Document:

Rancher Energy Corp. Exhibit 10.1 - Employment Agreement

     

    Exhibit
      10.1

    EMPLOYMENT
      AGREEMENT

    

    THIS
      AGREEMENT
      dated
      the 1st day of June, 2006 

    

    BETWEEN:

    

    RANCHER
      ENERGY CORP.,
      a
      company incorporated under the laws of the State of Nevada, having an office
      address of 1811 East 17th
      Avenue,
      Spokane, Washington, USA, 99203

    

    (hereinafter
      referred to as the “Company”)

    

    OF
      THE FIRST PART

    

    AND:

    

    JOHN
      WORKS,
      Businessman, having an address of 3445 South Columbine Circle, Englewood,
      Colorado, USA, 80113

    

    (hereinafter
      referred to as the “Employee”)

    

    OF
      THE SECOND PART

    

    WHEREAS:

    

    
      	
              A.

            	
              The
                Employee has expertise in the area of developing, arranging financing
                and
                managing energy projects and companies and the Company desires to
                employ
                the Employee as its President, Chief Executive Officer and an Executive
                Director to attend to such business and to perform duties as more
                particularly described herein;

            

    

    

    
      	
              B.

            	
              The
                Company and the Employee are of the view that it is in the best interest
                of each of the parties to have the Employee enter into this Agreement
                and
                to have the Employee devote his full time and attention to the business
                of
                the Company;

            

    

    

    
      	
              C.

            	
              The
                parties desire to set out in writing the terms on which the Employee
                will
                perform services for the Company.

            

    

    

    NOW
      THEREFORE THIS AGREEMENT WITNESSETH THAT
      in
      consideration of the premises and the mutual promises, conditions,
      representations, warranties and agreements herein contained, the parties hereto
      agree as follows:

    

    
      	
              1.

            	
              Duties
                and Responsibilities

            

    

    

    1.01 The
      Company hereby engages and retains the Employee as its President, Chief
      Executive Officer and an Executive Director to perform duties and assignments
      relating to the business of the Company or its affiliates as may be assigned
      to
      him by the Board of Directors of the Company (the

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Board")
      from time to time, or by the Chairman or other designee, if so empowered by
      the
      Board. The Employee shall have the authority and responsibility over the
      day-to-day operations of the Company and such other rights and responsibilities
      as shall be consistent with his position (collectively referred to as the
“Services”). The Employee agrees that he will devote his full employment
      energies, interest, abilities and time to the performance of his employment
      obligations with the Company and that he will not, without the written consent
      of the Company, render to other any service of any kind for compensation, and
      will not engage in any activity that conflicts or interferes with the
      performance of any employment duties with the Company. 

    

    1.02 The
      Employee shall be authorized to incur corporate expenditures in connection
      with
      his duties under this Agreement in the ordinary course of business provided
      that
      such expenditures do not exceed Thirty Thousand $30,000) per month and, in
      the
      event funds over Thirty Thousand ($30,000) require to be expended, the Employee
      will consult the Company’s Board of Directors for approval prior to any
      disbursement of monies.

    

    1.03 The
      Consultant will perform the Services in accordance with this Agreement at Suite
      1050, 17th
      Street,
      Denver, Colorado, USA, 80265 or such other address that is acceptable to both
      parties. In addition, the Consultant will perform the Services on the telephone,
      via e-mail or other communication device, and at such other places as designated
      by the Company in accordance with this Agreement. 

    

    

    
      	
              2.

            	
              Term

            

    

    

    Subject
      to the terms of this Agreement, the Employee shall perform the Services for
      a
      period of Two (2) years (the “Term”) commencing on the date of execution of this
      Agreement (the “Effective Date”) provided however, that this Agreement shall be
      renewed automatically for additional Two (2) year periods on the anniversary
      date of the Second (2nd) year (the “Additional Term”) unless:

    

    
      	
              (a)

            	
              prior
                to the commencement of the Additional Terms, one of the parties gives
                the
                other party Thirty (30) days written notice that such party desires
                to
                terminate this Agreement; or

            

    

    

    
      	
              (b)

            	
              the
                parties have been unable to agree upon a mutually-acceptable Fee
                for such
                Additional Terms.

