Document:

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            CONSULTING SERVICES AGREEMENT

            
            AMENDED

             

            This
            Amended agreement in its entirety is entered into November 16, 2007 with an effective
            date as of August 1st, 2007

             

            
            BETWEEN:

             

            
            PAXTON ENERGY, INC., a Nevada Corporation
            with an address for notice and delivery at 2533 North Carson Street, Suite 6235 Carson
            City, NV 89706

            
            (“Company”):

             

            
            AND:

             

            
            GORDON FRIESEN and
            658800 B.C. LTD
            with an address for notice and delivery at 5543 Wallace Ave. Delta, B.C.
            V4M 3X5

            
            (“Consultant”):

             

            
            WHEREAS:

             

            A.
            The Company is a company incorporated under the laws of the State of Nevada, U.S.A.,
            and has its common shares listed for trading on the Over-The-Counter Bulletin
            Board;

             

            B.
            The Consultant specializes in providing full managerial and corporate services to
            public and/or private companies operating in the mining and oil and gas
            fields.

             

            NOW
            THEREFORE THIS AGREEMENT WITNESSETH that, in consideration of the mutual covenants and
            provisos herein contained, the parties agree as follows:

             

            
            Article 1

            
            DEFINITIONS AND INTERPRETATION

             

            
            1.1   
            Definitions. For all purposes of
            this Agreement, except as otherwise expressly provided or unless the context otherwise
            requires, the following words and phrases shall have the following meanings:

             

            
            “Agreement”
            means this Consulting Services Agreement as from time to time supplemented or amended
            by one or more agreements entered into pursuant to the applicable provisions hereof,
            together with any Schedules attached hereto;

             

            
                	
                            
                             

                        	
                            
                            (b)

                        	
                            
                            “Arbitration
                            Act” means the
                            Commercial Arbitration Act
                            (Nevada), as amended, as set forth in Article
                            “8”;

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            (c)

                        	
                            
                            “Board of
                            Directors” means the Board of Directors
                            of the Company as duly constituted from time to time;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (d)

                        	
                            
                            “Business
                            day” means any day during which
                            Canadian Chartered Banks are open for business in the City of
                            Vancouver, Province of British Columbia;

                        

            

             

            
            

            

            

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                            (e)

                        	
                            
                            “Company
                            ” means Paxton Energy Inc., a company incorporated under the laws
                            of the State of Nevada, U.S.A., or any successor company, however
                            formed, whether as a result of merger, amalgamation or other
                            action;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (f)

                        	
                            
                            “Consultant
                            ” means Gordon Freisen and 658800 B.C. Ltd. a Company
                            incorporated under the laws of the Province of British Columbia,
                            Canada, or any successor company, however formed, whether as a result
                            of merger, amalgamation or other action;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (g)

                        	
                            
                            “Effective
                            Date” has the meaning ascribed to it on
                            the front page of this Agreement; and which is intended to represent
                            the date of the due and complete closing of the Share Exchange
                            Agreement;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (h)

                        	
                            
                            “Effective Termination
                            Date” has the meaning ascribed to it in
                            Article 4.

                        

            

             

            
                	
                            
                             

                        	
                            
                            (j)

                        	
                            
                            “Expenses
                            ” has the meaning ascribed to it in Article 3;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (j)

                        	
                            
                            “General
                            Services” has the meaning ascribed to
                            it in Article 2.

                        

            

             

            
                	
                            
                             

                        	
                            
                            (k)

                        	
                            
                            “Notice of
                            Termination” has the meaning ascribed
                            to it in Article 4.

                        

            

             

            
                	
                            
                             

                        	
                            
                            (l)

                        	
                            
                            “Parties
                            ” or
                            “Party”
                            means, individually and collectively, the Company and/or the Consultant
                            hereto, as the context so requires, together with each of their
                            respective successors and permitted assigns as the context so
                            requires;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (m)

                        	
                            
                            “Paxton” means Paxton Energy, Inc., a
                            company incorporated under the laws of the State of Nevada, U.S.A., or
                            any successor company, however formed, whether as a result of merger,
                            amalgamation or other action;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (n)

                        	
                            
