Document:

Exhibit
      4.2

     

    SECURED
      TERM NOTE

     

    FOR
      VALUE
      RECEIVED, each of TRUE NORTH ENERGY CORPORATION, a Nevada corporation
      (“TNEC”),
      and
      ICF ENERGY CORPORATION, a Texas corporation (“ICF”,
      and
      together with TNEC, each a “Company”
and
      collectively the “Companies”),
      hereby jointly and severally, promises to pay to VALENS U.S. SPV I, LLC, c/o
      Valens Capital Management, LLC, 335 Madison Avenue, 10th
      Floor,
      New York, New York 10017, Fax: 212-581-5037 (the “Holder”)
      or its
      registered assigns or successors in interest, the sum of One Million Eight
      Hundred Seventy-Five Thousand Four Hundred Four Dollars ($1,875,404), together
      with any accrued and unpaid interest hereon, on September 18, 2010 (the
“Maturity
      Date”)
      if not
      indefeasibly sooner paid in full.

     

    Capitalized
      terms used herein without definition shall have the meanings ascribed to such
      terms in that certain Securities Purchase Agreement (as amended, modified and/or
      supplemented from time to time, the “Purchase
      Agreement”)
      dated
      as of the date hereof among the Companies, the Holder, any other Purchasers
      thereunder and the Holder,
      as agent
      for the Purchasers.

     

    The
      following terms shall apply to this Secured Term Note (this “Note”):

     

    ARTICLE
      I

    CONTRACT
      RATE AND AMORTIZATION

     

    1.1 Contract
      Rate.
      Subject
      to Sections 3.2 and 4.10, interest payable on the outstanding principal amount
      of this Note (the “Principal
      Amount”)
      shall
      accrue at a rate per annum equal to thirteen percent (13.0%) (the “Contract
      Rate”).
      Interest shall be (i) calculated on the basis of a 360 day year, and (ii)
      payable monthly, in arrears, commencing on October 1, 2007, on the first
      business day of each consecutive calendar month thereafter through and including
      the Maturity Date, and on the Maturity Date, whether by acceleration or
      otherwise.

     

    1.2 Contract
      Rate Payments.
      The
      Contract Rate shall be calculated on the last business day of each calendar
      month hereafter until the Maturity Date and shall be subject to adjustment
      as
      set forth herein.

     

    1.3 Principal
      Payments.
      Amortizing payments of the Principal Amount shall be jointly and severally
      made
      by the Companies on October 1, 2007 and on the first business day of each
      succeeding month thereafter through and including the Maturity Date (each,
      an
“Amortization
      Date”).
      Commencing on the first Amortization Date, the Companies shall, jointly and
      severally, make monthly payments to the Holder on each Amortization Date in
      an
      amount equal to the applicable Amortization Amount (which shall include any
      accrued and unpaid interest on such portion of the Principal Amount) plus any
      and all other unpaid amounts which are then owing under this Note, the Purchase
      Agreement and/or any other Related Agreement (collectively, the “Monthly
      Amount”).
      Any
      outstanding Principal Amount together with any accrued and unpaid interest
      and
      any and all other unpaid amounts which are then owing by any Company to the
      Holder under this Note, the Purchase Agreement and/or any other Related
      Agreement shall be due and payable on the Maturity Date. For purposes of this
      Section, the term “Amortization
      Amount”
shall
      mean (a) for each Amortization Date during the period commencing on the date
      hereof and ending on the one-year anniversary of the date hereof (the
“Anniversary
      Date”),
      an
      amount equal to the greater of (i) $100,000 and (ii) sixty percent (60%) of
      the
      Net Revenue (the “Net
      Revenue Amount”)
      relating to all oil and gas properties of ICF (collectively, the “Oil
      and Gas Properties”)
      for
      the calendar month immediately preceding the applicable Amortization Date and
      (b) for each Amortization Date thereafter, an amount equal to the greater of
      (i)
      $100,000 and (ii) eighty percent (80%) of the Net Revenue Amount relating to
      the
      Oil and Gas Properties for the calendar month immediately preceding the
      applicable Amortization Date, provided,
      however,
      such
      percentage shall increase to one hundred percent (100%) upon the occurrence
      and
      during the continuance of an Event of Default. The term “Net
      Revenue”
shall
      mean the gross proceeds paid to ICF in respect of oil, gas and/or other
      hydrocarbon production in which it has an interest whether or not such proceeds
      are remitted to the lockbox account and/or any other blocked account established
      by any Company in connection with the transactions contemplated hereby net
      of,
      in each case, with respect to the period for which such Net Revenue relates,
      the
      reasonable ordinary day to day expenses associated with ICF’s operation of the
      leases, wells and equipment, including pumping fuel, lube, water, chemicals,
      materials, wireline, labor, maintenance, routine production equipment
      replacement, repairs, routine workover costs to maintain production from an
      existing completed well, royalty, overriding royalty, insurance, third-party
      engineering, salt water disposal, processing fees, environmental and disposal,
      transportation, government regulations, supplies, severance tax, outside
      operating expenditures and ad valorem tax, to the extent, and only the extent,
      properly allocated to the operation of the Oil and Gas Properties and chargeable
      to ICF or TNEC under the accounting procedures contained in applicable operating
      agreements, excluding, however, any capital expenditures, in each case using
      accounting practices and procedures ordinary and customary in the oil and gas
      industry, all of which shall be subject to the Holder’s approval which shall be
      provided in the exercise of the Holder’s reasonable discretion based on such
      supporting documentation from the Companies as the Holder shall reasonably
      request. Once the Amortization Amount has been paid on each Amortization Date,
      the balance of the Net Revenue Amount relating to the Oil and Gas Properties
      for
      the calendar month immediately preceding the applicable Amortization Date shall
      be available to ICF and/or TNEC.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      II

    OPTIONAL
      PREPAYMENT

     

    2.1 The
      Companies may, jointly and severally, prepay this Note at any time, in whole
      or
      in part, without any prepayment penalty. The Note may be prepaid in full by
      paying to the Holder a sum of money equal to one hundred percent (100%) of
      the
      unpaid Principal Amount of the Note, together with accrued but unpaid interest
      thereon and any and all other sums due, accrued or payable to the Holder arising
      under the Note, the Purchase Agreement or any other Related Agreement. This
      Note
      may be prepaid in part by paying to the Holder a sum of money equal to the
      portion of the Note to be prepaid, which prepayment shall be applied to the
      unpaid Principal Amount of the Note, accrued but unpaid interest thereon or
      to
      other sums due to Holder arising under the Note, the Purchase Agreement or
      any
      other Related Agreement, as directed by Holder. 

