Document:

SECOND
AMENDMENT TO

    CONVERTIBLE
DEBENTURE

    

    THIS
SECOND AMENDMENT TO CONVERTIBLE DEBENTURE (this “Second Amendment”), dated as
of November 13, 2010, is entered into by and between American Petro-Hunter,
Inc., a Nevada corporation (the “Company”) and Maxum Overseas
Fund (the “Purchaser”).

    

    RECITALS

    

    WHEREAS, the Company and
Purchaser entered into that certain Debenture and Warrant Purchase Agreement,
and the related Convertible Debenture (the “Debenture”), each dated as of
May 17, 2010, as amended, pursuant to which the parties agreed, among other
things, for the Purchaser to loan up to $1,500,000 (the “Loan Amount”) to the Company
subject to the terms and conditions set forth in the Debenture.

    

    WHEREAS, the Company and
Purchaser now desire to reduce the conversion price of the Debenture and to
otherwise modify the Debenture as provided herein.

    

    NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

    

    AGREEMENT

    

    1.           Reduction in Conversion
Price.  Section 3.1 of the Debenture is hereby amended and
restated to read in its entirety as set forth below:

    

    “Conversion at Holder’s
Election.  At any time prior to the Repayment Date, Holder at
its option and upon prior written notice to the Company, may convert in whole or
in part the then outstanding Principal and accrued but unpaid interest thereon
(the “Debt”) into shares
of common stock of the Company at the then applicable Conversion Price (as
defined below).  The “Conversion Price” shall
initially be $0.25, but shall be subject to adjustment as set forth in Sections 3.3 and
3.4 below and
for any stock dividends, combinations, splits, recapitalizations and the like
after the date hereof.  The form of this Debenture need not be changed
because of any adjustment in the Conversion Price or in the number of shares of
common stock issuable upon its conversion.  Notwithstanding the
foregoing, the number of shares of
Company common stock that may be acquired by the Holder upon any conversion of
the Debt shall be limited to the extent necessary to ensure that, following such
conversion, the total number of shares of Company common stock then beneficially
owned by the Holder and its affiliates and any other persons whose beneficial
ownership of Company common stock would be aggregated with the Holder’s for
purposes of Section 13(d) of the Exchange Act, does not exceed 4.999% of the
total number of issued and outstanding shares of Company common stock (including
for such purpose the shares of Company common stock issuable upon such
conversion).  For such purposes, beneficial ownership shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations thereunder.  Notwithstanding the foregoing, the
Holder may waive such limitation on conversion contained in this Section
3.1 or increase or decrease
such limitation percentage to any other percentage as specified in a written
notice to the
Company.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.           Effect on Debenture. Except as
specifically amended and modified by this Second Amendment, all terms,
conditions, covenants and agreements set forth in the Debenture shall remain in
full force and effect.

    

    3.           Governing Law.  This
Second Amendment shall be governed by the laws of the State of Nevada applicable
to contracts between Nevada residents wholly performed in Nevada.

    

    4.           Counterparts.   This
Second Amendment may be executed in two or more counterparts, each of which
shall constitute an original but all of which when taken together shall
constitute one agreement.

    

    

    [Signature
Page Follows]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
parties have executed and delivered this Second Amendment as of the date and
year first written above.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    COMPANY:

                                                  
	 
      	 
      	 
      
	
                                                    American
      Petro-Hunter, Inc.

                                                  
	
                                                    a
      Nevada corporation

                                                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                                    By:

                                                  	
                                                     /s/ Robert McIntosh

                                                  	 
      
	
                                                    Robert
      McIntosh

                                                  
	
                                                    Chief
      Executive Officer

                                                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                                    PURCHASER:

                                                  
	 
      	 
      	 
      
	
                                                    Maxum
      Overseas Fund

                                                  
	 
      	 
      	 
      
	
                                                    By:

                                                  	
                                                     /s/ Kenneth Taves

                                                  	 
      
	
                                                    Kenneth
      Taves

                                                  
	
                                                    Portfolio
      ManagerAMENDMENT
TO PROMISSORY NOTES

     

    This
Amendment to Promissory Notes (the “Amendment”) is made as of
November 13, 2010 (the “Effective Date”) by and
between American Petro-Hunter, Inc., a Nevada corporation (the “Company”), and John E. Friesen
(the “Holder”), and
amends that certain Secured Convertible Promissory Note, dated August 13, 2009,
between the Company and the Holder (the “First Note”), and that certain
Secured Convertible Promissory Note, dated September 15, 2009, between the
Company and the Holder (the “Second Note”, and together
with the First Note, the “Prior
Notes”).

    

    RECITALS

    

    WHEREAS, the Company and the
Holder are parties to those certain Prior Notes, pursuant to which the Company
has agreed to pay certain amounts to the Holder and pursuant to which the Holder
has the option to convert the Prior Notes into shares of common stock of the
Company.

    

    WHEREAS, the Company and the
Holder each desire to extend the term of the Prior Notes and to reduce the
conversion price of the Prior Notes and to otherwise modify the Prior Notes as
provided herein.

    

    NOW THEREFORE, in
consideration of the promises and covenants contained herein, the sufficiency of
which is hereby acknowledged, the parties agree as follows:

    

    AGREEMENT

    

    
      	
              1.

            	
              Extension of Repayment
      Date.

