Document:

MINUTES OF SETTLEMENT BETWEEN:

MINUTES OF SETTLEMENT

BETWEEN: 

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM CORPORATION, PANTEPEC INTERNATIONAL, INC. (now LEVCOR INTERNATIONAL INC.), KENNETH B. PERKINS and PERKINS HOLDINGS LTD. 

-and-

AMOCO CANADA PETROLEUM COMPANY LTD., AMOCO PRODUCTION COMPANY, AMOCO CANADA RESOURCES LTD. (formerly DOME PETROLEUM LIMITED), ANDERSON OIL & GAS INC. (formerly COLUMBIA GAS DEVELOPMENT OF CANADA LTD.), IMPERIAL OIL LIMITED, IMPERIAL OIL RESOURCES LIMITED (formerly ESSO RESOURCES CANADA LIMITED), MOBIL RESOURCES LTD. (formerly CANADIAN SUPERIOR OIL LTD.), MOBIL OIL CANADA LTD. and MOBIL OIL CANADA PROPERTIES 

                   WHEREAS the Plaintiffs, also Appellants and Respondents by Cross-Appeal, and the Defendants, also Respondents, Appellants by Cross-Appeal and Appellants, being the parties or successors in interest or assignees of parties to the Consolidated Action, the Amoco Counterclaim, the Development Action and Appeals, wish to settle the Litigation; 

                    AND WHEREAS the Parties acknowledge that these Minutes of Settlement are intended to memorialize the agreement achieved amongst the Parties; 

                     AND WHEREAS the Parties are prepared to execute a release, memoranda of satisfaction of judgment, and such further documentation as may be required to give effect to this agreement; 

                      The Parties agree to settle the Litigation as of the effective date of the release on the following terms and conditions: 

1.

All terms have the meanings set forth in the attached Schedule of Definitions. 

2.

The Plaintiffs shall enter Memoranda of Satisfaction of Judgment in connection with the Consolidated Action in the forms attached hereto as Schedules A and B. 

3.

The Plaintiffs agree to provide an executed Discontinuance of the Development Action, without costs, in the form attached hereto as Schedule C.

4.

Amoco shall enter a Memorandum of Satisfaction of Judgment in connection with the Amoco Counterclaim, except for the granting of the permanent injunction in the Amoco Counterclaim, which shall remain in full force and effect notwithstanding the entry of the Memorandum of Satisfaction of Judgment. The Memorandum of Satisfaction of Judgment shall be in the form attached hereto as Schedule D.

5.

The Parties agree to enter a Notice of Abandonment of Appeal and Cross-Appeals in Appeal CA01-00466 in the form attached hereto as Schedule E. 

6.

Amoco agrees to enter a Notice of Abandonment of Appeal CA01-00470 in the form attached hereto as Schedule F.

7.

The Parties agree that Article 3.1(D) of the 1959 Agreement (hereinafter "Article 3.1(D)") is deemed to be deleted from the 1959 Agreement and, to the extent Article 3.1(D) is considered to have been incorporated by reference into the 1966 Agreement and the 1977 Agreement, Article 3.1(D) is also deemed to have been deleted from those Agreements. The Plaintiffs agree that, in any event, Article 3.1(D) has been satisfied and is no longer enforceable. The Plaintiffs agree not to institute or prosecute any proceedings in any jurisdiction against any person in connection with Article 3.1 (D) at law or in equity or otherwise, including any third party claim. The Plaintiffs agree to indemnify the Defendants for any claims or possible claims that may be brought against the Defendants or any of them by any person arising out of any alleged failure to develop or market gas from Kotaneelee, whether under Article 3.1(D), at law, in equity or otherwise. 

8.

The Plaintiffs agree to be responsible for and pay a one-third share of all abandonment and reclamation costs of the existing Kotaneelee field, net of any salvage value. 

9.

The Parties agree to execute such transfers of leases as may be necessary to enable the Parties to hold their respective leasehold interests under the Crown Leases.

10.

The Defendants severally agree to pay the Plaintiffs, subject to the withholding requirements of the Income Tax Act (Canada), the sum of $l,765,846.00 Canadian apportioned as follows: 

Amoco                                               $882,371.00

AOG                                                   585,488.00

Imperial                                               264,966.00

Mobil                                                    33,021.00

TOTAL                                            $1,765,846.00

11.

In consideration of payment by each of the Defendants to the Plaintiffs of the amounts shown on Schedule G, the Parties agree and acknowledge, without entitlement to audit, that;

(a)

all amounts due and owing to the Plaintiffs with respect to the marketing of gas and sulphur from Kotaneelee have been properly calculated and paid to the Plaintiffs up to and including May 31,2003; and 

(b)

the amounts payable to the Plaintiffs as a result of the dismissal of the Gas Processing Fee Claim, and the declaration granted in the Consolidated Action eliminating all Gas Gathering and Processing Fees, with interest to August 31, 2003, are the amounts shown on Schedule G, which the Defendants severally agree to pay subject to the withholding requirements of the Income Tax Act (Canada). 

12.

 Notwithstanding paragraph 11, the Parties acknowledge that the amounts payable by AOG as set out in Schedule G are held in escrow and are subject to the terms of escrow agreements. The Parties will execute all necessary documents and take all necessary steps to obtain the release of the funds from escrow. 

13.

From and after June 1, 2003, the Defendants shall account to the Plaintiffs for the Plaintiffs' gas and sulphur sold by the Defendants in accordance with the existing marketing arrangements with the Plaintiffs, without the inclusion of a Gas Gathering and Processing Fee, using the same methodology to calculate the amounts due to the Plaintiffs as has been used to date for so long as the current marketing and transportation arrangements remain in place. 

14.

The Parties agree to each bear their own costs of the Litigation. 

15.

The Parties agree to execute and exchange a mutual release in the form attached hereto as Schedule H, and such further and other documentation as may be required to give effect to this settlement for all matters up to and including the effective date of the release. Provided, however, that nothing in the release shall be construed as preventing the enforcement of the, permanent injunction granted in the Amoco Counterclaim or preventing the Plaintiffs from enforcing any amounts due and owing to the Plaintiffs with respect to the marketing of gas and sulphur from Kotaneelee from and after June 1, 2003. 

16.

These Minutes of Settlement have been prepared through the collective efforts of the Parties. Any ambiguity or uncertainty as to the intent or effect of any of its provisions shall not be construed against anyone or more of the Parties. 

17.

These Minutes of Settlement shall be governed by and construed in accordance with the laws of the Province of Alberta and the Parties irrevocably attorn to the courts of the Province of Alberta for resolution of any disputes arising from of in connection with these Minutes of Settlement. 

18.

The covenants and agreements in these Minutes of Settlement have been given or made to resolve disputed claims and shall not be taken as any admission of liability by any of the Parties. 

19.

These Minutes of Settlement constitute the entire agreement between the Plaintiffs and Defendants respecting the matters set forth herein and supersede all prior discussions, communications, representations and agreements between them concerning the settlement of the Litigation. 

20.

These Minutes of Settlement maybe executed in separate counterparts and all the executed counterparts together shall constitute one agreement, but no execution shall be effective until all of the counterparts have been executed and delivered on behalf of each of the Parties. 

21.

Payments to the Plaintiffs pursuant to these Minutes of Settlement shall be made to MacDonald McMahon, Barristers and Solicitors, Calgary, Alberta in trust for the Plaintiffs. 

22.

These Minutes of Settlement shall be binding upon and enure to the benefit of the Parties and their respective heirs, legal representatives, successors and assigns. 

WHEREAS the Parties have agreed to this settlement as evidenced by the signatures of, in the case of all Parties except Perkins Holdings Ltd. and Kenneth B. Perkins, their respective solicitors, the duly authorized officer of Perkins Holdings Ltd. and the hand of Kenneth B. Perkins, all hereinafter affixed, this _________ day of September, 2003. 

MacDONALD McMAHON                                   BENNETT JONES LLP 

Per:   /s/ V.A. MacDonald                                       Per: /s/ R. W. Thompson

V. A. MacDonald                                              R. W. Thompson 

Solicitors for the Plaintiffs                                Solicitors for Amoco 

McCARTHY TETRAULT LLP                              DUNCAN McCACHEN

 Per:  /s/ J.L. Lebo                                                     Per: /s/ M.W. McCachen

J. L. Lebo, Q.C. 

M. W. McCachen 

Solicitors for AOG 

Solicitors for Imperial 

GOWLING LAFLEUR HENDERSON 

PERKINS HOLDINGS LTD. LLP 

Per:   /s/ K. J. Warren

Per:  /s/ Ken Perkins

K. J. Warren 

[Name] 

Solicitors for Mobil 

[Title] 

SIGNED by Kenneth B. Perkins in the 

presence of: 

Per: /s/ Ruth S. Perkins                                    /s/ Kenneth B. Perkins

[Name]

[Title] 

SCHEDULE OF DEFINITIONS

•

The following terms and/or abbreviations have the following meaning: 

•

"AOG" means the Defendant Anderson Oil & Gas Inc. (formerly Columbia Gas Development of Canada Ltd.) and its successors and assigns, including Devon AOG Corporation and Devon Canada Corporation. 

•

"Amoco" means the Defendants Amoco Canada Petroleum Company Ltd., Amoco Production Company, and Amoco Canada Resources Ltd. (formerly Dome Petroleum Limited), and their respective successors and assigns, including BP Canada Energy Company, BP Canada Energy Resources Company and BP America Production Company. 

•

"Amoco Counterclaim" means the Counterclaim filed and served by Amoco in Queen's Bench Action #8801-13549. 

•

"Appeal CA01-00466" means the appeal filed and served by the Plaintiffs in the Alberta Court of Appeal.

•

"Appeal CA01-00470" means the appeal filed and served by Amoco in the Alberta Court of Appeal. 

•

"Appeals" mean Appeal CA01-00466, Appeal CA01-00470 and the Cross-Appeal. 

•

"Consolidated Action" means Queen's Bench Actions #9001-03466 and #8901-15660, consolidated pursuant to the terms of the Order of Mr. Justice M. E. Lomas granted on December 15, 1994. 

•

"Cross-Appeal" means the cross-appeals filed and served by the Defendants in Appeal CA01- 00466. 