            

    

    

    
      	
              3.

            	
              Remuneration

            

    

    

    3.01 For
      providing the Services to the Company during the Term, the Employee shall
      receive a fee of Twelve Thousand, Five Hundred Dollars ($12,500) per month
      (the
“Fee”) commencing on the Effective Date. The Fee will be issued to the Employee
      on the first day of each month the Agreement is in effect. The
      Employee will be responsible for remitting all withholding tax from his
      compensation as may be required by United States and Canadian (as applicable)
      federal, provincial, state, and local tax laws.

    

    3.02
      In
      addition to the Fee, the Company shall pay the Employee, from time to time,
      such
      bonus payments as may be determined by the Board of Directors of the Company.
      The bonus will be based upon the Company’s revenue. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    3.03 The
      Company shall pay or reimburse the Employee for all out-of-pocket expenses,
      including without limitation, all reasonable communications, travel and
      promotional expenses payable or incurred by the Employee in connection with
      his
      duties under this Agreement provided such expenses are, in aggregate, not
      exceeding Ten Thousand ($10,000) per month. In the event of expenses over Ten
      Thousand ($10,000) per month, the Employee will consult the Company’s Board of
      Directors for approval prior to the disbursement of any monies.

    

    3.04 During
      the Term of this Agreement, the Employee shall be eligible to participate in
      the
      standard fringe benefits package and incentive compensation plans generally
      made
      available to the executive management employees of the Company, as such benefits
      may be determined or changed from time to time by the Board of Directors of
      the
      Company. The fringe benefit programs will include at a minimum reasonable
      dental, hospital and major medical insurance coverage for the Employee and
      the
      family of the Employee. Without limiting the generality of the foregoing, the
      Company shall at a minimum reimburse the Employee for the amount of monthly
      Blue
      Cross, or equivalent, insurance coverage at the time this Agreement is entered
      into and shall increase such reimbursement as the cost of such coverage is
      increased by the provider thereof from time to time.

    

    3.05 During
      the term of this Agreement, the Company shall pay to the Employee an automobile
      allowance of Four Hundred Dollars ($400) per month together with a parking
      allowance of One Hundred Fifty ($150) per month.

    

    3.06 The
      Company will maintain the offices located in Denver, Colorado as set out in
      item
      1.03 herein or such other office in a location selected by the Employee at
      his
      discretion from time to time, with a computer and such additional equipment
      and
      office furnishings as are necessary to carry out the responsibilities of the
      office of the President, CEO and Director. At a minimum, the Company agrees
      to
      pay a monthly rent of Nine Hundred Fifty Dollars ($950), or such other amount
      as
      may be approved by the Board of Directors of the Company.

    

    
      	
              4.

            	
              Share
                Compensation

            

    

    

    The
      Company shall grant to the Employee the option to purchase up to Four Million
      (4,000,000) common shares in the capital stock of the Company at a price of
      $0.00001 per share as follows:

    

    (a) One
      Million (1,000,000) shares upon the execution of this Agreement;

    

    (b) One
      Million (1,000,000) shares for the period June 1, 2006 to May 31, 2007 at a
      rate
      of Two  Hundred
      Fifty Thousand (250,000) shares per completed quarter;

    

    (c) One
      Million (1,000,000) shares for the period June 1, 2007 to May 31, 2008 at a
      rate
      of Two  Hundred
      Fifty Thousand (250,000) shares per completed quarter; and

    

    (d) One
      Million (1,000,000) shares for the period June 1, 2008 to May 31, 2009 at a
      rate
      of Two  Hundred
      Fifty Thousand (250,000) shares per completed quarter.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    All
      shares purchased by the Employee will be fully paid and
      non-assessable.

     

    In
      the
      event this Agreement is terminated pursuant to section 5 hereof, the Employee
      will be entitled to purchase any shares that have vested as per the above
      schedule but will forfeit any right or interest to any shares not yet vested.
      

    

    
      	
              5.

            	
              Termination 

            

    

    

    5.01 The
      parties hereto may terminate this Agreement at any time by giving the other
      party Thirty (30) days written notice. In the event the Company terminates
      the
      Agreement for Cause at any time during the Term, the Term shall end and the
      Company will set forth in reasonable detail the specific conditions that it
      considers to constitute Cause, and termination shall be effective thirty (30)
      days after the delivery of such notice. 

