or partner of a person that
                has
                acted for or been retained by the issuer or any of its directors,
                executive officers, founders or control persons within the previous
                12
                months;

               

            	 
	
              (d)  

            	
              “executive
                officer” means, for an issuer, an individual
                who is

               

            	 
	 	
              (i)  

            	
              a
                chair, vice-chair or president,

               

            	 
	 	
              (ii)  

            	
              a
                vice-president in charge of a principal business unit, division or
                function including sales, finance or production,

               

            	 
	 	
              (iii)  

            	
              an
                officer of the issuer or any of its subsidiaries and who performs
                a
                policy-making function in respect of the issuer, or

               

            	 
	 	
              (iv)  

            	
              performing
                a policy-making function in respect of the issuer;

               

            	 
	
              (e)  

            	
              “financial
                assets” means (i) cash, (ii) securities or
                (iii) a contract of insurance, a deposit or an evidence of a deposit
                that
                is not a security for the purposes of securities legislation;

               

            	 
	
              (f)  

            	
              “founder”
                means, in respect of an issuer, a person who,

               

            	 
	 	
              (i)  

            	
              acting
                alone, in conjunction or in concert with one or more persons, directly
                or
                indirectly, takes the initiative in founding, organizing or substantially
                reorganizing the business of the issuer, and

               

            	 
	 	
              (ii)  

            	
              at
                the time of the trade is actively involved in the business of the
                issuer;

               

            	 
	
              (g)  

            	
              “fully
                managed account” means an account of a client
                for which a person makes the investment decisions if that person
                has full
                discretion to trade in securities for the account without requiring
                the
                client’s express consent to a transaction;

               

            	 
	
              (h)  

            	
              “investment
                fund” has the meaning ascribed thereto in
                National Instrument 81-106 - Investment Fund Continuous
                Disclosure;

               

            	 
	
              (i)  

            	
              “person” includes

               

            	 
	 	
              (i)  

            	
              an
                individual,

               

            	 
	 	
              (ii)  

            	
              a
                corporation,

               

            	 
	 	
              (iii)  

            	
              a
                partnership, trust, fund and an association, syndicate, organization
                or
                other organized group of persons, whether incorporated or not,
                and

               

            	 
	 	
              (iv)  

            	
              an
                individual or other person in that person’s capacity as a trustee,
                executor, administrator or personal or other legal
                representative;

               

            	 
	
              (j)  

            	
              “related
                liabilities” means

               

            	 
	 	
              (i)  

            	
              liabilities
                incurred or assumed for the purpose of financing the acquisition
                or
                ownership of financial assets, or

               

            	 
	 	
              (ii)  

            	
              liabilities
                that are secured by financial assets.

               

            	 
	
              (k)  

            	
              “spouse” means,
                an individual who,

               

            	 
	 	
              (i)  

            	
              is
                married to another individual and is not living separate and apart
                within
                the meaning of the Divorce Act (Canada), from the other
                individual,

               

            	 
	 	
              (ii)  

            	
              is
                living with another individual in a marriage-like relationship, including
                a marriage-like relationship between individuals of the same gender,
                or

               

            	 
	 	
              (iii)  

            	
              in
                Alberta, is an individual referred to in paragraph (i) or (ii) immediately
                above or is an adult interdependent partner within the meaning of
                the
                Adult Interdependent Relationships Act (Alberta);
                and

               

            	 
	
              (l)  

            	
              “subsidiary”
                means an issuer that is controlled directly or indirectly by another
                issuer and includes a subsidiary of that subsidiary;

               

            	 
	
              Affiliated
                Entities and Control

               

            
	
              1.An
                issuer is considered to be an affiliate of another issuer if one
                of them
                is the subsidiary of the other, or if each of them is controlled
                by the
                same person.

               

            
	
              2.           A
                person (first person) is considered to control another person (second
                person) if

               

              (a)the
                first person, directly or indirectly, beneficially owns or exercises
                control or direction over securities of the second person carrying
                votes
                which, if exercised, would entitle the first person to elect a majority
                of
                the directors of the second person, unless that first person holds
                the
                voting securities only to secure an obligation,

               

              (b)the
                second person is a partnership, other than a limited partnership,
                and the
                first person holds more than 50% of the interests in the partnership,
                or

               

              (c)the
                second person is a limited partnership and the general partner of
                the
                limited partnership is the first
                person.

            

    

    

    All
      monetary references are in Canadian Dollars

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      “D”

    

    ADDITIONAL
      REPRESENTATIONS, WARRANTIES AND COVENANTS

    FOR
      SUBSCRIBERS OUTSIDE OF NORTH AMERICA

    

    The
      Subscriber, on its own behalf and (if applicable) on behalf of others for whom
      it is contracting hereunder, further represents, warrants, covenants and
      certifies to and with the Corporation and the Agents (and acknowledges that
      the
      Corporation and the Agents are relying thereon) that it is, and (if applicable)
      any beneficial purchaser for whom it is contracting hereunder is, a resident
      of,
      or otherwise subject to, the securities legislation of a jurisdiction other
      than
      Canada or the United States, and:

    

    
      
        	
                (a)

              	
                the
                  Subscriber and any purchaser for whom it is contracting hereunder
                  has been
                  advised that:

              

      

    

    
      

    

    
      
        	
                (i)

              	
                no
                  securities commission or similar regulatory authority has reviewed
                  or
                  passed on the merits of the Purchased
                  Securities,