•

"Crown Leases" mean: Oil & Gas Lease 411-68 dated January 7, 1969 between Her Majesty the Queen in Right of Canada and Dome Petroleum Limited, Canada Southern Petroleum Ltd., and PanAmerican Petroleum Corporation; Oil & Gas Lease 444-R-68 between Her Majesty the Queen in Right of Canada and Dome Petroleum Limited, Canada Southern Petroleum Ltd. and PanAmerican Petroleum Corporation; Oil & Gas Lease 443-R-68 dated January 7, 1969 between Her Majesty the Queen in Right of Canada and Dome Petroleum Limited, Canada Southern Petroleum Ltd. and PanAmerican Petroleum Corporation; Oil & Gas Lease 412-68 dated January 7, 1969 between Her Majesty the Queen in Right of Canada and Dome Petroleum Limited, Canada Southern Petroleum Ltd. and PanAmerican Petroleum Corporation; Oil & Gas Lease 442-R-68 dated January 7, 1969 between Her Majesty the Queen in Right of Canada and Dome Petroleum Limited, Canada Southern Petroleum Ltd. and PanAmerican Petroleum Corporation, all as renewed pursuant to a renewal agreement between Her Majesty the Queen in Right of Canada and Amoco Canada Resources Ltd., Amoco Canada Petroleum Company Ltd. and Canada Southern Petroleum Ltd. dated May 17, 1989. 

•

"Defendants" means the corporations and parties identified as the Defendants in the Consolidated Action and the Development Action as well as Imperial Oil Limited, and their respective successors and assigns. 

•

"Development Action" means Queen's Bench Action #9801-05920. 

•

"Gas Gathering and Processing Fee" means the Gas Gathering and Processing Fee, under Article IX of the 1966 Agreement. 

•

"Gas Processing Fee Claim" means the claim made in the Amoco Counterclaim, for a declaration that gas produced at Kotaneelee is subject to a Gas Gathering and Processing Fee. 

•

"Imperial" means Imperial Oil Limited and Imperial Oil Resources Limited (formerly Esso Resources Canada Limited) and their respective successors and assigns, including Imperial Oil Resources Ventures Limited. 

•

"Kotaneelee" means the lands in the Kotaneelee area of the Yukon Territory, described in Department of Northern Affairs in National Resources Permit 1007 dated June 14, 1956. 

•

"Litigation" means collectively the Consolidated Action, the Amoco Counterclaim, the Development Action, and the Appeals. 

•

"Mobil" means the Defendants Mobil Resources Ltd. (formerly Canadian Superior Oil Ltd.), Mobil Oil Canada Ltd. and Mobil Oil Canada Properties and their respective successors and assigns, including ExxonMobil Canada Ltd., ExxonMobil Canada Properties and ExxonMobil Resources Ltd. 

•

"Parties" means collectively the Plaintiffs and Defendants and their respective successors and assigns. 

•

"Plaintiffs" means the corporations identified as the Plaintiffs in the Consolidated Action and the Development Action, and their respective successors and assigns, including Kenneth Perkins and, Perkins Holdings Ltd. 

•

"1959 Agreement" means a certain agreement being made as of May 28, 1959, as amended by agreements dated January 31, 1961 and November 22, 1961, being respectively Exhibits 9, 12 and 13 in the Consolidated Action and the Amoco Counterclaim. 

•

"1966 Agreement" means a certain agreement made April 1, 1966, being Exhibit 32 in the Consolidated Action and the Amoco Counterclaim. 

•

"1977 Agreement" means a certain letter agreement dated February 1, 1977, being Exhibit 50 in the Consolidated Action and the Amoco Counterclaim. 

SCHEDULE "A"

IN THE COURT OF QUEEN'S BENCH ALBERTA

JUDICIAL DISTRICT OF CALGARY

ACTION NO. 8901-15660

BETWEEN: 

CANADA SOUTHERN PETROLEUM LTD.

PLAINTIFF

- and –

COLUMBIA GAS DEVELOPMENT OF CANADA LTD., DOME PETROLEUM LIMITED, AMOCO CANADA PETROLEUM COMP ANY LTD., MOBIL OIL CANADA LTD., and ESSO RESOURCES CANADA LTD. 

DEFENDANTS 

MEMORANDUM OF SATISFACTION OF JUDGMENT

SATISFACTION of the Judgment obtained in Action 8901-15660 is hereby acknowledged on behalf of Canada Southern Petroleum Ltd., Magellan Petroleum Corporation, Pantepec International, Inc. (now Levcor International Inc.), Kenneth B. Perkins and Perkins Holdings Ltd. (hereinafter "the Plaintiffs"), and the Plaintiffs hereby consent to a memorandum of such satisfaction being endorsed by the Clerk of this Honourable Court in the Procedure Book pursuant to Rule 333 of the Rules of this Honourable Court. 

DATED at the City of Calgary, in the Province of Alberta, this ______day of September, 2003. 

MacDONALD McMAHON                              

Per:                                                                        

V. A. MacDonald                                           

Solicitors for Canada Southern Petroleum    

Ltd., Magellan Petroleum Corporation,         

Pantepec International, Inc. (now Levcor      

International Inc.), Kenneth B. Perkins and   

Perkins Holdings Ltd.                                    

TO: CLERK OF THE COURT 

                                                                      

No. 8901-15660                                    2003

IN THE COURT OF QUEEN'S BENCH

OF ALBERTA                    

JUDICIAL DISTRICT OF CALGARY

                                                                   

BETWEEN:                                               

CANADA SOUTHERN PETROLEUM

LTD.                            

Plaintiff 

- and -                            

COLUMBIA GAS DEVELOPMENT OF

CANADA LTD., DOME PETROLEUM

LIMITED, AMOCO CANADA       

PETROLEUM COMPANY LTD., MOBIL

OIL CANADA LTD., and ESSO        

RESOURCES CANADA LTD.         

Defendants

                                                                        

MEMORANDUM OF SATISFACTION

OF JUDGMENT                      

                                                                         

MacDONALD McMAHAON               

1404, 333- 7 Avenue SW                    

Calgary, Alberta T2P 2Z1                       

                     

V .A. MacDonald                              

Phone: (403) 571-0851                        

Fax: (403) 571-0850                          

                          

SCHEDULE "B"

IN THE COURT OF QUEEN'S BENCH OF ALBERTA

JUDICIAL DISTRICT OF CALGARY

ACTION NO. 9001-03466 

BETWEEN: 

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM CORPORATION and PANTEPEC INTERNATIONAL, INC. 

PLAINTIFFS

- and -

AMOCO CANADA PETROLEUM COMPANY LTD., AMOCO PRODUCTION COMPANY, AMOCO CANADA RESOURCES LTD. (formerly DOME PETROLEUM LIMITED), ANDERSON OIL AND GAS INC. (formerly COLUMBIA GAS DEVELOPMENT OF CANADA LTD.), MOBIL OIL CANADA LTD., IMPERIAL OIL RESOURCES LIMITED (formerly ESSO RESOURCES CANADA LIMITED), MOBIL RESOURCES LTD. and MOBIL OIL CANADA PROPERTIES 

DEFENDANTS 

AND BETWEEN: 

COLUMBIA GAS DEVELOPMENT OF CANADA LTD. (now ANDERSON OIL AND GAS INC.) 

PLAINTIFF BY COUNTERCLAIM

- and -

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM CORPORATION, PANTEPEC INTERNATIONAL INC., AMOCO CANADA RESOURCES LTD., AMOCO CANADA PETROLEUM COMPANY LTD., CANADIAN SUPERIOR OIL LTD. (now MOBIL RESOURCES LTD.), MOBIL OIL CANADA LTD., IMPERIAL OIL LIMITED and ESSO RESOURCES CANADA LIMITED (now IMPERIAL OIL RESOURCES LIMITED) 

DEFENDANTS BY COUNTERCLAIM

MEMORANDUM OF SATISFACTION OF JUDGMENT

SATISFACTION of the Judgment obtained in Action 9001-03466 is hereby acknowledged on behalf of Canada Southern Petroleum Ltd., Magellan Petroleum Corporation, Pantepec International, Inc. (now Levcor International Inc.), Kenneth B. Perkins and Perkins Holdings Ltd. (hereinafter "the Plaintiffs"), and the Plaintiffs hereby consent to a memorandum of such satisfaction being endorsed by the Clerk of this Honourable Court in the Procedure Book pursuant to Rule 333 of the Rules of this Honourable Court. 

DATED at the City of Calgary, in the Province of Alberta, this ______ day of September, 2003. 

MacDONALD McMAHON                                

Per:                                                                        

V. A. MacDonald                                       

Solicitors for Canada Southern                  

Petroleum Ltd., Magellan Petroleum         

Corporation, Pantepec International, Inc.   

now Levcor International Inc.),                  

Kenneth B. Perkins and Perkins                 

Holdings Ltd.                                              

TO: CLERK OF THE COURT 

                                                                    

No. 9001-03466                                   2003 

IN THE COURT OF QUEEN'S BENCH 

OF ALBERTA                       

    JUDICIAL DISTRICT OF CALGARY   

BETWEEN:                                                 

CANADA SOUTHERN PETROLEUM LTD., 

MAGELLAN PETROLEUM CORPORATION 

and PANTEPEC INTERNATIONAL, INC. 

PLAINTIFFS

-and-                            

AMOCO CANADA PETROLEUM COMPANY 

LTD., AMOCO PRODUCTION COMPANY, 

AMOCO CANADA RESOURCES LTD. (formerly 

DOME PETROLEUM LIMITED), ANDERSON OIL 

AND GAS INC. (formerly COLUMBIA GAS 

DEVELOPMENT OF CANADA LTD.), MOBIL OIL 

CANADA LTD., IMPERIAL OIL RESOURCES 

LIMITED (formerly ESSO RESOURCES CANADA 

LIMITED), MOBIL RESOURCES L m. and MOBIL 

OIL CANADA PROPERTIES                                     

DEFENDANTS 

AND BETWEEN:                                                         

COLUMBIA GAS DEVELOPMENT OF CANADA 

LTD. (now ANDERSON OIL AND GAS INC.)        