     

    
      
        
        

      

      
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    ARTICLE
      III

    EVENTS
      OF DEFAULT

     

    3.1 Events
      of Default.
      The
      occurrence of any of the following events set forth in this Section 3.1 shall
      constitute an event of default (“Event
      of Default”)
      hereunder:

     

    (a) Failure
      to Pay.
      Any
      Company fails to pay when due any installment of principal, interest or other
      fees hereon in accordance herewith, or any Company fails to pay any of the
      other
      Obligations (under and as defined in any Security Document) when due, and,
      in
      any such case, such failure shall continue for a period of three (3) days
      following the date upon which any such payment was due.

     

    (b) Breach
      of Covenant.
      Any
      Company or any of its Subsidiaries breaches any covenant or any other term
      or
      condition of this Note in any material respect and such breach, if subject
      to
      cure, continues for a period of fifteen (15) days after the occurrence
      thereof.

     

    (c) Breach
      of Representations and Warranties.
      Any
      representation, warranty or statement made or furnished by any Company or any
      of
      its Subsidiaries in this Note, the Purchase Agreement or any other Related
      Agreement shall at any time be false or misleading in any material respect
      on
      the date as of which made or deemed made.

     

    (d) Default
      Under Other Agreements.
      The
      occurrence of any default (or similar term) in the observance or performance
      of
      any other agreement or condition relating to any indebtedness or contingent
      obligation, of any Company or any of its Subsidiaries (including, without
      limitation, the indebtedness evidenced by the Subordinated Debt Documentation)
      beyond the period of grace (if any), the effect of which default is to cause,
      or
      permit the holder or holders of such indebtedness or beneficiary or
      beneficiaries of such contingent obligation to cause, such indebtedness to
      become due prior to its stated maturity or such contingent obligation to become
      payable;

     

    (e) Material
      Adverse Effect.
      Any
      change or the occurrence of any event which could reasonably be expected to
      have
      a Material Adverse Effect;

     

    (f) Bankruptcy.
      Any
      Company or any of its Subsidiaries shall (i) apply for, consent to or
      suffer to exist the appointment of, or the taking of possession by, a receiver,
      custodian, trustee or liquidator of itself or of all or a substantial part
      of
      its property, (ii) make a general assignment for the benefit of creditors,
      (iii) commence a voluntary case under the federal bankruptcy laws (as now or
      hereafter in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file
      a
      petition seeking to take advantage of any other law providing for the relief
      of
      debtors, (vi) acquiesce to, without challenge within ten (10) days of the filing
      thereof, or failure to have dismissed, within thirty (30) days, any petition
      filed against it in any involuntary case under such bankruptcy laws, or (vii)
      take any action for the purpose of effecting any of the foregoing;

     

    (g) Judgments.
      Attachments or levies in excess of $75,000 in the aggregate are made upon any
      Company’s or any of its Subsidiaries’ assets or a judgment is rendered against
      any Company’s or any Company’s Subsidiary’s property involving a liability of
      more than $75,000 which shall not have been vacated, discharged, stayed or
      bonded within thirty (30) days from the entry thereof;

     

    
      
        
        

      

      
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    (h) Insolvency.
      Any
      Company or any of its Subsidiaries shall admit in writing its inability, or
      be
      generally unable, to pay its debts as they become due or cease operations of
      its
      present business;

     

    (i) Change
      of Control.
      A
      Change of Control (as defined below) shall occur with respect to any Company,
      unless Holder shall have expressly consented to such Change of Control in
      writing. A “Change
      of Control”
shall
      mean any event or circumstance as a result of which (i) any “Person”
or
      “group”
(as
      such terms are defined in Sections 13(d) and 14(d) of the Exchange Act, as
      in
      effect on the date hereof), other than the Holder, is or becomes the
“beneficial
      owner”
(as
      defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or
      indirectly, of 35% or more on a fully diluted basis of the then outstanding
      voting equity interest of any Company (other than a “Person”
or
      “group”
that
      beneficially owns 35% or more of such outstanding voting equity interests of
      such Company on the date hereof), (ii) the Board of Directors of any Company
      shall cease to consist of a majority of such Company’s board of directors on the
      date hereof (or directors appointed by a majority of the board of directors
      in
      effect immediately prior to such appointment) or (iii) any Company or any of
      its
      Subsidiaries merges or consolidates with, or sells all or substantially all
      of
      its assets to, any other person or entity;

     

    (j) Indictment;
      Proceedings.
      The
      indictment or threatened indictment of any Company or any of its Subsidiaries
      or
      any executive officer of any Company or any of its Subsidiaries under any
      criminal statute, or commencement or threatened commencement of criminal or
      civil proceeding against any Company, any Subsidiary of any Company or any
      executive officer of any Company or any of its Subsidiaries, pursuant to which
      statute or proceeding penalties or remedies sought or available include
      forfeiture of any of the property of any Company or any of its Subsidiaries;
      or

     

    (k) The
      Purchase Agreement and Related Agreements.
      (i) An
      Event of Default shall occur under and as defined in the Purchase Agreement
      or
      any other Related Agreement, (ii) any Company or any of its Subsidiary shall
      breach any term or provision of the Purchase Agreement or any other Related
      Agreement in any material respect and such breach, if capable of cure, continues
      unremedied for a period of fifteen (15) days after the occurrence thereof,
      (iii)
      any Company or any of its Subsidiary attempts to terminate, challenges the
      validity of, or its liability under, the Purchase Agreement or any Related
      Agreement, (iv) any proceeding shall be brought by any Person other than the
      Holder to challenge the validity, binding effect of the Purchase Agreement
      or
      any Related Agreement or (v) the Purchase Agreement or any Related Agreement
      ceases to be a valid, binding and enforceable obligation of any Company or
      any
      of its Subsidiary (to the extent such persons or entities are a party
      thereto).