     

    For
      purposes of this Agreement, the term “Cause” shall mean, when used with respect
      to the termination of this Agreement by the Company: (i) the
      Employee's failure or refusal to adequately perform employment duties and
      obligations or to comply with the policies, rules, and regulations of the
      Company; (ii) any
      breach by Employee of this Agreement's provisions; (iii) any illness or
      disability resulting in the Employee being unable to perform his duties
      hereunder for a period of 30 days or for a cumulative period during any 12
      month
      period of more than three months; (iv) any alcohol, drug or other substance
      abuse by the Employee; (v) the conviction or commission of any felony or any
      other criminal offense involving dishonesty or moral turpitude by Employee;
      or
      (vi) death.

    

     

    If,
      during the Term, the Company terminates this Agreement for Cause, then the
      Company shall pay to the Employee (or in the event of termination of employment
      by reason of the Employee’s death, his legal representative or his estate if no
      representative has been appointed) in a lump sum in cash, within 30 days after
      the date of Termination, an amount equal to the accrued but unpaid salary
      pursuant to Section 3 plus any unpaid approved expenses and deliver to him,
      or
      his representative, the shares which have vested and that have been paid for
      under Section 4 but not yet delivered.

     

    In
      the
      event the Company terminates this Agreement other than for Cause, then the
      Company shall pay to the Employee, in a lump sum in cash within 30 days after
      the date of Termination, an amount equal to Three (3) months salary, or
      Thirty-Seven Thousand, Five Hundred Dollars ($37,500), that the Company would
      have been obligated to pay the Employee pursuant to Section 3.01 plus the amount
      of any unpaid approved expenses and any shares which have vested and that have
      been paid for under Section 4 but not yet delivered.

     

    5.02       
This
      Agreement shall terminate immediately upon the death of the Employee and in
      the
      event of such death:

      

    
      	
              (a)

            	
              The
                Company shall pay to the estate of the Employee the Fee otherwise
                payable
                to the Employee pursuant to Section 3.01 hereof through the last
                day of
                the calendar month in which the death of the Employee
                occurred;

            

    

    

    
      	
              (b)

            	
              as
                expeditiously as possible after the death, the Company shall pay
                or
                reimburse the estate of the Employee for all reasonable expenses
                incurred
                prior to the death of the Employee pursuant to Section 3.2 hereof;
                and

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              (b)

            	
              with
                respect to the share option described in Section 4, the legal
                representative of the Employee shall have the right, at any time
                up to and
                including (but not after) one year following the date of death of
                the
                Employee, to purchase any shares which have not been purchased and
                which
                had vested prior to the Employee’s
                death.

            

    

    

    
      	
              6.

            	
              Restrictive
                Covenants

            

    

    

    6.01 Non-Competition 

    

    The
      Employee agrees that he shall not, without the prior written consent of the
      Company, for a period of two (2) years from the termination of the Employee's
      employment with the Company for any reason solicit or attempt to solicit
      business that is competitive with the Company, directly or indirectly, from
      any
      then current customer, client, partner, or investor of the Company.
      The
      Employee acknowledges that this non-competition covenant is ancillary to or
      part
      of this enforceable Agreement, and that any limitations as to time, geographic
      scope and scope of activity to be restrained as set forth herein are reasonable
      and do not impose a greater restraint than is necessary to protect the goodwill
      or other business interest of the Company.

    

    6.02 Non-Solicitation 

    

    The
      Employee agrees that during his employment with the Company and for a period
      of
      two (2) years after termination of such employment, he shall not, on his own
      behalf or on behalf of any other person or business entity, hire, solicit,
      seek
      to hire, or offer employment to any person who now or later works for the
      Company, or who is a current or prospective employee of the Company. The
      Employee further agrees that he will not in any other manner attempt, directly
      or indirectly, to influence, induce, or encourage any person who now or later
      works for the Company, or who is a current or prospective employee of the
      Company to leave the employment of the Company.

    

    The
      Employee acknowledges that the provisions of covenants 6.01 and 6.02 (the
“Covenants”) have been considered by him and are, with respect to the interests
      of the Employee and the interests of the Company, reasonable as to time,
      territory and extent.