PLAINTIFF BY COUNTERCLAIM

 -and-                          

CANADA SOUTHERN PETROLEUM LTD., 

MAGELLAN PETROLEUM CORPORATION, 

PANTEPEC INTERNATIONAL INC., AMOCO 

CANADA RESOURCES LTD., AMOCO CANADA 

PETROLEUM COMPANY LTD., CANADIAN 

SUPERIOR OIL LTD. (now MOBIL RESOURCES 

LTD.), MOBIL OIL CANADA LTD., IMPERIAL 

OIL LIMITED and ESSO RESOURCES CANADA 

LIMITED (now IMPERIAL OIL RESOURCES 

LIMITED)                                                            

DEFENDANTS BY COUNTERCLAIM 

                                                                                 

MEMORANDUM OF SATISFACTION       

OF JUDGMENT                        

                                                                                  

MacDONALD McMAHAON            

1404,333- 7 Avenue SW                

Calgary, Alberta T2P 2Z1               

V.A. MacDonald                     

Phone: (403) 571-0851                 

Fax: (403) 571-0850                    

Action No. 9801-05920 

SCHEDULE "C"

. IN THE COURT OF QUEEN'S BENCH OF ALBERTA

JUDICIAL DISTRICT OF CALGARY

BETWEEN:

CANADA SOUTHERN PETROLEUM, MAGELLAN PETROLEUM CORPORATION and, PANTEPEC INTERNATIONAL INC.

Plaintiffs 

-and-

AMOCO CANADA PETROLEUM COMP ANY LTD., AMOCO PRODUCTION COMPANY, AMOCO CANADA RESOURCES LTD., (formerly DOME PETROLEUM LIMITED), ANDERSON OIL AND GAS INC. (formerly COLUMBIA GAS DEVELOPMENT OF CANADA LTD.), MOBIL OIL CANADA LTD., IMPERIAL OIL RESOURCES LIMITED (formerly ESSO RESOURCES CANADA LIMITED), MOBIL RESOURCES LTD. and MOBIL OIL CANADA PROPERTIES

Defendants 

DISCONTINUANCE OF ACTION WITHOUT COSTS

TAKE NOTICE that the within Action is hereby wholly discontinued by the Plaintiffs against the Defendants, without any costs payable by any party. 

DATED at Calgary, Alberta, this _______________day of September, 2003.

MacDONALD McMAHON                             

Per:                                                                     

V .A. MacDonald                                

Solicitors for the Plaintiffs                  

Canada Southern Petroleum, Magellan

Petroleum Corporation and Pantepec  

International Inc.                                 

Agreed and consented to by: 

BENNETT JONES LLP                                 MCCARTHY TETRAULT LLP 

Per:                                                                 Per:                                              

        R. W.Thompson                                               James L. Lebo, Q.C. 

        Solicitors for the Defendants                           Solicitors for the Defendant Anderson Oil

       Amoco Canada Petroleum                                and Gas Inc. (formerly Columbia Gas 

       Company Ltd. and Amoco                                Development of Canada Ltd.) 

       Production Company, Amoco 

       Canada Resources Ltd., (formerly 

       Dome Petroleum Limited) 

GOWLING LAFLEUR HENDERSON     DUNCAN McMACHEN 

LLP 

Per:                                                                          Per:                                                            

        Kenneth J. Warren                                                  Michael W. McCachen 

        Solicitors for the Defendants Mobil                       Solicitors for the Defendant Imperial Oil 

        Oil Canada Ltd., Mobil Resources                         Resources Limited 

        Ltd. and Mobil Oil Canada 

        Properties 

TO: Clerk of the Court 

                                                                         

No. 9801-05920                                      2003 

IN THE COURT OF QUEEN'S BENCH    

OF ALBERTA                        

JUDICIAL DISTRICT OF CALGARY     

                                                                         

BETWEEN:                                                

CANADA SOUTHERN PETROLEUM, 

MAGELLAN PETROLEUM          

CORPORATION and PANTEPEC       

INTERNATIONAL INC.           

Plaintiffs 

-and -                         

AMOCO CANADA PETROLEUM;    

COMPANY LTD., AMOCO           

PRODUCTION COMPANY, AMOCO    

CANADA RESOURCES LTD., (formerly 

DOME PETROLEUM LIMITED),      

ANDERSON OIL AND GAS INC.      

(formerly COLUMBIA GAS          

DEVELOPMENT OF CANADA LTD.),  

MOBIL OIL CANADA LTD., IMPERIAL 

OIL RESOURCES LIMITED (formerly   

ESSO RESOURCES CANADA        

LIMITED), MOBIL RESOURCES LTD.   

and MOBIL OIL CANADA PROPERTIES 

Defendants 

                                                                       

DISCONTINUANCE OF ACTION       

WITHOUT COSTS               

                                                                       

 

MacDONALD McMAHAON          

1404, 333- 7 Avenue SW                

Calgary, Alberta T2P 2Z 1             

V .A. MacDonald                      

Phone: (403) 571-0851                 

Fax: (403) 571-0850                  

SCHEDULE "D"

IN THE COURT OF QUEEN'S BENCH OF ALBERTA 

JUDICIAL DISTRICT OF CALGARY

ACTION NO. 8801-13549 

BETWEEN: 

AMOCO CANADA PETROLEUM COMPANY LTD., DOME PETROLEUM LIMITED AND AMOCO PRODUCTION COMPANY 

PLAINTIFFS BY COUNTERCLAIM 

- and –

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM CORPORATION, and PANTEPEC INTERNATIONAL, INC. 

DEFENDANTS BY COUNTERCLAIM 

- and –

ALLIED-SIGNAL INC., HOME OIL COMP ANY LIMITED, and KERN COUNTY LAND 

COMPANY 

DEFENDANTS BY COUNTERCLAIM 

- and –

COLUMBIA GAS DEVELOPMENT OF CANADA LTD., CANADIAN SUPERIOR OIL LTD., 

ESSO RESOURCES CANADA LTD. and MOBIL OIL CANADA LTD. 

DEFENDANTS BY COUNTERCLAIM 

MEMORANDUM OF SATISFACTION OF JUDGMENT

SATISFACTION of the Judgment obtained in the Counterclaim in Action 8801-13549 is hereby acknowledged on behalf of Amoco Canada Petroleum Company Ltd., Amoco Canada Resources Ltd., formerly Dome Petroleum Limited, and Amoco Production Company (hereinafter "the Plaintiffs by Counterclaim"), save for the granting of the permanent injunction therein, which said permanent injunction shall remain in full force and effect notwithstanding the entry of this Memorandum of Satisfaction of Judgment, and the Plaintiffs by Counterclaim hereby consent to a memorandum of such satisfaction being endorsed by the Clerk of this Honourable Court in the Procedure Book pursuant to Rule 333 of the Rules of this Honourable Court, 

DATED at the City of Calgary, in the Province of Alberta, this          day of                    , 2003. 

BENNETT JONES LLP                                

Per:                                                                     

R. W. Thompson                                    

Solicitors for Amoco Canada Petroleum

Company Ltd., Amoco Canada              

Resources Ltd., formerly Dome            

Petroleum Limited, and Amoco            

Production Company                             

TO: CLERK OF THE COURT 

                                                                           

     No. 8801-13549                                    2003 

IN THE COURT OF QUEEN'S BENCH     

OF ALBERTA                           

JUDICIAL DISTRICT OF CALGARY       

                                                                              

BETWEEN:                                                          

AMOCO CANADA PETROLEUM COMPANY

LTD., DOME PETROLEUM LIMITED AND   

AMOCO PRODUCTION COMPANY                 

PLAINTIFFS BY COUNTERCLAIM 

- and -                                  

CANADA SOUTHERN PETROLEUM LTD.,     

MAGELLAN PETROLEUM CORPORATION, 

and PANTEPEC INTERNATIONAL, INC.         

DEFENDANTS BY COUNTERCLAIM 

- and -                                

ALLIED-SIGNAL INC., HOME OIL COMPANY 

LIMITED, and KERN COUNTY LAND                

COMPANY                                                              

DEFENDANTS BY COUNTERCLAIM 

- and-                               

COLUMBIA GAS DEVELOPMENT OF               

CANADA LTD., CANADIAN SUPERIOR OIL   

LTD., ESSO RESOURCES CANADA LTD. and  

MOBIL OIL CANADA LTD.                                 

DEFENDANTS BY COUNTERCLAIM 

                                                                                 

MEMORANDUM OF SATISFACTION         

OF JUDGMENT                         

                                                                                 

MacDONALD McMAHAON                 

1404, 333- 7 Avenue SW                     

Calgary, Alberta T2P 221                      

V. A. MacDonald                             

Phone: (403) 571-0851                        

Fax: (403) 571-0850                          

SCHEDULE "E"

Appeal No. 01-00466 

IN THE COURT OF APPEAL OF ALBERTA

BETWEEN:                                                                                                  Action No. 9001-03466 

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM CORPORATION and PANTEPEC INTERNATIONAL, INC.

Appellants and Respondents by Cross-Appeal (Plaintiffs) 

- and –

AMOCO CANADA PETROLEUM COMPANY LTD., AMOCO PRODUCTION COMPANY,

AMOCO CANADA RESOURCES LTD. (formerly DOME PETROLEUM LIMITED) ANDERSON OIL AND GAS INC. (formerly COLUMBIA GAS DEVELOPMENT OF

CANADA LTD.), MOBIL OIL CANADA, LTD., IMPERIAL OIL RESOURCES LIMITED (formerly ESSO RESOURCES CANADA LIMITED), MOBIL RESOURCES LTD. and ,

MOBIL OIL CANADA PROPERTIES

Respondents/ Appellants by Cross- Appeal (Defendants) 

AND BETWEEN : 

COLUMBIA GAS DEVELOPMENT OF CANADA LTD. (now ANDERSON OIL & GAS INC.)

Plaintiff by Counterclaim (Not Party to this Appeal) 

- and –

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM CORPORATION,

PANTEPEC INTERNATIONAL, INC., AMOCO CANADA RESOURCES LTD., AMOCO CANADA PETROLEUM COMPANY LTD., CANADIAN SUPERIOR OIL LTD. (now MOBIL RESOURCES LTD.), MOBIL OIL CANADA LTD., IMPERIAL OIL LIMITED and ESSO RESOURCES CANADA LIMITED (now IMPERIAL OIL RESOURCES LIMITED)

Defendants by Counterclaim (Not Parties to this Appeal) 

AND BETWEEN: 

CANADA SOUTHERN PETROLEUM LTD.