     

    3.2 Default
      Interest.
      Following the occurrence and during the continuance of an Event of Default,
      the
      Companies shall, jointly and severally, pay additional interest on the
      outstanding principal balance of this Note in an amount equal to two percent
      (2%) per month, and all outstanding obligations under this Note, the Purchase
      Agreement and each other Related Agreement, including unpaid interest, shall
      continue to accrue interest at such additional interest rate from the date
      of
      such Event of Default until the date such Event of Default is cured or
      waived.

     

    
      
        
        

      

      
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    3.3 Default
      Payment.
      Following the occurrence and during the continuance of an Event of Default,
      the
      Holder, at its option, may demand repayment in full of all obligations and
      liabilities owing by each Company to the Holder under this Note, the Purchase
      Agreement and/or any other Related Agreement and/or may elect, in addition
      to
      all rights and remedies of the Holder under the Purchase Agreement and the
      other
      Related Agreements and all obligations and liabilities of each Company under
      the
      Purchase Agreement and the other Related Agreements, to require the Companies,
      jointly and severally, to make a Default Payment (“Default
      Payment”).
      The
      Default Payment shall be one hundred twenty-five percent (125%) of the
      outstanding principal amount of the Note, plus accrued but unpaid interest,
      all
      other fees then remaining unpaid, and all other amounts payable hereunder.
      The
      Default Payment shall be applied first to any fees due and payable pro rata,
      based on outstanding Principal Amounts, to the Holder and the other Purchasers
      pursuant to the Notes, the Purchase Agreement, and/or the other Related
      Agreements, then to accrued and unpaid interest due on this Note and then to
      the
      outstanding principal balance of the Notes. The Default Payment shall be due
      and
      payable immediately on the date that the Holder has demanded payment of the
      Default Payment pursuant to this Section 3.3.

     

    ARTICLE
      IV

    MISCELLANEOUS

     

    4.1 Issuance
      of New Note.
      Upon
      any partial redemption of this Note, a new Note containing the same date and
      provisions of this Note shall, at the request of the Holder, be issued by the
      Companies to the Holder for the principal balance of this Note and interest
      which shall not have been paid as of such date. Subject to the provisions of
      Article III of this Note, the Companies shall not pay any costs, fees or any
      other consideration to the Holder for the production and issuance of a new
      Note.

     

    4.2 Cumulative
      Remedies.
      The
      remedies under this Note shall be cumulative.

     

    4.3 Failure
      or Indulgence Not Waiver.
      No
      failure or delay on the part of the Holder hereof in the exercise of any power,
      right or privilege hereunder shall operate as a waiver thereof, nor shall any
      single or partial exercise of any such power, right or privilege preclude other
      or further exercise thereof or of any other right, power or privilege. All
      rights and remedies existing hereunder are cumulative to, and not exclusive
      of,
      any rights or remedies otherwise available.

     

    4.4 Notices.
      Any
      notice herein required or permitted to be given shall be in writing and shall
      be
      deemed effectively given: (a) upon personal delivery to the party notified,
      (b)
      when sent by confirmed telex or facsimile if sent during normal business hours
      of the recipient, if not, then on the next business day, (c) five days after
      having been sent by registered or certified mail, return receipt requested,
      postage prepaid, or (d) one day after deposit with a nationally recognized
      overnight courier, specifying next day delivery, with written verification
      of
      receipt. All communications shall be sent to the Companies at the address
      provided for such Company in the Purchase Agreement executed in connection
      herewith, and to the Holder at the address provided in the Purchase Agreement
      for the Holder, with a copy to Laurus Capital Management, LLC, Attn: Portfolio
      Services, 335 Madison Avenue, 10th
      Floor,
      New York, New York 10017, facsimile number (212) 581-5037, or at such other
      address as any Company or the Holder may designate by ten days advance written
      notice to the other parties hereto.

     

    
      
        
        

      

      
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    4.5 Amendment
      Provision.
      The
      term “Note” and all references thereto, as used throughout this instrument,
      shall mean this instrument as originally executed, or if later amended or
      supplemented, then as so amended or supplemented, and any successor instrument
      as such successor instrument may be amended or supplemented.

     

    4.6 Assignability.
      This
      Note shall be jointly and severally binding upon the Companies and their
      respective successors and assigns, and shall inure to the benefit of the Holder
      and its successors and assigns, and may be assigned by the Holder in accordance
      with the requirements of the Purchase Agreement. No Company may assign any
      of
      its obligations under this Note without the prior written consent of the Holder,
      any such purported assignment without such consent being null and
      void.

     

    4.7 Cost
      of Collection.
      In case
      of any Event of Default under this Note, the Companies shall, jointly and
      severally, pay to the Holder the Holder’s reasonable costs of collection,
      including reasonable attorneys’ fees.

     

    4.8 Governing
      Law, Jurisdiction and Waiver of Jury Trial.

     

    (a) THIS
      NOTE
      SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
      LAW.

     

    (b) EACH
      COMPANY HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED
      IN
      THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION
      TO
      HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN SUCH COMPANY, ON THE ONE
      HAND,
      AND THE HOLDER, ON THE OTHER HAND, PERTAINING TO THIS NOTE OR ANY OF THE OTHER
      RELATED AGREEMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS NOTE
      OR
      ANY OF THE RELATED AGREEMENTS; PROVIDED,
      THAT
      EACH COMPANY ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE
      HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF NEW YORK;
      AND FURTHER PROVIDED,
      THAT
      NOTHING IN THIS NOTE SHALL BE DEEMED OR OPERATE TO PRECLUDE THE HOLDER FROM
      BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT
      THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE
      OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE
      HOLDER. EACH COMPANY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH
      JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH COMPANY
      HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL
      JURISDICTION, IMPROPER VENUE OR FORUM
      NON CONVENIENS.
      EACH
      COMPANY HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER
      PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH
      SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED
      MAIL
      ADDRESSED TO SUCH COMPANY AT THE ADDRESS SET FORTH IN THE PURCHASE AGREEMENT
      AND
      THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH
      COMPANY’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S.
      MAILS, PROPER POSTAGE PREPAID.

