Document:

THIS AGREEMENT is made and dated for reference January 15, 2008

THIS
AGREEMENT is made and dated for reference January 15, 2008

BETWEEN:

UTAH URANIUM CORP., a Nevada company, having an office at
Unit B-9, 11850 South Hwy 191, Moab, UT 84532, USA;

(the "Optionor")

AND:

CONSOLIDATED ABADDON RESOURCES INC., a British Columbia
company, having an office at #2230 – 885 West Georgia Street, Vancouver, British
Columbia, V6E 3E8;

(the "Optionee")

W H
E R E A S :

A.

The Optionor holds an option to purchase a one hundred per cent
(100%) interest in a total of twenty three  (23) claim blocks
consisting of  460 acres located near Hanksville, in the State of Utah,
USA, known as the “Wild Claims”, more particularly described in Schedule
“A” attached hereto (the “Property”) pursuant to an Option Agreement (the
“Underlying Option Agreement”) dated January 14, 2008 between the
Optionor and Christain E. Murer (“Murer”);

B.

The Optionor has agreed to grant and the Optionee wishes to
acquire the right to earn up to a sixty percent (60%) interest in and to
the Property (sixty [60%] per cent of the Optionor’s one hundred
[100%] percent interest) upon and subject to the terms and condition herein
contained; 

NOW
THEREFORE in consideration of the premises and of the mutual covenants,
conditions and provisos herein contained, the parties hereto agree as
follows:

WORKING OPTION

.

The Optionee and its employees and agents and any person duly
authorized by the Optionee shall have the sole and exclusive right and option
subject to the provisions of paragraph 9(b) to:

(a)

Enter upon the Property;

(b)

Have exclusive and quiet possession thereof;

(c)

Do such prospecting, exploration, development or other mining work
thereon and thereunder as the Optionee in its sole discretion may consider
advisable;

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2  -

(d)

Bring upon and erect upon the Property such mining facilities as
the Optionee may consider advisable;

(e)

Remove from the Property reasonable quantities of any mineral
products derived therefrom, for the purpose of obtaining assays or making other
tests.

The
right and option given and granted under this paragraph 1 is hereinafter called
the "Working Option".

OPTION PAYMENTS AND COMMITMENTS

.

In order to maintain the Working Option in good standing and to
earn the interests in the Property hereinafter provided for, the Optionee must
undertake a work commitment on the Property, pay the sum of $75,000 to the
Optionor and assume sixty (60%) per cent  ($120,000) of the
remaining cash obligations required to be paid to Murer under the terms of the
Underlying Option Agreement and issue shares to the Optionor as follows:

(a)

Share Issuance

(i)

One hundred fifty thousand (150,000) fully paid and
non-assessable common shares to the Optionor on or before January 15, 2009;

(ii)

One hundred fifty thousand (150,000)  fully paid and
non-assessable common shares to the Optionor on or before January 15, 2010.

(b)

Work Commitment 

The Optionee shall incur Six Hundred Thousand ($600,000.00)
Dollars of exploration expenditures on the Property as follows:

(i)

fully finance a work program, budgeted and agreed to by the
Optionee’s geologist, in the amount not to exceed three hundred thousand
($300,000) dollars to commence prior to June 1, 2008.  Upon
completion of the work program the Optionee shall have earned a right to acquire
a fifty (50%) percent interest in the Property;

(ii)

an additional three hundred thousand ($300,000) dollars on
or before December 31, 2008.  Upon completion of the work program
the Optionee shall have earned a right to acquire a further (10%) percent
interest in the Property.

(c)

Cash Contributions

(i)

On the date that this Option Agreement is accepted for filing by
the TSX Venture Exchange (“TSX”) (the “Approval Date”), the
Optionee shall pay the Optionor the sum of seventy five thousand dollars
($75,000);

(ii)

The Optionee shall assume and pay sixty (60%) percent of
the remaining cash payment obligations required to be paid to Murer of one
hundred 

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3  -

twenty thousand dollars [$120,000.00] under the terms of
the Underlying Option Agreement.  It is acknowledged that the Optionor
shall be responsible for making all share issuances required to be made to Murer
under the terms of the Underlying Option Agreement.

(iii)

Pay 60% of the Bureau of Land Management (“BLM”) annual fees
associated with the Property, due and payable prior to September 1, 2008 and
thereafter the Optionee shall pay its proportionate share of all BLM annual
fees.

For the
purpose of this Option Agreement, "exploration expenditures" means all
expenses paid for or incurred by the Optionee with respect to the exploration
and development of the Property including, without limiting the generality of
the foregoing:

(i)

expenses paid for or incurred in connection with any program of
surface or underground prospecting, exploring, geological, geophysical and
geochemical surveying, diamond drilling and drifting, raising and other
underground work, assaying and metallurgical testing, conducting feasibility
studies, environmental studies, submissions to government agencies with respect
to production permits and other expenses ordinarily incurred in prospecting,
exploring or developing mining lands; equipping the Property for commercial
production, including a provision for working capital; plus

(ii)

10% of the cost of non-contract work and ten (10%) per cent of the
cost of contract work paid for or incurred by the Optionee with respect to all
exploration expenditures to cover all office administration costs and head
office supervision costs.

ACQUISITION OF INTEREST

.          
(a)       Upon the completion by the Optionee of
the issuance of the five hundred and twenty thousand (520,000) shares and the
completion of the work commitment set out in paragraph 2, the Optionee shall
have earned a sixty (60%) per cent interest (sixty [60%] per cent of the
Optionor’s one hundred [100%] per cent interest) in and to the Property, subject
only to the royalty interest reserved to Murer under the Underlying Option
Agreement and described in paragraph 4 hereof;

(b)

From the date of acquisition by the Optionee of a sixty (60%) per
cent interest in the Property, the parties shall bear the cost of further
exploration and development in proportion to their respective interest in the
Property on a joint venture basis in accordance with the terms of the joint
venture operating agreement, a copy of which is attached hereto as Schedule
“B”.

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4  -

ROYALTY INTEREST UNDER THE UNDERLYING AGREEMENT

4.

The Optionee acknowledges that the Property is subject to a
royalty payable to Murer pursuant to the terms of the Underlying Option
Agreement equal to a four percent (4%) royalty payment on uranium U308 and a two
(2%) per cent royalty on vanadium.  The Underlying Option Agreement grants
to the Optionor the right at any time to purchase two percent (2%) of the
uranium royalty for the sum of three million ($3,000,000.00) Dollars,
following which Muren would hold a two (2%) per cent uranium royalty over the
Property.  The Optionor agrees with the Optionee that it will hold this
right for the benefit of the Optionee, PROVIDED THAT the Optionee acknowledges
that it will be responsible for paying its pro rata  portion of any
such royalty purchase.

OPERATOR

5.

(a)

The Optionor is hereby appointed as the operator for the purpose
of carrying out work and incurring exploration expenditures on the Property.
 All such work and expenditures shall be completed in accordance with a
work program prepared by the Optionor in consultation with the Optionee.

(b)

The operator shall conduct, direct, supervise and control all
exploration work on the Property, and without limiting the generality of the
foregoing, the operator shall have the following specific rights, duties and
obligations:

(i)

The operator shall prepare and submit for approval by the Optionor
 all work plans and budgets and any supplemental work plans and budgets
representing significant changes or departures from previously approved work
plans and budgets;

(ii) 

The operator shall conduct all operations on Property in a prudent
and miner-like manner and in accordance with each approved work plan and
budget;

(iii)

The operator shall be responsible for compliance with all
applicable laws and regulations applicable to the completion of the work on the
Property;

(iv)

The operator shall maintain all books and records concerning
exploration work on the Property in accordance with standard accounting
practices, and shall, within sixty (60) days of the completion of any option
period referred to in this Agreement provide to the Optionor an accounting
summary and progress report of work done on the Property;

(v)

The Optionee shall have access to and the right to inspect, copy
and audit the operator's books, records and invoices pertaining to any matter of
accounting relating to the Property; and

(vi)

The operator shall have the right to retain such professionals and
technical consultants as the operator, in its discretion, determines are
necessary to conduct exploration on the Property.

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5  -

TERMINATION OF WORKING OPTION

6.

(a)

This Agreement and the Working Option granted hereunder shall be
terminable by the Optionor by notice in writing to the Optionee in any of the
following events:

(i)

If the Optionee should be in default in performing any of its
obligations hereunder and has failed to take reasonable steps to cure such
default within sixty 60) days after giving of a notice of default by the
Optionor;

(ii)

If the Optionee has not obtained the regulatory approval provided
for in paragraph 25 within the time limitation therein specified.

(b)

Upon termination of this Agreement by the Optionor the provisions
of paragraph 11 shall apply.

NO
PRODUCTION OBLIGATION

7.

The Optionee shall be under no obligation whatever to place the
Property into production.

RIGHT OF FIRST REFUSAL

8.

If either party (the “Offeror”) receives a bona fide
offer in writing to sell, transfer or assign all or any portion of its interest
in the Property or in this Agreement from a third par6ty which is at arm’s
length to the Offeror, the Offeror shall first deliver notice in writing to the
other party hereto, giving particulars of its proposed disposition of its
interest and a true copy of the offer from the third party.  The other
party shall have the right to acquire the interest of the Offeror which is the
subject of the proposed disposition upon the same terms and conditions as those
set forth in the offer from the third party, which option is exercisable upon
thirty (30) days’; notice in writing to the disposing party.  The
completion of the purchase and sale arising from the exercise of such option
shall be completed in accordance with the terms of the offer.  If the
option is not exercise, the Offeror shall be entitled to dispose of its interest
to the third party, upon terms not more favourable than those set out in the
third party’s offer, for a period of ninety (90) days, failing which the Offeror
shall be required again to comply with the provisions of this paragraph 8 before
selling its interest.

COVENANTS OF THE OPTIONEE

9.

During the currency of this Agreement, the Optionee shall:

(a)

Permit the Optionor, or its representative, duly authorized by it
in writing, at its own risk and expense, access to the Property at all
reasonable times and to all records prepared by the Optionee in connection with
work done on or with respect to the Property, PROVIDED the Optionor shall not,
without the prior written consent of the Optionee, such consent not to be
unreasonably withheld, disclose any information obtained by it or communicated
to it, to any third party except as may be required by regulatory bodies having
jurisdiction;

(b)

Keep the Property clear of liens and other charges arising from
its operations, and keep the Optionor indemnified in respect thereof;

(c)

Carry on all operations on the Property in a good and miner-like
manner and in compliance with all applicable governmental regulations and
restrictions including (without limitation) regulations relating to Worker's
Compensation; and

(d)

Pay or cause to be paid any rates, taxes, duties, royalties,
assessments or fees levied with respect to the Property or the Optionee's
operations thereon;

COVENANTS OF THE OPTIONOR

10.

The Optionor covenants with and represents and warrants to the
Optionee that:

(a)

Keep the Property in good standing by doing and filing of
assessment work or by making payments in lieu thereof, and by the doing of all
other acts and things and making all other payments, including mineral land
taxes, which may be necessary in that regard;

 (b)

it legally holds the right to acquire a one hundred percent (100%)
per cent interest in and to the Property, and the Underlying Option Agreement is
in good standing, the Optionor is not in default of any of its obligations
thereunder, and the party which granted the Option to the Optionor is the only
party legally entitled to do so.;

(c)

The mineral claims comprising the Property have been duly and
validly issued and recorded in accordance with the applicable laws of
Utah and are valid and subsisting mineral claims as of the date of
execution and delivery of this Agreement;

(d)

The Property is in good standing, free and clear of all liens,
charges and encumbrances and is not subject to any right, claim or interest of
any other person, except in accordance with the terms of the Underlying Option
Agreement;

(e)

The Optionor has the exclusive right and authority to enter into
this Agreement and to dispose of the Property in accordance with the terms
hereof, and that no other person, firm or corporation has any proprietary or
other interest in the same;

(f)

It shall keep the Underlying Option Agreement in good standing and
shall not default in its obligations thereunder and shall not modify or
surrender the Underlying Option Agreement without the prior, written consent of
the Optionee.

TERMINATION PRIOR TO ACQUISITION OF PROPERTY

11.