Appellant/Plaintiff 

- and –

COLUMBIA GAS DEVELOPMENT OF CANADA LTD., DOME PETROLEUM LIMITED, AMOCO CANADA PETROLEUM COMPANY LTD., MOBIL OIL CANADA LTD., and ESSO RESOURCES CANADA LTD.

Respondents/Defendants 

Action No. 8801-13549 

AND BETWEEN: 

AMOCO CANADA PETROLEUM COMPANY LTD., DOME PETROLEUM

LIMITED and AMOCO PRODUCTION COMPANY

Respondents (Plaintiffs by Counterclaim) 

- and-

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM CORPORATION, PANTEPEC INTERNATIONAL, INC., ALLIED-SIGNAL INC., HOME OIL COMPANY LIMITED, KERN COUNTRY LAND COMPANY, COLUMBIA GAS DEVELOPMENT OF CANADA LTD., CANADIAN SUPERIOR OIL LTD., ESSO RESOURCES CANADA LIMITED and MOBIL OIL CANADA LTD.

Appellants (Defendants by Counterclaim) 

NOTICE OF ABANDONMENT OF APPEAL 

AND CROSS-APPEALS

               TAKE NOTICE THAT all of the within Appellants, Respondents, Cross-Appellants and Respondents to Cross-Appeals herein, do hereby abandon all appeals and cross-appeals in the within proceedings without costs to any party. 

                  DATED at the City of Calgary, in the Province of Alberta this             day of September, 2003. 

MacDONALD McMAHON                        

Per:                                                                 

V.A. MacDonald                                 

Solicitors for the Plaintiffs                  

Canada Southern Petroleum, Magellan

Petroleum Corporation and Pantepec  

International Inc.                                 

BENNETT JONES LLP                                         MCCARTHY TETRAULT LLP 

Per:                                                                           Per:                                                      

        R. W. Thompson                                                       James L. Lebo, Q.C. 

        Solicitors for the Defendants                                   Solicitors for the Defendant Anderson Oil

        Amoco Canada Petroleum                                       and Gas Inc. (formerly Columbia Gas 

        Company Ltd. and Amoco                                       Development of Canada Ltd.) 

        Production Company, Amoco 

        Canada Resources Ltd., (formerly 

        Dome Petroleum Limited) 

GOWLING LAFLEUR HENDERSON                   DUNCAN McMACHEN 

LLP 

Per:                                                                                Per:                                                         

        Kenneth J. Warren                                                   Michael W. McCachen 

        Solicitors for the Defendants Mobil                        Solicitors for the Defendant Imperial Oil 

        Oil Canada Ltd., Mobil Resources                          Resources Limited 

        Ltd. and Mobil Oil Canada 

        Properties 

TO: DEPUTY REGISTRAR 

       COURT OF APPEAL 

                                                                                      

No. 8901-15660                                                 2003 

IN THE COURT OF APPEAL OF ALBERTA  

                                                                                      

BETWEEN:                   Action No. 9001-03466       

CANADA SOUTHERN PETROLEUM LTD.,        

MAGELLAN PETROLEUM CORPORATION and 

PANTEPEC INTERNATIONAL, INC.                   

Appellants and Respondents by Cross-Appeal

 (Plaintiffs) 

-and –                                     

LTD., AMOCO PRODUCTION COMPANY,         

AMOCO CANADA RESOURCES LTD. (formerly

DOME PETROLEUM LIMITED) ANDERSON     

OIL AND GAS INC. (formerly COLUMBIA GAS  

DEVELOPMENT OF CANADA LTD.), MOBIL    

OIL CANADA, LTD., IMPERIAL OIL                   

RESOURCES LIMITED (formerly ESSO                

AMOCO CANADA PETROLEUM COMPANY     

RESOURCES CANADA LIMITED), MOBIL        

RESOURCES LTD. and MOBIL OIL CANADA   

PROPERTIES                                                           

Respondents/Appellants by Cross-Appeal 

(Defendants) . 

AND BETWEEN:                                                     

COLUMBIA GAS DEVELOPMENT OF                

CANADA LTD. (now ANDERSON OIL & GAS  

INC.)                                                                         

Plaintiff by Counterclaim 

(Not Party to this Appeal) 

- and-                                                                          

CANADA SOUTHERN PETROLEUM LTD.,       

 MAGELLAN PETROLEUM CORPORATION,     

PANTEPEC INTERNATIONAL, INC., AMOCO   

CANADA RESOURCES LTD., AMOCO                

CANADA PETROLEUM COMPANY LTD.,          

CANADIAN SUPERIOR OIL LTD. (now MOBIL  

RESOURCES LTD.), MOBIL OIL CANADA        

LTD., IMPERIAL OIL LIMITED and ESSO          

RESOURCES CANADA LIMITED (now               

IMPERIAL OIL RESOURCES LIMITED)             

Defendants by Counterclaim 

(Not Parties to this Appeal) 

Action No. 8901-15660 

AND BETWEEN :                                                     

CANADA SOUTHERN PETROLEUM LTD.          

Appellant/Plaintiff 

- and -                                        

COLUMBIA GAS DEVELOPMENT OF                  

CANADA LTD., DOME PETROLEUM LIMITED, 

AMOCO CANADA PETROLEUM COMPANY      

LTD., MOBIL OIL CANADA LTD., and ESSO      

RESOURCES CANADA LTD.                                 

Respondents/Defendants 

Action No. 8801-13549                                               

AND BETWEEN:                                                     

AMOCO CANADA PETROLEUM COMPANY     

LTD., DOME PETROLEUM LIMITED and           

AMOCO PRODUCTION COMPANY                     

Respondents 

Plaintiffs by Counterclaim)

 

- and –                                         

CANADA SOUTHERN PETROLEUM LTD.,        

MAGELLAN PETROLEUM CORPORATION,      

PANTEPEC INTERNATIONAL, INC., ALLIED-   

SIGNAL INC., HOME OIL COMPANY                  

LIMITED, KERN COUNTRY LAND COMPANY, 

COLUMBIA GAS DEVELOPMENT OF                 

CANADA LTD., CANADIAN SUPERIOR OIL      

LTD., ESSO RESOURCES CANADA LIMITED   

and MOBIL OIL CANADA LTD.                             

Appellants 

(Defendants by Counterclaim)

                                                                                        

NOTICE OF ABANDONMENT OF APPEALS     

AND CROSS APPEALS                         

                                                                                       

DUNCAN McCACHEN                            

Barristers and Solicitors                             

#1600, 520-5th Avenue SW                          

Calgary, Alberta T2P 3R7                           

Michael W. McCachen                              

Phone: (403) 294-6704                              

Fax: (403) 294-6701                               

File No. 1106/001                                

Solicitors for the Appellant by Cross-Appeal    

 (Respondent) Imperial Oil Limited (formerly Esso 

Resources Canada Limited)                      

SCHEDULE "F"

IN THE COURT OF APPEAL OF ALBERTA

APPEAL NO. 01-00470 

BETWEEN:                                                                                             ACTION NO. 9001-03466 

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM CORPORATION and PANTEPEC INTERNATIONAL, INC. 

RESPONDENTS (PLAINTIFFS),

- and- 

AMOCO CANADA PETROLEUM COMPANY LTD., AMOCO PRODUCTION COMPANY, AMOCO CANADA RESOURCES LTD. (formerly DOME PETROLEUM LIMITED), ANDERSON OIL AND GAS INC.(formerly COLUMBIA GAS DEVELOPMENT OF CANADA LTD.), MOBIL OIL CANADA LTD., IMPERIAL OIL RESOURCES LIMITED (formerly ESSO RESOURCES CANADA LIMITED), MOBIL RESOURCES LTD. and MOBIL OIL CANADA , PROPERTIES 

RESPONDENTS (DEFENDANTS) 

AND BETWEEN: 

COLUMBIA GAS DEVELOPMENT OF CANADA LTD. (now ANDERSON OIL AND GAS INC.) 

RESPONDENT (PLAINTIFF BY COUNTERCLAIM) 

- and -

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM CORPORATION, PANTEPEC INTERNATIONAL INC., AMOCO CANADA RESOURCES LTD., AMOCO CANADA PETROLEUM COMPANY LTD., CANADIAN SUPERIOR OIL LTD. (now MOBIL RESOURCES LTD.), MOBIL OIL CANADA L TD., IMPERIAL OIL LIMITED and ESSO RESOURCES CANADA LIMITED (now IMPERIAL OIL RESOURCES LIMITED) 

RESPONDENTS (DEFENDANTS BY COUNTERCLAIM) 

AND BETWEEN:                                                                                   ACTION NO. 8901-15660

 

CANADA SOUTHERN PETROLEUM LTD. 

RESPONDENT (PLAINTIFF) 

-and-

COLUMBIA GAS DEVELOPMENT OF CANADA LTD. 

RESPONDENTS (DEFENDANTS) 

-and-

AMOCO CANADA PETROLEUM COMPANY LTD. and DOME PETROLEUM LIMITED 

APPELLANTS (DEFENDANTS) 

-and-

MOBIL OIL CANADA LTD., and ESSO RESOURCES CANADA LTD. 

RESPONDENTS (DEFENDANTS) 

AND BETWEEN:                                                                                   ACTION NO. 8801-13549 

AMOCO CANADA PETROLEUM COMPANY LTD., DOME PETROLEUM LIMITED AND AMOCO PRODUCTION COMPANY 

APPELLANTS PLAINTIFFS BY COUNTERCLAIM) 

- and -

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM CORPORATION and PANTEPEC INTERNATIONAL, INC. 

RESPONDENTS (DEFENDANTS BY COUNTERCLAIM) 

- and -

ALLIED-SIGNAL INC., HOME OIL COMPANY LIMITED, KERN COUNTY LAND COMPANY 

NOT PARTIES TO THE APPEAL 

COLUMBIA GAS DEVELOPMENT OF CANADA LTD., CANADIAN SUPERIOR OIL LTD., ESSO RESOURCES OF CANADA LTD. AND MOBIL OIL CANADA LTD. 