     

    
      
        
        

      

      
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    (c) EACH
      COMPANY DESIRES THAT ITS DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
      APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS
      OF
      THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH COMPANY HERETO WAIVES ALL RIGHTS
      TO
      TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,
      WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE HOLDER AND/OR SUCH
      COMPANY ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE
      RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS NOTE, ANY OTHER
      RELATED AGREEMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO.

     

    4.9 Severability.
      In the
      event that any provision of this Note is invalid or unenforceable under any
      applicable statute or rule of law, then such provision shall be deemed
      inoperative to the extent that it may conflict therewith and shall be deemed
      modified to conform with such statute or rule of law. Any such provision which
      may prove invalid or unenforceable under any law shall not affect the validity
      or enforceability of any other provision of this Note.

     

    4.10 Maximum
      Payments.
      Nothing
      contained herein shall be deemed to establish or require the payment of a rate
      of interest or other charges in excess of the maximum permitted by applicable
      law. In the event that the rate of interest required to be paid or other charges
      hereunder exceed the maximum rate permitted by such law, any payments in excess
      of such maximum rate shall be credited against amounts owed by the Companies
      to
      the Holder and thus refunded to the Companies.

     

    4.11 Security
      Interest and Mortgages.
      The
      Holder has been granted a security interest (a) in certain assets of the
      Companies as more fully described in the Security Documents, (b) in the equity
      interests of TNEC in ICF pursuant to the Stock Pledge Agreement and (c) certain
      oil and gas properties pursuant to one or more mortgages dated as of the date
      hereof.

     

    4.12 Construction;
      Counterparts.
      Each
      party acknowledges that its legal counsel participated in the preparation of
      this Note and, therefore, stipulates that the rule of construction that
      ambiguities are to be resolved against the drafting party shall not be applied
      in the interpretation of this Note to favor any party against the other. This
      Note may be executed in one or more counterparts, each of which shall be deemed
      an original and all of which together shall be deemed to constitute one
      agreement. It is understood and agreed that if facsimile copies of this Note
      bearing facsimile signatures are exchanged between the parties hereto, such
      copies shall in all respects have the same weight, force and legal effect and
      shall be fully as valid, binding, and enforceable as if such signed facsimile
      copies were original documents bearing original signature.

     

    
      
        
        

      

      
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    4.13 Registered
      Obligation.
      This
      Note is intended to be a registered obligation within the meaning of Treasury
      Regulation Section 1.871-14(c)(1)(i) and the Companies (or their agent) shall
      register this Note (and thereafter shall maintain such registration) as to
      both
      principal and any stated interest. Notwithstanding any document, instrument
      or
      agreement relating to this Note to the contrary, transfer of this Note (or
      the
      right to any payments of principal or stated interest thereunder) may only
      be
      effected by (a) surrender of this Note and either the reissuance by the
      Companies of this Note to the new holder or the issuance by the Companies of
      a
      new instrument to the new holder, or (b) transfer through a book entry system
      maintained by the Companies (or their agent), within the meaning of Treasury
      Regulation Section 1.871-14(c)(1)(i)(B).

     

    4.14 Right
      to
      Sue. The Companies are each personally obligated and fully liable for the
      amounts due under this Note. The Holder has the right to sue the Companies
      on
      this Note and obtain a personal judgment against the Companies for the
      satisfaction of the amount due under this Note, either before or after judicial
      foreclosure of any Deed of Trust which is security for this note under, among
      other things, A.S. Sections 09.45.170 - 09.45.220.

     

    [Signatures
      Follow This Page]

     

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the Companies have caused this Secured Term Note to be signed
      in their respective names effective as of this 18th
      day of
      September 2007.

     

    
      	 	 	 
	 	
              TRUE
                NORTH ENERGY CORPORATION

            
	 
 	 
 	 
 
	
            	By:  	
              /s/
                John I. Folnovic

            
	 	
              
Name:
              John I. Folnovic
	 	Title:
              President and CEO

    

     

    
      	 	 	 
	 	ICF
              ENERGY
              CORPORATION
	 
 	 
 	 
 
	
            	By:  	
              /s/
                John I. Folnovic

            
	 	
              
Name: John
              I. Folnovic
	 	Title: President
              and CEO

    

     

    WITNESS:

     

    /s/
      John MetzgerExhibit
      4.3

    
       

      THIS
        WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT
        HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
        ANY
        STATE SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE
        OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
        IN
        THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER
        SAID
        ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY
        SATISFACTORY TO TRUE NORTH ENERGY CORPORATION THAT SUCH REGISTRATION IS NOT
        REQUIRED.

       

      Right
        to
        Purchase up to 976,353 Shares of Common Stock of

      TRUE
        NORTH ENERGY CORPORATION

      (subject
        to adjustment as provided herein)

       

      COMMON
        STOCK PURCHASE WARRANT

      
        	
                No.
                  _________________

              	
                Issue
                  Date: September 18, 2007

              

      

       

      TRUE
        NORTH ENERGY CORPORATION, a corporation organized under the laws of the State
        of
        Nevada (the “Company”),
        hereby certifies that, for value received, VALENS OFFSHORE SPV II, CORP.,
        or
        assigns (the “Holder”),
        is
        entitled, subject to the terms set forth below, to purchase from the Company
        (as
        defined herein) from and after the Issue Date of this Warrant and at any
        time or
        from time to time before 5:00 p.m., New York time, through the close of business
        September 18, 2012 (the “Expiration
        Date”),
        up to
        976,353 fully paid and nonassessable shares of Common Stock (as hereinafter
        defined), $0.0001 par value per share, at the applicable Exercise Price per
        share (as defined below). The number and character of such shares of Common
        Stock and the applicable Exercise Price per share are subject to adjustment
        as
        provided herein.