If this Agreement is terminated, the Optionee shall:

(a)

Quit Claim all interest in the Property to the Optionor, and
re-transfer to the Optionor at no cost to the Optionor all of the Optionee's
right, title and interest in the

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6  -

Property, free and clear of all liens and encumbrances, and in
good standing with respect to the performance of assessment work; 

(b)

Deliver to the Optionor copies of all reports, maps, drill logs, a
written reassignment of all claims, assay results and any other relevant
technical data, in written and electronic form, compiled by the Optionee with
respect to the Property;

(c)

Remove from the Property within twelve (12) months from the
effective date of termination all mining facilities erected, installed or
brought upon the Property by or at the instance of the Optionee, and any mining
facilities remaining on the Property after the expiration of the said period
shall, without compensation to the Optionee, become the property of the
Optionor; and

(d)

Pay to the Optionor the full amount of any of the option payments
set out in paragraph 2 that have accrued due prior to the date of
termination and have not been paid.

ADDITIONAL TERMINATION

12.

In addition to any other termination provisions contained in this
Agreement, the Optionee shall at any time have the right to terminate this
Agreement without liability  therefor by giving thirty (30) days written
notice of such termination to the Optionor, and in the event of such termination
this Agreement, save and except for the provisions of paragraph 11
hereof, and subject to the obligations of the Optionee arising from termination,
shall be of no further force and effect.

FORCE MAJEURE

13.

If the Optionee is prevented or delayed in complying with any
provisions of this Agreement by reason of strikes, lockouts, labour shortages,
power shortages, fires, wars, acts of God, governmental regulations restricting
normal operations or any other reason or reasons beyond the control of the
Optionee, the time limited for the performance of the various provisions of this
Agreement as set out above shall be extended by a period of time equal in length
to the period of such prevention and delay.  The Optionee, insofar as is
possible, shall promptly give written notice to the Optionor of the particulars
of the reasons for any prevention or delay under this paragraph, and shall take
all reasonable steps to remove the cause of such prevention or delay and shall
give written notice to the Optionor as soon as such cause ceases to subsist.

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7  -

DEFAULT

14.

Notwithstanding anything in this Agreement to the contrary, if the
Optionee should be in default in performing any requirements herein set forth
(except for the requirement to make the option payments set out in paragraph
2 in a timely manner), the Optionor shall give written notice to the
Optionee specifying the default, and the Optionee shall not lose any rights
granted under this Agreement, unless, within sixty (60) days after the giving of
a notice of default by the Optionor, the Optionee has failed to take reasonable
steps to cure the default by the appropriate payment or performance, (the
Optionee hereby agreeing that should it so commence to cure any defect it will
prosecute the same to completion without undue delay); and if the Optionee fails
to take reasonable steps to cure any such default, the Optionor shall be
entitled thereafter to terminate this Agreement and the provisions of
paragraph 12 shall then be applicable, and to seek any remedy it may have
on account of such default.

NOTICE

15.

Any notice required to be given under this Agreement shall be
deemed to be well and sufficiently given if delivered or if mailed by registered
mail in Canada (save and except during the period of any interruption in the
normal postal service within Canada) or sent by prepaid telegram, in the case of
the Optionor addressed as follows:

Utah Uranium Corp.

c/o 1128 – 789 West Pender St.

Vancouver, BC V6C 1H2

Attention:  The President

Tel: 604-669-9330

and in
the case of the Optionee addressed as follows:

Consolidated Abaddon Resources Inc.

#2230 – 885 West Georgia  Street

Vancouver, B.C. 

V6E 3E8

Attention:  The President

Tel: 604-687-3376

OPTION ONLY

16.

This is an option only and except as specifically provided
otherwise, nothing herein contained shall be construed as obligating the
Optionee to do any acts or make any payments hereunder and any act or acts, or
payment or payments as shall be made hereunder shall not be construed as
obligating the Optionee to do any further act or make any further payment.
 If this Agreement is terminated the Optionee shall not be bound thereafter
in debt, damages or otherwise under this Agreement save and except as provided
for in paragraph 11 and with respect to obligations arising from termination;
and all payments theretofore paid by the Optionee shall be retained by the
Optionor in consideration for entering into this Agreement and for the
rights

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8  -

conferred on the Optionee thereby.

PAYMENTS

17.

Any payments to the Optionor which the Optionee may make under the
terms of this Agreement shall be in US funds and shall be deemed to have been
well and sufficiently made in a timely manner if cheques drawn on a US chartered
bank, payable to the Optionor are mailed to the Optionor at the address
stipulated for receiving notices hereunder by prepaid registered mail from a
point in Canada on or before the date such payment is made.

FURTHER ASSURANCES

18.

The parties hereto agree to execute all such further or other
assurances and documents and to do or cause to be done all acts or things
necessary to implement and carry into effect the provisions and intent of this
Agreement.

TIME
OF ESSENCE

19.

Time shall be of the essence of this Agreement.

TITLES

20.

The titles to the respective paragraphs hereof shall not be deemed
as part of this Agreement but shall be regarded as having been used for
convenience only.

SUCCESSORS AND ASSIGNS

21.

This Agreement shall ensure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns.

ARBITRATION

22.

If any question, difference or dispute shall arise between the
parties or any of them in respect of any matter arising under this Agreement
(other than the payment of the option payments provided for in paragraph
2) or in relation to the construction hereof the same shall be determined by
the award of three arbitrators to be named as follows:

(a)

the party or parties sharing one side of the dispute shall name an
arbitrator and give notice thereof to the party or parties sharing the other
side of the dispute;

(b)

the party or parties sharing the other side of the dispute shall,
within fourteen (14) days of receipt of the notice, name an arbitrator; and

(c)

the two arbitrators so named shall, within fifteen (15) days of
the naming of the latter of them, select a third arbitrator.

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9  -

The
decision of the majority of these arbitrators shall be made within thirty (30)
days after the selection of the latter of them.  The expense of the
arbitration shall be borne equally by the parties to the dispute.  If the
parties on either side of the dispute fail to name their arbitrator within the
time limited or to proceed with the arbitration, the arbitrator named may decide
the question.  The arbitration shall be conducted in accordance with the
provisions of the Arbitration Act of the Province of British Columbia, and the
decision of the arbitrator or a majority of the arbitrators, as the case may be,
shall be conclusive and binding upon all the parties.

GOVERNING LAW

23.

This Agreement shall be governed by and interpreted in accordance
with the laws of British Columbia.

PRIOR AGREEMENTS

24.

This Agreement supersedes and replaces all prior agreements
between the parties hereto with respect to the Property, which said prior
agreements shall be deemed to be null and void upon the execution hereof.

REGULATORY APPROVAL

25.

This Agreement shall be subject to the approval of the TSX Venture
Exchange.  The Optionee will use its best efforts to obtain such approval,
and if such approval has not been obtained on or before ninety (90) days from
the date hereof, this agreement shall be terminated by the Optionor on written
notice to the Optionee.

AREA
OF INTEREST

26.

The parties hereto agree that any claims which may be staked
within the area which is two (2) kilometres of the outside perimeter of the
mineral claims comprising the Property listed in Schedule "A" to this Option
Agreement are to be held for the benefit of the parties to this Option Agreement
in their respective percentage interests as they appear from time to time.

CONFIDENTIALITY

27.

(a)

The Parties agree that all information they may receive as a
result of or in connection with the expenditures carried out under the
provisions of this Agreement shall be the exclusive property of the Parties,
shall be classified as secret and treated as proprietary and shall not be shared
or traded with others without the prior consent of the Parties.
 Notwithstanding the foregoing, any Party may at any time and without
consent of the other, share all or any part of such information with:

(i)

an Affiliate; 

(ii)

governments or agencies thereof or other regulatory authorities
having jurisdiction (including stock exchanges), in accordance with the 

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10  -

requirements thereof; 

(iii)

with shareholders and the public in accordance with any timely
disclosure or other reporting Regulations or policies from time to time in
force.

(b)

Each Party agrees that it shall observe the restrictions contained
in paragraph 27(a) not only while it shall be a party hereto, but also
for a period of two (2) years thereafter.

(c)

All news releases or public announcements respecting any aspect of
this Agreement or respecting the Property made by any Party shall, where
practicable, be first approved as to contents by the other Party.

IN
WITNESS WHEREOF the parties hereto have hereunto executed these presents as of
the day and year first above written.

			
	
THE CORPORATE
SEAL OF UTAH URANIUM CORP.

was
hereunto affixed in the presence of:

Authorized
Signatory

Authorized Signatory
	
)
)
)
)
)
)
)

)
	

c/s

			
	
 
	
 
	
 

	
THE CORPORATE
SEAL OF CONSOLIDATED ABADDON RESOURCES LTD.

was
hereunto affixed in the presence of:

Authorized
Signatory

Authorized Signatory
	
)
)
)
)
)
)
)

)
	

c/s

- A1  -

SCHEDULE ‘A’

Referred to in the Option Agreement dated for Reference
 January 15, 2008

and
made between  Utah Uranium Corp. (“Utah”) 

and
Consolidated Abaddon Resources Inc.("Consolidated Abaddon")

MINERAL CLAIMS

Wild
32, 34, 61, 63, 76-84, 97-100, 122-131, registered with U.S. B.L.M. as UMC395533
– UMC395555

Emery
County, Utah, USA. (See attached).

- A2  -Filed by Automated Filing Services Inc. (604) 609-0244 - Pantera Petroleum Inc. - Exhibit 10.1

EQUITY FINANCING AGREEMENT

EQUITY FINANCING AGREEMENT (this "Agreement"), dated as of
February 12, 2008, between PANTERA PETROLEUM INC., a Nevada corporation (the
"Company"), and FTS FINANCIAL INVESTMENTS LTD., a corporation organized under
the laws of Switzerland (the "Investor").

W I T N E S S E T H:

WHEREAS, the parties desire that, upon the terms and subject to
the conditions contained herein, the Company may issue and sell to the Investor
from time to time as provided herein, and the Investor shall purchase from the
Company, shares of Common Stock for an aggregate purchase price up to
$10,000,000 on a private placement basis in an offshore transaction with a
non-U.S. Person (as that term is defined in Rule 902 of Regulation S under the
Securities Act (defined herein)) in reliance upon Regulation S and/or Section
4(2) of the Securities Act.

NOW THEREFORE, in consideration of the premises,
representations, warranties, covenants and agreements contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, intending to be legally bound hereby, the parties hereto
agree as follows:

ARTICLE I – DEFINITIONS AND INTERPRETATION

SECTION 1.01. DEFINITIONS AND INTERPRETATION.

(a) Certain Definitions. For purposes of this Agreement,
capitalized terms used herein and not otherwise defined shall have the following
respective meanings:

"Affiliate" of a Person means another
Person that directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such
first-mentioned Person. The term "control" (including the terms "controlling,"
"controlled by" and "under common control with") means the possession, direct or
indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by
contract or otherwise.

"Bloomberg Financial" shall mean
Bloomberg Financial Markets or an equivalent reliable reporting service
acceptable to and hereafter designated by the Investor.

"Capital Stock" means, with respect to
any Person, any and all shares, interests, participations or other equivalents
(however designated) of corporate stock, including each class of common stock
and preferred stock, of such Person.

"Closing" shall have the meaning set
forth in Section 2.02(a) .

"Closing Date" shall mean the date on
which the Closing occurs.

- 2 -

"Commission" means the United States
Securities and Exchange Commission.

"Commitment Period" shall mean the
period expiring on the earliest to occur of (x) the date on which the Investor
shall have purchased Draw Down Shares pursuant to this Agreement for an
aggregate purchase price of $10,000,000, (y) the date this Agreement is
terminated pursuant to Article VII and (z) the date occurring twenty-four (24)
months from the date hereof.

"Common Stock" shall mean the Company's
Common Stock, $0.001 par value per share.

"Common Shares" shall mean shares of
the Company's Common Stock issued or issuable pursuant to this Agreement.

"Draw Down" shall mean each occasion
the Company elects to exercise its right to deliver a Draw Down Notice requiring
the Investor to purchase the Common Shares as specified in such Draw Down
Notice, subject to the terms and conditions of this Agreement.

"Draw Down Cancellation" shall have the
meaning set forth in Section 6.04(a) . "Draw Down Cancellation Date" shall have
the meaning set forth in Section 6.04(a) . "Draw Down Cancellation Notice" shall
have the meaning set forth in Section 6.04(a) .

