Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Uranerz Energy Corporation - Exhibit 10.20

AMENDMENT AGREEMENT #1 

THIS AMENDMENT AGREEMENT is made as of the
1st day of January, 2007 

	BETWEEN: 	
      SENATE CAPITAL GROUP INC., a company incorporated
      under the laws of British Columbia and having its head office at Suite
      1410 – 800 West Pender Street, Vancouver, B.C., V6C 2V6; 

	  	  
	  	(herein called “Senate”)
  

OF THE FIRST PART 

	
      AND: 
	
      Uranerz Energy Corporation, a company having an
      office at Suite 1410, 800 West Pender Street, Vancouver, B.C., V6C 2V6;
      

	  	  
	  	(herein called “Uranerz”)
  

OF THE SECOND PART 

WHEREAS: 

	A. 	
      The parties entered into an Office and Administration
      Services Agreement dated the 1st day of September, 2005 (the
      “Agreement”) whereby Senate will continue to perform office and
      administration services to the Company as defined in the Agreement;
    and

	 	 
	B. 	
      The parties now wish to amend the
  Agreement;

NOW THEREFORE THIS AMENDMENT AGREEMENT WITNESSES that the
Agreement is amended as follows: 

	1. 	
      By the deletion of Clause #2 of the Agreement in its
      entirety and the substitution therefor of the
following:

2.     
 In consideration of Senate providing the above-mentioned services, Uranerz
agrees to pay Senate $ 15,500 CDN per month, and reimburse Senate at cost for
investor relations, and financial and legal personnel hired to provide such
services to Uranerz, plus any proportionate increase in rent and operating costs
during the Term, and plus GST, payable in advance on the 1st day of each month.

	2. 	
      The parties hereby ratify and confirm the Agreement in
      all other respects.

IN WITNESS WHEREOF the Parties hereto have duly executed
this Agreement effective as of the 1st day of January, 2007. 

 

Senate Capital Group Inc. 

Per:
_______________________________________
         
Authorized Signatory 

 

 

Uranerz Energy Corporation 

Per:
_______________________________________
         
Authorized SignatoryFiled by Automated Filing Services Inc. (604) 609-0244 - Park Place Energy Inc. - Exhibit 10.1

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE “ACT”), AND ARE PROPOSED TO BE ISSUED IN
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. UPON ANY SALE, SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.

THIS DEBT SETTLEMENT AGREEMENT (hereinafter referred to as the
"Agreement"), dated as of August 8, 2007, is entered into by and among
1284810 Alberta Ltd., a private corporation existing under the laws of the
Province of Alberta (the "Lender"), Park Place Energy Corp.(“Park
Place”), a Nevada corporation whose shares are publicly traded on the
National Association of Securities Dealers’ Over the Counter Bulletin Board
Service (NASD OTC:BB) under the trading symbol PRPL.OB, and Park Place Energy
Inc., a wholly-owned British Columbia subsidiary of Park Place (the
"Debtor").

WHEREAS, the Lender is the assignee under an assignment
of loan agreement with an effective date of June 15, 2007 of a debt in the
principal amount of CDN$400,000, converted into US$377,358 at the Bank of Canada
exchange rate on August 9, 2007 of US$1.00/Cdn$ 1.06 (the
“Indebtedness”), pursuant to a promissory note dated March 9, 2207
between David Stadnyk as lender and the Debtor as borrower;

AND WHEREAS, the Debtor, the Lender and Park Place
desire to resolve the debt between the Debtor and the Lender and to fully and
finally settle the subject matter of the aforementioned debt and all claims that
could be made in connection therewith.