       

      As
        used
        herein the following terms, unless the context otherwise requires, have the
        following respective meanings:

       

      (a) The
        term
“Common
        Stock”
        includes (i) the Company’s Common Stock, par value $0.0001 per share; and (ii)
        any other securities into which or for which any of the securities described
        in
        the preceding clause (i) may be converted or exchanged pursuant to a plan
        of
        recapitalization, reorganization, merger, sale of assets or
        otherwise.

       

      (b) The
        term
“Company”
shall
        include True North Energy Corporation and any person or entity which shall
        succeed, or assume the obligations of, True North Energy Corporation
        hereunder.

       

      (c) The
        “Exercise
        Price”
        applicable under this Warrant shall be the lesser of:

       

      (i) a
        price
        of $0.48; or 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (ii) if
        the
        transactions consummated by that Purchase and Sale Agreement (the “Purchase
        and Sale Agreement”)
        to be
        entered into on or about October 1, 2007 among Angel LLC, CN Energy LLC,
        Swanson
        Energy Company, LLC, Fuel Exploration, LLC, MHBR Energy, LLC, Rocky Mountain
        Rig
        LLC (collectively, the “Sellers”)
        and
        True North Energy Corporation shall have been consummated, a price equal
        to the
        then fully diluted price per share of those shares of Common Stock issued
        by the
        Company to the Sellers in connection with the Purchase and Sale
        Agreement.

       

      (d) The
        term
“Other
        Securities”
refers
        to any stock (other than Common Stock) and other securities of the Company
        or
        any other person (corporate or otherwise) which the holder of the Warrant
        at any
        time shall be entitled to receive, or shall have received, on the exercise
        of
        the Warrant, in lieu of or in addition to Common Stock, or which at any time
        shall be issuable or shall have been issued in exchange for or in replacement
        of
        Common Stock or Other Securities pursuant to Section 4 or
        otherwise.

       

      (e) The
        term
“Purchase
        Agreement”
means
        the Securities Purchase Agreement dated as of the date hereof among the Holder,
        all other Purchasers as defined thereunder, Valens U.S. SPV I, LLC, as agent
        for
        such Purchasers, True North Energy Corporation and the Company, as amended,
        modified, restated and/or supplemented from time to time.

       

      1. Exercise
        of Warrant.

       

      1.1. Number
        of Shares Issuable upon Exercise.
        From
        and after the date hereof through and including the Expiration Date, the
        Holder
        shall be entitled to receive, upon exercise of this Warrant in whole or in
        part,
        by delivery of an original or fax copy of an exercise notice in the form
        attached hereto as Exhibit A (the “Exercise
        Notice”),
        shares of Common Stock of the Company, subject to adjustment pursuant to
        Section
        4.

       

      1.2. Fair
        Market Value.
        For
        purposes hereof, the “Fair Market Value” of a share of Common Stock as of a
        particular date (the “Determination
        Date”)
        shall
        mean:

       

      (a) If
        the
        Company’s Common Stock is traded on the American Stock Exchange or another
        national exchange or is quoted on the National or Capital Market of The Nasdaq
        Stock Market, Inc. (“Nasdaq”),
        then
        the closing or last sale price, respectively, reported for the last business
        day
        immediately preceding the Determination Date.

       

      (b) If
        the
        Company’s Common Stock is not traded on the American Stock Exchange or another
        national exchange or on the Nasdaq but is traded on the NASD Over the Counter
        Bulletin Board, then the mean of the average of the closing bid and asked
        prices
        reported for the last business day immediately preceding the Determination
        Date.

       

      (c) Except
        as
        provided in clause (d) below, if the Company’s Common Stock is not publicly
        traded, then as the Holder and the Company agree or in the absence of agreement
        by arbitration in accordance with the rules then in effect of the American
        Arbitration Association, before a single arbitrator to be chosen from a panel
        of
        persons qualified by education and training to pass on the matter to be
        decided.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (d) If
        the
        Determination Date is the date of a liquidation, dissolution or winding up,
        or
        any event deemed to be a liquidation, dissolution or winding up pursuant
        to the
        Company’s charter, then all amounts to be payable per share to holders of the
        Common Stock pursuant to the charter in the event of such liquidation,
        dissolution or winding up, plus all other amounts to be payable per share
        in
        respect of the Common Stock in liquidation under the charter, assuming for
        the
        purposes of this clause (d) that all of the shares of Common Stock then issuable
        upon exercise of the Warrant are outstanding at the Determination
        Date.

       

      1.3. Company
        Acknowledgment.
        The
        Company will, at the time of the exercise of this Warrant, upon the request
        of
        the holder hereof acknowledge in writing its continuing obligation to afford
        to
        such holder any rights to which such holder shall continue to be entitled
        after
        such exercise in accordance with the provisions of this Warrant. If the holder
        shall fail to make any such request, such failure shall not affect the
        continuing obligation of the Company to afford to such holder any such
        rights.

       

      1.4. Trustee
        for Warrant Holders.
        In the
        event that a bank or trust company shall have been appointed as trustee for
        the
        holders of this Warrant pursuant to Subsection 3.2, such bank or trust company
        shall have all the powers and duties of a warrant agent (as hereinafter
        described) and shall accept, in its own name for the account of the Company
        or
        such successor person as may be entitled thereto, all amounts otherwise payable
        to the Company or such successor, as the case may be, on exercise of this
        Warrant pursuant to this Section 1.