"Draw Down Date" shall mean any Trading
Day during the Commitment Period that a Draw Down Notice to sell Common Stock to
the Investor is deemed delivered pursuant to Section 2.03(b) hereof.

"Draw Down Notice" shall mean a written
notice to the Investor delivered in accordance with this Agreement in the form
attached hereto as Exhibit A setting forth the Investment Amount that the
Company intends to sell to the Investor pursuant to such Draw Down and the Floor
Price applicable to such Draw Down.

"Draw Down Shares" shall mean all
shares of Common Stock issued or issuable pursuant to a Draw Down that has
occurred or may occur in accordance with the terms and conditions of this
Agreement.

"Exchange Act" means the Securities
Exchange Act of 1934, as amended.

"Governmental Authority" means any
federal or state government or political subdivision thereof and any agency or
other entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government.

"Investment Amount" shall mean the
aggregate dollar amount (within the range specified in Section 2.03) of any Draw
Down Shares to be purchased by the Investor with respect to any Draw Down
effected by the Company in accordance with Section 2.03 hereof.

"Material Adverse Effect" has the
meaning set forth in Section 3.01.

- 3 -

"Maximum Share Amount" shall mean all
the maximum number of Draw Down Shares that could be issued under this Agreement
plus all shares issuable upon exercise of all Warrants that could be issued
under this Agreement. 

"Minimum Draw Down Amount" shall mean
$200,000.

"Person" means an individual or a
corporation, partnership, trust, incorporated or unincorporated association,
joint venture, joint stock company, Governmental Authority or other entity of
any kind.

"Principal Market" shall mean the
Nasdaq National Market, the American Stock Exchange, the New York Stock Exchange
or the OTC Bulletin Board, whichever is at the time the principal trading
exchange or market for the Common Stock.

"SEC Reports" means the Company's
Annual Report on Form 10-KSB for the year ended May 31, 2007 and the Company's
Quarterly Reports on Form 10-QSB for the quarters ended August 31, 2007 and
April November 30, 2007.

"Securities Act" means the Securities
Act of 1933, as amended.

"Trading Day" shall mean any day during
which the Principal Market shall be open for trading.

(b) Headings. The headings contained in this Agreement are for
convenience purposes only and will not affect in any way the meaning or
interpretation of this Agreement.

(c) Currency. All references to currency referred to in this
Agreement are in United States Dollars, unless expressly stated otherwise.

ARTICLE II – SALE AND PURCHASE OF COMMON STOCK

SECTION 2.01. INVESTMENTS.

(a) Purchase and Sale of Common Stock. Subject to the terms and
conditions of this Agreement, the Company, at its sole and exclusive option, may
issue and sell to the Investor, and the Investor agrees to irrevocably purchase
from the Company shares of the Company's Common Stock at a price of $1.00 per
share, based on such number of Draw Downs (subject to the Maximum Draw Down
Amount and the Minimum Draw Down Amount) as the Company, in its sole discretion,
shall choose to deliver during the Commitment Period until the aggregate
Investment Amount with respect to Common Shares purchased under this Agreement
equals $10,000,000 or this Agreement is otherwise terminated.

(b) Draw Downs. Upon the terms and subject to the conditions
set forth herein, on any Trading Day as provided in Section 2.03(b) hereof
during the Commitment Period on which the conditions set forth in Section 6.02
and 6.03 hereof have been satisfied, the Company may exercise a Draw Down by the
delivery of a Draw Down Notice, executed by the President, Chairman or Chief
Financial Officer of the Company, to the Investor.

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(c) Warrants: For each Draw Down Share that the Investor is
obligated to purchase, the Company will issue one non-transferable common share
purchase warrant (each, a “Warrant”), in the form of Schedule A attached hereto,
with each Warrant permitting the purchase of one Common Share (each, a “Warrant
Share”), for a period of three years following the issuance of such Warrants at
the following exercise price:

(i) $1.50 per Warrant Share up to the
date which is one year from the issuance of such Warrant; 

(ii) $2.00 per Warrant Share from the
date which is one year and a day from the issuance of such Warrant up to the
date which is two years from the issuance of such Warrant; and

(iii) $2.50 per Warrant Share from the
date which is two years and a day from the issuance of such Warrant up to the
date which is three years from the issuance of such Warrant.

SECTION 2.02. EFFECTIVENESS. 

The effectiveness of this Agreement (the "Closing") shall be
deemed to take place concurrently with the execution and delivery of this
Agreement by the parties hereto and the delivery of the following transaction
documents (the “Transaction Documents”): (i) the Company shall deliver to the
Investor a certificate executed by the Secretary of the Company, signing in such
capacity, dated the date of the Closing (A) certifying that attached thereto are
true and complete copies of the resolutions duly adopted by the Board of
Directors of the Company authorizing the execution and delivery of the Agreement
and the consummation of the transactions contemplated thereby (including,
without limitation, the reservation and issuance of the Common Stock pursuant to
this Agreement), which authorization shall be in full force and effect on and as
of the date of such certificate and (B) certifying and attesting to the office,
incumbency, due authority and specimen signatures of each Person who executed
the Agreement for or on behalf of the Company; (ii) the Company shall deliver to
the Investor a certificate executed by the President, the Chairman or the Chief
Financial Officer of the Company, signing in such capacity, dated the date of
the Closing, confirming the accuracy of the representations and warranties of
the Company contained in this Agreement; (iii) Clark Wilson LLP, counsel to the
Company, shall deliver to the Investor an opinion, dated the date of each
issuance of Draw Down Shares, as and when applicable, that all corporate steps
with regard to the valid issuance of such Draw Down Shares have been taken and
that such Draw Down Shares were issued pursuant to an exemption from the
registration requirements under the Securities Act; and (iv) the Investor shall
deliver to the Company a Certificate of Non-U.S. Shareholder (the “Regulation S
Certificate”), in the form of Schedule B attached hereto.

SECTION 2.03. MECHANICS OF DRAW DOWNS.

(a) Draw Down Notice. On any Trading Day during the Commitment
Period, the Company may deliver a Draw Down Notice to the Investor, subject to
the satisfaction of the conditions set forth in Sections 6.02 and 6.03;
provided, however, the Investment Amount for each Draw Down as designated by the
Company in the applicable Draw Down Notice shall be not less than the Minimum
Draw Down Amount (as determined as of the applicable Draw Down Date).

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(b) Delivery of Draw Down Notice. A Draw Down Notice shall be
deemed delivered on (i) the Trading Day that it is received by facsimile or
otherwise by the Investor if received prior to 12:00 noon, New York City time
such Trading Day, or (ii) in the event it is received by facsimile or otherwise
subsequent to 12:00 noon, New York City time, on a Trading Day, the immediately
succeeding Trading Day. No Draw Down Notice may be delivered other than on a
Trading Day during the Commitment Period.

(c) Delivery of Investment Amount. For every Draw Down Notice
that is not a Draw Down Cancellation, the Investor shall deliver the required
Investment Amount to the Company in accordance with the wire instructions to be
provided by the Company from time to time within ten (10) days of delivery of
the Draw Down Notice in accordance with Section 2.03(b) hereof.

SECTION 2.04. SHARE ISSUANCE. 

Subject to the provisions of Section 6.04 hereof, the Company
shall, unless otherwise instructed by the Investor, cause the Transfer Agent to
issue shares of Common Stock to the Investor representing the Draw Down Shares
to be purchased by the Investor with respect to the Draw Down Notice within 14
business days after receipt of funds from the Investor to an account designated
by the Company. In addition, before such issuance representing the Draw Down
Shares, each of the Company and the Investor shall deliver all documents,
instruments and writings required to be delivered by either of them pursuant to
this Agreement in order to implement and effect the transactions contemplated
herein. The Investor acknowledges that the Draw Down Shares acquired from the
Company bear a restrictive legend, and they constitute "restricted securities"
within the meaning of the Securities Act and the Investor agrees it will
transfer the Draw Down Shares pursuant to the manner set forth in Section 5.02
hereof.

ARTICLE III – REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

As a material inducement to the Investor to enter into this
Agreement, the Company hereby represents and warrants to the Investor that on
and as of the date hereof:

SECTION 3.01. ORGANIZATION AND STANDING. 

The Company and each of its subsidiaries is a corporation duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation and has all requisite corporate power and
authority necessary for it to own its properties and assets and to carry on its
business as it is now being conducted (and, to the extent described therein, as
described in the SEC Reports). The Company and each of its subsidiaries is duly
qualified to transact business and is in good standing in each jurisdiction in
which the character of the properties owned or leased by it or the nature of its
businesses makes such qualification necessary, except where the failure to so
qualify or be in good standing would not have a material adverse effect on the
business, assets, operations, properties, condition (financial or otherwise) or
prospects of the Company and its subsidiaries, taken as a whole, or any adverse
effect on the Company's ability to consummate the transactions contemplated by,
or to execute, deliver and perform its obligations under, each of the
Transaction Documents (a "Material Adverse Effect").

SECTION 3.02. SECURITIES OF THE COMPANY. 

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The authorized Capital Stock of the Company consists of
1,200,000,000 shares of common stock, par value $0.001, and as of January 23,
2008, there were 116,934,544 shares of our common stock issued and outstanding,
held by stockholders of record. Except as set out in the SEC Reports, the
Company has no other authorized, issued or outstanding equity securities or
securities containing any equity features, or any other securities convertible
into, exchangeable for or entitling any person to otherwise acquire any other
securities of the Company containing any equity features. The Company has no
stock option, incentive or similar plan. All of the outstanding shares of
Capital Stock of the Company have been duly and validly authorized and issued,
and are fully paid and non-assessable. The Common Shares have been duly and
validly authorized and have been duly reserved, and will remain available for
issuance, pursuant to this Agreement. When issued against payment therefor as
provided in this Agreement, the Common Shares will be validly issued, fully paid
and non-assessable, free and clear of all preemptive rights, claims, liens,
charges, encumbrances and security interests of any nature whatsoever. Except as
set forth in this Section 3.02 or the SEC Reports, there are no outstanding
options, warrants, conversion rights, subscription rights, preemptive rights,
rights of first refusal or other rights or agreements of any nature outstanding
to subscribe for or to purchase any shares of Common Stock of the Company or any
other securities of the Company of any kind binding on the Company. The issuance
of the Common Shares pursuant to this Agreement is not subject to any preemptive
rights, rights of first refusal or other similar limitation. Except as otherwise
required by law, there are no restrictions upon the voting or transfer of any
shares of the Company's Common Stock pursuant to the Company's Certificate of
Incorporation or bylaws. Except as provided herein or in the other Transaction
Documents, there are no agreements or other obligations (contingent or
otherwise) that may require the Company to repurchase or otherwise acquire any
shares of its Common Stock.

SECTION 3.03. AUTHORIZATION; ENFORCEABILITY.

The Company has the corporate power and authority to execute,
deliver and perform the terms and provisions of this Agreement to be executed,
delivered or performed by it and has taken all necessary corporate action to
authorize the execution, delivery and performance by it of this Agreement. No
other corporate proceeding on the part of the Company is necessary, and no
consent of any shareholder of the Company is required, for the valid execution
and delivery by the Company of this Agreement. The Company has duly executed and
delivered, or concurrently herewith is executing and delivering, this Agreement.
Assuming the due execution of this Agreement by the Investor, this Agreement
constitutes the valid and binding obligations of the Company, enforceable
against the Company in accordance with each of their respective terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and by general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law).

SECTION 3.04. NO VIOLATION; CONSENTS.

(a) Execution and Delivery. The execution, delivery and
performance by the Company of this Agreement does not and will not (i)
contravene the applicable provisions of any law, statute, rule, regulation,
order, writ, injunction, judgment or decree of any court or Governmental
Authority to or by which the Company or any of its subsidiaries or any of its
respective property or assets is bound, (ii) violate, result in a breach of or
constitute (with due notice or lapse of time or both) a default or give rise to
an event of acceleration under any contract, lease, loan or credit 

- 7 -

agreement, mortgage, security agreement, trust indenture or
other agreement or instrument to which the Company is a party or by which it or
any of its subsidiaries is bound or to which any of its respective properties or
assets is subject, nor result in the creation or imposition of any lien,
security interest, charge or encumbrance of any kind upon any of the properties,
assets or Capital Stock of the Company or any of its subsidiaries, or (iii)
violate any provision of the organizational and other governing documents of the
Company or any of its subsidiaries.