              

      

    

    
      

    

    
      
        	
                (ii)  

              	
                there
                  is no government or other insurance covering the Purchased
                  Securities,

              

      

    

    
      

    

    
      
        	
                (iii)  

              	
                there
                  are risks associated with the purchase of the Purchased
                  Securities,

              

      

    

    
      

    

    
      
        	
                (iv)

              	
                there
                  are restrictions on the Subscriber’s ability to resell the Purchased
                  Securities and it is the responsibility of the purchaser to find
                  out what
                  those restrictions are and to comply with them before selling the
                  Purchased Securities, and

              

      

    

    
      

    

    
      
        	
                (v)

              	
                the
                  Corporation has advised the Subscriber that the Corporation is
                  relying on
                  an exemption from the requirements to provide the Subscriber with
                  a
                  prospectus and to sell securities through a person registered to
                  sell
                  securities under the Securities Act (Ontario) and, as a
                  consequence of acquiring securities pursuant to this exemption,
                  certain
                  protections, rights and remedies provided by the Securities Act
                  (Ontario), including statutory rights of rescission or damages,
                  will not
                  be available to the
                  Subscriber;

              

      

    

    
      

    

    
      	
               

            	
              (b)

            	
              the
                Subscriber is, and (if applicable) any other purchaser for whom it
                is
                contracting hereunder, is:

            

    

    

    
      	
              (i)  

            	
              a
                purchaser that is recognized by the securities regulatory authority
                in the
                jurisdiction in which it is, and (if applicable) any other purchaser
                for
                whom it is contracting hereunder is resident or otherwise subject
                to the
                securities laws of such jurisdiction, as an exempt purchaser and
                is
                purchasing the Purchased Securities as principal for its, or (if
                applicable) each such other purchaser’s, own account, and not for the
                benefit of any other person, for investment only and not with a view
                to
                resale or distribution; or

            

    

    

    
      	
               

            	
              (ii)

            	
              a
                purchaser that is purchasing Purchased Securities pursuant to an
                exemption
                from any prospectus or securities registration requirements (particulars
                of which are enclosed herewith) available to the Corporation, the
                Subscriber and any such other purchaser under applicable securities
                laws
                of their jurisdiction of residence or to which the Subscriber and
                any such
                other purchaser are otherwise subject to, and the Subscriber and
                any such
                other purchaser shall deliver to the Corporation such further particulars
                of the exemption and their qualification thereunder as the Corporation
                may
                reasonably request;

            

    

    

    
      	
               

            	
              (c)

            	
              the
                purchase of Purchased Securities by the Subscriber, and (if applicable)
                each such other purchaser, does not contravene any of the applicable
                securities laws in such jurisdiction and does not trigger: (i) any
                obligation to prepare and file a prospectus, an offering memorandum
                or
                similar document, or any other ongoing reporting requirements with
                respect
                to such purchase or otherwise; or (ii) any registration or other
                obligation on the part of the Corporation or the Agents;
                and

            

    

    

    
      	
               

            	
              (d)

            	
              the
                Subscriber, and (if applicable) any other purchaser for whom it is
                contracting hereunder, will not sell or otherwise dispose of any
                Purchased
                Securities or any Unit Shares, Warrants or Warrant Shares underlying
                the
                Purchased Securities (the “Underlying Securities”), except in accordance
                with applicable Canadian securities laws and in accordance with the
                rules
                and regulations of the American Stock Exchange, and if the Subscriber,
                or
                (if applicable) such beneficial purchaser, sells or otherwise disposes
                of
                any Purchased Securities or Underlying Securities to a person other
                than a
                resident of Canada, the Subscriber, and (if applicable) such beneficial
                purchaser, will obtain from such purchaser representations, warranties
                and
                covenants in the same form as provided in this Schedule “D” and shall
                comply with such other requirements as the Corporation may reasonably
                require.

            

    

    

    

    Dated
      at
      _______________ this ____ day of ____________, 2007.

    

    

    

    Print
      name of Subscriber (or person signing as agent)

    

    By:            

    Signature

    

    

    Title

    

    

    
      	
               

            	
              (print
                name of individual whose signature appears above, if different from
                name
                of Subscriber or agent printed
                above)

            

    

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3
                                                    
            

          
      

           

                  
      
    

         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
      “E”

    

    WIRE
      TRANSFER INSTRUCTIONS

    

    The
      aggregate Purchase Price shall be paid in United States currency by wire
      transfer to Cassels Brock & Blackwell LLP in Trust as follows:

    

    TD
      Canada
      Trust, Adelaide and York Branch

    141
      Adelaide Street West

    Toronto,
      ON  M5H 3L5

    Transit
      Number:  19922 (0620)

    Account
      Number:  0392-649

    Swift
      Code:  TDOMCATTTOR

    Account
      Name: Cassels Brock & Blackwell LLP in Trust

    

    Please
      reference File No.  39321-3

    

    If
      the funds are coming from an American or international bank, please include
      the
      following:

    

    Swift
      Code:  TDOMCATTTOR

    Bank
      of
      America, NY, U.S.A.

    ABA:  026
      009 593

    Account
      Number:  732-7759

    Account
      Name:  Toronto-Dominion Bank

    

    Please
      reference File No.  39321-3

    
      
              

                  
      
      

          
            	              

                                     
                                    
              

                                                      Legal*2743064.3

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