                            “Regulatory
                            Authorities” and
                            “Regulatory
                            Authority” means, either singularly or
                            collectively as the context so requires, such regulatory agencies who
                            have jurisdiction over the affairs of either of the Company and/or the
                            Consultant and including, without limitation, and where applicable, the
                            British Columbia Securities Commission, the United States Securities
                            and Exchange Commission, NASDAQ and all regulatory authorities from
                            whom any such authorization, approval or other action is required to be
                            obtained or to be made in connection with the transactions contemplated
                            by this Agreement;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (o)

                        	
                            
                            “subsidiary
                            ” means any company or companies of which more than 50% of the
                            outstanding shares carrying votes at all times (provided that the
                            ownership of such shares confers the right at all times to elect at
                            least a majority of the directors of such company or companies) are for
                            the time being owned by or held for that company and/or any other
                            company in like relation to that company and includes any company in
                            like relation to the subsidiary;

                        

            

            
             

            
             

            
             

             

            
            

            

            

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            Article 2

            
                	
                            
                             

                        	
                            
                            NATURE OF EMPLOYMENT

                        

            

             

            2.1
                    General
            Services. During the continuance of this six month
            Agreement theCompany agrees to
            retain theConsultant as the
            Corporate Communications Manager of theCompany
            for a period of six months, and the
            Consultant agrees to accept such position
            in order to provide services in dissemination of information prepared by the
            Company, advising the
            Company in the preparation of press
            releases, and such other management services as may be determined by the Board of
            Directors, in order to develop the various Business interests of the
            Company (collectively, the
            “General Services”); and
            it being further acknowledged and agreed by each of the Parties hereto that
            theConsultant shall commit and
            provide to the Company the
            General Services approximately thirty hours
            per week for which the Company, as
            more particularly set forth herein, agrees to pay the
            Consultant the proposed fee and bonuses (as
            hereinafter determined) and expenses (as hereinafter determined).

             

            2.2
                Duties and
            responsibilities.
                   
            Consultant shall serve as the
            Corporate Communications
            Manager of the Company during the term of
            this Agreement. Consultant shall
            provide management over the business affairs of the Company as is consistent with the
            duties of a Corporate Communications Manager, subject always to the direction of the
            Board of Directors (the “Board”) or its designee.

             

            2.2
                  Other Business
            Activities.
            Consultant shall be entitled to (i) serve
            on the Board of other corporations, and (ii) participate in other professional and
            business activities, asConsultant
            may elect from time to time, in his sole discretion, provided that such
            activities do not compete with the business of
            theCompany.

             

            
            2.3                   
            Adherence to rules and policies.
            TheConsultant hereby acknowledges
            and agrees to abide by all reasonable rules, regulations, instructions, personnel
            practices and policies of the Company
            and regulatory authorities,
            and any changes therein which may be adopted from time to time by the
            same as such rules, regulations, instructions, personnel practices and policies may be
            reasonably applied to the
            Consultant.

             

            
            2.4                   
            No authority to bind Company.
            Consultant shall not be, and shall not be
            deemed to be, an officer or employee of the Company
            and shall have no authority to bind the
            Company or to make any statements to any
            third party not authorized by the
            Company.

             

            
            Article 3

            
            COMPENSATION OF CONSULTANT

            
             

            3.1
               Fee.
            Consultant’s base fee shall be at a
            rate equivalent to one hundred thousand dollars ($100,000) annually payable in advance
            in restricted shares calculated at a conversion rate of $1.00 per common share, subject
            to all regulatory rules, policies and registration rights.

             

            3.2
                    
            Bonus. In addition to the
            Consultant’s base fee,
            theConsultant shall receive a
            signing bonus of one hundred thousand (100,000) restricted shares of the
            Company on
            theeffective date.

             

            3.3
                 Reimbursement of
            Expenses. Company
            shall reimburse Consultant
            for all out-of pocket expenses approved that are incurred in performing
            his obligations

             

            
            

            

            

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            hereunder within ten (10) days after the date on which
            theConsultant delivers to
            theCompany an itemized statement,
            which describes the reimbursable expenses incurred.

             

            
            Article 4

            
            TERM AND TERMINATION

             

            
            4.1                   
            Effectiveness of the Agreement.
                  This Agreement commences on the Effective Date as
            set forth on the front page of this Agreement, shall be effective for a period of six
            months, and is renewable for an additional six month period.