    

    6.03 The
      Employee and the Company agree and recognize that a breach by the Employee
      of
      any part of the Covenant would result in damages to the Company which could
      not
      be adequately compensated for by a monetary award. Accordingly, the Employee
      agrees that in the event of any such breach, in addition to all other remedies
      available to the Company at law or in equity, the Company shall be entitled
      as a
      matter or right to apply to a court of competent equitable jurisdiction for
      such
      relief by way of restraining order, injunction, decree or otherwise, as may
      be
      appropriate to ensure compliance with the provisions of this
      Covenant.

    

    The
      Employee and the Company agree and recognize that all restrictions in the
      Covenants are necessary and fundamental to the protection of the business
      carried on by the Company and are reasonable and valid, and all defense to
      the
      strict enforcement thereof by the Company is hereby waived by the
      Employee.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    6.04 The
      Company agrees that in the event that any Section herein is determined to be
      void or unenforceable in whole or in part, such determination shall be deemed
      not to affect or impair the validity of enforceability or the remainder of
      such
      section or any other provisions of this Agreement, and with respect to Section
      6
      hereof, the parties agree that, in the event that a court of competent
      jurisdiction determines that the period of two (2) years specified in such
      Section is unreasonable and that such provision would for that reason be void
      or
      unenforceable, the parties hereby request the court to substitute such shorter
      period therefore would provide the maximum protection to the Company with the
      enforceability of that provision.

    

    
      	
              7.

            	
              Confidentiality

            

    

    

    7.01 During
      the Employee's employment under this Agreement, the Company will give the
      Employee access to, and the Employee will become familiar with, Confidential
      Information. The Employee agrees that all such Confidential Information, and
      all
      files, records, documents, information, data and similar items relating to
      the
      Company's business, including all originals and all copies, whether prepared
      by
      the Employee or otherwise coming into his possession, shall remain the exclusive
      property of the Company during the Employee's employment with the Company and
      following the termination of the Employee's employment with the Company. The
      Employee further agrees that he shall not, without the prior written consent
      of
      the Company, use or disclose to any third party any of the Confidential
      Information described herein, directly or indirectly, either during the
      Employee's employment with the Company or at any time following the termination
      of the Employee's employment with the Company. The Employee acknowledges that
      the Confidential Information and other consideration to be provided to Employee
      pursuant to this Agreement give rise to the Company's interest in restraining
      the Employee from disclosing the Company's Confidential
      Information.

    

    7.02 The
      Employee will return to the Company upon the termination of this Agreement
      all
      plans, drawings, property reports, models, samples, papers, notes, books,
      computer disks and files or other documentation belonging to the
      Company.

    

    
      	
              8.

            	
              Notices

            

    

    

    8.01 Any
      notice, direction, or other instrument required or permitted to be given under
      this Agreement shall be in writing and shall be given by the delivery of the
      same or by the mailing of same by prepaid registered or certified mail or by
      sending the same by telegram, telex, telecommunication or other similar for
      of
      communication, in each case addressed to the intended recipient at the address
      of the respective party as follows:

    

    (a) to
      the
      Company:  

    RANCHER
      ENERGY CORP.

    1811
      East
      17th
      Avenue

    Spokane,
      Washington

    USA,
      99203

    Phone:
      509-535-4662

    Fax:
      509-535-8350

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    (b) to
      the
      Employee:  

    JOHN
      WORKS

    3445
      South Columbine Circle 

    Englewood,
      Colorado 

    USA,
      80113

    Phone:
      720-932-8866

    Fax:
      720-904-5698

    

    

    8.02 Any
      notice, direction or other instrument aforesaid will, if delivered, be deemed
      to
      have been given and received on the day it was delivered and, if mailed, be
      deemed to have been given and received on the fifth business day following
      the
      day of mailing, except in the event of disruption of the postal service in
      which
      event notice will be deemed to be received only when actually received and,
      if
      sent by telegram, telecommunication or other similar form of communication,
      be
      deemed to have been given and received on the day it was actually
      received.