       

      2. Procedure
        for Exercise.

       

      2.1. Delivery
        of Stock Certificates, Etc., on Exercise.
        The
        Company agrees that the shares of Common Stock purchased upon exercise of
        this
        Warrant shall be deemed to be issued to the Holder as the record owner of
        such
        shares as of the close of business on the date on which this Warrant shall
        have
        been surrendered and payment made for such shares in accordance herewith.
        As
        soon as practicable after the exercise of this Warrant in full or in part,
        and
        in any event within three (3) business days thereafter, the Company at its
        expense (including the payment by it of any applicable issue taxes) will
        cause
        to be issued in the name of and delivered to the Holder, or as such Holder
        (upon
        payment by such Holder of any applicable transfer taxes) may direct in
        compliance with applicable securities laws, a certificate or certificates
        for
        the number of duly and validly issued, fully paid and nonassessable shares
        of
        Common Stock (or Other Securities) to which such Holder shall be entitled
        on
        such exercise, plus, in lieu of any fractional share to which such holder
        would
        otherwise be entitled, cash equal to such fraction multiplied by the then
        Fair
        Market Value of one full share, together with any other stock or other
        securities and property (including cash, where applicable) to which such
        Holder
        is entitled upon such exercise pursuant to Section 1 or otherwise.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      2.2. Exercise.

       

      Payment
        may be made either in cash by wire transfer of immediately available funds
        or by
        certified or official bank check payable to the order of the Company equal
        to
        the applicable aggregate Exercise Price, for the number of Common Shares
        specified in such Exercise Notice (as such exercise number shall be adjusted to
        reflect any adjustment in the total number of shares of Common Stock issuable
        to
        the Holder per the terms of this Warrant) and the Holder shall thereupon
        be
        entitled to receive the number of duly authorized, validly issued, fully-paid
        and non-assessable shares of Common Stock (or Other Securities) determined
        as
        provided herein.

       

      3. Effect
        of Reorganization, Etc.; Adjustment of Exercise Price.

       

      3.1. Reorganization,
        Consolidation, Merger, Etc.
        If
        there occurs any capital reorganization or any reclassification of the Common
        Stock of the Company, the consolidation or merger of the Company with or
        into
        another person (other than a merger or consolidation of the Company in which
        the
        Company is the continuing entity and which does not result in any reorganization
        or reclassification of its outstanding Common Stock) or the sale or conveyance
        of all or substantially all of the assets of the Company to another person,
        then, as a condition precedent to any such reorganization, reclassification,
        consolidation, merger, sale or conveyance, the Holder will be entitled to
        receive upon surrender of the Warrant to the Company (a) to the extent there
        are
        cash proceeds resulting from the consummation of such reorganization,
        reclassification, consolidation, merger, sale or conveyance, in exchange
        for
        such Warrant, cash in an amount equal to the cash proceeds that would have
        been
        payable to the Holder had the Holder exercised such Warrant immediately prior
        to
        the consummation of such reorganization, reclassification, consolidation,
        merger, sale or conveyance, less the aggregate Exercise Price payable upon
        exercise of the Warrant, and (b) to the extent that the Holder would be entitled
        to receive Common stock (or Other Securities) (in addition to or in lieu
        of cash
        in connection with any such reorganization, reclassification, consolidation,
        merger, sale or conveyance), the same kind and amounts of securities or other
        assets, or both, that are issuable or distributable to the holders of
        outstanding Common Stock (or Other Securities) of the Company with respect
        to
        their Common Stock (or Other Securities) upon such reorganization,
        reclassification, consolidation, merger, sale or conveyance, as would have
        been
        deliverable to the Holder had the Holder exercised such Warrant immediately
        prior to the consummation of such reorganization, reclassification,
        consolidation, merger, sale or conveyance less an amount of such securities
        having a value equal to the aggregate Exercise Price payable upon exercise
        of
        the Warrant.

       

      3.2. Dissolution.
        In the
        event of any dissolution of the Company following the transfer of all or
        substantially all of its properties or assets, the Company, concurrently
        with
        any distributions made to holders of its Common Stock, shall at its expense
        deliver or cause to be delivered to the Holder the stock and other securities
        and property (including cash, where applicable) receivable by the Holder
        pursuant to Section 3.1, or, if the Holder shall so instruct the Company,
        to a
        bank or trust company specified by the Holder and having its principal office
        in
        New York, NY as trustee for the Holder (the “Trustee”).

       

      3.3. Continuation
        of Terms.
        Upon
        any reorganization, consolidation, merger or transfer (and any dissolution
        following any transfer) referred to in this Section 3, this Warrant shall
        continue in full force and effect and the terms hereof shall be applicable
        to
        the shares of stock and other securities and property receivable on the exercise
        of this Warrant after the consummation of such reorganization, consolidation
        or
        merger or the effective date of dissolution following any such transfer,
        as the
        case may be, and shall be binding upon the issuer of any such stock or other
        securities, including, in the case of any such transfer, the person acquiring
        all or substantially all of the properties or assets of the Company, whether
        or
        not such person shall have expressly assumed the terms of this Warrant as
        provided in Section 4. In the event this Warrant does not continue in full
        force
        and effect after the consummation of the transactions described in this Section
        3, then the Company’s securities and property (including cash, where applicable)
        receivable by the Holder will be delivered to the Holder or the Trustee as
        contemplated by Section 3.2.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      4. Extraordinary
        Events Regarding Common Stock.
        In the
        event that the Company shall (a) issue additional shares of the Common Stock
        as
        a dividend or other distribution on outstanding Common Stock or any preferred
        stock issued by the Company (b) subdivide its outstanding shares of Common
        Stock, or (c) combine its outstanding shares of the Common Stock into a
        smaller number of shares of the Common Stock, then, in each such event, the
        Exercise Price shall, simultaneously with the happening of such event, be
        adjusted by multiplying the then Exercise Price by a fraction, the numerator
        of
        which shall be the number of shares of Common Stock outstanding immediately
        prior to such event and the denominator of which shall be the number of shares
        of Common Stock outstanding immediately after such event, and the product
        so
        obtained shall thereafter be the Exercise Price then in effect. The Exercise
        Price, as so adjusted, shall be readjusted in the same manner upon the happening
        of any successive event or events described herein in this Section 4. The
        number
        of shares of Common Stock that the Holder shall thereafter, on the exercise
        hereof as provided in Section 1, be entitled to receive shall be adjusted
        to a
        number determined by multiplying the number of shares of Common Stock that
        would
        otherwise (but for the provisions of this Section 4) be issuable on such
        exercise by a fraction of which (a) the numerator is the Exercise Price that
        would otherwise (but for the provisions of this Section 4) be in effect,
        and (b)
        the denominator is the Exercise Price in effect on the date of such exercise
        (taking into account the provisions of this Section 4).

