Document:

EXHIBIT 4.12

      THIS JOINT VENTURE AGREEMENT is made the 3rd day of February 2002

      BETWEEN:      Canneft Inc., a company incorporated and existing under the
                    Laws of Province of Alberta, Canada (hereinafter called
                    "CNI" which expression shall include the permitted
                    successors in title transferees and assigns of CNI)

                                 OF THE ONE PART

      AND:          Tracer Petroleum Corporation, a federally-incorporated
                    company in Canada (hereinafter called "TPC" which expression
                    shall include the permitted successors in title transferees
                    and assigns of the TPC)

                                OF THE OTHER PART

WHEREAS:

      (A)   CNI has exclusive negotiation rights and has a protocol, signed
            March 26, 2001, with Turkmengeological to complete a Joint Operating
            Agreement and form a Joint Operating Company for the purposes of
            securing a Production Sharing Agreement ("PSA") for the Adzhiyap
            project in southwest Turkmenistan (the "Project").

      (B)   By an agreement dated the 3rd of February 2002 (the "Joint Venture
            Agreement") made between CNI and TPC, the parties agree to form a
            mutually-beneficial Joint Venture for the development of the
            Project. This Joint Venture refers solely to the combined working
            interests of CNI and TPC in the Project, as well as whatever
            additional non-Turkmenistan parties join the Project.

      (C)   TPC agrees to advance to the Joint Venture US$30,000 per month for 5
            months, starting on February 15, 2002, to cover the remaining
            estimated costs to secure the PSA.

      (D)   TPC and CNI will use their best efforts to secure a competent
            technical partner to join the Project as Operator. This Operator may
            or may not wish to invest in the Project as a part of the Joint
            Venture with CNI and TPC. If this Operator does not invest in the
            Project, then it will act solely as a contracted Operator. The
            involvement of a technically-competent Operator is crucial to
            securing a PSA for the Project, and the choice of Operator will be
            subject to approval of the Competent Body in Turkmenistan.

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<PAGE>

      (E)   If the Operator chooses not to invest in the Project as a working
            interest holder in the Joint Venture, then TPC will have the option
            to earn a 60% interest in the Joint Venture by investing 100% of the
            capital required to develop the Project. The amount of capital
            required is subject to completion of a Joint Operating Agreement,
            which will require approval of CNI and TPC. It is currently
            estimated that up to US$25 million of outside capital (i.e. net of
            cash flow) will be required for the Project. For providing 100% of
            the capital, TPC will receive 90% of the distributable cash flow for
            the Joint Venture until achievement of invested fund payout, and 60%
            after payout.

      (F)   If the Operator chooses to invest in the Project as a partner in the
            Joint Venture, TPC will have the option to earn a minimum 20% in the
            Joint Venture by providing its pro-rata share of the required
            capital for the Project (i.e. 20/60 equals 1/3 of the required
            capital), and will earn its pro-rata share of distributable cash
            flow as in (E) above. TPC will also have the option of earning
            whatever remaining interest in the Joint Venture between 20% and 60%
            that is not taken up by the Operator.

      (G)   CNI and TPC agree to use their best efforts to secure a PSA for the
            Project as soon as is practicable.

      (H)   CNI and TPC will work on a timely-basis to complete the necessary
            formal Joint Operating Agreement and other agreements that will
            guide the Joint Venture between CNI and TPC.

      (I)   TPC's involvement in the Project may be subject to approval of the
            Competent Body in Turkmenistan.

      (J)   This agreement is subject to the consent of the Board of Directors
            of both, CNI and TPC, and shall be governed and construed solely
            according to the Laws of the Province of Alberta, Canada.

IN WITNESS WHEREOF Canneft Inc. has caused its Common Seal to be hereunto
affixed by and this Joint Venture Agreement to be signed by its duly authorized
persons in that behalf the day and year first above written.

THE COMMON SEAL of
Canneft Inc. was hereunto

affixed by Henk Jelsma                    Per:_______________________
                                                 President and CEO

and by                                    Per:_______________________
                                                      Director

                                       43
<PAGE>

AND Tracer Petroleum Corporation has agreed to the terms of this Joint Venture
Agreement as signed by the duly authorized persons in that behalf the day and
year first above written.