            

    

    

    
      	
               
      

            	
              1.1

            	
              The
      Company and the Holder each agrees that the last sentence of the
      introductory paragraph of the First Note is hereby amended and restated to
      read in its entirety as set forth
below:

            

    

    

    “Any
remaining principal and interest hereof will be payable at the principal office
of the Company or by mail to the registered address of the Holder on or before
August 13, 2011 (the “Repayment
Date”) except that no payment will be required to the extent that such
principal and interest are or have been paid or converted pursuant to the terms
hereof or under the Agreement.”

    

    
      	
               
      

            	
              1.2

            	
              The
      Company and the Holder each agrees that the last sentence of the
      introductory paragraph of the Second Note is hereby amended and restated
      to read in its entirety as set forth
below:

            

    

    

    “Any
remaining principal and interest hereof will be payable at the principal office
of the Company or by mail to the registered address of the Holder on or before
September 15, 2011 (the “Repayment Date”) except that
no payment will be required to the extent that such principal and interest are
or have been paid or converted pursuant to the terms hereof or under the
Agreement.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              2.

            	
              Reduction of Conversion
      Price.

            

    

    

    
      	
               
      

            	
              2.1

            	
              The
      Company and the Holder each agrees that Section 2.2 of the First Note is
      hereby amended and restated to read in its entirety as set forth
      below:

            

    

    

    “At any
time prior to the Repayment Date, Holder at its option and upon prior written
notice to the Company, may convert in whole or in part, the outstanding
Principal and accrued but unpaid interest thereon (the “Debt”) into shares of common
stock of the Company based on a per share conversion price of the lower of (i)
$0.25, or (ii) a twenty five percent (25%) discount to the average closing
trading price (as reported by Bloomberg) of a share of Company common stock
during the five (5) trading days prior to the conversion date  (the
“Conversion Price”);
provided, however, the number of shares of Company common
stock that may be acquired by Holder upon any conversion of the Debt shall be
limited to the extent necessary to ensure that, following such exercise, the
total number of shares of Company common stock then beneficially owned by Holder
and his affiliates and any other persons whose beneficial ownership of Company
common stock would be aggregated with the Holder’s for purposes of Section 13(d)
of the Exchange Act, does not exceed 4.999% of the total number of issued and
outstanding shares of Company common stock (including for such purpose the
shares of Company common stock issuable upon such conversion).  For
such purposes, beneficial ownership shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations
thereunder.  Notwithstanding the foregoing, Holder
may waive such limitation on conversion contained in this Section
2.2 or increase or decrease
such limitation percentage to any other percentage as specified in a written
notice to the Company.”

    

    
      	
               
      

            	
              2.2

            	
              The
      Company and the Holder each agrees that Section 2.2 of the Second Note is
      hereby amended and restated to read in its entirety as set forth
      below:

            

    

    

    “At any
time prior to the Repayment Date, Holder at its option and upon prior written
notice to the Company, may convert in whole or in part, the outstanding
Principal and accrued but unpaid interest thereon (the “Debt”) into shares of common
stock of the Company based on a per share conversion price of the lower of (i)
$0.25, or (ii) a twenty five percent (25%) discount to the average closing
trading price (as reported by Bloomberg) of a share of Company common stock
during the five (5) trading days prior to the conversion date  (the
“Conversion Price”);
provided, however, the number of shares of Company common
stock that may be acquired by Holder upon any conversion of the Debt shall be
limited to the extent necessary to ensure that, following such exercise, the
total number of shares of Company common stock then beneficially owned by Holder
and his affiliates and any other persons whose beneficial ownership of Company
common stock would be aggregated with the Holder’s for purposes of Section 13(d)
of the Exchange Act, does not exceed 4.999% of the total number of issued and
outstanding shares of Company common stock (including for such purpose the
shares of Company common stock issuable upon such conversion).  For
such purposes, beneficial ownership shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations
thereunder.  Notwithstanding the foregoing, Holder
may waive such limitation on conversion contained in this Section
2.2 or increase or decrease such limitation
percentage to any other percentage as specified in a written notice to the
Company.”

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
              3.

            	
              Effect on Prior
      Notes.  This Amendment shall be effective on the
      Effective Date.  Except as set forth in this Amendment, the
      Prior Notes shall remain in full force and effect in accordance with their
      original terms and conditions.

            

    

    

    
      	
              4.

            	
              Governing
      Law.  This Amendment shall be governed by the laws of the
      State of Nevada applicable to contracts between Nevada residents wholly
      performed in Nevada.

            

    

    

    
      	
              5.

            	
              Counterparts.  This
      Amendment may be signed in counterparts, each of which when taken together
      shall constitute one fully executed
document.

            

    

    

    

    [Signature
Page Follows]

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
parties have executed and delivered this Amendment as of the date and year first
written above.

     

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    COMPANY:

                                  	 
      	
                                    HOLDER:

                                  
	 	 	 
	
                                    American
      Petro-Hunter, Inc.

                                    a
      Nevada corporation

                                  	 
      	 
      
	 	 	 
	
                                    By:

                                  	
                                    /s/ Robert McIntosh

                                  	 
      	
                                    /s/ John E. Friesen

                                  	 
      
	
                                    Robert
      McIntosh

                                    Chief
      Executive Officer

                                  	
                                    John
      E.
Friesen

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        4

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