(b) Consents. No consent, approval, authorization or order of,
or filing or registration with, any court or Governmental Authority or other
Person is required to be obtained or made by the Company for the execution,
delivery and performance of this Agreement.

SECTION 3.05. SECURITIES ACT REPRESENTATIONS.

Assuming the accuracy of the Investor's representations
pursuant to Section 4.02 hereof, the sale of the Common Shares hereunder will be
exempt from the registration requirements of the Securities Act. Neither the
Company, nor any of its Affiliates, or, to its knowledge, any Person acting on
its or their behalf has engaged in any form of general solicitation or general
advertising (within the meaning of Regulation D under the Securities Act) in
connection with the offer or sale of the Common Shares hereunder. Neither the
Company, nor any of its Affiliates, nor any Person acting on its or their behalf
has, directly or indirectly, made any offers or sales of any security or
solicited any offers to buy any security other than pursuant to this Agreement
under circumstances that would require registration under the Securities Act of
the Common Shares to be issued under this Agreement. The Company has not
provided the Investor with any material non-public information that, according
to applicable law, rule or regulation, should have been disclosed publicly by
the Company prior to engaging in this Agreement but that has not been so
disclosed.

SECTION 3.06. NO DEFAULT.

The Company is not, and immediately after the consummation of
the transactions contemplated hereby to be performed by the Company will not be,
in default of (whether upon the passage of time, the giving of notice or both)
its organizational and other governing documents, or any provision of any
security issued by the Company, or of any agreement, instrument or other
undertaking to which the Company is a party or by which it or any of its
property or assets is bound, or the applicable provisions of any law, statute,
rule, regulation, order, writ, injunction, judgment or decree of any court or
Governmental Authority to or by which the Company or any of its property or
assets is bound, which default or violation, either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

SECTION 3.07. NO BROKERS.

No broker, finder, agent or similar intermediary is entitled to
any broker's, finder's, placement or similar fee or other commission in
connection with the transactions contemplated hereby based on any agreement,
arrangement or understanding with the Company.

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SECTION 3.08. SEC REPORTS; FINANCIAL CONDITION; NO ADVERSE
CHANGES.

(a) Financial Statements. The audited consolidated financial
statements of the Company and the related notes thereto as of May 31, 2007,
reported on by Amisano Hanson LLP, independent auditors, contained in the SEC
Reports, present fairly the consolidated financial position, results of
operations and cash flows of the Company at such date and for the periods set
forth therein . The unaudited consolidated financial statements of the Company
and related notes thereto as of November 30, 2007 (such audited and unaudited
financial statements, collectively, the "Financial Statements") contained in the
SEC Reports present fairly the consolidated financial position, results of
operations and cash flows of the Company at such date and for the periods set
forth therein. The Financial Statements, including the related schedules and
notes thereto, have been prepared in accordance with generally accepted
accounting principles in the United States as in effect on the date of filing of
such documents with the Commission, applied on a consistent basis (except for
changes concurred in by the Company's independent public auditors) unless
otherwise expressly stated therein. Except as disclosed in the SEC Reports,
during the period from November 30, 2007 to and including the date hereof, there
has been no sale, transfer or other disposition by the Company of any material
part of the business, property or securities of the Company and no purchase or
other acquisition of any business, property or securities by the Company
material in relation to the financial condition of the Company.

(b) Liabilities. Except as are fully reflected or reserved
against in the Financial Statements and the notes thereto, there are no
liabilities or obligations with respect to the Company or any of its
subsidiaries of any nature whatsoever (whether absolute, accrued, contingent or
otherwise and whether or not due) that, either individually or in the aggregate,
after taking into account (a) the maximum reasonable amount of any liability
that may arise on account of any litigation or any other contingent liability or
obligation (other than amounts that would be remote), (b) the earliest
reasonable time at which any such liability or obligation may become due and (c)
any reasonably expected insurance recovery with respect thereto, could
reasonably be expected to have a Material Adverse Effect.

(c) Litigation. Since November 30, 2007, except as set forth in
the SEC Reports, there has been no development or event, nor any prospective
development or event known to the Company or any of its subsidiaries, or any
litigation, proceeding or other action seeking an injunction or other
restraining order, damages or other relief from a court or administrative agency
of competent jurisdiction pending, threatened or, to the knowledge of the
Company, contemplated, or any action of any Governmental Authority, that has had
or could reasonably be expected to have a Material Adverse Effect.

SECTION 3.09. SUBSIDIARIES.

As of the date hereof, the Company has no subsidiaries other
than those set forth in the SEC Reports or those that conduct no active
business.

SECTION 3.10. NO INTEGRATED OFFERING. 

Neither the Company, nor any of its Affiliates, nor to its
knowledge any Person acting on its or their behalf, has, directly or indirectly,
made any offers or sales of any security or solicited any offers to buy any
security under circumstances that would require registration under the
Securities Act of the offer and sale of the Common Stock hereunder.

- 9 -

SECTION 3.11. NO LITIGATION. 

Except as disclosed in the SEC Reports, no litigation or claim
(including those for unpaid taxes), or environmental proceeding against the
Company or any of its subsidiaries is pending, threatened or, to the Company's
best knowledge, contemplated that, if determined adversely, would (after taking
into consideration any reasonably expected insurance recovery with respect
thereto) have a Material Adverse Effect on the Company.

SECTION 3.12. ENVIRONMENTAL MATTERS.

The Company’s knowledge, the Company and each of its
subsidiaries is in compliance in all material respects with all applicable state
and federal environmental laws, and no event or condition has occurred that may
interfere in any material respect with the compliance by the Company or any of
its subsidiaries with any environmental law or that may give rise to any
liability under any environmental law that, individually or in the aggregate,
would have a Material Adverse Effect.

SECTION 3.13. INTELLECTUAL PROPERTY.

The Company (and/or its subsidiaries) owns or has licenses to
use certain patents, copyrights and trademarks ("intellectual property")
associated with its business. The Company and its subsidiaries have all
intellectual property rights that are needed to conduct the business of the
Company and its subsidiaries as it is now being conducted as disclosed in the
SEC Reports. To the Company's knowledge, the intellectual property rights that
the Company (and/or its subsidiaries) owns are valid and enforceable. To the
Company's knowledge, the use of such intellectual property by the Company
(and/or its subsidiaries') does not infringe upon or conflict with any right of
any third party, and, except as disclosed in the SEC Reports neither the Company
nor any of its subsidiaries has received notice, written or otherwise, of any
such infringement or conflict other than with respect to alleged infringements
or conflicts that, individually or in the aggregate, if determined adversely to
the Company would not have a Material Adverse Effect. Except as set forth in the
SEC Reports, the Company has no knowledge of any infringement of its (and/or its
subsidiaries) intellectual property by any third party.

SECTION 3.14. RELATED PARTY TRANSACTIONS.

Except as disclosed in the SEC Reports and except for such
transactions for which disclosure pursuant to Regulation S-K would not be
required in an annual report on Form 10-K or otherwise, none of the officers,
directors, employees or 5% or greater shareholders of the Company is presently a
party to any transaction with the Company or any of its subsidiaries (other than
for services as employees, officers and directors), including any contract,
agreement or other arrangement providing for the furnishing of services to or
by, providing for rental of real or personal property to or from, or the
advances of money or otherwise requiring payments to or from any such officer,
director, employee or shareholder or, to the knowledge of the Company, any
corporation, partnership, trust or other entity in which any such officer,
director, employee or shareholder has a substantial interest or is an officer,
director, trustee or partner.

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SECTION 3.15. PERMITS.

To the Company’s knowledge, the Company and each of its
subsidiaries is in possession of all franchises, grants, authorizations,
licenses, permits, easements, variances, exemptions, consents, certificates,
approvals and orders necessary to own, lease and operate its properties and to
carry on its business as it is now being conducted (collectively, the "Company
Permits"), and there is no action pending or, to the knowledge of the Company,
threatened regarding suspension or cancellation of any of the Company Permits
except for such Company Permits the failure of which to possess, or the
cancellation or suspension of which, would not, individually or in the
aggregate, have a Material Adverse Effect. To the Company’s knowledge, neither
the Company nor any of its subsidiaries is in material conflict with, or in
material default or material violation of, any of the Company Permits.

SECTION 3.16. INTERNAL ACCOUNTING CONTROLS. 

The Company and each of its subsidiaries maintain a system of
internal accounting controls sufficient to provide reasonable assurance that (i)
transactions are executed in accordance with management's general or specific
authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements inconformity with generally accepted
accounting principles and to maintain asset accountability, (iii) access to
assets is permitted only in accordance with management's general or specific
authorization and (iv) the recorded accountability for assets is compared with
the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences.

SECTION 3.17. TAX RETURNS.

The Company has filed or caused to be filed all Federal tax
returns and all material state and local tax returns required to have been filed
by it and has paid or caused to be paid all taxes shown to be due and payable by
it on such returns or on any assessments received by it, except any such tax,
the validity or amount of which is being contested in good faith by appropriate
proceedings and as to which the Company has set aside on its books adequate
reserves with respect thereto in accordance with generally accepted accounting
principles. Neither the Company nor its subsidiaries has received any tax
assessment, notice of audit, notice of proposed adjustment or deficiency notice
from any taxing authority.

SECTION 3.18. DISCLOSURE. 

The representations and warranties of the Company in this
Agreement and the statements contained in the SEC Reports (at the time they were
filed with the SEC and, except as modified by subsequent SEC Reports) and the
schedules, certificates and exhibits furnished to the Investor by or on behalf
of the Company in connection herewith did not and do not contain any untrue
statement of a material fact and do not omit to state any material fact
necessary to make the statements herein or therein not misleading. The SEC
Reports contain all material information concerning the Company required to be
set forth therein, and no event or circumstance has occurred or exists since
November 30, 2007, that would require the Company to disclose such event or
circumstance in order to make the statements in the SEC Reports not misleading
as of the date of the Closing that has not been so disclosed. The Company hereby
acknowledges that the Investor is and will be relying on the SEC Reports and the
Company's representations, warranties and covenants contained herein in making
an investment decision with respect to the 

- 11 -

Common Shares and will be relying thereon (together with future
reports filed with the Commission) in connection with any transfer of Common
Shares.

ARTICLE IV – REPRESENTATIONS, WARRANTIES AND COVENANTS 
OF
THE INVESTOR

The Investor hereby acknowledges, represents, warrants and
covenants, to the Company as follows:

SECTION 4.01. AUTHORIZATION; ENFORCEABILITY; NO VIOLATIONS.

(a) The Investor is duly organized, validly existing and in
good standing under the laws of its jurisdiction, has all requisite power and
authority to execute, deliver and perform the terms and provisions of this
Agreement and has taken all necessary action to authorize the execution,
delivery and performance by it of this Agreement and to consummate the
transactions contemplated hereby and thereby to be performed by it.

(b) The execution, delivery and performance by the Investor of
this Agreement and the consummation by the Investor of the transactions
contemplated hereby and thereby to be performed by it do not and will not
violate any provision of (i) the Investor's organizational documents or (ii) any
law, statute, rule, regulation, order, writ, injunction, judgment or decree to
which the Investor is subject. The Investor has duly executed and delivered this
Agreement. Assuming the due execution hereof and thereof by the Company, this
Agreement constitutes the legal, valid and binding obligation of the Investor,
enforceable against the Investor in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and by general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law).

SECTION 4.02. SECURITIES ACT REPRESENTATIONS; LEGENDS.

(a) The Investor understands that: (i) the offering and sale of
the Common Shares to be issued and sold hereunder is intended to be exempt from
the registration requirements of the Securities Act; (ii) the initial offer and
sale of the Common Shares issuable hereunder has not been registered under the
Securities Act or any other applicable securities laws and such securities may
be resold only if registered under the Securities Act and any other applicable
securities laws or if an exemption from such registration requirements is
available; and (iii) the Company not is required to register any resale of the
Common Shares under the Securities Act and any other applicable securities
laws.

