Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Park Place Energy Corp. - Exhibit 10.22

June 1st, 2007

Park Place Energy Inc.
1220 – 666 Burrard Street

Vancouver, B.C. V6C 2X8

Attention:        Mr.
David Stadnyk, President,

Great Northern Oilsands Inc.
600 – 595 Hornby Street

Vancouver, B.C. V6C 2E8

Attention:         
Mr. David Lane, President

Tidewater Resources Inc.
Suite 1200, 707 –
7th Avenue S.W. 
Calgary, Alberta T2P 3H6

Attention:          
Mr. Al Gal, President

Gentlemen:

	Re: 	Earning Agreement and Option
      Relinquishment Agreement 
	  	N 1⁄2 Sec 22, SW 1⁄4 & LSDs 11
      & 12 Sec 26 Twp 12 Rge 5 W4M 
	  	Medicine Hat Area, Alberta
  

Whereas Park Place Energy Inc. (Park Place), Great
Northern Oilsands Inc. (Great Northern), and Tidewater Resources Inc.
(Tidewater), collectively, the “Farmees”, have entered into an agreement (dated
September 25th, 2006) and an amendment (dated November
2nd, 2006) with Pine Petroleum Limited (Pine) to drill a well at
14-22-12-5W4M in the Medicine Hat area of southern Alberta; and

Whereas the “Farmout Lands” and the “Option Lands” are
defined in Schedule A of the original agreement and appended hereto as Schedule
A and the “Area of Mutual Interest” means Sections 22, 23, 26 and 27-12-5
W4M;

Whereas completion or abandonment of the well is
necessary in order to complete the last portion of the Earning Provision;
and

Whereas the Farmees and Pine have agreed that the well
will not be completed or abandoned at this time; and 

Whereas Tidewater, as Operator, has provided a Detailed
Estimate of Completion Costs (which is appended hereto as Schedule B), which
total Twenty-six ($26,000.00) Thousand Dollars; and

Whereas Farmees and Pine have agreed that the Farmees
will instead make a lump sum payment equal to 90% of the estimated completion
cost for the well; and

Whereas the Farmees have paid to Pine a total of
$23,400.00, (the “Pre-Payment”) receipt of which is hereby acknowledged by
Pine;

It is Hereby Agreed that

1. Farmees have completed the Earning Requirements and, as a
consequence, will hold an Undivided Forty (45%) Percent Working Interest in the
Farmout Lands (N 1⁄2 -22-12-5W4), allocated as follows: Park Place 20%, Patch 20%
and Tidewater 5%.

2. If it is decided to proceed with the Completion of the 14-22
Well, further costs (i.e. equipping etc.) shall be shared as follows:

	Park Place - 20%
  
	Great Northern – 20 %
  
	Tidewater - 5%
  
	Pine/Participant - 55% 

3. If it is decided the 14-22 Well is to be abandoned, the
Pre-Payment shall be applied against Abandonment Costs proportionate to the
Farmees' Interest. In the event the Pre-payment is not fully expended, then any
remaining funds shall be remitted to the Farmees. Any cost recovery of tangibles
existing after abandonment shall also be refunded proportionately to the
Farmees. In the event that the Pre-payment is fully expended, then any further
requirements for the abandonment will be borne by the Working Interest Partners
at their Working Interest levels.

4. If it is decided the 14-22 Well is to be sold to an outside
party and Completion has not been pursued, the Pre-Payment, in its entirety,
shall be promptly remitted by Pine to the Farmees, together with any additional
consideration that may have formed part of the purchase price proportional to
the Interest of the Farmees.

5. Farmees have elected not to exercise their Option to
drill a well in Section 26-12-5W4M and Farmees acknowledge they have no further
Right to Earn an Interest in the "Option Lands" falling within Section 26-12-5W4
nor in the other AMI lands which are the remainder of Sections 22, 23, 26 and 27
of Township 5 Range 12, W4M after deleting the Farmout Lands and the Option
Lands. (All as defined in the original Agreement).