       

      5. Certificate
        as to Adjustments.
        In each
        case of any adjustment or readjustment in the shares of Common Stock (or
        Other
        Securities) issuable on the exercise of this Warrant, the Company at its
        expense
        will promptly cause its Chief Financial Officer or other appropriate designee
        to
        compute such adjustment or readjustment in accordance with the terms of this
        Warrant and prepare a certificate setting forth such adjustment or readjustment
        and showing in detail the facts upon which such adjustment or readjustment
        is
        based, including a statement of (a) the consideration received or
        receivable by the Company for any additional shares of Common Stock (or Other
        Securities) issued or sold or deemed to have been issued or sold, (b) the
        number of shares of Common Stock (or Other Securities) outstanding or deemed
        to
        be outstanding, and (c) the Exercise Price and the number of shares of Common
        Stock to be received upon exercise of this Warrant, in effect immediately
        prior
        to such adjustment or readjustment and as adjusted or readjusted as provided
        in
        this Warrant. The Company will forthwith mail a copy of each such certificate
        to
        the Holder and any Warrant agent of the Company (appointed pursuant to Section
        11 hereof).

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      6. Reservation
        of Stock, Etc., Issuable on Exercise of Warrant.
        The
        Company will at all times reserve and keep available, solely for issuance
        and
        delivery on the exercise of this Warrant, shares of Common Stock (or Other
        Securities) from time to time issuable on the exercise of this
        Warrant.

       

      7. Assignment;
        Exchange of Warrant.
        Subject
        to compliance with applicable securities laws, this Warrant, and the rights
        evidenced hereby, may be transferred by any registered holder hereof (a
“Transferor”)
        in
        whole or in part. On the surrender for exchange of this Warrant, with the
        Transferor’s endorsement in the form of Exhibit B attached hereto (the
“Transferor
        Endorsement Form”)
        and
        together with evidence reasonably satisfactory to the Company demonstrating
        compliance with applicable securities laws, which shall include, without
        limitation, the provision of a legal opinion from the Transferor’s counsel (at
        the Company’s expense) that such transfer is exempt from the registration
        requirements of applicable securities laws, the Company at its expense (but
        with
        payment by the Transferor of any applicable transfer taxes) will issue and
        deliver to or on the order of the Transferor thereof a new Warrant of like
        tenor, in the name of the Transferor and/or the transferee(s) specified in
        such
        Transferor Endorsement Form (each a “Transferee”),
        calling in the aggregate on the face or faces thereof for the number of shares
        of Common Stock called for on the face or faces of the Warrant so surrendered
        by
        the Transferor.

       

      8. Replacement
        of Warrant.
        On
        receipt of evidence reasonably satisfactory to the Company of the loss, theft,
        destruction or mutilation of this Warrant and, in the case of any such loss,
        theft or destruction of this Warrant, on delivery of an indemnity agreement
        or
        security reasonably satisfactory in form and amount to the Company or, in
        the
        case of any such mutilation, on surrender and cancellation of this Warrant,
        the
        Company at its expense will execute and deliver, in lieu thereof, a new Warrant
        of like tenor.

       

      9. Registration
        Rights.
        The
        Holder has been granted certain registration rights by the Company. These
        registration rights are set forth in a Registration Rights Agreement entered
        into by the Company and Holder dated as of the date hereof, as the same may
        be
        amended, modified and/or supplemented from time to time.

       

      10. Maximum
        Exercise.
        Notwithstanding anything herein to the contrary, in no event shall the Holder
        be
        entitled to exercise any portion of this Warrant in excess of that portion
        of
        this Warrant upon exercise of which the sum of (a) the number of shares of
        Common Stock beneficially owned by the Holder and its Affiliates (other than
        shares of Common Stock which may be deemed beneficially owned through the
        ownership of the unexercised portion of the Warrant or the unexercised or
        unconverted portion of any other security of the Holder subject to a limitation
        on conversion analogous to the limitations contained herein) and (b) the
        number
        of shares of Common Stock issuable upon the exercise of the portion of this
        Warrant with respect to which the determination of this proviso is being
        made,
        would result in beneficial ownership by the Holder and its Affiliates of
        any
        amount greater than 9.99% of the then outstanding shares of Common Stock
        (whether or not, at the time of such exercise, the Holder and its Affiliates
        beneficially own more than 9.99% of the then outstanding shares of Common
        Stock). As used herein, the term “Affiliate”
means
        any person or entity that, directly or indirectly through one or more
        intermediaries, controls or is controlled by or is under common control with
        a
        person or entity, as such terms are used in and construed under Rule 144
        under
        the Securities Act. For purposes of the second preceding sentence, beneficial
        ownership shall be determined in accordance with Section 13(d) of the Securities
        Exchange Act of 1934, as amended, and Regulations 13D-G thereunder, except
        as
        otherwise provided in clause (a) of such sentence. For any reason at any
        time,
        upon written or oral request of the Holder, the Company shall within one
        (1)
        business day confirm orally and in writing to the Holder the number of shares
        of
        Common Stock outstanding as of any given date.  The limitations set forth
        herein (x) may be waived by the Holder upon provision of no less than sixty-one
        (61) days prior written notice to the Company and (y) shall automatically
        become
        null and void following notice to the Company upon the occurrence and during
        the
        continuance of an Event of Default (as defined in the Notes referred to and
        as
        defined in the purchase Agreement). 

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      11. Warrant
        Agent.
        The
        Company may, by written notice to the each Holder of the Warrant, appoint
        an
        agent for the purpose of issuing Common Stock (or Other Securities) on the
        exercise of this Warrant pursuant to Section 1, exchanging this Warrant pursuant
        to Section 7, and replacing this Warrant pursuant to Section 8, or any of
        the
        foregoing, and thereafter any such issuance, exchange or replacement, as
        the
        case may be, shall be made at such office by such agent.