             

            
            4.2                   
            Termination for cause by any Party.
            Notwithstanding any other provision of this Agreement, this Agreement may be terminated
            by any of the Parties hereto at any time upon written notice to the other Party of such
            Party’s intention to do so at least 10 calendar days prior to the effective date
            of any such termination (herein also the “Effective
            Termination Date”), if:

             

            
                	
                            
                             

                        	
                            
                            (a)

                        	
                            
                            the other Party fails to cure a material breach of any
                            provision of this Agreement within 10 calendar days from its receipt of
                            written notice from said Party (unless such material breach cannot be
                            reasonably cured within said 10 calendar days and the other Party is
                            actively pursuing to cure said material breach);

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            (b)

                        	
                            
                            the other Party is willfully non-compliant in the
                            performance of its respective duties under this Agreement within 10
                            calendar days from its receipt of written notice from said Party
                            (unless such willful non-compliance cannot be reasonably corrected
                            within said 10 calendar days and the other Party is actively pursuing
                            to cure said willful non-compliance);

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            (c)

                        	
                            
                            the other Party commits fraud or serious neglect or
                            misconduct in the discharge of its respective duties hereunder or under
                            the law; or

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            (d)

                        	
                            
                            the other Party becomes adjudged bankrupt or a petition
                            for reorganization or arrangement under any law relating to bankruptcy,
                            and where any such involuntary petition is not dismissed within 10
                            calendar days.

                        

            

            
             

            4.3
                  Effect of
            termination Terms of this Agreement relating to
            accounting, payments, confidentiality, accountability for damages or claims and all
            other matters reasonably extending beyond the terms of this Agreement and to the
            benefit of the Parties hereto or for the protection of the Business interests of the
            Company shall survive the termination of this Agreement, and any matter of
            interpretation thereto shall be given a wide latitude in this regard. In addition, and
            without limiting the foregoing, each of sections “3.2” and
            “3.3” hereinabove shall survive the termination of this
            Agreement.

             

            
            Article 5

            
            INDEMNIFICATION AND LEGAL PROCEEDINGS

             

            
            5.1                   
            Indemnification.
                  Company
            hereto hereby each agrees to indemnify and save harmless
            Consultant hereto and including, where
            applicable, their respective subsidiaries and affiliates and each of their respective
            directors, officers, employees and agents (each such party being an
            “Indemnified Party”)
            harmless from and against any and all losses, claims, actions, suits, proceedings,
            damages, liabilities or expenses of whatever nature or kind and including, without
            limitation, any investigation expenses incurred by

             

            
            

            

            

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            any
            Indemnified Party, to which an Indemnified Party may become subject by reason of the
            terms and conditions of this Agreement.

             

            
            5.2                   
            No Indemnification. This indemnity
            will not apply in respect of an Indemnified Party in the event and to the extent that a
            Court of competent jurisdiction in a final judgment shall determine that the
            Indemnified Party was grossly negligent or guilty of willful misconduct.

             

            
            5.3                   
            Claim of Indemnification. The
            Parties hereto agree to waive any right they might have of first requiring the
            Indemnified Party to proceed against or enforce any other right, power, remedy,
            security or claim payment from any other person before claiming this
            indemnity.

             

            
            5.4                   
            Notice of Claim.
                  In case any action is brought against an
            Indemnified Party in respect of which indemnity may be sought against the hereto, the
            Indemnified Party will give Company
            prompt written notice of any such action of which the Indemnified Party
            has knowledge and the relevant Party will undertake the investigation and defense
            thereof on behalf of the Indemnified Party, including the prompt employment of counsel
            acceptable to the Indemnified Party affected and the relevant Party and the payment of
            all expenses. Failure by the Indemnified Party to so notify shall not relieve the
            relevant Party of such relevant Party’s obligation of indemnification hereunder
            unless (and only to the extent that) such failure results in a forfeiture by the
            relevant Party of substantive rights or defenses.

             

            
            5.5                   
            Settlement. No admission of
            liability and no settlement of any action shall be made without the consent of each of
            the Parties hereto and the consent of the Indemnified Party affected, such consent not
            to be unreasonable withheld.