    

    8.03 Any
      party
      may at any time give notice in writing to the other of any change of address,
      and from and after the giving of such notice, the address therein specified
      will
      be deemed to be the address of such party for the purpose of giving notice
      hereunder.

    

    
      	
              9.

            	
              Assignment

            

    

    

    This
      Agreement is a personal consulting agreement and may not be assigned by either
      party without the prior written consent of the other party.

    

    
      	
              10.

            	
              General

            

    

    

    10.01  This
      Agreement may not be amended or otherwise modified except by an instrument
      in
      writing signed by both parties.

    

    10.02  This
      Agreement shall be governed by and interpreted in accordance with the laws
      of
      the State of Washington and the parties irrevocably attorn to the jurisdiction
      of the courts of such State.

    

    Notwithstanding
      Section 10.2 hereof, all disputes which may arise under, out of, in connection
      with or in relation to this Agreement shall be submitted to and finally settled
      by arbitration, which shall be subject to the provisions of the Commercial
      Arbitration Act (Washington
      or United States of America, whichever is applicable)
      in
      effect from time to time and be conducted in the English language.

    

    10.03  If
      any
      one or more of the provisions contained herein should be invalid, illegal or
      unenforceable in any respect in any jurisdiction, the validity, legality and
      enforceability of such provisions shall not in any way be affected or impaired
      thereby in any other jurisdiction and the validity, legality and enforceability
      of the remaining provisions contained herein shall not in any way be affected
      or
      impaired thereby.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    10.04  This
      Agreement constitutes and contains the entire agreement and understanding
      between the parties and supersedes all prior agreements, memoranda,
      correspondence, communications, negotiations and representations, whether oral
      or written, express or implied, statutory or otherwise, between the parties
      or
      any of them with respect to the subject matter hereof.

    

    10.05  The
      parties hereto covenant and agree to execute and deliver such further and other
      documents as may be required to carry out the intent of this
      Agreement.

    

    10.06  Time
      shall be of the essence in the performance of this Agreement.

    

    10.07  Any
      and
      all previous agreement, written or oral, between the parties hereto or on their
      behalf relating to the retention of the Employee by the Company are hereby
      terminated and cancelled and each of the parties hereto hereby releases and
      forever discharges the other of and from all manner of actions, causes of
      action, claims and demands whatsoever under or in respect of any such
      agreement.

    

    10.08 This
      Agreement may be executed in counterpart, each of which such counterpart,
      whether in original or facsimile form, notwithstanding the date or dates upon
      which this Agreement is executed and delivered by any of the parties, shall
      be
      deemed to be an original and all of which will constitute one and the same
      agreement, effective as of the reference date given above.

    

    IN
      WITNESS WHEREOF
      the
      parties hereto are deemed to have executed this Agreement as of the day and
      year
      first above written.

    

    RANCHER
      ENERGY CORP.

    

    

    /s/
Andrei
      Stytsenko    

    Per:
      Andrei Stytsenko, President

     

     

    
 

    
      	 SIGNED, SEALED and DELIVERED
              by 	 )	 
	 JOHN WORKS in
              the presence of:	 )	 
	 	 )	 
	 	 )	 
	 Name	 )	JOHN WORKS
	 	 )	 
	 	 )	 
	 Address	 )	 
	 	 )	 
	 	 )	 
	 	 )	 
	 Occupation 	 )Rancher Energy Corp. Exhibit 10.2 - Exploration and Development Agreement

    

       

      
        Exhibit
          10.2

      

      EXPLORATION
        AND DEVELOPMENT AGREEMENT

       

       

      THIS
        EXPLORATION AND DEVELOPMENT AGREEMENT dated June 15th, 2006 (the “Effective
        Date”).

       

      BETWEEN:

       

      BIG
        SNOWY RESOURCES, LP,
        whose
        address is Suite 2100, 27 North 27th Street, Billings, Montana 59101,
        U.S.A.