RESPONDENTS (DEFENDANTS BY COUNTERCLAIM) 

NOTICE OF ABANDONMENT OF APPEAL

         TAKE NOTICE THAT the Appellants, Amoco Canada Petroleum Company Ltd., Dome Petroleum Limited and Amoco Production Company, do hereby abandon the within appeal without 

costs to any party. 

DATED at the City of Calgary, in the Province of Alberta this _______day of September, 2003. 

BENNETT JONES LLP

Per:                                               

Robert W. Thompson 

Solicitors for the Appellants, Amoco Canada 

Petroleum Company Ltd., Dome Petroleum 

Limited and Amoco Production Company 

   Agreed and consented to by: 

MacDONALD McMAHON                                MCCARTHY TETRAULT LLP 

 Per:                                                                  Per:                                                     

V. A. MacDonald 

James L. Lebo, Q.C. 

Solicitors for the Plaintiffs, 

Solicitors for the Defendant Anderson Oil Canadian

Southern Petroleum 

and Gas Inc. (formerly Columbia Gas 

Corporation and Pantepec 

Development of Canada Ltd.) 

International Inc. 

GOWLING LAFLEUR HENDERSON 

DUNCAN McMACHEN LLP 

Per:                                                                         Per:                                                    

Kenneth J. Warren 

Michael W. McCachen 

Solicitors for the Defendants Mobil 

Solicitors for the Defendant Imperial Oil 

Oil Canada Ltd., Mobil Resources 

Resources Limited 

Ltd. and Mobil Oil Canada 

Properties 

TO: DEPUTY REGISTRAR 

COURT OF APPEAL 

APPEAL NO. 01-00470                                                                                              

ACTION NOS: 9001-03466,8901-15660, 8801-13549                                              

IN THE COURT OF APPEAL OF ALBERTA                       

BETWEEN:                                                                                                                 

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM        

CORPORATION and PANTEPEC INTERNATIONAL, INC.                                  

RESPONDENTS (PLAINTIFFS)

-and-                                                                  

AMOCO CANADA PETROLEUM COMPANY LTD., AMOCO PRODUCTION           

COMPANY, AMOCO CANADA RESOURCES LTD. (formerly DOME PETROLEUM

LIMITED), ANDERSON OIL AND GAS INC. (formerly COLUMBIA GAS                   

DEVELOPMENT OF CANADA LTD.), MOBIL OIL CANADA LTD., IMPERIAL OIL 

RESOURCES LIMITED (formerly ESSO RESOURCES CANADA LIMITED), MOBIL 

RESOURCES LTD. and MOBIL OIL CANADA PROPERTIES                                       

RESPONDENTS (DEFENDANTS) 

AND BETWEEN:                                                                                                                 

COLUMBIA GAS DEVELOPMENT OF CANADA LTD. (now ANDERSON OIL AND 

GAS INC.)                                                                                                                              

RESPONDENT (PLAINTIFF BY COUNTERCLAIM)

 -and-                                                                    

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM                     

CORPORATION, PANTEPEC INTERNATIONAL INC., AMOCO CANADA                  

RESOURCES LTD., AMOCO CANADA PETROLEUM COMPANY LTD., CANADIAN 

SUPERIOR OIL LTD. (now MOBIL RESOURCES LTD.), MOBIL OIL CANADA LTD., 

IMPERIAL OIL LIMITED and ESSO RESOURCES CANADA LIMITED (now IMPERIAL 

OIL RESOURCES LIMITED)                                                                                                 

RESPONDENTS (DEFENDANTS BY COUNTERCLAIM)

AND BETWEEN:                                                                                                                      

CANADA SOUTHERN PETROLEUM LTD.                                                                      

RESPONDENT (PLAINTIFF) 

-and-                                                                 

COLUMBIA GAS DEVELOPMENT OF CANADA LTD.                                                      

RESPONDENT (DEFENDANT) 

-and -                                                               

DOME PETROLEUM LIMITED and AMOCO CANADA PETROLEUM COMPANY LTD., 

APPELLANTS (DEFENDANTS) 

-and -                                                               

MOBIL OIL CANADA LTD., and ESSO RESOURCES OF CANADA LTD.                       

RESPONDENT (DEFENDANTS) 

AND BETWEEN:                                                                                                                       

AMOCO CANADA PETROLEUM COMPANY LTD., DOME PETROLEUM LIMITED 

AND AMOCO PRODUCTION COMPANY                                                                         

APPELLANTS (PLAINTIFFS BY COUNTERCLAIM)

 -and-                                                               

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM

CORPORATION, PANTEPEC INTERNATIONAL, INC.                                                    

RESPONDENTS (DEFENDANTS BY COUNTERCLAIM)

 -and-                                                                 

ALLIED-SIGNAL INC., HOME OIL COMPANY LIMITED, KERN COUNTY LAND 

COMPANY                                                          

NOT PARTIES TO THE APPEAL.

 -and.                                                                 

COLUMBIA GAS DEVELOPMENT OF CANADA LTD., CANADIAN SUPERIOR OIL 

LTD., ESSO RESOURCES OF CANADA LTD. AND MOBIL OIL CANADA LTD. 

RESPONDENTS (DEFENDANTS BY COUNTERCLAIM) 

NOTICE OF ABANDONMENT OF APPEAL                          

BENNETT JONES LLP                                               

4500,855- 2nd Street S.W.                                            

Calgary, Alberta T2P 4K7                                             

Robert W. Thompson                                                

Our File No.: 1102-643/RWT                                         

Telephone No.: (403) 298-3384                                 

Fax No.: (403) 265-7219                                             

SCHEDULE "G"

AMOUNTS PAYABLE AS A RESULT OF THE

DISMISSAL OF THE GAS PROCESSING FEE

CLAIM

	Parties

	Principal Amount

	Interest to August 31, 2003

	Amoco1

	$12,155,451.00

	$663,973

	Imperial

	$3,667,000.00

	$261,600

	Mobil

	$460,000.00

	$32,800

	AOG2

	To the credit of all Plaintiffs: $7,488,941.76

To the credit of Canada Southern Petroleum Ltd.: $637,183.84

	To the credit of all Plaintiffs: $741,10705

To the credit of Canada Southern Petroleum Ltd.: $38,153.29

1The Amoco, Imperial and Mobil interest figures are calculated at the rate of 2% per annum on a simple basis. 

2The AOG interest figures are calculated to September 30, 2003, the next maturity date of investments in the escrow accounts, and will have to be adjusted for earlier payment. 

SCHEDULE "H"

RELEASE

BETWEEN: 

CANADA SOUTHERN PETROLEUM LTD., MAGELLAN PETROLEUM CORPORATION,  PANTEPEC INTERNATIONAL, INC. (now LEVCOR INTERNATIONAL INC.), KENNETH B. PERKINS and PERKINS HOLDINGS LTD. 

-and-

AMOCO CANADA PETROLEUM COMPANY LTD., AMOCO PRODUCTION COMPANY, AMOCO CANADA RESOURCES LTD. (formerly DOME PETROLEUM LIMITED), ANDERSON OIL & GAS INC. (formerly COLUMBIA GAS DEVELOPMENT OF CANADA LTD.), IMPERIAL OIL LIMITED, IMPERIAL OIL RESOURCES LIMITED (formerly ESSO RESOURCES CANADA LIMITED), MOBIL RESOURCES LTD. (formerly CANADIAN SUPERIOR OIL LTD.), MOBIL OIL CANADA L TD. and MOBIL OIL CANADA PROPERTIES 

WHEREAS the Plaintiffs hold a carried interest in Kotaneelee and have commenced the Consolidated Action; 

AND WHEREAS the Plaintiffs have also commenced the Development Action; 

AND WHEREAS Amoco has commenced the Amoco Counterclaim; 

AND WHEREAS, on September 14, 2001, Reasons for Judgment were granted in the 

Consolidated Action and the Amoco Counterclaim by the Honourable Mr. Justice D. I. MacLeod; 

AND WHEREAS the Plaintiffs and the Defendants have appealed that Judgment to the Court of Appeal of Alberta; 

AND WHEREAS the Plaintiffs and the Defendants are Parties to Minutes of Settlement, a copy of which is attached hereto as Schedule A;

AND WHEREAS the Plaintiffs and the Defendants agree that the Schedule of Definitions attached to the Minutes of Settlement shall be applied to the terms contained in this Release;

NOW, THEREFORE, in consideration of the mutual covenants set forth in the Minutes of Settlement and in this Release, the sufficiency of which is acknowledged, the Parties agree as 

follows:

1. 

The Plaintiffs and their respective heirs, successors and assigns hereby release, remise and discharge the Defendants and their respective successors and assigns, of and from any and all claims, demands, causes of action, grievances, costs and suits of every kind and nature whatsoever pertaining to or arising from, directly or indirectly, the pleadings in the Litigation, regardless of whether any such claims, demands, causes of action, grievances, costs or suits are presently known or unknown to the Plaintiffs; provided, however, that nothing herein shall prevent the Plaintiffs from enforcing any amounts due and owing to the Plaintiffs with respect to the marketing of gas and sulphur from Kotaneelee from and after June 1, 2003. 

2. 

The Defendants and their respective successors and assigns hereby release, remise and discharge the Plaintiffs and their respective successors and assigns of and from any and all claims, demands, causes of action, grievances, costs and suits of every kind and nature whatsoever pertaining to or arising from, directly or indirectly, the pleadings in the Litigation, regardless of whether any such claims, demands, causes of action, grievances, costs or suits are presently known or unknown to the Defendants; provided, however, that nothing herein shall prevent the enforcement of the permanent injunction granted in the Arnoco Counterclaim. 

3.

The Plaintiffs and their respective heirs, successors and assigns further release, remise and discharge the Defendants and their respective successors and assigns of and from any and all claims, demands, causes of action, grievances, costs and suits of every kind and nature whatsoever pertaining to or arising out of any alleged failure to market or develop gas from Kotaneelee arising out of the 1959 Agreement, the 1966 Agreement, the 1977 Agreement or otherwise at law or in equity. 

4. 

The Parties confirm the authority of their respective solicitors to execute and deliver the Minutes of Settlement and to take all steps and actions required by the Minutes of Settlement. 

5. 

This Release shall be binding upon and enure to the benefit of the Parties and their respective heirs, legal representatives, successors and assigns. 

6. 

