Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Park Place Energy Corp. - Exhibit 10.17

PARK PLACE ENERGY INC. 

April 30, 2007 

Great Northern Oilsands Inc. 
Suite #600, 595 Hornby St.

Vancouver, BC Canada 
V6C 1A4 

Attention:      David Lane 

Re:      Eight Mile North Field
(“Eight Mile”) 

This letter will serve to confirm our agreement as follows:

1.                        
Park Place Energy Inc. (“Park Place”) shall pay the sum of $110,000 to Terra
Energy Inc. (“Terra”) on behalf of Great Northern Oilsands Inc. (“Great
Northern”), said monies representing an outstanding amount owing by Great
Northern to Terra on account of its participation in Eight Mile. 

2.                        
As evidence of Great Northern’s obligations to Park Place on account of the
payment referred to in point (1) above Great Northern shall issue to Park Place
a promissory note in the form attached hereto evidencing its indebtedness to
Park Place in the principal amount of $110,000 (the “Debt”) with such Debt
bearing interest at 8% per annum, payable on demand. 

3.                        
In consideration of Park Place making the payment on behalf of Great Northern
provided for in point (1) above, Great Northern hereby agrees to convey to Park
Place three quarters of its 20% interest in the Eight Mile (15% interest) with
respect to any wells drilled thereon from the date hereof and in this regard
Great Northern shall execute such documents and do such further acts and things
as shall be necessary to give effect to this conveyance. 

Accepting the above accurately details your understanding of
our agreement in this regard please execute this letter where indicated and
return same at your earliest convenience. 

Yours Truly, 

PARK PLACE ENERGY INC. 

Per:      /s/ David
Stadnyk 
           
David Stadnyk, President 

Acknowledged and agreed to this 30th day of April
2007. 

GREAT NORTHERN OILSANDS INC. 

Per:      /s/ David
Lane 
           
David Lane, PresidentFiled by Automated Filing Services Inc. (604) 609-0244 - Park Place Energy Corp. - Exhibit 10.19

OPTION AGREEMENT

THIS AGREEMENT made the 15th day of May, 2007.

BETWEEN:

PARK PLACE ENERGY INC., of 1220
– 666 Burrard Street, V
ancouver, British Columbia, V6C 2X8

(herein called the “Company”)

OF THE FIRST PART

AND:

VALUE RELATIONS GmbH, of
Gartenstraße 46, 60596 Frankfurt/Main, Germany

(herein called the “Optionee”)

OF THE SECOND PART 

WHEREAS: 

A.                    
The Optionee is an investor relations consultant to the Company;

B.                     
In connection with the services provided by Optionee to the Company, the
Optionee is eligible to receive options in the Company, on the terms set out in
this Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration
of other good and valuable consideration and the sum of One ($1.00) Dollar now
paid by the Optionee to the Company (the receipt and sufficiency whereof is
hereby acknowledged), it is hereby agreed by and between the parties as
follows:

1.                     
In this Agreement, the following terms shall have the following meanings:

	 	(a) 	
      “Expiry Date” means May 15, 2010;

	 	 	 
	 	(b) 	
      “Notice of Exercise” means a notice in writing
      addressed to the Company at its address first recited, which notice shall
      specify therein the number of Optioned Shares in respect of which the
      Option is being exercised;

	 	 	 
	 	(c) 	
      “Option” means the irrevocable right and option to
      purchase, from time to time, all or any part of the Optioned Shares
      granted to the Optionee by the Company pursuant to paragraph 2
    hereof;

	 	 	 
	 	(d) 	
      “Optioned Shares” means the Shares subject to the
      Option;

- 2 -

	 	(e) 	
      “Shares” means the common shares in the capital
      stock of the Company.