(b) The Investor represents that the Common Shares to be
acquired by the Investor pursuant to this Agreement are being acquired for its
own account and not with a view to, or for sale in connection with, any
distribution thereof in violation of the Securities Act or any other securities
laws that may be applicable.

(c) The Investor represents that the Investor is not an
affiliate (as such term is defined in the Securities Act) of the Company.

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(d) The Investor represents that the Investor (i) is an
"accredited investor" as that term is defined in Rule 501(a) of Regulation D
under the Securities Act, (ii) has sufficient knowledge and experience in
financial and business matters so as to be capable of evaluating the merits and
risks of its investment in the Common Stock and is capable of bearing the
economic risks of such investment, including a complete loss of its investment
in the Common Shares; (ii) believes that its investment in the Common Shares is
suitable for it based upon its objectives and financial needs, and the Investor
has adequate means for providing for its current financial needs and business
contingencies and has no present need for liquidity of investment with respect
to the Common Shares; (iii) has no present plan, intention or understanding and
has made no arrangement to sell the Common Shares at any predetermined time or
for any predetermined price; (iv) has not purchased, sold or entered into any
put option, short position or similar arrangement with respect to the Common
Shares, and will not, for the term of this Agreement purchase, sell or enter
into any such put option, short position or similar arrangement in any manner
that violates the provisions of the Securities Act or the Exchange Act.

(e) The Investor acknowledges that no oral or written
statements or representations have been made to the Investor by or on behalf of
the Company in connection with the offering and sale of the Common Shares
hereunder other than those set forth in the SEC Reports, or as set forth herein,
and the Investor represents that it is not subscribing for the Common Shares as
a result of, or in response to, any advertisement, article, notice or other
communication published in any newspaper, magazine or similar media or broadcast
over television or radio, or presented at any seminar or meeting.

(f) The Investor acknowledges that the Securities Act restricts
the transferability of securities, such as the Common Shares, issued in an
offshore transaction with a non-U.S. Person (as that term is defined in Rule 902
of Regulation S under the Securities Act) in reliance upon Regulation S and/or
Section 4(2) of the Securities Act, and that, unless sold pursuant to the manner
set forth in Section 5.02 hereof, the transfer of such Common Shares is
restricted.

(g) The Investor has been furnished with all materials relating
to the business, finances and operations of the Company and materials relating
to the offer and sale of the Common Shares which have been requested by the
Investor. The Investor has been afforded the opportunity to ask questions of the
Company. The Investor understands that its investment in the Common Shares
involves a significant degree of risk.

SECTION 4.03. NO BROKERS.

No broker, finder, agent or similar intermediary is entitled to
any broker's, finder's, placement or similar fee or other commission in
connection with the transactions contemplated hereby based on any agreement,
arrangement or understanding with the Investor.

SECTION 4.04. NO INFLUENCE ON BUSINESS.

The Investor (whether in its capacity as holder of the Common
Stock or otherwise) covenants and agrees with the Company that it will not: (a)
in any manner exercise or attempt to exercise a controlling influence over the
management or policies of the Company or attempt to influence the business
activities or decisions of the Company; (b) propose a director or slate of
directors to serve on the board of directors of the Company; (c) have or seek to
have a representative of the Investor be appointed to serve as a director of the
Company or participate as an observer at

- 13 -

meetings of the board of directors (or committees thereof) or
have or seek to have any employee or representative of the Investor serve as an
officer, agent or employee of the Company; (d) attempt to influence the dividend
policies or practices of the Company; (e) solicit or participate in soliciting
proxies with respect to any matter presented to the shareholders of the Company;
(f) dispose or threaten to dispose of the Common Shares to any third party in
any manner as a condition to specific action or non-action by the Company; or
(g) enter into any joint venture, enterprise or undertaking of any kind with the
Company.

SECTION 4.05. OWNERSHIP OF COMMON STOCK. 

As of the date of this Agreement, the Investor and its
affiliates beneficially own in aggregate no shares of Common Stock.

ARTICLE V – COVENANTS

SECTION 5.01. EXEMPTION FROM REGISTRATION; LIMITATION ON
ISSUANCE OF SECURITIES.

The Company will not make any offer to sell, solicit any offer
to buy, agree to sell or sell any security or right to acquire any security,
except at such time and in such manner so as not to cause the loss of any of the
exemptions for the offer and sale of the Common Shares from the registration
requirements under the Securities Act or under the securities or "blue sky" laws
of any jurisdiction in which such offer, sale or issuance is made.

SECTION 5.02. TRANSFER RESTRICTIONS.

The Investor acknowledges that any proposed offer, sale, pledge
or other transfer of Common Shares prior to the date that is two (2) years from
the date of issuance (or such other date as may be required pursuant to Rule 144
under the Securities Act (or similar successor provision) as in effect from time
to time), in the absence of registration under the Securities Act, is limited.
Accordingly, prior to such passage of time or such registration, the Common
Shares may be offered, sold, pledged or otherwise transferred only (i) to the
Company, (ii) in an offshore transaction in accordance with Rule 904 under the
Securities Act, (iii) pursuant to any other exemption from registration provided
by the Securities Act, (iv) pursuant to Rule 144 under the Securities Act or (v)
pursuant to an effective registration statement under the Securities Act; in the
case of any transfer pursuant to clause (ii), (iii) or (iv), the Company shall
be entitled to receive an opinion of the selling Investor's counsel, in form and
substance reasonably satisfactory to the Company, to the effect that
registration is not required in connection with such disposition.

SECTION 5.03. RULES 144; CURRENT INFORMATION.

For the duration of the Commitment Period, the Company will (i)
cause its Common Stock to continue to be registered under Section 12 of the
Exchange Act, file all reports required to be filed by it under the Securities
Act and the Exchange Act and will take such further actions as the Investor may
reasonably request, all to the extent required from time to time to enable the
Investor to sell Common Shares without registration under the Securities Act
pursuant to the safe harbors and exemptions provided by Rule 144 under the
Securities Act (to the extent applicable), as such Rule may be amended from time
to time, or any similar rule or regulation hereafter 

- 14 -

adopted by the Commission, and (ii) furnish the Investor with
all reports, proxy statements and registration statements that the Company files
with the Commission or distributes to its security holders pursuant to the
Securities Act and the Exchange Act at the times of such filings and
distributions (unless such documents are available electronically from the
Commission or elsewhere without charge and within a period reasonably
contemporaneous with the filing thereof with the Commission, in which case such
documents need not be provided to the Investor). Upon the request of the
Investor, the Company will deliver to the Investor a written statement as to
whether it has complied with the foregoing requirements.

SECTION 5.04. RESERVATION OF COMMON SHARES.

The Company shall at all times reserve and keep available, free
from preemptive rights, out of its authorized but unissued shares of Common
Stock or its issued shares of Common Stock held in its treasury, or both,
sufficient shares of Common Stock to provide for the issuance of the Common
Shares in an amount equal to the Maximum Share Amount less the number of Common
Shares previously issued hereunder.

SECTION 5.05. STOCK LISTING.

The Company shall have the Common Shares in an amount equal to
the Maximum Share Amount approved for quotation or listing, prior to issuance,
upon the Principal Market upon which the Common Stock is listed or traded at the
time of issuance of such Common Shares and shall use commercially reasonable
efforts to maintain such listing.

SECTION 5.06. REPORTING STATUS.

The Company's Common Stock is registered under Section 12(g) of
the Exchange Act. For a period of twelve (12) months after the end of the
Commitment Period, the Company shall timely file all reports required to be
filed with the Commission pursuant to the Exchange Act, and the Company shall
not terminate its status as an issuer required to file reports under the
Exchange Act even if the Exchange Act or the rules and regulations thereunder
would permit such termination.

SECTION 5.07. DISCLOSURE OF MATERIAL INFORMATION.

In the event that the Company comes into possession of any
material non-public information, the Company shall make full and complete public
disclosure at such times and by such means as are required by applicable
securities laws (including all common law formulations thereof).

SECTION 5.08. ISSUANCE OF DRAW DOWN SHARES.

The sale and issuance of the Draw Down Shares shall be made in
accordance with the provisions and requirements of Regulation S and/or Section
4(2) of the Securities Act and any applicable state law.

- 15 -

ARTICLE VI – CONDITIONS TO DELIVERY OF DRAW DOWN
 NOTICES
AND CONDITIONS TO SETTLEMENT

SECTION 6.01. CONDITIONS PRECEDENT TO THE OBLIGATION OF THE
COMPANY TO ISSUE AND SELL COMMON STOCK.

The obligation hereunder of the Company to issue and sell the
Draw Down Shares to the Investor incident to each Draw Down Notice is subject to
the satisfaction, on or before any issuance of Draw Down Shares, of each of the
conditions set forth below.

(a) Accuracy of the Investor's Representation and Warranties.
The representations and warranties of the Investor contained in this Agreement
and in the Regulation S Certificate shall be true and correct in all material
respects as of the date when made and as of the date of each such issuance of
the Draw Down Shares as though made at each such time (except for
representations and warranties specifically made as of a particular date which
shall be true and correct in all material respects as of the date when
made).

(b) Performance by the Investor. The Investor shall have
performed, satisfied and complied in all respects with all covenants, agreements
and conditions required by this Agreement to be performed, satisfied or complied
with by the Investor at or prior to such issuance of the Draw Down Shares.

SECTION 6.02. CONDITIONS PRECEDENT TO THE RIGHT OF THE COMPANY
TO DELIVER A DRAW DOWN NOTICE.

The right of the Company to deliver a Draw Down Notice
hereunder is subject to the satisfaction, on the date of delivery of such Draw
Down Notice, of each of the following conditions:

(a) Accuracy of the Company's Representations and Warranties.
The representations and warranties of the Company shall be true and correct in
all material respects as of the date when made and as of the applicable Draw
Down Date as though made at such time (except for representations and warranties
specifically made as of a particular date which shall be true and correct in all
material respects as of the date when made).

(b) Performance by the Company. The Company shall have
performed, satisfied and complied in all material respects with all covenants,
agreements and conditions required by this Agreement to be performed, satisfied
or complied with by the Company at or prior to such date, nor shall there have
occurred an Event of Default under this Agreement.

(c) No Injunction. No statute, rule, regulation, executive
order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent
jurisdiction or any self-regulatory organization having authority over the
matters contemplated hereby that prohibits or directly and adversely affects any
of the transactions contemplated by this Agreement, and no proceeding shall have
been commenced that may have the effect of prohibiting or adversely affecting
any of the transactions contemplated by this Agreement.

- 16 -

(d) No Suspension of Trading In or Delisting of Common Stock.
The trading of the Common Stock (including without limitation the Draw Down
Shares) shall not have been suspended by the Commission, the Principal Market or
the FINRA and the Common Stock (including without limitation the Draw Down
Shares) shall have been approved for listing or quotation on and shall not have
been delisted from the Principal Market.

SECTION 6.03. DOCUMENTS REQUIRED TO BE DELIVERED ON EACH DRAW
DOWN DATE OR IN RESPECT OF THE ISSUANCE OF ANY DRAW DOWN SHARES.

(a) The Investor's obligation to purchase Common Shares
pursuant to a Draw Down hereunder shall additionally be conditioned upon the
delivery to the Investor on or before the Draw Down Date of a certificate in
form and substance satisfactory to the Investor, executed by an executive
officer of the Company to the effect that all conditions to the delivery of such
Draw Down Notice shall have been satisfied as at the date of such certificate
(which certificate shall not be required if the foregoing representations shall
be set forth in the Draw Down Notice).

(b) The Company’s obligation to issue any Draw Down Shares
shall be conditional upon the delivery of a certificate to the Company from an
officer of the Investor certifying that all of the representations and
warranties of the Investor contained in the Regulation S Certificate are true
and correct as of the date of any payment by the Investor in respect of an
Investment Amount, which certificate shall be delivered to the Company on or
before the issuance of any Draw Down Shares.

SECTION 6.04. DRAW DOWN CANCELLATION.