       

      (“BSR”)

       

      AND:

       

      Rancher
        Energy Corp. whose
        address is 1050-17th
        Street,
        Suite 1700, Denver, Colorado 80265 USA

       

      (“Rancher
        Energy”)

       

      WHEREAS:

       

      A.  BSR
        holds
        an 80% net revenue interest in certain oil and gas leases totalling
        approximately 7,600 acres in Montana and certain wells located on such
        leases;

       

      B.  BSR
        desires Rancher Energy to shoot 3D seismic on the leases; 

       

      C.  BSR
        desires Rancher Energy to drill a test well on the leases;

       

      D.  BSR
        desires Rancher Energy to construct a pipeline to transport oil and gas produced
        from the wells subject to this Agreement to an oil and gas transmission
        line;

       

      E. .

       

      NOW,
        THEREFORE, in consideration of the premises and of the mutual covenants,
        agreements, conditions, and obligations in this Agreement, BSR and Rancher
        Energy (collectively referred to as the “Parties”) agree as
        follows:

       

      
        	
                1.

              	
                DEFINITIONS

              

      

       

      In
        this
        Agreement:

       

      “AFE”
        means
        authority or authorization for expenditure regarding drilling costs as set
        out
        in this Agreement;

       

      “Agreement”
        means
        this Agreement, including the attached Schedules;

       

      “Lands”
means
        the lands described in Schedule “A” of this Agreement;

       

      

      THIS
        CONTRACT IS SUBJECT TO ARBITRATION PURSUANT TO THE

      MONTANA
        ARBITRATION
        ACT,
        TITLE 27, CHAPTER 5, MONTANA CODE ANNOTATED

       

      
        
          
          

        

        
          
          

          
            

            - 2 -

        

        
          
          

        

      

      

       

      “Leases”
        mean
        collectively, or individually, as the context may require, those leases,
        reservations, permits, licences or other documents of title described in
        Schedule “A” of this Agreement, by which the holder of such leases is entitled
        to enter, access, drill for, win, take, own or remove the leased substances
        within, on or under the Lands;

       

      “log”
        means
        any record obtained by Rancher Energy of all formations penetrated by the
        Test
        Well, or other wells drilled by Rancher Energy on the Leases, their depth,
        thickness and sonic, electrical, radiological and other physical properties
        of
        the formation and water, oil and gas, including, but not limited to mud
        logs;

       

      “oil
        and gas”
        includes
        all minerals and petroleum, natural gas and other hydrocarbon substances
        regardless of gravity or phase (including coal and coalbed gas) including,
        but
        not limited to condensate and helium, hydrogen, nitrogen and other gases;
        and

       

      “Payout”
        means
        the occurrence of when Rancher Energy recoups the costs and expenses of
        the:

       

      
        	 	
                (a)

              	
                Construction
                  of the Pipeline;

              

      

       

      
        	 	
                (b)

              	
                wells
                  drilled pursuant to this Agreement;

              

      

       

      
        	 	
                (c)

              	
                equipping,
                  completion and other costs of or in relation to all wells drilled
                  pursuant
                  to this Agreement, including tie-in and
                  compression.

              

      

       

      
        	 	
                (d)

              	
                1⁄2
                  of the cost of the 3D seismic program which seismic is owned 50/50
                  by the
                  parties.

              

      

       

      “Schedules”
        means
        Schedule “A”, Schedule “B” and Schedule “C” of this Agreement, as the context so
        requires.

       

      
        	
                2.

              	
                SHOOTING
                  OF THE 3D SEISMIC AND TEST
                  WELL

              

      

       

      
        	 	
                (a)

              	
                Rancher
                  Energy shall shoot a minimum of 4 square miles of 3D seismic (the
“3D”) on
                  the leases. Rancher Energy shall conduct the Operations as a reasonable
                  and prudent operator and shall commence setting the parameters
                  and
                  retaining a seismic contractor as soon as practical once this agreement
                  is
                  executed. Rancher Energy will shoot the 3D ASAP. Further, Rancher
                  Energy
                  will be responsible for identifying and hiring the 3D. BSR agrees
                  to
                  assist when requested in the process.

              

      

       

      
        	 	
                (b)

              	
                All
                  expenditures relating to the 3D, whether direct or indirect but
                  excluding
                  supervision and management costs, shall be to the account of Rancher
                  Energy and paid entirely by Rancher
                  Energy.

              

      

       

      
        	 	
                (c)

              	
                A
                  copy of all data contained and derived from the 3D, including all
                  interpretations shall be forwarded by Rancher Energy to BSR. BSR
                  shall
                  also be provided with the final interpretation within 10 working
                  days of
                  receipt of the final interpretation by Rancher Energy. (the “3D Completion
                  Date").