2.                     
The Company hereby grants to the Optionee as an incentive and in consideration
of its services and not in lieu of salary or any other compensation, subject to
the terms and conditions hereinafter set forth, the Option to purchase a total
of 500,000 Optioned Shares, of which 250,000 Optioned Shares are at a price of
CAD$0.25 per Optioned Share, and 250,000 Optioned Shares are at a price of
CAD$0.35 per Optioned Share, exercisable by the Optionee in whole or in part at
any time before 5:00 o’clock p.m., Vancouver time, on the Expiry Date.

3.                     
The Option shall, at 5:00 o’clock p.m., Vancouver time, on the Expiry Date,
forthwith expire and terminate and be of no further force or effect
whatsoever.

4.                     
Subject to the provisions hereof, the Option shall be exercisable in whole or in
part (at any time and from time to time as aforesaid) by the Optionee or its
authorized representative giving a Notice of Exercise together with payment (by
cash or by certified cheque, made payable to the Company) in full of the
purchase price for the number of Optioned Shares specified in the Notice of
Exercise.

5.                     
Upon the exercise of all or any part of the Option, the Company shall forthwith
cause the registrar and transfer agent of the Company to deliver to the Optionee
or its authorized personal representative within ten (10) days following receipt
by the Company of the Notice of Exercise a certificate in the name of the
Optionee or its authorized representative representing, in aggregate, the number
of Optioned Shares specified in the Notice of Exercise and in respect of which
the Company has received payment.

6.                     
Nothing herein contained shall obligate the Optionee to purchase any Optioned
Shares except those Optioned Shares in respect of which the Optionee shall have
exercised its Option in the manner hereinbefore provided.

7.                     
The number of Shares subject to the Option will be subject to adjustment in the
events and in the manner following:

	 	(a) 	
      in the event of any subdivision, redivision or change of
      the Shares of the Company at any time prior to the Expiry Date into a
      greater number of Shares, the Company shall deliver at the time of any
      exercise thereafter of the option such additional number of Shares as
      would have resulted from such subdivision, redivision or change if such
      exercise of the Option had been made prior to the date of such
      subdivision, redivision or change and the exercise price of the Option
      shall be adjusted accordingly;

	 	 	 
	 	(b) 	
      in the event of any consolidation or change of the Shares
      of the Company at any time prior to the Expiry Date into a lesser number
      of Shares, the number of Shares deliverable by the Company on any exercise
      thereafter of the Option shall be reduced to such number of Shares as
      would have resulted from such consolidation or change if such exercise of
      the Option had been made prior to the date of such consolidation or change
      and the exercise price of the Option shall be adjusted
  accordingly;

- 3 -

	 	(c) 	
      in the event of any change of the Shares as constituted
      on the date hereof, at any time while the Option is in effect, the Company
      will thereafter deliver at the time of purchase of Optioned Shares
      hereunder the number of shares of the appropriate class resulting from the
      said change as the Optionee would have been entitled to receive in respect
      of the number of Shares so purchased had the right to purchase been
      exercised before such change and the exercise price of the Option shall be
      adjusted accordingly;

	 	 	 
	 	(d) 	
      in the event of a capital reorganization,
      reclassification or change of outstanding equity shares (other than a
      change in the par value thereof) of the Company, a consolidation, merger
      or amalgamation of the Company with or into any other company or a sale of
      the property of the Company as or substantially as an entirety at any time
      while the Option is in effect, the Optionee will thereafter have the right
      to purchase and receive, in lieu of the Optioned Shares immediately
      theretofore purchasable and receivable upon the exercise of the Option,
      the kind and amount of shares and other securities and property receivable
      upon such capital reorganization, reclassification, change, consolidation,
      merger, amalgamation or sale which the holder of a number of Shares equal
      to the number of Optioned Shares immediately theretofore purchasable and
      receivable upon the exercise of the Option would have received as a result
      thereof and the exercise price of the Option shall be adjusted
      accordingly. The subdivision or consolidation of Shares at any time
      outstanding (whether with or without par value) will not be deemed to be a
      capital reorganization or a reclassification of the capital of the Company
      for the purposes of this subparagraph;