(a) Mechanics of Draw Down Cancellation. The Company can cancel
the Draw Down (a "Draw Down Cancellation") within 5 business days by delivering
written notice to the Investor specifying the reasons therefor (the "Draw Down
Cancellation Notice"), by facsimile (simultaneously sent by e-mail and with
telephonic advice of the sending (which requirement will be deemed satisfied by
leaving of recorded message)). The Draw Down Cancellation Notice shall be deemed
delivered on (i) the Trading Day it is received by facsimile or otherwise by the
Investor if such notice is received prior to 9:30 a.m., New York City time, or
(ii) the immediately succeeding Trading Day if it is received by facsimile or
otherwise after 9:30 a.m., New York City time, on a Trading Day, or at any time
on a day which is not a Trading Day. No Draw Down Cancellation Notice may be
deemed delivered on a day that is not a Trading Day. "Draw Down Cancellation
Date" shall be the date the Draw Down Cancellation Notice is deemed delivered
pursuant to the preceding sentence.

(b) Effect of Draw Down Cancellation. Anytime a Draw Down
Cancellation Notice is delivered to the Investor, such Draw Down shall remain
effective as to the portion of the Investment Amount not canceled pursuant to
the preceding sentence.

ARTICLE VII – TERMINATION

SECTION 7.01. TERM; TERMINATION BY MUTUAL CONSENT.

Subject to the provisions of Section 7.02, the term of this
Agreement shall run until the end of the Commitment Period; provided that the
right of the Company to effect any Draw Downs 

- 17 -

under this Agreement may be terminated at any time by mutual
consent of the parties. Notwithstanding the foregoing, the Company may terminate
this Agreement at any time.

SECTION 7.02. TERMINATION BY THE INVESTOR.

Subject to any cure periods, the Investor may terminate the
right of the Company to effect any Draw Downs under this Agreement upon ten (10)
Trading Day's notice if any of the following events (each, an "Event of
Default") shall occur:

(a) The Company fails to fulfill its obligations pursuant to
this Agreement (or makes any announcement, statement or threat that it does not
intend to honor the obligations described in this paragraph), and any such
failure shall continue uncured (or any announcement, statement or threat not to
honor its obligations shall not be rescinded in writing) for five (5) days after
the Company shall have been notified thereof in writing by the Investor;

(b) Bankruptcy, insolvency, reorganization or liquidation
proceedings or other proceedings for relief under any bankruptcy law or any law
for the relief of debtors shall be instituted by or against the Company or any
subsidiary of the Company;

(c) The Company shall fail to maintain the listing of the
Common Stock on a Principal Market or trading in such Common Stock shall
otherwise be halted or suspended for a period of ten (10) consecutive Trading
Days;

(d) The sale, conveyance or disposition of all or substantially
all of the assets of the Company, the effectuation by the Company of a
transaction or series of related transactions in which more than 50% of the
voting power of the Company is disposed of, or the consolidation, merger or
other business combination of the Company with or into any other Person or
Persons when the Company is not the survivor; or

(e) If there has been a material breach by the Company of any
material representation, warranty, covenant or agreement set forth in this
Agreement on the part of the Company that is not cured by the Company, to the
reasonable satisfaction of the Investor, within thirty (30) business days after
notice of such breach is given by the Investor (except that no cure period will
be provided for a breach by the Company that by its nature cannot be cured).

ARTICLE VIII – NON-DISCLOSURE OF MATERIAL NON-PUBLIC
INFORMATION

SECTION 8.01. NON-DISCLOSURE OF MATERIAL NON-PUBLIC
INFORMATION.

(a) The Company covenants and agrees that it shall refrain from
disclosing, and shall cause its officers, directors, employees and agents to
refrain from disclosing, any material non-public information to the Investor,
unless prior to disclosure of such information the Company identifies such
information as being material non-public information and provides the Investor
and its advisors and representatives with the opportunity to accept or refuse to
accept such material non-public information for review.

(b) The Company acknowledges and understands that the Investor
is entering into this Agreement at the request of the Company and in good faith
reliance on (i) the Company's representation set forth in this Agreement that
neither it nor its agents have disclosed to the 

- 18 -

Investor any material non-public information; and (ii) the
Company's covenant set forth in this Agreement that if the Company comes into
possession of any material non-public information, the Company shall make full
and complete public disclosure of such information in accordance with all
applicable securities laws.

(c) Nothing herein shall require the Company to disclose
material non-public information to the Investor or its advisors or
representatives, and the Company represents that it does not disseminate
material non-public information to any investors who purchase stock in the
Company in a public offering, to money managers or to securities analysts;
provided, however, that notwithstanding anything herein to the contrary, the
Company will, as hereinabove provided, immediately notify the Investor and its
advisors and representatives and, if any, underwriters, of the existence of any
event or circumstance (without any obligation to disclose the specific event or
circumstance) of which it becomes aware, constituting material non-public
information (whether or not requested of the Company specifically or generally
during the course of due diligence by such persons or entities), which, if not
disclosed in the prospectus included in the Registration Statement would cause
such prospectus to include a material misstatement or to omit a material fact
required to be stated therein in order to make the statements therein, in light
of the circumstances in which they were made, not misleading.

ARTICLE IX - MISCELLANEOUS

SECTION 9.01. EXPENSES.

The Investor acknowledges and agrees that all costs and
expenses incurred by the Investor (including any fees and disbursements of any
special counsel retained by the Investor) relating to the purchase of the Shares
shall be borne by the Investor.

SECTION 9.02. NOTICES.

All notices, demands, requests, consents, approvals or other
communications required or permitted to be given hereunder or that are given
with respect to this Agreement shall be in writing and shall be personally
served or deposited in the mail, registered or certified, return receipt
requested, postage prepaid or delivered by reputable air courier service with
charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile,
addressed as set forth below, or to such other address as such party shall have
specified most recently by written notice:

(a) if to the Company, to: 

	 	Pantera Petroleum, Inc. 
	 	111 Congress Ave, Suite 400 
	 	Austin, TX, USA 78701 
	 	Attention: Chris Metcalf 
	 	Facsimile No.: (512) 391-3869 
	 	Email: cmetcalf@panterapetroleum.com
  

With copies (which shall not constitute notice) to: 

- 19 -

		
      Clark Wilson LLP

	 	800 - 885 W Georgia Street
		
      Vancouver, BC, Canada V6C 3H1 
Attention: Virgil Hlus
      
Facsimile No.: 604.687.6314 
Email: vzh@cwilson.com

	 	 
	(b) if to the Investor,
	 	 
		
      FTS Financial Investments Ltd. 
Seefeldstrasse 69
      
8008 Zurich 
Switzerland 
Attention: Roger Knox 
Facsimile
      No.: +41(0)434883500

Notice shall be deemed given on the date of service or
transmission if personally served or transmitted by telegram, telex or
facsimile. Notice otherwise sent as provided herein shall be deemed given on the
third business day following the date mailed or on the next business day
following delivery of such notice to a reputable air courier service.

SECTION 9.03. ENTIRE AGREEMENT.

This Agreement (together with the other Transaction Documents
and all other documents delivered pursuant hereto and thereto) constitutes the
entire agreement of the parties with respect to the subject matter hereof and
supersedes all prior and contemporaneous agreements, representations,
understandings, negotiations and discussions between the parties, whether oral
or written, with respect to the subject matter hereof.

SECTION 9.04. AMENDMENT AND WAIVER. 

This Agreement may not be amended, modified, supplemented,
restated or waived except by a writing executed by the party against which such
amendment, modification or waiver is sought to been enforced. Waivers may be
made in advance or after the right waived has arisen or the breach or default
waived has occurred. Any waiver may be conditional. No waiver of any breach of
any agreement or provision herein contained shall be deemed a waiver of any
preceding or succeeding breach thereof nor of any other agreement or provision
herein contained. No waiver or extension of time for performance of any
obligations or acts shall be deemed a waiver or extension of the time for
performance of any other obligations or acts.

SECTION 9.05. ASSIGNMENT; NO THIRD PARTY BENEFICIARIES. 

This Agreement and the rights, duties and obligations hereunder
may not be assigned or delegated by the Company or the Investor. Any purported
assignment or delegation of rights, duties or obligations hereunder made without
the prior written consent of the other party hereto shall be void and of no
effect. This Agreement and the provisions hereof shall be binding upon and shall
inure to the benefit of each of the parties and their respective successors.
This 

- 20 -

Agreement is not intended to confer any rights or benefits on
any Persons other than as set forth above.

SECTION 9.06. SEVERABILITY.

This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity
or enforceability of this Agreement or of any other term or provision hereof.
Furthermore, in lieu of any such invalid or unenforceable term or provision, the
parties hereto intend that there shall be added as a part of this Agreement a
provision as similar in terms to such invalid or unenforceable provision as may
be possible and be valid and enforceable.

SECTION 9.07. FURTHER ASSURANCES.

Each party hereto, upon the request of any other party hereto,
shall do all such further acts and execute, acknowledge and deliver all such
further instruments and documents as may be necessary or desirable to carry out
the transactions contemplated by this Agreement.

SECTION 9.08. TITLES AND HEADINGS. 

Titles, captions and headings of the sections of this Agreement
are for convenience of reference only and shall not affect the construction of
any provision of this Agreement.

SECTION 9.09. GOVERNING LAW; SUBMISSION TO JURISDICTION; ETC.

This Agreement and the rights and obligations of the parties
hereto shall be governed by and construed and interpreted in accordance with the
laws of the State of Nevada, without regard to principles of conflict of laws.
In the event of a dispute involving litigation, the parties agree that the venue
for resolution of such dispute shall be in the State of Nevada. The parties
waive the right to trial by jury.

SECTION 9.10. COUNTERPARTS.

This Agreement may be executed in counterparts, each of which
shall be deemed an original, all of which taken together shall constitute one
and the same instrument.

SECTION 9.11. ADJUSTMENTS FOR STOCK SPLITS, ETC.

The Maximum Share Amount and the price per share as set forth
in Section 2.01(b) hereof shall be equitably adjusted to reflect stock splits,
stock dividends, reverse stock splits and similar events.

- 21 -

IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by the undersigned, thereunto duly authorized, as of
the date first set forth above.

PANTERA PETROLEUM INC.

	By: 	/s/ Chris Metcalf 	 
	  	Name: Chris Metcalf 	 
	  	Title: President and CEO 	 

FTS FINANCIAL INVESTMENTS LTD.

	By: 	/s/ R. Nox 	 
	  	Name: R. Nox 	 
	  	Title: Managing Director 	 

- 22 -

EXHIBIT A

PANTERA PETROLEUM

DRAW DOWN NOTICE

	[Date] 
	  
	FTS FINANCIAL INVESTMENTS LTD. 
	Seefeldstrasse 69 
	8008 Zurich 
	Switzerland 
	Attention: Roger Knox 
	Facsimile No.: +41(0)434883500 

Reference is made to the Equity Financing Agreement between
Pantera Petroleum, Inc. (the "Company") and FTS Financial Investments Ltd. dated
as of February 12, 2007. The Company confirms that all conditions to the
delivery of this Draw Down Notice are satisfied as of the date hereof.

Effective Date of Delivery of Draw Down Notice (determined
pursuant to Section 2.03(b)): ____________.

Draw Down Amount (not to exceed Maximum Draw Down Amount):
______________.

Draw Down Amount Price per Share ______________.

Draw Down Amount to Date (excluding amount in current Draw Down
Notice): ________________________.

PANTERA PETROLEUM INC.

	By: 		 
	 	Name: 	 
	 	Title: 	 

- 23 -

SCHEDULE A

FORM OF WARRANT

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). NONE OF THE SECURITIES, NOR THE SECURITIES INTO WHICH
THESE SECURITIES ARE EXERCISABLE, HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR
ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED
OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS
DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER
THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933
ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE 1933 ACT.

Warrant No. ___________

THESE WARRANTS WILL EXPIRE AND BECOME NULL AND VOID 
AT
4:00pm (PACIFIC TIME) ON ____________________ , ________.

SHARE PURCHASE WARRANTS TO PURCHASE COMMON SHARES OF

PANTERA PETROLEUM INC.

     THIS IS TO CERTIFY THAT
_____________________, (the "Holder") of ________________, has the right to
purchase, upon and subject to the terms and conditions hereinafter referred to,
up to _______________ fully paid and non-assessable common shares (the "Shares")
in the capital of Pantera Petroleum Inc. (hereinafter called the "Company") on
or before 4:00 p.m. (Pacific time) on ____________________, ________ (the
"Expiry Date") at a price per Share of US$ ___________ (the "Exercise Price") on
the terms and conditions attached hereto as Appendix A (the "Terms and
Conditions").