Per: __________________________________________
      David Robinson, President, CEO & Director

Per: __________________________________________
      David W. Harrison, Corporate Secretary

                                       44EXHIBIT 4.13

                [Letterhead of Canneft International Inc. [LOGO]]

THIS JOINT VENTURE AGREEMENT is entered into and made effective this 1st day of
June 2002

BETWEEN:            Canneft International Inc., a company incorporated and
                    existing under the Laws of the State of Texas, USA
                    (hereinafter called "CNI" which expression shall include the
                    permitted successors in title transferees and assigns of
                    CNI)

AND:                Tracer Petroleum Corporation, a federally incorporated
                    company in Canada (hereinafter called "TPC" which expression
                    shall include the permitted successors in title transferees
                    and assigns of TPC)

WHEREAS:

(A)   CNI has exclusive negotiation rights and has a protocol, signed March 26,
      2001, with Turkmengeologia to complete a Joint Operating Agreement and
      form a Joint Operating Company for the purposes of securing a Production
      Sharing Agreement ("PSA") for the Adzhiyap project in southwest
      Turkmenistan (the "Project").

(B)   The parties herein agree to hereby form a mutually beneficial Joint
      Venture for the development of the Project. This Joint Venture refers
      solely to the combined working interests of CNI and TPC in the Project, as
      well as whatever additional non-Turkmenistan parties join the Project.

(C)   For a six (6) month exclusive right to participate in this Joint Venture,
      TPC agrees to advance to the Joint Venture US $30,000.00 per month for 5
      months (US$150,000.00), beginning 1 June 2002 to cover the remaining
      estimated costs to secure the PSA. This six (6) month exclusive right will
      continue from 1 June 2002 through and including 30 November 2002. Upon
      acquisition of a PSA TPC will exercise its option to continue this
      agreement; however, said agreement can be terminated or extended at the
      end of said six (6) month exclusive period if TPC and CNI have not
      acquired a Production Sharing Agreement with the Turkmenistan government
      with a 30 day written notice of intention by either party.

(D)   TPC and CNI will use their best efforts to secure a competent technical
      partner to join the Project as Operator. This Operator may or may not wish
      to invest in the Project as a part of the Joint Venture with CNI and TPC.
      If this Operator does not invest in the Project, then it will act solely
      as a contracted Operator. The involvement of a technically competent
      Operator is crucial to securing a PSA for the Project, and the choice of
      Operator will be subject to approval of the Competent Body of
      Turkmenistan.

(E)   If the Operator chooses not to invest in the Project as a working interest
      holder in the Joint Venture, then TPC will have the option to earn a 60%
      interest in the Joint Venture by investing 100% of the capital required to
      develop the Project. The amount of capital required is subject to
      completion of a Joint Operating Agreement, which will require approval of
      CNI and TPC. It is currently estimated that up to US $25 million of
      outside capital (i.e., net cash flow) will be required for the Project.
      For providing 100% of the capital, TPC will receive 90% of the
      distributable cash flow from the Joint Venture until achievement of
      invested fund payout, and 60% thereafter.

(F)   TPC will provide the necessary financial documents required by the
      Turkmenistan government showing its ability to fund said US $25 million.

                                       45
<PAGE>
Joint Venture Agreement
Page 2 of 2

(G)   If the Operator chooses to invest in the Project as a partner in the Joint
      Venture, TPC will have the option to earn a minimum 20% in the Joint
      Venture by providing its pro-rata share of the required capital for the
      Project (i.e., 20/60 equals 1/3 of the required capital), and will earn
      its pro-rata share of distributable cash flow as in (E) above. TPC will
      also have the option of earning whatever remaining interest in the Joint
      Venture between 20% and 60% that is not taken up by the Operator.

(H)   CNI and TPC agree to use their best efforts to secure a PSA for the
      Project as soon as is practicable.

(I)   CNI and TPC will work on a timely-basis to complete the necessary formal
      Joint Operating Agreement and other agreements that will guide the Joint
      Venture between CNI and TPC.

(J)   TPCs involvement in the Project may be subject to approval of the
      Competent Body in Turkmenistan.

(K)   This agreement is subject to the consent of the Board of Directors of
      both, CNI and TPC, and shall be governed and construed solely according to
      the Laws of the Province of Alberta, Canada.

      IN WITNESS WHEREOF Canneft International Inc., has caused its Corporate
      Seal to be hereunto affixed and agrees to the terms of this Joint Venture
      Agreement as indicated by the duly authorized signature below executed on
      the day and year first above written.

THE CORPORATE SEAL of
Canneft International Inc., was hereunto

Affixed by Henk Jelsma                         Per:
                                                    ----------------------------
                                                         President and CEO

and by Richard Trosclair                       Per:
                                                    ----------------------------
                                                         Director

AND Tracer Petroleum Corporation does hereby agree to the terms of this Joint
Venture Agreement as indicated by the duly authorized signatures below executed
on the day and year first above written.

Per:
    --------------------------------------------
    David Robinson, President, CEO & Director

Per:
    --------------------------------------------
    Larry Youell, Chairman & Director

                                       46

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