NOW THEREFORE, in consideration of the mutual promises
and covenants contained herein, the parties agree as follows:

1. SETTLEMENT AMOUNT. As repayment in full of the Indebtedness
Park Place will issue to the Lender an aggregate of 754,716 units (the
“Units”) in the capital stock of Park Place at a deemed price of US$0.50,
with each Unit comprised of one common share in the capital stock of Park Place
and one share purchase warrant (the “Warrants” and together with the
common shares comprising the Units, the “Securities”) to acquire one
common share in the capital stock of Park Place for a period of two years from
the date of issuance (the “Exercise Period”), at an exercise price of
US$0.50 per share during the first year of the Exercise Period and at a price of
US$0.75 per share during the second year of the Exercise Period

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2. LENDER’S STATUS AND REG S REPRESENTATIONS. The Lender
represents and warrants to Park Place that the Lender is not a “U.S. Person” as
defined by Regulation S of the Act and is not acquiring the Units for the
account or benefit of a U.S. Person. The Lender represents and warrants that the
Lender was not in the United States at the time of the offering of the Units in
consideration of the settlement of the Indebtedness or at the time that this
Agreement was executed. The Lender acknowledges that the offering of the Units
by Park Place has not been reviewed by the SEC. The Lender acknowledges that the
Securities will be issued to the Lender in accordance with Regulation S under
the Act, and that the Securities will be “restricted securities” within the
meaning of the Act in that they are being offered by Park Place in a transaction
not involving a public offering, and that as such, under the Act and applicable
regulations the Securities may be resold without registration under the Act only
in certain limited circumstances. In this regard, the Lender agrees to resell
the Securities only in accordance with the provisions of Regulation S of the
Act, pursuant to registration under the Act, or pursuant to an available
exemption from registration under the Act. The Lender agrees not to engage in
hedging transactions with regard to the Securities unless in compliance with the
Act. The Lender acknowledges and agrees that Park Place will refuse to register
any transfer of the Securities not made in accordance with the provisions of
Regulation S of the Act, pursuant to registration under the Act, pursuant to an
available exemption from registration, or pursuant to this Agreement. The
Securities (and any shares issuable upon exercise of the Warrants) will be
restricted shares and will bear the appropriate restrictive legend. However,
Park Place will provide the Lender the registration rights with respect to the
Securities provided for in Section 5 of this Agreement. In order to confirm
compliance with exemptions from the registration requirements of the Act and
other applicable securities laws, the Lender will, as a condition of issuance of
the Securities in the name of the Lender, execute and deliver to Park Place a
form of subscription agreement satisfactory to Park Place and its counsel,
acting reasonably.

3. RELEASE BY LENDER. Upon issuance of the Securities in the
name of the Lender, the Indebtedness will be deemed to have been repaid in full
by the Debtor and the Lender does hereby fully and forever remise, release and
discharge, and by these presents, does for its agents, servants, past, present
or future officers, shareholders, directors, employees, attorneys,
representatives, parents, subsidiaries, subdivision, affiliated or related
entities, affiliates, executors, administrators, predecessors, successors and
assigns, remise, release and discharge the Debtor and Park Place and any of
their agents, servants, past, present or future officers, shareholders,
directors, employees, attorneys, representatives, parents, subsidiaries,
subdivision, affiliated or related entities, affiliates, executors,
administrators, predecessors, successors and assigns, from any and all actions,
causes of action, suits, debts, dues, sums of money, interest, penalties,
accounts, reckonings, bonds, bills, specialties, covenants, contracts,
controversies, agreements, promises, variances, trespasses, damages, judgments,
extents, executions, claims and demands whatsoever in law or in equity, under
federal or state constitutions, statutes, laws, ordinances or regulations, or
under common law, whether known or unknown, foreseen or unforeseen, which the
Lender ever had, has or could have against the Debtor or Park Place in
connection with the subject matter relating to the Indebtedness, but does not
release the Debtor and Park Place from claims arising from a breach of this
Agreement.