6. Farmees acknowledge and accept that in the event Pine
is successful in acquiring a Partner to drill the "Option Well" Farmees are
prepared to give favorable consideration to a Pooling Arrangement, if necessary,
in order to support the drilling of such Well. As a result, Farmees would reduce
their Interest in the Farmout Lands and proportionately acquire an Interest in
the Option Lands.

7. This agreement shall be effective as of June
1st, 2007.

It is recognized by all Parties that during the first quarter
of 2008, both Farmout and Option Lands will expire unless continued pursuant to
the appropriate Governmental Regulations. This Agreement has been proposed to
avoid any undue delay and, further, to maximize the potential of the
Project.

Please indicate your agreement with the foregoing by signing in
the appropriate place below before June 27th, 2007.

Yours truly,

 

John Duckett, Director, 
Pine Petroleum Limited

 

Accepted and agreed to this 26th day of June, 2007

/s/ David
Stadnyk                                                   

Park Place Energy Inc.

 

Accepted and agreed to this 26th day of June, 2007

/s/ David
Lane                                                         
Great
Northern Oilsands Inc.

 

Accepted and agreed to this 27th day of June, 2007

/s/ Al
Gal                                                                   
Tidewater
Resources Inc.

 

Accepted and agreed to this 27th day of June, 2007

/s/ John
Duckett                                                        

Pine Petroleum Limited

Cc: Larry Blonde, 
Land Consultant.

SCHEDULE “A"

This is Schedule "A" to Earning Agreement and Option
Relinquishment Agreement dated June 1st, 2007 between Park Place
Energy Inc., Great Northern Oilsands Inc., Tidewater Resources Inc. and Pine
Petroleum Limited (originally attached to and made part of a Farmout and
Option Agreement dated the 25th day of September, 2006
between Park Place Energy Inc., Patch Energy Inc. and Pine Petroleum
Limited). 

	FARMOUT LANDS 	TITLE DOCUMENTS 
	  	 
	  	 
	Twp 12, Rge 5 W4M: N 1⁄2 Section 22 	Crown P&NG Lease # 0403050008 
	all P&NG below base Medicine Hat 	Lessor Royalty: Crown 
	to base Mannville 	 

Farmor’s Interest – an undivided 90% working interest

	OPTION LANDS 	TITLE DOCUMENTS 
	  	 
	  	 
	Twp 12, Rge 5 W4M: SW 1⁄4 & Lsds 11 & 12 Section 26
    	Crown P&NG Lease # 0403030044 
	all Petroleum to base Mannville 	Lessor Royalty: Crown 

Farmor’s Interest – an undivided 90% working interest

ENCUMBRANCES on the FARMOUT LANDS and the OPTION
LANDS

0.5% non-convertible gross overriding royalty payable to
Covenant Resources Ltd. as described in Schedule “A1”.

SCHEDULE “B"

This is Schedule "B" to Earning Agreement and Option
Relinquishment Agreement dated June 1st, 2007 between Park Place
Energy Inc., Great Northern Oilsands Inc., Tidewater Resources Inc. and Pine
Petroleum Limited.Filed by Automated Filing Services Inc. (604) 609-0244 - Park Place Energy Corp. - Exhibit 10.24

ASSIGNMENT OF LOAN

 THIS ASSIGNMENT is made as of the 15th day of June, 2007.

 BETWEEN:

DAVID STADNYK, Businessman, of 1220
  – 666 Burrard Street, Vancouver, British Columbia, V6C 2X8

(the “Assignor”)

 AND:

1284810 ALBERTA LTD., a corporation
  incorporated pursuant to the laws of the Province of Alberta, of 3238 Karley
  Crescent, Coquitlam, British Columbia, V3E 3E9

(the “Assignee”)

 WHEREAS:

 A. Park Place Energy Inc. (the “Borrower”) is
  presently indebted to the Assignor in the principal amount of CDN$400,000 (the
  “Indebtedness”) pursuant to a promissory note dated March 9, 2007
  between the Assignor and the Borrower (the “Promissory Note”);