             

            
            5.6                   
            Legal Proceedings. Notwithstanding
            that the relevant Party will undertake the investigation and defense of any action, an
            Indemnified Party will have the right to employ separate counsel in any such action and
            participate in the defense thereof, but the fees and expenses of such counsel will be
            at the expense of the Indemnified Party unless:

             

            
                	
                            
                             

                        	
                            
                            (a)

                        	
                            
                            such counsel has been authorized by the relevant
                            Party;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (b)

                        	
                            
                            the relevant Party has not assumed the defense of the
                            action within a reasonable period of time after receiving notice of the
                            action;

                        

            

             

            
                	
                            
                             

                        	
                            
                            (c)

                        	
                            
                            the named parties to any such action include that any
                            Party hereto and the Indemnified Party shall have been advised by
                            counsel that there may be a conflict of interest between any Party
                            hereto and the Indemnified Party; or

                        

            

             

            
                	
                            
                             

                        	
                            
                            (d)

                        	
                            
                            there are one or more legal defenses available to the
                            Indemnified Party which differ from or add to those available to any
                            Party hereto.

                        

            

             

            
            5.7                   
            Contribution. If for any reason
            other than the gross negligence or bad faith of the Indemnified Party being the primary
            cause of the loss claim, damage, liability, cost or expense, the foregoing
            indemnification is unavailable to the Indemnified Party or insufficient to hold them
            harmless, the relevant Party shall contribute to the amount paid or payable by the
            Indemnified Party as a result of any and all such losses, claim, damages or liabilities
            in such proportion as is appropriate to reflect not only the relative benefits received
            by the relevant Party on the one hand and the Indemnified Party on the other, but also
            the relative fault of relevant Party and the Indemnified Party and

             

            
            

            

            

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            other equitable considerations which may be relevant. Notwithstanding
            the foregoing, the relevant Party shall in any event contribute to the amount paid or
            payable by the Indemnified Party, as a result of the loss, claim, damage, liability,
            cost or expense (other than a loss, claim, damage, liability, cost or expenses, the
            primary cause of which is the gross negligence or bad faith of the Indemnified Party),
            any excess of such amount over the amount of the fees actually received by the
            Indemnified Party hereunder.

             

            
            Article 6

            
            FORCE MAJEURE

             

            
            6.1                   
            Events. If either Party hereto is at
            any time either during this Agreement or thereafter prevented or delayed in complying
            with any provisions of this Agreement by reason of strikes, walk-outs, labour
            shortages, power shortages, fires, wars, acts of God, earthquakes, storms, floods,
            explosions, accidents, protests or demonstrations by environmental lobbyists or native
            rights groups, delays in transportation, breakdown of machinery, inability to obtain
            necessary materials in the open market, unavailability of equipment, governmental
            regulations restricting normal operations, shipping delays or any other reason or
            reasons beyond the control of that Party, then the time limited for the performance by
            that Party of its respective obligations hereunder shall be extended by a period of
            time equal in length to the period of each such prevention or delay.

             

            
            6.2                   
            Notice. A Party shall within three
            calendar days give notice to the other Party of each event of
            force majeure, and upon cessation of such
            event shall furnish the other Party with notice of that event together with particulars
            of the number of days by which the obligations of that Party hereunder have been
            extended by virtue of such event of force majeure
            and all preceding events of force
            majeure.

             

            
            Article 7

            
            ARBITRATION

             

            
            7.1                   
            Matters for Arbitration. Except for
            matters of indemnity or in the case of urgency to prevent material harm to a
            substantive right or asset, the Parties agree that all questions or matters in dispute
            with respect to this Agreement shall be submitted to arbitration pursuant to the terms
            hereof. This provision shall not prejudice a Party from seeking a Court order or
            assistance to garnish or secure sums or to seek summary remedy for such matters as
            counsel may consider amenable to summary proceedings.

             

            
            7.2                   
            Notice. It shall be a condition
            precedent to the right of any Party to submit any matter to arbitration pursuant to the
            provisions hereof that any Party intending to refer any matter to arbitration shall
            have given not less than five business days’ prior written notice of its
            intention to do so to the other Parties together with particulars of the matter in
            dispute. On the expiration of such five business days the Party who gave such notice
            may proceed to refer the dispute to arbitration as provided for in section
            “8.3”.