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4. RELEASE BY THE DEBTOR AND PARK PLACE. For and in
consideration of the release set forth above and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by
the Debtor and Park Place, the Debtor and Park Place do hereby jointly and
severally fully and forever remise, release and discharge, and by these
presents, do for their respective agents, servants, past, present or future
officers, shareholders, directors, employees, attorneys, representatives,
parents, subsidiaries, subdivision, affiliated or related entities, affiliates,
executors, administrators, predecessors, successors and assigns, remise, release
and discharge, the Lender and any of its agents, servants, past, present or
future officers, shareholders, directors, employees, attorneys, representatives,
parents, subsidiaries, subdivision, affiliated or related entities, affiliates,
executors, administrators, predecessors, successors and assigns, from any and
all actions, causes of action, suits, debts, dues, sums of money, accounts,
reckonings, bonds, bills, specialties, covenants, contracts, controversies,
agreements, promises, variances, trespasses, damages, judgments, extents,
executions, claims and demands whatsoever in law or in equity, under federal or
state constitutions, statutes, laws, ordinances or regulations, or under common
law, whether known or unknown, foreseen or unforeseen, which the Debtor and Park
Place ever had, has or could have against the Lender in connection with the
subject matter relating to the aforementioned dispute, but does not release the
Lender from claims arising from a breach of this Agreement or the subscription
agreement to be entered into in respect of the Units.

5. EFFECTIVE TIME OF RELEASES. The releases described above
shall become effective immediately upon the delivery by the Debtor and Park
Place to the Lender of the Securities registered in the name of the Lender.

6. EXISTENCE AND RIGHTS. The Debtor is a corporation duly
amalgamated, validly existing and in good standing under the laws of the
Province of British Columbia. Park Place is a corporation duly organized,
validly existing and in good standing under the laws of the State of Nevada.
Park Place and the Debtor have all requisite corporate power and authority to
carry on their respective business and to own and use the properties owned and
used by each of them. Park Place and the Debtor are qualified to conduct
business and are in good standing under the laws of each jurisdiction wherein
the nature of their respective business or their ownership of property requires
either of them to be so qualified, except where the failure to be so qualified,
would not individually or in the aggregate, have a material adverse effect on
the respective assets or business of Park Place and the Debtor. 

7. CORPORATE AUTHORIZATION. The Debtor and Park Place have
taken or will take all corporate action, necessary to execute, deliver and
perform this Agreement. 

8. NO CONFLICT. The execution, delivery and performance of this
Agreement and of the related documents by the Debtor and Park Place will not
violate any provision of their respective constating documents; or violate any
law or rule or regulation of any administrative agency or governmental body; or
any order, writ, injunction or decree of any court, arbiter, administrative
agency or governmental authority having jurisdiction over either of them; or
violate any indenture, mortgage, 

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contract, will, agreement or other undertaking to which either
of them is a party or is subject, or result in the creation or imposition of any
lien or encumbrance on any of the properties of the Debtor or Park Place under
any of the foregoing.

9. NOTICES. Any notice or other communication required or
permitted hereunder shall be deemed given if in writing and delivered
personally, telegraphed, telexed, sent by facsimile transmission or sent by
certified, registered or express mail, postage prepaid. Any such notice shall be
deemed given when so delivered personally or sent by overnight air courier or
facsimile transmission or, if mailed, two days after the date of mailing, as
follows:

If to the Debtor or Park
Place:
Suite 1220
666 Burrard Street
Vancouver, BC V6C 2X8
Attention
: President

If to the Lender:
3238 Karley
Crescent
Coquitlam, BC V3E 3E9
Attention : President

10. LAW GOVERNING AGREEMENT. This Agreement is made and entered
into and is to be at least partially performed in Vancouver, British Columbia.
It shall be interpreted, construed and enforced and its construction and
performance shall be governed by the laws of the Province of British Columbia
applicable to Agreements made and to be performed entirely within such Province
without regard to principles of conflicts of laws, except to the extent that
Canadian federal and U.S. federal law may apply.

11. This Agreement may be executed in any number of
counterparts and by facsimile, each of which shall be enforceable against the
parties actually executing such counterparts, and all of which together shall
constitute one instrument.

IN WITNESS WHEREOF, the undersigned have executed this
Agreement on the date first set forth hereinabove, as evidenced by their
respective signatures below.

	/s/ David
    Stadnyk	 	August 13, 2007 
	Park Place Energy Inc. 	 	Date 

4

	/s/ David
    Stadnyk	 	August 13, 2007 
	Park Place Energy Inc. 	 	Date 

	/s/ David Lane	 	August 14, 2007 
	Park Place Energy Inc. 	 	Date 

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