	 	 	 
	 	(e) 	
      an adjustment will take effect at the time of the event
      giving rise to the adjustment, and the adjustments provided for in this
      section are cumulative;

	 	 	 
	 	(f) 	
      the Company will not be required to issue fractional
      shares in satisfaction of its obligations hereunder. Any fractional
      interest in a Share that would, except for the provisions of this
      subparagraph, be deliverable upon the exercise of the Option will be
      cancelled and not be deliverable by the Company; and

	 	 	 
	 	(g) 	
      if any questions arise at any time with respect to the
      exercise price or number of Optioned Shares deliverable upon exercise of
      the Option in any of the events set out in this subparagraph, such
      questions will be conclusively determined by the Company’s auditors, or,
      if they decline to so act, any other firm of Chartered Accountants, in
      Vancouver, British Columbia (or in the city of the Company’s principal
      executive office) that the Company may designate and who will be granted
      access to all appropriate records. Such determination will be binding upon
      the Company and the Optionee.

8.                     
The Optionee shall have no rights whatsoever as a shareholder in respect of any
of the Optioned Shares (including any right to receive dividends or other
distribution therefrom or thereon) except in respect of which the Option has
been properly exercised in accordance with paragraph 4 hereof.

- 4 -

9.                     
Time shall be of the essence of this Agreement.

10.                   
This Agreement shall enure to the benefit of and be binding upon the Company,
its successors and assigns, and the Optionee and its authorized
representative.

11.                  
This Agreement represents the sole grant of options in the Company to the
Optionee and supersedes and replaces any prior agreements in this regard.

12.                  
This Agreement shall not be transferable or assignable by the Optionee or its
authorized representative and the Option may be exercised only by the Optionee
or its authorized representative.

13.                  
If at any time during the continuance of this Agreement, the parties hereto
shall deem it necessary or expedient to make any alteration or addition to this
Agreement, they may do so by means of a written agreement between them which
shall be supplemental hereto and form part hereof.

14.                  
In the event of an conflict between the terms and conditions contained herein
and the consulting agreement dated May 15, 2007 between the Company and the
Optionee, the terms of this Agreement shall govern.

15.                  
Wherever the plural or masculine are used throughout this Agreement, the same
shall be construed as meaning singular or feminine or neuter or the body politic
or corporate where the context of the parties thereto require.

16.                   
This Agreement may be executed in several parts in the same form and by
facsimile and such parts or facsimiles as so executed shall together constitute
one original agreement, and such parts or facsimile, if more than one, shall be
read together and construed as if all the signing parties hereto had executed
one copy of this Agreement.

	PARK PLACE ENERGY INC. 	 	VALUE RELATIONS GmbH 
	  	 	  
	Per: 	 	Per: 
	  	 	  
	/s/ David Stadnyk
    	 	/s/
      Christoph Brüning 
	David Stadnyk, 	 	Christoph Brüning, 
	President and CEO 	 	Managing Partner 

NOTICE OF EXERCISE

The undersigned hereby irrevocably elects to exercise the
Option of PARK PLACE ENERGY INC. for the number of Shares (or other property or
securities subject thereto) as set forth below:

	(a) 	Number of Shares to be Acquired:
    	  
	 	 	 
	(b) 	Exercise Price per Share: 	$ 
	 	 	 
	(c) 	Aggregate Purchase Price [(a)
      multiplied by (b)] 	$ 

and hereby tenders a certified cheque, bank draft or cash for
such aggregate purchase price, and directs such Shares to be registered and a
certificate therefor to be issued as directed below.

DATED this ________day of _________________
.

VALUE RELATIONS GmbH

 

Per:
_________________________________
        Authorized
Signatory

Direction as to Registration

	Name of Registered Holder: 	 
	 	 
	Address of Registered Holder:

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