             

            
            7.3                   
            Appointments. The Party desiring
            arbitration shall appoint one arbitrator, and shall notify the other Parties of such
            appointment, and the other Parties shall, within five business days after receiving
            such notice, appoint an arbitrator, and the two arbitrators so named, before proceeding
            to act, shall, within five business days of the appointment of the last appointed
            arbitrator, unanimously agree on the appointment of a third arbitrator, to act with
            them and be chairperson of the arbitration herein provided for. If the other Parties
            shall fail to appoint an arbitrator within five business days after receiving notice of
            the appointment of the first arbitrator, and if the two arbitrators

             

            
            

            

            

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            appointed by the Parties shall be unable to agree on the appointment of
            the chairperson, the chairperson shall be appointed in accordance with the Arbitration
            Act. Except as specifically otherwise provided in this section, the arbitration herein
            provided for shall be conducted in accordance with such Arbitration Act. The
            chairperson, or in the case where only one arbitrator is appointed, the single
            arbitrator, shall fix a time and place for the purpose of hearing the evidence and
            representations of the Parties, and the chairperson shall preside over the arbitration
            and determine all questions of procedure not provided for by the Arbitration Act or
            this section. After hearing any evidence and representations that the Parties may
            submit, the single arbitrator, or the arbitrators, as the case may be, shall make an
            award and reduce the same to writing, and deliver one copy thereof to each of the
            Parties. The expense of the arbitration shall be paid as specified in the
            award.

             

            
            7.4                   
            Award. The Parties agree that the
            award of a majority of the arbitrators, or in the case of a single arbitrator, of such
            arbitrator, shall be final and binding upon each of them.

             

            
            Article 8

            
            GENERAL PROVISIONS

             

            
            8.1                   
            Entire Agreement. This Agreement
            constitutes the entire agreement to date between the Parties hereto and supersedes
            every previous agreement, expectation, negotiation, representation or understanding,
            whether oral or written, express or implied, statutory or otherwise, between the
            Parties with respect to the subject matter of this Agreement.

            
             

            
            8.2                   
            No Assignment. This Agreement may
            not be assigned by any Party hereto except with the prior written consent of the other
            Parties.

             

            
            8.3                   
            Notice. Each notice, demand or other
            communication required or permitted to be given under this Agreement shall be in
            writing and shall be sent by prepaid registered mail deposited in a recognized post
            office and addressed to the Party entitled to receive the same, or delivered to such
            Party, at the address for such Party specified on the front page of this Agreement. The
            date of receipt of such notice, demand or other communication shall be the date of
            delivery thereof if delivered, or, if given by registered mail as aforesaid, shall be
            deemed conclusively to be the third business day after the same shall have been so
            mailed, except in the case of interruption of postal services for any reason
            whatsoever, in which case the date of receipt shall be the date on which the notice,
            demand or other communication is actually received by the addressee. Any Party may at
            any time and from time to time notify the other Parties in writing of a change of
            address and the new address to which notice shall be given to it thereafter until
            further change.

             

            
            8.4                   
            Time of the Essence.
                            Time will be of the essence of this Agreement.

             

            
            8.5                   
            Enurement. This Agreement will enure
            to the benefit of and will be binding upon the Parties hereto and their respective
            heirs, executors, administrators and assigns.

             

            
            8.6                   
            Currency. Unless otherwise
            stipulated, all payments required to be made pursuant to the provisions of this
            Agreement and all money amount references contained herein are in lawful currency of
            the United States.

             

            
            

            

            

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            8.7                   
            Further Assurances. The Parties will
            from time to time after the execution of this Agreement make, do, execute or cause or
            permit to be made, done or executed, all such further and other acts, deeds, things,
            devices and assurances in law whatsoever as may be required to carry out the true
            intention and to give full force and effect to this Agreement.

             

            
            8.8                   
            Applicable Law. The situs of this
            Agreement is and for all purposes this Agreement will be governed exclusively by and
            construed and enforced in accordance with the laws and Courts prevailing in the State
            of Nevada.

             

            
            8.9                   
            Severability and Construction. Each
            Article, section, paragraph, term and provision of this Agreement, and any portion
            thereof, shall be considered severable, and if, for any reason, any portion of this
            Agreement is determined to be invalid, contrary to or in conflict with any applicable
            present or future law, rule or regulation in a final un-appealable ruling issued by any
            court, agency or tribunal with valid jurisdiction in a proceeding to which any Party
            hereto is a party, that ruling shall not impair the operation of, or have any other
            effect upon, such other portions of this Agreement as may remain otherwise intelligible
            (all of which shall remain binding on the Parties and continue to be given full force
            and effect as of the date upon which the ruling becomes final).

             

            
            8.10                 
            Captions. The captions, section
            numbers and Article numbers appearing in this Agreement are inserted for convenience of
            reference only and shall in no way define, limit, construe or describe the scope or
            intent of this Agreement nor in any way affect this Agreement.