	 	1. 	
      ONE (1) WARRANT AND THE EXERCISE PRICE ARE REQUIRED TO
      PURCHASE ONE SHARE. THIS CERTIFICATE REPRESENTS __________________
      WARRANTS.

	 	 	 
	 	2. 	
      These Warrants are issued subject to the Terms and
      Conditions, and the Warrant Holder may exercise the right to purchase
      Shares only in accordance with those Terms and Conditions.

	 	 	 
	 	3. 	
      Nothing contained herein or in the Terms and Conditions
      will confer any right upon the Holder hereof or any other person to
      subscribe for or purchase any Shares at any time subsequent to the Expiry
      Date, and from and after such time, this Warrant and all rights hereunder
      will be void and of no value.

     IN WITNESS WHEREOF the Company
has executed this Warrant Certificate this ________ day of ______________,
________.

PANTERA PETROLEUM INC.

	Per: 		 
	 	Authorized Signatory 	 

APPENDIX A

TERMS AND CONDITIONS dated _________________, _______, attached
to the Warrants issued by Pantera Petroleum Inc.

INTERPRETATION

	1.1 	Definitions 

In these Terms and Conditions, unless there is something in the
subject matter or context inconsistent therewith:

	 	(a) 	
      "Company" means Pantera Petroleum Inc. until a successor
      corporation will have become such as a result of consolidation,
      amalgamation or merger with or into any other corporation or corporations,
      or as a result of the conveyance or transfer of all or substantially all
      of the properties and estates of the Company as an entirety to any other
      corporation and thereafter "Company" will mean such successor
      corporation;

	 	 	 
	 	(b) 	
      "Company's Auditors" means an independent firm of
      accountants duly appointed as auditors of the Company;

	 	 	 
	 	(c) 	
      "Director" means a director of the Company for the time
      being, and reference, without more, to action by the directors means
      action by the directors of the Company as a Board, or whenever duly
      empowered, action by an executive committee of the Board;

	 	 	 
	 	(d) 	
      "herein", "hereby" and similar expressions refer to these
      Terms and Conditions as the same may be amended or modified from time to
      time; and the expression "Article" and "Section," followed by a number
      refer to the specified Article or Section of these Terms and
      Conditions;

	 	 	 
	 	(e) 	
      "person" means an individual, corporation, partnership,
      trustee or any unincorporated organization and words importing persons
      have a similar meaning;

	 	 	 
	 	(f) 	
      "shares" means the common shares in the capital of the
      Company as constituted at the date hereof and any shares resulting from
      any subdivision or consolidation of the shares;

	 	 	 
	 	(g) 	
      "Warrant Holders" or "Holders" means the holders of the
      Warrants; and

	 	 	 
	 	(h) 	
      "Warrants" means the warrants of the Company issued and
      presently authorized and for the time being
outstanding.

	1.2 	Gender 

Words importing the singular number include the plural and vice
versa and words importing the masculine gender include the feminine and neuter
genders.

	1.3 	Interpretation not affected by Headings
    

The division of these Terms and Conditions into Articles and
Sections, and the insertion of headings are for convenience of reference only
and will not affect the construction or interpretation thereof.

	1.4 	Applicable Law 

The Warrant and the terms hereof are governed by the laws of
the ______________________. The Holder, in its personal or corporate capacity
and, if applicable, on behalf of each beneficial purchaser for whom it is
acting, irrevocably attorns to the jurisdiction of the courts of the
_______________________.

- 2 -

	2. 	
      ISSUE OF WARRANTS

	 	 
	2.1 	
      Additional Warrants

The Company may at any time and from time to time issue
additional warrants or grant options or similar rights to purchase shares of its
capital stock.

	2.2 	Warrants to Rank Pari
      Passu 

All Warrants and additional warrants, options or similar rights
to purchase shares from time to time issued or granted by the Company, will rank
pari passu whatever may be the actual dates of issue or grant thereof, or
of the dates of the certificates by which they are evidenced.

	2.3 	
      Issue in substitution for Lost Warrants

	 	 	 
		(a) 	
      In case a Warrant becomes mutilated, lost, destroyed or
      stolen, the Company, at its discretion, may issue and deliver a new
      Warrant of like date and tenor as the one mutilated, lost, destroyed or
      stolen, in exchange for and in place of and upon cancellation of such
      mutilated Warrant, or in lieu of, and in substitution for such lost,
      destroyed or stolen Warrant and the substituted Warrant will be entitled
      to the benefit hereof and rank equally in accordance with its terms with
      all other Warrants issued or to be issued by the Company.

	 	 	 
		(b) 	
      The applicant for the issue of a new Warrant pursuant
      hereto will bear the cost of the issue thereof and in case of loss,
      destruction or theft furnish to the Company such evidence of ownership and
      of loss, destruction, or theft of the Warrant so lost, destroyed or stolen
      as will be satisfactory to the Company in its discretion and such
      applicant may also be required to furnish indemnity in amount and form
      satisfactory to the Company in its discretion, and will pay the reasonable
      charges of the Company in connection
therewith.

	2.4 	Warrant Holder Not a Shareholder
  

The holding of a Warrant will not constitute the Holder thereof
as a shareholder of the Company, nor entitle him to any right or interest in
respect thereof except as in the Warrant expressly provided.

	3. 	
      NOTICE

	 	 
	3.1 	
      Notice to Warrant Holders

Any notice required or permitted to be given to the Holders
will be in writing and may be given by prepaid registered post, electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy to the address of the Holder appearing on the Holder's
Warrant or to such other address as any Holder may specify by notice in writing
to the Company, and any such notice will be deemed to have been given and
received by the Holder to whom it was addressed if mailed, on the third day
following the mailing thereof, if by facsimile or other electronic
communication, on successful transmission, or, if delivered, on delivery; but if
at the time or mailing or between the time of mailing and the third business day
thereafter there is a strike, lockout, or other labour disturbance affecting
postal service, then the notice will not be effectively given until actually
delivered.

	3.2 	Notice to the Company

Any notice required or permitted to be given to the Company
will be in writing and may be given by prepaid registered post, electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy to the address of the Company set forth below or such
other address as the Company may specify by notice in writing to the Holder, and
any such notice will be deemed to have been given and received by the Company to
whom it was addressed if mailed, on the third day following the mailing thereof,
if by facsimile or other 

- 3 -

electronic communication, on successful transmission, or, if
delivered, on delivery; but if at the time or mailing or between the time of
mailing and the third business day thereafter there is a strike, lockout, or
other labour disturbance affecting postal service, then the notice will not be
effectively given until actually delivered:

	 	Pantera Petroleum Inc. 
	 	111 Congress Avenue, Suite 400 
	 	Austin, Texas 78701 
	 	  
	 	Attention: President 
	 	Fax No. (512) 391-3869 
	 	  
	 	with a copy, which shall not constitute notice,
      to: 
	 	  
	 	Clark Wilson LLP 
	 	Barristers and Solicitors 
	 	800 – 885 West Georgia Street 
	 	Vancouver, British Columbia 
	 	Canada V6C 3H1 
	 	  
	 	Attention: Virgil Z. Hlus 
	 	Fax: (604) 687-6314 

	4. 	
      EXERCISE OF WARRANTS

	 	 
	4.1 	
      Method of Exercise of
Warrants

The right to purchase shares conferred by the Warrants may be
exercised by the Holder surrendering the Warrant Certificate representing same,
with a duly completed and executed subscription in the form attached hereto and
a bank draft or certified cheque payable to the Company for the purchase price
applicable at the time of surrender in respect of the shares subscribed for in
lawful money of the United States of America, to the Company at the address set
forth in, or from time to time specified by the Company pursuant to, Section
3.2.

	4.2 	
      Effect of Exercise of Warrants

	 	 	 
		(a) 	
      Upon surrender and payment as aforesaid the shares so
      subscribed for will be deemed to have been issued and such person or
      persons will be deemed to have become the Holder or Holders of record of
      such shares on the date of such surrender and payment, and such shares
      will be issued at the subscription price in effect on the date of such
      surrender and payment.

	 	 	 
		(b) 	
      Within ten business days after surrender and payment as
      aforesaid, the Company will forthwith cause to be delivered to the person
      or persons in whose name or names the shares so subscribed for are to be
      issued as specified in such subscription or mailed to him or them at his
      or their respective addresses specified in such subscription, a
      certificate or certificates for the appropriate number of shares not
      exceeding those which the Warrant Holder is entitled to purchase pursuant
      to the Warrant surrendered.

	4.3 	Subscription for Less Than Entitlement
    

The Holder of any Warrant may subscribe for and purchase a
number of shares less than the number which he is entitled to purchase pursuant
to the surrendered Warrant. In the event of any purchase of a number of shares
less than the number which can be purchased pursuant to a Warrant, the Holder
thereof upon exercise thereof will in addition be entitled to receive a new
Warrant in respect of the balance of the shares which he was entitled to
purchase pursuant to the surrendered Warrant and which were not then
purchased.

- 4 -

	4.4 	Warrants for Fractions of Shares
  

To the extent that the Holder of any Warrant is entitled to
receive on the exercise or partial exercise thereof a fraction of a share, such
right may be exercised in respect of such fraction only in combination with
another Warrant or other Warrants which in the aggregate entitle the Holder to
receive a whole number of such shares.

	4.5 	Expiration of Warrants

After the expiration of the period within which a Warrant is
exercisable, all rights thereunder will wholly cease and terminate and such
Warrant will be void and of no effect.

	4.6 	Time of Essence 

Time will be of the essence hereof.

	4.7 	Subscription Price 

Each Warrant is exercisable at a price per share (the "Exercise
Price") of US$__________ . One (1) Warrant and the Exercise Price are required
to subscribe for each share during the term of the Warrants.

	4.8 	
      Adjustment of Exercise Price

	 	 	 	 
		(a) 	
      The Exercise Price and the number of shares deliverable
      upon the exercise of the Warrants will be subject to adjustment in the
      event and in the manner following:

	 	 	 	 
			(i) 	
      If and whenever the shares at any time outstanding are
      subdivided into a greater or consolidated into a lesser number of shares
      the Exercise Price will be decreased or increased proportionately as the
      case may be; upon any such subdivision or consolidation the number of
      shares deliverable upon the exercise of the Warrants will be increased or
      decreased proportionately as the case may be.

	 	 	 	 
			(ii) 	
      In case of any capital reorganization or of any
      reclassification of the capital of the Company or in the case of the
      consolidation, merger or amalgamation of the Company with or into any
      other Company (hereinafter collectively referred to as a
      "Reorganization"), each Warrant will after such Reorganization confer the
      right to purchase the number of shares or other securities of the Company
      (or of the Company's resulting from such Reorganization) which the Warrant
      Holder would have been entitled to upon Reorganization if the Warrant
      Holder had been a shareholder at the time of such
Reorganization.

	 	 	 	 
				
      In any such case, if necessary, appropriate adjustments
      will be made in the application of the provisions of this Article Four
      relating to the rights and interest thereafter of the Holders of the
      Warrants so that the provisions of this Article Four will be made
      applicable as nearly as reasonably possible to any shares or other
      securities deliverable after the Reorganization on the exercise of the
      Warrants.

	 	 	 	 
				
      The subdivision or consolidation of shares at any time
      outstanding into a greater or lesser number of shares (whether with or
      without par value) will not be deemed to be a Reorganization for the
      purposes of this clause 4.8(a)(ii).

	 	 	 	 
		(b) 	
      The adjustments provided for in this Section 4.8 are
      cumulative and will become effective immediately after the record date or,
      if no record date is fixed, the effective date of the event which results
      in such adjustments.

- 5 -

	4.9 	Determination of Adjustments
  

If any questions will at any time arise with respect to the
Exercise Price or any adjustment provided for in Section 4.8, such questions
will be conclusively determined by the Company's Auditors, or, if they decline
to so act any other firm of certified public accountants in the United States of
America that the Company may designate and who will have access to all
appropriate records and such determination will be binding upon the Company and
the Holders of the Warrants.