This Release may be executed in separate counterparts and all the executed counterparts together shall constitute one agreement, but no execution of this agreement shall be effective until all of the counterparts have been executed and delivered on behalf of each of the Parties. 

IN WITNESS WHEREOF the parties have hereunto set their hands, either personally or by their duty authorized officers, effective the 31st day of August, 2003. 

CANADA SOUTHERN PETROLEUM 

MAGELLAN PETROLEUM 

LTD. 

CORPORATION 

Per:                                                                         Per:                                             

[Name]

[Name] 

[Title] 

[Title] 

Per:                                                                          Per:                                              

[Name]

[Name] 

[Title] 

[Title] 

PANTEPEC INTERNATIONAL, INC.               PERKINS HOLDINGS L TD. 

(now LEVCOR INTERNATIONAL 

INC.) 

Per:                                                                              Per:                                                           

[Name] 

[Name] 

[Title]

[Title] 

Per:                                                                        Per:                                                           

[Name]

[Name] 

[Title] 

[Title] 

SIGNED by the above named Kenneth B. 

Perkins in the presence of: 

                                                                                                                                                 

Witness 

Kenneth B. Perkins 

AMOCO CANADA PETROLEUM                   ANDERSON OIL & GAS INC. (formerly 

COMPANY LTD., AMOCO                                COLUMBIA GAS DEVELOPMENT OF 

PRODUCTION COMPANY and                        CANADA LTD.) 

AMOCO CANADA RESOURCES LTD. 

(formerly DOME PETROLEUM 

LIMITED)  

Per: 

                                                                     Per:                                                           

[Name] 

[Name]' 

[Title] 

[Title] 

Per: 

                                                                     Per:                                                           

[Name]

 [Name] 

[Title] 

[Title] 

IMPERIAL OIL LIMITED and                         MOBIL RESOURCES L TD. (formerly 

IMPERIAL OIL RESOURCES                          CANADIAN SUPERIOR OIL L TD.) 

LIMITED (formerly ESSO RESOURCES 

CANADA LIMITED) 

Per:                                                                            Per:                                                            

[Name] 

[Name] 

[Title]

[Title] 

Per:                                                                           Per:                                                             

[Name]

[Name] 

[Title] 

[Title] 

MOBIL OIL CANADA LTD. 

MOBIL OIL CANADA PROPERTIES 

Per:                                                                        Per:                                                             

[Name] 

[Name]

 [Title]

[Title] 

Per:                                                                           Per:                                                              

[Name]

[Name]

 [Title]

[Title]Form of Registration Rights Agreement dated October, 2003

 Exhibit 4.6 
  

REGISTRATION RIGHTS AGREEMENT 
  
 THIS REGISTRATION RIGHTS AGREEMENT, dated as of September 23, 2003 (this “Agreement”), is made by ACCLAIM ENTERTAINMENT, INC., a
Delaware corporation (the “Company”), and the Purchasers set forth on Schedule 1 hereto (“Purchasers”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, pursuant to a Convertible Subordinated Note Purchase Agreement, dated as of the date hereof, between the Company and the Purchasers (the
“Purchase Agreement”), the Company has agreed to issue and sell to the Purchasers an aggregate of [$                    ] in
principal amount of the Company’s 10 % Convertible Subordinated Notes due October 3, 2010 (the “Notes”), which Notes are convertible into shares (the “Shares”) of common stock of the Company, $0.02 par value per share
(“Common Stock”), in accordance with the terms of the Purchase Agreement and the Notes. Additionally, pursuant to the Purchase Agreement, the Company has agreed to provide to the Purchaser one or more warrants (the
“Warrants”) to purchase shares of the Company’s Common Stock (the “Warrant Shares”). 
  
 WHEREAS, to induce the Purchasers to execute and deliver the Purchase Agreement, the Company has agreed to provide to the Purchasers and their
permitted assigns certain registration rights under the Securities Act of 1933, as amended (the “Securities Act”), and applicable state securities laws; and 
  
 WHEREAS, this Agreement, together with the Notes, the Purchase Agreement and the Warrants, are hereinafter
collectively referred to as the “Transaction Documents”. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company
and the Purchasers hereby agree as follows: 
  
 1.
Definitions. 
  
 As used in this Agreement,
the following terms shall have the following meanings: 
  

	 	(a)	“Claims” shall have the meaning ascribed to it in Section 6(a). 

  

	 	(b)	“Effectiveness Date” means the 120th day following the Closing Date. 

  

	 	(c)	“Excess Liability” shall have the meaning ascribed to it in Section 6(e). 

  

	 	(d)	“Filing Date” means the 60th
day following the Closing Date. 

  

	 	(e)	“Holder” or “Holders” mean a holder or holders of Registrable Securities. 

  

	 	(f)	“Indemnified Person” shall have the meaning ascribed to it in Section 6(a). 

  

	 	(g)	“Registrable Securities” shall mean (i) the Shares and the shares of Common Stock or other securities issued or issuable to the Purchaser or its permitted
transferee or designee (a) upon conversion of the Notes and upon the exercise of the Warrants, or (b) upon any distribution with respect to, any exchange for or any replacement of such Notes or Warrants, or (c) upon any conversion, exercise or
exchange of any securities issued in connection with any such distribution, exchange or replacement; (ii) securities issued or issuable upon any stock split, stock dividend, recapitalization or similar event with respect to such shares of Common
Stock; and (iii) any other security issued as a dividend or other distribution with respect to, in exchange for, or in replacement of, the securities referred to in the preceding clauses. 

  

	 	(h)	“Registration Period” shall have the meaning ascribed to it in Section 2(ii). 

  

	 	(i)	“Registration Statement” means a registration statement or registration statements of the Company filed under the Securities Act covering Registrable Securities.

  

	 	(j)	“Register,” “Registered” and “Registration” refer to a registration effected by preparing and filing a registration statement in
compliance with the Securities Act and pursuant to Rule 415 under the Securities Act or any successor rule providing for offering securities on a continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of
such registration statement by the United States Securities and Exchange Commission (the “Commission”). 

  

	 	(k)	“Rule 144” shall have the meaning ascribed to it in Section 8. 

  

	 	(l)	“Securities Act” shall mean the Securities Act of 1933, as amended. 

  

	 	(m)	“Shares” means the Underlying Shares and the Warrant Shares. 

  

	 	(n)	“Violations” shall have the meaning ascribed to it in Section 6(a). 

  

	 	(o)	“Warrant Shares” means the shares of Common Stock issued or issuable upon exercise of, or otherwise in respect of, the Warrants. 

  
 Capitalized terms defined in the introductory paragraph or the recitals to
the Agreement shall have the respective meanings therein provided. Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the Purchase Agreement or elsewhere in the Transaction Documents. 
  
 2. Mandatory Registration. 
  
 (i) The Company shall use its best efforts to prepare and
file with the Commission not later than the Filing Date a Registration Statement or Registration Statements (as necessary) on Form S-3 covering the resale of all of the Registrable Securities, in an amount sufficient to cover the resale of the
Shares issuable upon conversion of the Notes and exercise of the Warrants in either case where the conversion price and exercise price is $.724 or $.57 per share. In the event that Form S-3 is unavailable and/or inappropriate for such a
registration, the Company shall use such other form as is available and appropriate for such a registration. Any Registration Statement prepared pursuant hereto shall register for resale at least that number of shares of Common Stock equal to the
Shares. The Company shall use its best efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof, but in any event prior to the Effectiveness Date; provided
that, if (1) the Registration Statement is not declared effective by the Effectiveness Date, (2) prior to the one year anniversary of the Effectiveness date, the Registration Statement required to be filed by the Company pursuant to this Section
shall cease to be available for use by any holder of the Note which is named therein as a selling stockholder for any reason (including, without limitation, by reason of a stop order, a material misstatement or omission in such Registration
Statement or the information contained in such Registration Statement having become outdated), or (3) the Company fails, refuses or is otherwise unable timely to issue Shares upon conversion of the Notes or upon exercise of the Warrants in
accordance with the terms of the Notes and the Warrants, or certificates therefor as required under the Transaction Documents, then the Company shall pay to each Purchaser an amount equal to one percent (1%) per month of the purchase price paid for
the Notes purchased by the Purchaser. Thereafter, for every 30 days that pass during which any of the events described in clauses (1), (2), and (3) above occurs and is continuing (the “Blackout Period”), the Company shall pay to such
Purchaser an additional amount equal to one percent (1%) of the purchase price paid for the Notes purchased by the Purchaser. Each such payment shall be due within five (5) days of the end of each calendar month of the Blackout Period until the
termination of the Blackout Period and within five (5) days after such termination. Such payments shall be in partial compensation to the Purchaser, and shall not constitute the Purchaser’s exclusive remedy for such events. The Blackout Period
shall terminate upon (x) the effectiveness of the Registration Statement in the case of clauses (l) and (2) above; (y) listing or inclusion and/or trading of the Common Stock on an Approved Market, as the case may be, in the case of clause (3)
above; and (z) delivery of such shares or certificates in the case of clause (4) above. 
  

 (ii) The Company shall use its best efforts to keep each Registration Statement effective
pursuant to Rule 415 at all times until such date as is the earlier of (i) the date on which all of the Registrable Securities have been sold and (ii) the date on which the Registrable Securities (in the opinion of counsel to each Purchaser and
acceptable to legal counsel for the Company) may be immediately sold without restriction (including without limitation as to volume restrictions by each holder thereof) without registration under the Securities Act (the “Registration
Period”). 
  
 (iii) If any offering
pursuant to a Registration Statement, pursuant to Section 2 hereof, involves an underwritten offering (which may only be with the consent of the Company), each Purchaser shall have the right to select legal counsel and an investment banker or
bankers and manager or managers to administer to the offering, which investment banker or bankers or manager or managers shall be reasonably satisfactory to the Company. 
  