             

            
            8.11                 
            Counterparts. This Agreement may be
            signed by the Parties hereto in as many counterparts as may be necessary, and via
            facsimile if necessary, each of which so signed being deemed to be an original and such
            counterparts together constituting one and the same instrument and, notwithstanding the
            date of execution, being deemed to bear the Effective Date as set forth on the front
            page of this Agreement.

             

            
            8.12                 
            No Partnership or Agency. The
            Parties have not created a partnership and nothing contained in this Agreement shall in
            any manner whatsoever constitute any Party the partner, agent or legal representative
            of the other Parties, nor create any fiduciary relationship between them for any
            purpose whatsoever.

             

            
            8.13                 
            Consents and Waivers. No consent or
            waiver expressed or implied by either Party in respect of any breach or default by the
            other in the performance by such other of its obligations hereunder shall:

             

            
                	
                            
                             

                        	
                            
                            (a)

                        	
                            
                            be valid unless it is in writing and stated to be a
                            consent or waiver pursuant to this section;

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            (b)

                        	
                            
                            be relied upon as a consent to or waiver of any other
                            breach or default of the same or any other obligation.

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            (c)

                        	
                            
                            constitute a general waiver under this Agreement;
                            or

                        

            

            
             

            
                	
                            
                             

                        	
                            
                            (d)

                        	
                            
                            eliminate or modify the need for a specific consent or
                            waiver pursuant to this section in any other or subsequent
                            instance.

                        

            

            
             

            
             

             

            
            

            

            

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            IN WITNESS WHEREOF the Parties
            hereto have hereunto set their respective hands and seals as at the Effective Date as
            hereinabove determined.

             

             

            
                	
                            
                            The CORPORATE SEAL of

                        	
                            
                            )

                        

            

            
                	
                            
                            PAXTON ENERGY,
                            INC.,

                        	
                            
                            )

                        

            

            
                	
                            
                            the Company herein, was hereunto affixed

                        	
                            
                            )

                        

            

            
                	
                            
                            in the presence of:

                        	
                            
                            )

                        

            

            
                	
                            
                             

                        	
                            
                            )

                        	
                            
                            (C/S)

                        

            

            
                	
                            
                            /s/ K.J. McKenzie

                        	
                            
                            )

                        

            

            
                	
                            
                            Authorized Signatory

                        	
                            
                            )

                        

            

             

             

            
                	
                            
                            Signed, sealed and delivered by Gordon

                        	
                            
                            )

                        

            

            
                	
                            
                            Friesen in the presence of:

                        	
                            
                            )

                        	
                            
                            ___/s/ G.
                            Friesen_________

                        

            

            
                	
                            
                             

                        	
                            
                            )

                        	
                            
                            658800 B.C. LTD. GORDON FRIESEN

                        

            

            
                	
                            
                             

                        	
                            
                            )

                        

            

            
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Exhibit 4.2  

UNIT CERTIFICATE  

NO.                   UNITS  

CUSIP 451697 205

SEE REVERSE FOR CERTAIN DEFINITIONS

IGGYS HOUSE, INC.

UNIT CERTIFICATE

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

EACH UNIT CONSISTING OF ONE SHARE

OF COMMON STOCK, $.001 PAR VALUE,

ONE REDEEMABLE CLASS A WARRANT AND

ONE REDEEMABLE CLASS B WARRANT  

THIS CERTIFIES THAT  

or
registered assigns (the "Registered Holder") is the owner of the number of Units specified above, each of which consists of one share of common stock, $.001 par value, of Iggys House, Inc.
(the "Common Stock"), one redeemable Class A warrant, and one redeemable Class B warrant, each warrant to purchase one share of Common Stock (collectively, the "Warrants"). On or prior
to the Separation Time (as defined herein), the securities evidenced by this certificate may be combined, exchanged or transferred only as Units, and the Common Stock and Warrants evidenced by this
Certificate may not be split up, exchanged or traded separately. The Units will separate into shares of Common Stock and Warrants as of the close of business
on                        , 2007  [30 days after the date of the final prospectus] (the "Separation Time"). The shares of Common Stock and the Warrants
comprising the Units shall be separately tradeable commencing on the first day after the Separation Time on which the NASDAQ Capital Market is open for trading. The Warrants comprising part of the
Units are issued under and pursuant to a certain Warrant Agreement dated as of                        , 2007 (the "Warrant
Agreement"), between Iggys House, Inc. and Continental Stock Transfer &
Trust Company, as Warrant Agent (the "Warrant Agent and Registrar"), and are subject to the terms and provisions contained therein and on the face of the certificates covered thereby, to all of which
terms and provisions the holder of this Unit Certificate consents by acceptance hereof. The Warrant Agreement provides for adjustment to the exercise price of the Warrants evidenced hereby and in the
number of shares of Common Stock to be delivered upon the exercise of Warrants in certain events therein set forth. 