 B. The Assignor has agreed to assign and transfer all of the
  Indebtedness to the Assignee on and as of the date hereof (the “Assignment”);

           THIS
  AGREEMENT WITNESSES THAT for good and valuable consideration, the receipt
  and sufficiency of which is hereby acknowledged, the parties mutually covenant
  and agree as follows:

 1. The Assignor hereby assigns to the Assignee 100% of the
  Assignor’s right, entitlement and interest of the Promissory Note, the
  Indebtedness and any and all amounts due, owing or payable under the Promissory
  Note or which may hereafter become due, owing or payable thereunder, and all
  the right, title and interest of the Assignor in and to all of the foregoing;
  and the Assignee hereby acquires and accepts the Assignment from the Assignor
  for good and valuable consideration, the receipt and sufficiency of which is
  hereby acknowledged.

 2. The Borrower, by execution where indicated, hereby acknowledges
  the Assignment effective as of the Effective Date and confirms to the Assignee
  that as a result of the Assignment it is indebted to the Assignee in the amount
  of the Indebtedness and that its obligations under the Promissory Note remain
  in full force and effect, except as assigned hereunder.

 3. This Agreement shall be made and construed in accordance
  with the laws of the Province of British Columbia, Canada and each party attorns
  to the courts of British Columbia.

4. This Agreement embodies the entire agreement between the
  parties and supersedes any prior representations, understandings and agreements
  between the parties regarding the subject matter hereof. There are no representations,
  understandings or agreements, oral or written, between the parties regarding
  the subject matter hereof that are not fully expressed herein.

 5. Neither this Agreement nor any rights in it or to the Promissory
  Note may be assigned by the Borrower. This Agreement shall be binding upon and
  enure to the benefit of the parties hereto and their respective executors, administrators,
  successors and permitted assigns.

 IN WITNESS WHEREOF the parties hereto have
  caused this Assignment to be executed with effect from the 15th day of June,
  2007.

 /s/ David Stadnyk                                             
  

  DAVID STADNYK

 1284810 ALBERTA LTD.

Per: /s/ David Lane                                           
  

  Authorized Signatory 

ACKNOWLEDGEMENT OF ASSIGNMENT

 The undersigned Borrower acknowledges receiving notice of this assignment:

 PARK PLACE ENERGY INC.

 Per:      /s/ David Stadnyk                                     
  

              Authorized
  Signatory 

DEMAND PROMISSORY NOTE

	CDN$400,000 	MARCH 9, 2007

FOR VALUE RECEIVED, Park Place Energy Inc. (the “Borrower”)
  promises to pay to David Stadnyk (the “Holder”) ON DEMAND the sum
  of CDN$400,000 (the “Loan”).

 Payment on Demand. The Loan shall be due and payable
  on the demand of the Holder. 

 Interest. The Loan shall not bear any interest.

 Applicable Law. This promissory note shall be governed
  by and construed in accordance with the laws of the province of British Columbia,
  Canada.

 Waivers. The Holder hereby waives presentment for payment,
  notice of dishonor, protest and notice of payment and all other notices of any
  kind in connection with the enforcement of this Note.

 Obligations Absolute. The obligations of the Holder
  under this Note shall be absolute, and the Holder waives any and all rights
  to offset, deduct or withhold any payments or charges due under this Note for
  any reason.

 Assignment. The Maker may not assign, delegate or otherwise
  transfer any of its obligations under this Note, whether by merger, consolidation
  or other business combination, without the prior written consent of Borrower.

 Costs of Collection. If this Note is not paid or otherwise
  performed when due or required, the Holder shall pay Borrower’s reasonable
  costs of collection, including reasonable legal fees.

 IN WITNESS WHEREOF, the Borrower has executed
  this promissory note as of the 9th day of March, 2007.

 PARK PLACE ENERGY INC.

 Per:

  /s/ David Stadnyk                                       
  

  Authorized Signatory

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