 (iv) If the Registrable Securities are registered for sale under the Securities Act, the Purchasers shall
cease any distribution of such shares under the Registration Statement not more than twice in any 12-month period, for up to 30 days each, upon the request of the Company if: (x) such distribution would require the public disclosure of material
non-public information concerning any transaction or negotiations involving the Company or any of its affiliates that, in the good faith judgment of the Company’s Board of Directors, would materially interfere with such transaction or
negotiations, (y) such distribution would otherwise require premature disclosure of information that, in the good faith judgment of the Company’s Board of Directors, would adversely affect or otherwise be detrimental to the Company or (z) the
Company proposes to file a registration statement under the Securities Act for the offering and sale of securities for its own account in an underwritten offering and the managing underwriter therefor shall advise the Company in writing that in its
opinion the continued distribution of the Registrable Securities would adversely affect the success of the offering of the securities proposed to be registered for the account of the Company. The Company shall promptly notify each Purchaser at such
time as (i) such transactions or negotiations have been otherwise publicly disclosed or terminated, or (ii) such non-public information has been publicly disclosed or counsel to the Company has determined that such disclosure is not required due to
subsequent events. If the events described in either clauses (x) or (y) of this section 2(iv) shall occur, then the Company shall provide each Purchaser with a copy of the Company’s Board of Directors minutes or resolutions evidencing such
Board determination. Notwithstanding the foregoing, the Company may not require the Purchaser to cease any distribution of such shares under the Registration Statement for the thirty (30) day period following the date of the Company’s provision
to the Purchaser of a Redemption Notice pursuant to the Purchase Agreement. 
  
 3. Obligations of the Company. In connection with the registration of the Registrable Securities, the Company shall do each of the following: 
  
 (a) Prepare and file with the Commission the Registration Statements required by Section 2 of this Agreement
and such amendments (including post-effective amendments) and supplements to the Registration Statements and the prospectuses used in connection with the 

  

 
Registration Statements, as may be necessary to keep the Registration effective at all times during the Registration Period, and, during the Registration
Period, to comply with the provisions of the Securities Act with respect to the disposition of all of the Registrable Securities until such time as all of such Registrable Securities have been disposed of in accordance with the intended methods of
disposition by the seller or sellers thereof as set forth in the Registration Statements; 
  
 (b) If the Registrable Securities are included in a Registration Statement, the Company shall promptly furnish, after such Registration
Statement is prepared, filed with the Commission, publicly disseminated and distributed and received by the Company, to each Purchaser and its legal counsel, a copy of the Registration Statement, each preliminary prospectus, each final prospectus,
and all amendments and supplements thereto and such other documents as each Purchaser may reasonably request in order to facilitate the disposition of its Registrable Securities; 
  
 (c) As soon as practicable for the Company and its counsel, but no later than two business days after
receipt thereof, furnish to each Purchaser and its counsel copies of appropriate correspondence between the Company and the Commission with respect to any registration statement or amendment or supplement thereto filed pursuant to this Agreement;

  
 (d) Use all best efforts to (i) register and
qualify the Registrable Securities covered by the Registration Statement under such other securities or blue sky laws, if applicable, of such jurisdictions as the Purchaser may reasonably request, (ii) prepare and file in those jurisdictions such
amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof at all times during the Registration Period, (iii) take such other actions as may be
necessary to maintain such registrations and qualifications in effect at all times during the Registration Period and (iv) take all other actions necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions, except
that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this subsection (d) be obligated to be so qualified, or to
subject itself to taxation in any such jurisdiction, or to consent to general service of process in any such jurisdiction; 
  
 (e) List such securities on The Nasdaq SmallCap Market, if the Company’s securities are listed on such market, and all the other
national securities exchanges on which any securities of the Company are then listed, and file any filings required by The Nasdaq SmallCap Market and/or such other securities exchanges; provided, however, that no representation is made
that the Company will remain listed on the Nasdaq SmallCap Market; 
  
 (f) Notify each Purchaser and (if requested by such Purchaser) confirm such advice in writing, (i) when or if the prospectus or any prospectus supplement or post-effective amendment has been filed with the Commission,
and, with respect to the Registration Statement or any post-effective amendment, when the same has been declared effective by the Commission, (ii) of any request by the Commission for amendments or supplements to the Registration Statement or the
prospectus or for additional information, (iii) of the issuance by the Commission 

  

 
of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, (iv) of the receipt by
the Company of any notification with respect to the suspension of the qualification of the Registrable Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (v) of the happening of any event as
a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances then existing; 
  
 (g) If any fact contemplated by clause (v) of paragraph (f), above, shall exist, prepare a supplement or post-effective amendment to the Registration Statement or the related prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter delivered to the purchaser of the Registrable Securities the prospectus will not contain an untrue statement of material fact or omit to state any material fact
necessary to make the statements therein not misleading; 
  
 (h) If the Company has consented to an underwritten offering and such offering is underwritten, at the request of any Purchaser, to furnish on the date that Registrable Securities are delivered to the underwriters for
sale pursuant to such registration: (i) an opinion dated such date of counsel representing the Company for the purposes of such registration, addressed to the underwriters and to such Purchaser, stating that such registration statement has become
effective under the Securities Act and that (A) to the best knowledge of such counsel, no stop order suspending the effectiveness thereof has been issued and no proceedings for that purpose have been instituted or are pending or contemplated under
the Securities Act and (B) the registration statement, the related prospectus and each amendment or supplement thereof comply as to form in all material respects with the requirements of the Securities Act (except that such counsel need not express
any opinion as to financial statements or other financial data contained therein) and (ii) a letter dated such date from the Company’s independent public accountants addressed to the underwriters and to such Purchaser, stating that they are
independent public accountants within the meaning of the Securities Act and that, in the opinion of such accountants, the financial statements of the Company included in the registration statement or the prospectus, or any amendment or supplement
thereof, comply as to form in all material respects with the applicable accounting requirements of the Securities Act, and such letter shall additionally cover such other financial matters (including information as to the period ending no more than
five business days prior to the date of such letter) with respect to such registration as such underwriters may reasonably request; 
  
 (i) Cooperate with the Purchasers to facilitate the timely preparation and delivery of certificates for the Registrable Securities to be
offered pursuant to the Registration Statement and to enable such certificates for the Registrable Securities to be in such denominations or amounts, as the case may be, as the Purchaser may reasonably request, and registered in such names as the
Purchasers may request; and, within three business days after a Registration Statement which includes Registrable Securities is ordered effective by the Commission, the Company shall deliver, and shall cause legal counsel selected by the Company to
deliver, to the transfer agent for the Registrable Securities (with copies to each Purchaser) an 

  

 
appropriate instruction and opinion of such counsel, satisfactory to the Company, and the Purchaser and its legal counsel; 
  
 (j) Enter into customary agreements (including, in the case
of an underwritten offering, underwriting agreements in customary form, and including provisions with respect to indemnification and contribution in customary form and consistent with the provisions relating to indemnification and contribution
contained herein) and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such Registrable Securities and in connection therewith: 
  
 (i) make such representations and warranties to each Purchaser and the underwriters, if any, in form,
substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings; 
  
 (ii) to the extent requested and customary for the relevant transaction, enter into a securities sales agreement with any Purchaser and
such representative of such Purchaser as such Purchaser shall select relating to the Registration and providing for, among other things, the appointment of such representative as agent for such Purchaser for the purpose of soliciting purchases of
Registrable Securities, which agreement shall be customary in form, substance and scope and shall contain customary representations, warranties and covenants; and 
  
 (iii) deliver such customary documents and certificates as may be reasonably requested by any Purchaser
whose Registrable Securities are being sold or by the managing underwriters, if any. 
  
 The above shall be done (y) at the effectiveness of such Registration Statement (and each post-effective amendment thereto) in connection with any registration, and (z) at each closing under any underwriting or similar agreement as and to
the extent required thereunder. 
  
 (k) The
Company shall hold in confidence and not make any disclosure of information concerning any Purchaser provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws and/or the requests
of any self-regulatory organizations, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other
order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this or any other agreement. The Company agrees that it shall, upon
learning that disclosure of such information concerning any Purchaser is sought in or by a court or governmental body of competent jurisdiction or though other means, give prompt notice to such Purchaser prior to making such disclosure, and allow
such Purchaser, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 
  
 4. Obligations of the Purchaser to Provide Information. In connection with the registration of the Registrable Securities, each Purchaser shall
furnish to the Company such 

  

 
information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall
be reasonably required to effect the registration of such Registrable Securities, and each Purchaser shall execute any and all such documents in connection with such registration as the Company and its legal counsel may reasonably request. At least
ten business days prior to the first anticipated filing date of the Registration Statement, the Company shall notify each Purchaser of the information the Company requires of any Purchaser to be included in the Registration Statement. Each Purchaser
shall give sufficient notice to the Company before selling any Registrable Securities so that the Company may prepare and file any necessary post-effective amendments to the Registration Statement or such additional filings as shall be necessary or
desirable. 
  
 5. Expenses of Registration. All expenses,
other than underwriting discounts and commissions and other fees and expenses of investment bankers and other than brokerage commissions, incurred in connection with registrations, filings or qualifications pursuant to Section 3, but including,
without limitation, all registration, listing, and qualification fees, printing and accounting fees, and the fees and disbursements of counsel for the Company, and the fees of one counsel to each Purchaser with respect to each Registration Statement
filed pursuant hereto, shall be borne by the Company provided, that the expenses of the Purchaser’s counsel shall not exceed $15,000. Any amounts paid by the Company for transaction and/or registration fees should not exceed $15,000.