	5. 	
      WAIVER OF CERTAIN RIGHTS

	 	 
	5.1 	
      Immunity of Shareholders,
etc.

The Warrant Holder, as part of the consideration for the issue
of the Warrants, waives and will not have any right, cause of action or remedy
now or hereafter existing in any jurisdiction against any past, present or
future incorporator, shareholder, Director or officer (as such) of the Company
for the issue of shares pursuant to any Warrant or on any covenant, agreement,
representation or warranty by the Company herein contained or in the
Warrant.

	6. 	
      MODIFICATION OF TERMS, ETC.

	 	 
	6.1 	
      Modification of Terms and Conditions for Certain
      Purposes

From time to time the Company may, subject to the provisions of
these presents, modify the Terms and Conditions hereof, for the purpose of
correction or rectification of any ambiguities, defective provisions, errors or
omissions herein.

	6.2 	Warrants Not Transferable

The Warrant and all rights attached to it are not
transferable.

DATED as of the date first above written in these Terms and
Conditions.

	 	PANTERA PETROLEUM
      INC. 
	 	 	  
	 	 	  
	 	Per: 	
	 	 	Authorized Signatory 

FORM OF SUBSCRIPTION

	TO: 	Pantera Petroleum Inc. 
	  	111 Congress Avenue, Suite 400 
	 	Austin, Texas
78701  

The undersigned Holder of the within Warrants hereby subscribes
for ____________ common shares (the "Shares") of Pantera Petroleum Inc. (the
"Company") pursuant to the within Warrants at US$_________ per Share on the
terms specified in the said Warrants. This subscription is accompanied by a
certified cheque or bank draft payable to or to the order of the Company for the
whole amount of the purchase price of the Shares.

The undersigned represents that, at the time of the exercise of
these Warrants, all of the representations and warranties contained in the
Equity Financing Agreement and the Regulation S Certificate (as defined in the
Equity Financing Agreement) between the Company and the undersigned pursuant to
which these Warrants were issued are true and accurate.

The undersigned hereby directs that the Shares be registered as
follows:

	NAME(S) IN FULL 	 	ADDRESS(ES) 	 	NUMBER OF SHARES 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	  	 	TOTAL: 	 	 
    

(Please print full name in which share certificates are to be
issued, stating whether Mr., Mrs. or Miss is applicable).

DATED this ________day of __________________, ______.

In the presence of:

	 	 	 
	Signature of Witness 	 	Signature of Warrant Holder

Please print below your name and address in full.

	Name (Mr./Mrs./Miss) 	 
	 	 
	Address 	 
	 	 
	 	 

INSTRUCTIONS FOR SUBSCRIPTION

The signature to the subscription must correspond in every
particular with the name written upon the face of the Warrant without alteration
or enlargement or any change whatever. If there is more than one subscriber, all
must sign. In the case of persons signing by agent or attorney or by personal
representative(s), the authority of such agent, attorney or representative(s) to
sign must be proven to the satisfaction of the Company. If the Warrant
certificate and the form of subscription are being forwarded by mail, registered
mail must be employed.

SCHEDULE B

CERTIFICATE OF NON-U.S. SHAREHOLDER

In connection with the issuance of
Common Shares and Warrants, pursuant to the Equity Financing Agreement (the
“Agreement”) dated February 12, 2008 between Pantera Petroleum Inc. (the
“Company”) and FTS Financial Investments Ltd. Capitalized terms used but not
otherwise defined in this Certificate shall have the meanings given to such
terms in the Agreement. The undersigned hereby agrees, acknowledges, represents
and warrants that:

     1. the
undersigned is not a “U.S. Person” as such term is defined by Rule 902 of
Regulation S under the United States Securities Act of 1933, as amended (“U.S.
Securities Act”) (the definition of which includes, but is not limited to, an
individual resident in the U.S. and an estate or trust of which any executor or
administrator or trust, respectively is a U.S. Person and any partnership or
corporation organized or incorporated under the laws of the U.S.);

     2. none
of the Common Shares or the Warrants (the Common Shares and the Warrants
collectively referred to as, the “Securities”) have been or will be registered
under the U.S. Securities Act, or under any state securities or “blue sky” laws
of any state of the United States, and may not be offered or sold in the United
States or, directly or indirectly, to U.S. Persons, as that term is defined in
Regulation S, except in accordance with the provisions of Regulation S or
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and in compliance with any
applicable state and foreign securities laws;

     3. the
undersigned understands and agrees that offers and sales of any of the
Securities prior to the expiration of a period of one year after the date of
original issuance of the Securities, or such other period as securities
legislation may prescribe (the one year, or such other, period hereinafter
referred to as the “Distribution Compliance Period”) shall only be made in
compliance with the safe harbor provisions set forth in Regulation S, pursuant
to the registration provisions of the U.S. Securities Act or an exemption
therefrom, and that all offers and sales after the Distribution Compliance
Period shall be made only in compliance with the registration provisions of the
U.S. Securities Act or an exemption therefrom and in each case only in
accordance with applicable state and foreign securities laws;

     4. the
undersigned understands and agrees not to engage in any hedging transactions
involving any of the Securities unless such transactions are in compliance with
the provisions of the U.S. Securities Act and in each case only in accordance
with applicable state securities laws;

     5. the
undersigned is acquiring the Securities for investment only and not with a view
to resale or distribution and, in particular, it has no intention to distribute
either directly or indirectly any of the Securities in the United States or to
U.S. Persons;

     6. the
undersigned has not acquired the Securities as a result of, and will not itself
engage in, any directed selling efforts (as defined in Regulation S under the
U.S. Securities Act) in the United States in respect of the Securities which
would include any activities undertaken for the purpose of, or that could
reasonably be expected to have the effect of, conditioning the market in the
United States for the resale of any of the Securities; provided, however, that
the undersigned may sell or otherwise dispose of the Securities pursuant to
registration thereof under the U.S. Securities Act and any applicable state and
provincial securities laws or under an exemption from such registration
requirements;

     7. the
statutory and regulatory basis for the exemption claimed for the sale of the
Securities, although in technical compliance with Regulation S, would not be
available if the offering is part of a plan or scheme to evade the registration
provisions of the U.S. Securities Act or any applicable state and provincial
securities laws;

     8. the
Company has not undertaken, and will have no obligation, to register any of the
Securities under the U.S. Securities Act;

     9. the
Company is entitled to rely on the acknowledgements, agreements, representations
and warranties and the statements and answers of the undersigned contained in
the Agreement and this Certificate, and the undersigned will hold harmless the
Company from any loss or damage either one may suffer as a result of any such
acknowledgements, agreements, representations and/or warranties made by the
undersigned not being true and correct;

     10. the
undersigned has been advised to consult its own respective legal, tax and other
advisors with respect to the merits and risks of an investment in the Securities
and, with respect to applicable resale restrictions, is solely responsible (and
the Company is not in any way responsible) for compliance with applicable resale
restrictions;

     11. the
undersigned and the undersigned’s advisor(s) have had a reasonable opportunity
to ask questions of and receive answers from the Company in connection with the
acquisition of the Securities under the Agreement, and to obtain additional
information, to the extent possessed or obtainable by the Company without
unreasonable effort or expense;

     12. the
books and records of the Company were available upon reasonable notice for
inspection, subject to certain confidentiality restrictions, by the undersigned
during reasonable business hours at its principal place of business and that all
documents, records and books in connection with the acquisition of the
Securities under the Agreement have been made available for inspection by the
undersigned, the undersigned’s attorney and/or advisor(s);

     13. the
undersigned:

	(a) 	
      is knowledgeable of, or has been independently advised as
      to, the applicable securities laws of the securities regulators having
      application in the jurisdiction in which the undersigned is resident (the
      “International Jurisdiction”) which would apply to the acquisition of the
      Securities;

	 	 
	(b) 	
      the undersigned is acquiring the Securities pursuant to
      exemptions from prospectus or equivalent requirements under applicable
      securities laws or, if such is not applicable, the undersigned is
      permitted to acquire the Securities under the applicable securities laws
      of the securities regulators in the International Jurisdiction without the
      need to rely on any exemptions;

	 	 
	(c) 	
      the applicable securities laws of the authorities in the
      International Jurisdiction do not require the Company to make any filings
      or seek any approvals of any kind whatsoever from any securities regulator
      of any kind whatsoever in the International Jurisdiction in connection
      with the issue and sale or resale of the Securities; and

	 	 
	(d) 	
      the acquisition of the Securities by the undersigned does
      not trigger:

	 	 
	(i) 	
      any obligation to prepare and file a prospectus or
      similar document, or any other report with respect to such purchase in the
      International Jurisdiction; or

	 	 
	(ii) 	
      any continuous disclosure reporting obligation of the
      Company in the International Jurisdiction; and

	 	 
		
      the undersigned will, if requested by the Company,
      deliver to the Company a certificate or opinion of local counsel from the
      International Jurisdiction which will confirm the matters referred to in
      Sections 13(c) and 13(d) above to the satisfaction of the Company, acting
      reasonably;

     14. the
undersigned (i) is able to fend for itself in connection with the acquisition of
the Securities; (ii) has such knowledge and experience in business matters as to
be capable of evaluating the merits and risks of its prospective investment in
the Securities; and (iii) has the ability to bear the 

economic risks of its prospective
investment and can afford the complete loss of such investment;

     15. the
undersigned is not aware of any advertisement of any of the Securities and is
not acquiring the Securities as a result of any form of general solicitation or
general advertising including advertisements, articles, notices or other
communications published in any newspaper, magazine or similar media or
broadcast over radio or television, or any seminar or meeting whose attendees
have been invited by general solicitation or general advertising;

     16.
except as set out in the Agreement, no Person has made to the undersigned any
written or oral representations:

	(a) 	
      that any Person will resell or repurchase any of the
      Securities;

	 	 
	(b) 	
      that any Person will refund the purchase price of any of
      the Securities;

	 	 
	(c) 	
      as to the future price or value of any of the Securities;
      or

	 	 
	(d) 	
      that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities on any
      stock exchange or automated dealer quotation system, except that currently
      certain market makers make market in the Common Shares on the OTC Bulletin
      Board;

     17. none
of the Securities are listed on any stock exchange or automated dealer quotation
system and, no representation has been made to the undersigned that any of the
Securities will become listed on any stock exchange or automated dealer
quotation system, except that currently certain market makers make market in the
Common Shares on the OTC Bulletin Board;

     18. the
undersigned is outside the United States when receiving and executing this
Agreement and is acquiring the Securities as principal for their own account,
for investment purposes only, and not with a view to, or for, resale,
distribution or fractionalization thereof, in whole or in part, and no other
Person has a direct or indirect beneficial interest in the Securities; 

     19.
neither the SEC nor any other securities commission or similar regulatory
authority has reviewed or passed on the merits of the Securities;

     20. the
Securities are not being acquired, directly or indirectly, for the account or
benefit of a U.S. Person or a Person in the United States;

     21. the
undersigned acknowledges and agrees that the Company shall refuse to register
any transfer of the Securities not made in accordance with the provisions of
Regulation S, pursuant to registration under the U.S. Securities Act, or
pursuant to an available exemption from registration under the U.S. Securities
Act;

     22. the
undersigned understands and agrees that the Securities will bear the following
legend:

“THE SECURITIES REPRESENTED HEREBY HAVE
BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS
DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “1933 ACT”).

NONE OF THE SECURITIES REPRESENTED
HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, 

PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN
A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND
IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN
ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE 1933 ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS
DEFINED BY REGULATION S UNDER THE 1933 ACT.”;

     23. the
address of the undersigned included herein is the sole address of the
undersigned as of the date of this certificate.

IN WITNESS WHEREOF, I have executed
this Certificate of Non-U.S. Shareholder.

FTS FINANCIAL INVESTMENTS
LTD.

	 	 Per:	 /s/ R. Nox 	Date: February 12, 2008 
	 	 	Signature 	  
	 	 	  	  
	 	 	R. Nox 	  
	 	 	Print Name 	  
	 	 	  	  
	 	 	Director 	  
	 	 	Title (if applicable) 	  
	 	 	  	  
	 	 	Seefeld Strasse 69, 8008 Zurich 	  
	 	 	Address 	  
	 	 	  	  
	 	 	Switzerland

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