Copies
of the Warrant Agreement are available for inspection at the stock transfer office of the Warrant Agent and Registrar or may be obtained upon written request addressed to Iggys
House, Inc., One South Wacker Dr., Suite 1900, Chicago, IL, 60606, Attention: Chief Financial Officer. 

This
Unit Certificate is not valid unless countersigned by the Warrant Agent and Registrar of the Company. 

IN
WITNESS WHEREOF, Iggys House, Inc. has caused this Unit Certificate to be duly executed manually or in facsimile by two of its officers thereunto duly authorized. 

	 
	 	 
	 

	Dated:	 	Iggys House, Inc.
	

 	
 	

By:	

 
	 	 	 	
President
	

 	
 	

Attest:	

 
	 	 	 	
 Secretary
	

	
 	

 	

 
	
Countersigned	
 	

 	

 

Continental
Stock Transfer & Trust Company, 17 Battery Place

New York, New York 10004-1125 

	

By:	

 	
 	

 
	 	
Authorized Signature	 	 

 
 

IGGYS HOUSE, INC.    
    

        The Registered Holder hereby is entitled, at any time after the Separation Time (as defined on the face hereof) to exchange the Units represented by this Unit
Certificate for Common Stock Certificate(s) representing one share of Common Stock for each Unit represented by this Unit Certificate, and Warrant Certificate(s) representing one redeemable
Class A Warrant for each Unit represented by this Unit Certificate, and one redeemable Class B Warrant for each unit represented by this Unit Certificate, upon surrender of this Unit
Certificate to the Warrant Agent and Registrar together with any documentation required by such agent. 

REFERENCE
IS MADE TO THE WARRANT AGREEMENT REFERRED TO ON THE FACE HEREOF, AND THE PROVISIONS OF SUCH WARRANT AGREEMENT SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH ON THE
FACE OF THIS CERTIFICATE. COPIES OF THE WARRANT AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE WARRANT AGENT AND REGISTRAR, CONTINENTAL STOCK TRANSFER & TRUST COMPANY. 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations. 

	 	TEN COM —	 	as tenants in common	 	UNIF GIFT MIN ACT —	 	
	 	Custodian	 	

	 	TEN ENT —	 	as tenants by the entireties	 	 	 	(Cust)	 	 	 	(Minor)
	 	JT TEN —	 	as joint tenants with rights of survivorship and not as tenants in common	 	 	 	under Uniform Gifts to Minors

Act
                              (State)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	UNIF TRF MIN ACT —	 	
	 	Custodian	 	

	 	 	 	 	 	 	(Cust)	 	 	 	(Minor)
	 	 	 	 	 	 	under Uniform Transfers to Minors

Act
                              (State)

Additional abbreviations may also be used though not in the above list. 

 
 

FORM OF ASSIGNMENT
  
    (TO BE SIGNED ONLY UPON ASSIGNMENT)    

FOR VALUE RECEIVED,  

hereby
sell(s), assign(s), and transfer(s) unto 

(PLEASE
INSERT SOCIAL SECURITY
 OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE)

(PLEASE
PRINT NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 

                                        
                                          
                                         
                                     
Shares of the Units represented by the within Certificate, and do(es) hereby irrevocably constitute and appoint
                                         
                                          
                                      Attorney to transfer the
said Units on the books of the within named Corporation with full power of substitution in the premises. 

Dated: 

(Signature
must conform in all respects to the name of Registered Holder as specified on the face of this Warrant Certificate in every particular, without alteration or any change whatsoever, and the
signature must be guaranteed in the usual manner.) 

Signatures Guaranteed:  

The
signatures should be guaranteed by an eligible institution (banks, stockbrokers, savings and loan association and credit unions with membership in an approved signature medallion program),
pursuant to S.E.C. Rule 17Ad-15. 

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IGGYS HOUSE, INC.

FORM OF ASSIGNMENT (TO BE SIGNED ONLY UPON ASSIGNMENT)

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