  
 6. Indemnification. In the event any Registrable
Securities are included in a Registration Statement under this Agreement: 
  
 (a) The Company will indemnify and hold harmless the Purchasers, each of the investment advisor and sub-advisor of the Purchaser and their officers, directors, members, partners and shareholders, and each person, if
any, who controls any Purchasers within the meaning of the Securities Act or the Exchange Act (each, an “Indemnified Person”), against any losses, claims, damages, liabilities or expenses (joint or several) incurred (collectively,
“Claims”) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are
based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any post-effective amendment thereof or the omission or alleged omission to state therein a material fact required to be
stated therein or necessary in order to make the statements therein, in light of the circumstances in which they were made, not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary
prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the Commission) or the omission to
state therein any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any state or foreign securities law or any rule or regulation under the Securities Act, the Exchange Act or any state or foreign securities law (the matters in foregoing clauses (i) through (iii) being, collectively,
“Violations”). The Company shall, subject to the provisions of 

  

 
Section 6(b) below, reimburse each Purchaser, promptly as such expenses are incurred and are due and payable, for any reasonable legal and other reasonable
costs, expenses and disbursements in giving testimony or furnishing documents in response to a subpoena or otherwise, including without limitation, the costs, expenses and disbursements, as and when incurred, of investigating, preparing or defending
any such action, suit, proceeding or investigation (whether or not in connection with litigation in which such Purchaser is a party), incurred by it in connection with the investigation or defense of any such Claim. Notwithstanding anything to the
contrary contained herein, the indemnification agreement contained in this Section 6(a) shall not (i) apply to any Claim arising out of or based upon a modification which occurs in reliance upon and in conformity with information furnished in
writing to the Company by or on behalf of any Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto; (ii) with respect to any preliminary prospectus,
inure to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of
material fact contained in the preliminary prospectus was corrected in the final prospectus, as then amended or supplemented, if such final prospectus was timely made available by the Company pursuant to Section 3(b) hereof; (iii) be available to
the extent that such Claim is based upon a failure of any Purchaser to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(b) hereof; or
(iv) apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by any Purchaser pursuant to Section 9. Notwithstanding anything to the contrary in this Agreement or the Purchase
Agreement, the aggregate payments for indemnification, including the reasonable fees and expenses of legal counsel, made by the Company to each Purchaser or each of its officers, directors, and shareholders, and each person, if any, who controls the
Purchaser within the meaning of the Securities Act or the Exchange Act, pursuant to this Section 6 with respect to a Violation, Claim, or series of Violations or Claims, shall not exceed an amount equal to the Purchase Price; provided,
however, that such Purchaser shall not be entitled to an indemnification payment pursuant to both Section 12 of the Purchase Agreement and Section 6 of this Agreement as a result of a claim which may arise under both the Purchase Agreement
and this Agreement. 
  
 (b) Each Purchaser will
indemnify the Company and its officers and directors against any Claims arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company, by or on behalf of such Purchaser,
expressly for use in connection with the preparation of the Registration Statement (including any modifications, amendments or supplements thereto), subject to such limitations and conditions as are applicable to the indemnification provided by the
Company in this Section 6; provided, however, that in no event shall any indemnity by such Purchaser under this Section 6 exceed the amount of the net proceeds received by such Purchaser in connection with the offering effected through such
Registration Statement. 
  

 (c) Promptly after receipt by an Indemnified Person under this Section 6 of notice of the
commencement of any action (including any governmental action), such Indemnified Person shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the
commencement thereof, and the indemnifying party shall have the right to participate in, and to the extent that the indemnifying party so desires, jointly with any other indemnifying party similarly notified, to assume control of the defense thereof
with counsel mutually satisfactory to the indemnifying party and the Indemnified Person, provided, however, that an Indemnified Person shall have the right to retain its own counsel with the reasonable fees and expenses to be paid by the
indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person and the indemnifying party would be inappropriate due to actual or potential differing
interests between such Indemnified Person and any other party represented by such counsel in such proceeding. In such event, the Company shall pay for only one separate legal counsel for each Purchaser, and such legal counsel shall be selected by
such Purchaser. The failure to deliver written notice to an indemnifying party within a reasonable time after the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person under this Section
6, except to the extent that the indemnifying party is materially prejudiced in its ability to such action. The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the
investigation or defense, as such expense, loss, damage or liability is incurred and is due and payable. 
  
 (d) No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party,
consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Person of an unconditional and irrevocable release from all liability
in respect of such claim or litigation. 
  
 (e)
Notwithstanding the foregoing, to the extent that any provisions relating to indemnification or contribution contained in the underwriting agreements entered into among the Company, the underwriters and any Purchaser in connection with the
underwritten public offering are in conflict with the foregoing provisions, the provisions in such underwriting agreements shall be controlling as to the Registrable Securities included in the public offering; provided, however, that
if, as a result of this Section 6(e), such Purchaser, or the investment advisor or sub-investment advisor of the Purchaser or each of its officers, directors, members, partners, shareholders or any person controlling such Purchaser is or are held
liable with respect to any Claim for which they would be entitled to indemnification hereunder but for this Section 6(e) in an amount which exceeds the aggregate proceeds received by such Purchaser from the sale of Registrable Securities included in
a registration pursuant to such underwriting agreement (the “Excess Liability”), the Company shall reimburse the Purchaser for such Excess Liability. 
  
 7. Contribution. To the extent any indemnification by an indemnifying party is prohibited or limited under
applicable law, the indemnifying party agrees to contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage, liability or expense in such proportion as is appropriate to reflect the relative fault of
the 

  

 
indemnifying party on the one hand and the Indemnified Person on the other hand in connection with the statements or omissions which resulted in such Claim,
as well as any other relevant equitable considerations. The relative fault of the indemnifying party and the Indemnified Person shall be determined by reference to, among other things, whether the untrue statement of a material fact or the omission
to state a material fact on which such Claim is based relates to information supplied by the indemnifying party or by the Indemnified Person, and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. Notwithstanding the forgoing, (a) no contribution shall be made under circumstances where the payor would not have been liable for indemnification under the fault standards set forth in Section 6, (b) no seller of
Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of such fraudulent
misrepresentation and (c) contribution by any seller of Registrable Securities shall be limited in amount to the net proceeds received by such seller from the sale of such Registrable Securities. The Company and the Purchasers agree that it would
not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if any Purchaser and any other party were treated as one entity for such purpose) or by any other method of allocation
that does not take account of the equitable considerations referred to in this Section. 
  
 8. Reports Under Exchange Act. With a view to making available to the Purchasers the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the Commission that may
at any time permit the Purchasers to sell securities of the Company to the public without registration (“Rule 144”), the Company agrees to: 
  
 (i) make and keep public information available, as those terms are understood and defined in Rule 144; 
  
 (ii) file with the Commission in a timely manner all reports
and other documents required of the Company under the Securities Act and the Exchange Act; and 
  
 (iii) furnish to any Purchaser so long as such Purchaser owns Shares or Notes promptly upon request, (i) a written statement by the
Company that it has complied with the reporting requirements of the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or periodic report of the Company and such other reports and documents so filed by the Company and (iii)
such other information as may be reasonably requested to permit the Purchaser to sell such securities pursuant to Rule 144 without registration. 
  
 9. Assignment of the Registration Rights. The rights to have the Company register Registrable Securities pursuant to this Agreement shall be
automatically assigned by any Purchaser to any transferee of the Shares or Notes held by such Purchaser if: (a) such Purchaser agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the
Company within a reasonable time after such assignment; (b) the Company is, within a reasonable time after such transfer or assignment, furnished with written notice of the name and address of such transferee or assignee; (c) at or before the time
the Company receives the written notice contemplated by clause (b) of this sentence, the transferee 

  

 
or assignee agrees in writing with the Company to be bound by all of the provisions contained herein; and (d) the transfer of the relevant Shares complies
with the restrictions set forth in Section 4 of the Purchase Agreement. 
  
 10. Amendment of Registration Rights. Any provision of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the
written consent of the Company and each Purchaser. Any amendment or waiver effected in accordance with this Section 10 shall be binding upon such Purchaser and the Company. 
  
 11. Miscellaneous. 
  
 (a) A person or entity is deemed to be a holder of Registrable Securities whenever such person or entity owns of record such Registrable
Securities or Notes convertible into such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more persons or entities with respect to the same Registrable Securities, the Company shall act upon
the basis of the instructions, notice or election received from the registered owner of such Registrable Securities or Notes. 
  
 (b) Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be effective upon
personal delivery, via facsimile (upon receipt of confirmation of error-free transmission) or two business days following deposit of such notice with an internationally recognized courier service, with postage prepaid and addressed to each of the
other parties thereunto entitled at (i) if to the Company, to the address set forth below in this Section 11(b), or (ii) if to a Purchaser, to the address set forth below such Purchaser’s name on the signature page below, or (iii) at such other
addresses as a party may designate by ten (10) days advance written notice to each of the other parties hereto. 
  

	COMPANY:	  	 Acclaim Entertainment, Inc.
 One Acclaim
Plaza
 Glen Cove, New York 11542
 Attention: Mr. Gerard
Agoglia
                  Chief Financial Officer
 Tel.: (516) 656-5000
 Fax: (516) 656-2039

	 	  	 
	 	  	With copies to:
	 	  	 
	 	  	 Acclaim Entertainment, Inc.
 One Acclaim
Plaza
 Glen Cove, New York 11542
 Attention: Edward M. Slezak,
Esq.
                  Corporate Counsel
 Tel.: (516) 656-2234
 Fax: (516) 656-2039

 (c) Failure of any party to exercise any right or remedy under this Agreement or
otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof. 
  
 (d) This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York, without giving effect to
conflicts of laws issues. Each of the parties agrees to the jurisdiction of the federal courts whose districts encompass any part of the City of New York or the state courts of the State of New York sitting in the City of New York in connection with
any dispute arising under this Agreement and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens, to the bringing of any such proceeding in such jurisdictions. This
Agreement may be signed in two or more counterparts, each of which shall be deemed an original. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. If any
provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such validity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement or the validity or enforceability of this
Agreement in any other jurisdiction. Subject to the provisions of Section 10 hereof, this Agreement may be amended only by an instrument in writing signed by the party to be charged with enforcement. 
  
 (e) This Agreement, together with the other Transaction
Documents, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof. This Agreement supersedes all prior agreements and understandings among the parties hereto with respect to the subject matter hereof.

  
 (f) Subject to the requirements of Section 9
hereof, this Agreement shall inure for the benefit of and be binding upon the successors and assigns of each of the parties hereto. 
  
 (g) All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context may require.

  
 (h) The Company acknowledges that any failure
by the Company to perform its obligations under Section 2, or any delay in such performance could result in direct and indirect damages to the Purchasers, and the Company agrees that, in addition to any other liability the Company may have by reason
of any such failure or delay, the Company shall be liable for all direct and consequential damages caused by any such failure or delay. Nothing herein shall limit each Purchaser’s right to pursue any claim seeking such direct or consequential
damages. 
  

 IN WITNESS WHEREOF, this Registration Rights Agreement has been duly executed by the undersigned
on the date first written above. 
  

	 ACCLAIM ENTERTAINMENT, INC.

		
	 By:
	 	 
	 	

	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	 
	 	

	 Name:
	 	 
	 Title:
	 	 
	 	 	 
	 Address:

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