       

      12. Transfer
        on the Company’s Books.
        Until
        this Warrant is transferred on the books of the Company, the Company may
        treat
        the registered holder hereof as the absolute owner hereof for all purposes,
        notwithstanding any notice to the contrary.

       

      13. Notices,
        Etc.
        All
        notices and other communications from the Company to the Holder shall be
        mailed
        by first class registered or certified mail, postage prepaid, at such address
        as
        may have been furnished to the Company in writing by such Holder or, until
        any
        such Holder furnishes to the Company an address, then to, and at the address
        of,
        the last Holder who has so furnished an address to the Company.

       

      14. Miscellaneous.
        This
        Warrant and any term hereof may be changed, waived, discharged or terminated
        only by an instrument in writing signed by the party against which enforcement
        of such change, waiver, discharge or termination is sought. THIS WARRANT
        SHALL
        BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
        NEW
        YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. ANY ACTION BROUGHT
        CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT SHALL BE BROUGHT
        ONLY
        IN THE STATE COURTS OF NEW YORK OR IN THE FEDERAL COURTS LOCATED IN THE STATE
        OF
        NEW YORK; PROVIDED, HOWEVER, THAT THE HOLDER MAY CHOOSE TO WAIVE THIS PROVISION
        AND BRING AN ACTION OUTSIDE THE STATE OF NEW YORK. The individuals executing
        this Warrant on behalf of the Company agree to submit to the jurisdiction
        of
        such courts and waive trial by jury. The prevailing party shall be entitled
        to
        recover from the other party its reasonable attorneys’ fees and costs. In the
        event that any provision of this Warrant is invalid or unenforceable under
        any
        applicable statute or rule of law, then such provision shall be deemed
        inoperative to the extent that it may conflict therewith and shall be deemed
        modified to conform with such statute or rule of law. Any such provision
        which
        may prove invalid or unenforceable under any law shall not affect the validity
        or enforceability of any other provision of this Warrant. The headings in
        this
        Warrant are for purposes of reference only, and shall not limit or otherwise
        affect any of the terms hereof. The invalidity or unenforceability of any
        provision hereof shall in no way affect the validity or enforceability of
        any
        other provision hereof. The Company acknowledges that legal counsel participated
        in the preparation of this Warrant and, therefore, stipulates that the rule
        of
        construction that ambiguities are to be resolved against the drafting party
        shall not be applied in the interpretation of this Warrant to favor any party
        against the other party.

       

      [Signatures
        Appear on the Following Page]

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
         

        Exhibit
          4.3

         

      

      IN
        WITNESS WHEREOF, the Company has executed this Warrant as of the date first
        written above.

      
        	 	 	 
	 	
                TRUE
                  NORTH ENERGY CORPORATION

              
	 
 	 
 	 
 
	
                WITNESS:

              	 	 
	 	 	 
	/s/ John Metzger	 	 
	
                
 	 	 
	
              	By:  	/s/
                John
                I. Folnovic
	 	
                

                Name:
                  John I. Folnovic

                Title:
                  President and Chief Executive
                  Officer

              

      

       

      
        
          
          

        

        
          
             

          

          
            

          

        

        
          
          

        

      

      
        
           

          Exhibit
            4.3

           

        

      

      EXHIBIT
        A

       

      FORM
        OF SUBSCRIPTION

      (To
        Be
        Signed Only On Exercise Of Warrant)

       

      TO: True
        North Energy Corporation

       

      Attention: Chief
        Financial Officer

       

      The
        undersigned, pursuant to the provisions set forth in the attached Warrant
        (No.____), hereby irrevocably elects to purchase ________ shares of the Common
        Stock covered by such Warrant.

       

      The
        undersigned herewith makes payment of the full Exercise Price for such shares
        at
        the price per share provided for in such Warrant, which is $___________.
        Such
        payment takes the form of $__________
        in lawful money of the United States; and/or

       

      The
        undersigned requests that the certificates for such shares be issued in the
        name
        of, and delivered to ____________________________ whose address is
        _____________________________________________.

       

      The
        undersigned represents and warrants that all offers and sales by the undersigned
        of the securities issuable upon exercise of the within Warrant shall be made
        pursuant to registration of the Common Stock under the Securities Act of
        1933,
        as amended (the “Securities
        Act”)
        or
        pursuant to an exemption from registration under the Securities
        Act.

       

      
        	
                Dated:
                  ______________________

              	 __________________________________________________
	 	
                (Signature
                  must conform to name of holder as specified on the face of the
                  Warrant)

              
	 	 
	 	
                Address:_____________________________________

              
	 	
                 _____________________________________

              
	 	
                 _____________________________________

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
         

        Exhibit
          4.3

         

      

      EXHIBIT
        B

       

      FORM
        OF TRANSFEROR ENDORSEMENT

       

      (To
        Be
        Signed Only On Transfer Of Warrant)

       

      For
        value
        received, the undersigned hereby sells, assigns, and transfers unto the
        person(s) named below under the heading “Transferees” the right represented by
        the within Warrant to purchase the percentage and number of shares of Common
        Stock of True North Energy Corporation into which the within Warrant relates
        specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such
        person Attorney to transfer its respective right on the books of True North
        Energy Corporation with full power of substitution in the premises.

       

      
        	
                Transferees

              	 	
                Address

              	 	
                Percentage
                  Transferred

              	 	
                Number

                Transferred

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

      

      

      
        	
                Dated:

              	 
	 	
                (Signature
                  must conform to name of holder as 

                specified
                  on the face of the Warrant)

              
	 	 
	 	
                Address:

              
	 	 
	 	
                SIGNED
                  IN THE PRESENCE OF:

              
	 	 
	 	
                (Name)

              
	
                ACCEPTED
                  AND AGREED:

              	 
	
                [TRANSFEREE]

              	 
	 	 
	
                (Name)

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