              

      

       

      
        
          
          

        

        
          
          

          
            

            - 3 -

        

        
          
          

        

      

      
        	 	
                (d)

              	
                Rancher
                  Energy shall have 30 days from the 3D Completion Date to give written
                  notice to BSR of an intention to drill based on the 3D and propose
                  a
                  drilling location (the “Test Well”). Failure by Rancher Energy to provide
                  a notice prior to expiry of the thirty (30) day period shall be
                  deemed an
                  election by Rancher Energy to terminate this Agreement. If this
                  Agreement
                  is terminated by Rancher Energy, it shall have no further obligations
                  or
                  liabilities hereunder.

              

      

       

      
        	 	
                (e)

              	
                If
                  Rancher Energy elects not to terminate this Agreement pursuant
                  to
                  paragraph 2(d) above Rancher Energy shall have 120 days to spud
                  the Test
                  Well. The Test Well shall be at the sole cost of Rancher Energy.
                  The well
                  will be drilled to the deepest horizon indicated as hydrocarbon
                  bearing by
                  the 3D seismic.

              

      

       

      
        	 	
                (f)

              	
                Upon
                  receipt by BSR of the Final Seismic Interpretation and Notice of
                  Drilling
                  Location, BSR shall assign to Rancher Energy a 55% working interest
                  in the
                  spacing unit of the Test Well,
                  Upon
                  drilling and completion of the test well, BSR will assign Rancher
                  Energy a
                  55% WI in all lands owned by BSR within the
                  AMI.

              

      

       

      
        	 	
                (g)

              	
                If
                  the Test Well is commercial then Rancher Energy shall be entitled
                  to 100%
                  of net revenue from the Test Well Interest until Payout. After
                  Payout, the
                  revenue from the Test Well Interest shall be distributed in proportion
                  to
                  the working interest share of each
                  Party.

              

      

       

      
        	
                3.

              	
                PIPELINE
                  AND TRANSPORTATION

              

      

       

      
        	 	
                (a)

              	
                Unless
                  this Agreement has been earlier terminated or has expired Rancher
                  Energy
                  shall:

              

      

       

      
        	 	
                (i)

              	
                use
                  commercially reasonable efforts to obtain required government and
                  administrative regulatory approvals and other necessary consents
                  for the
                  construction and operation of a pipeline of approximately twelve
                  (12) miles in length, with a tie-in at Sec.14 1N 21E in the NENW4,
                  Stillwater County, Montana (the “Pipeline”), to transport gas from the
                  Test Well, and other wells producing in commercial quantities on
                  the
                  Leases in which Rancher Energy and BSR have joint working interest
                  (the
                  "Joint Wells") to a gas transmission line;
                  and

              

      

       

      
        	 	
                (ii)

              	
                if
                  Rancher Energy is able to secure all required approvals and consents
                  noted
                  in paragraph 3(a)(i), Rancher Energy shall thereafter finance,
                  construct,
                  operate and maintain (the “Construction”) the Pipeline, 
                  provided
                    that Rancher Energy shall be entitled to, instead of constructing
                    the
                    Pipeline, make mutually acceptable arrangements to transport
                    all produced
                    gas from the Joint Wells to
                    market.

                

              

      

       

      
        	 	
                (b)

              	
                If
                  the Pipeline is to be constructed pursuant to paragraph 3(a) (including
                  sufficient compression to produce gas from the Test Well), such
                  construction shall occur within eighteen (18) months of the Effective
                  Date.

              

      

       

      
        
          
          

        

        
          
          

          
            

            - 4 -

        

        
          
          

        

      

      
        	 	
                (c)

              	
                Upon
                  Payout, Rancher Energy shall assign 20% of its right, title and
                  interest
                  in the Pipeline to BSR. Rancher Energy grants BSR an option to
                  purchase an
                  additional 25% of Rancher Energy’s right, title and interest in the
                  Pipeline (the “Pipeline Option”). The Pipeline Option may be exercised
                  incrementally by BSR where the minimum percentage of such increments
                  is
                  1%. If BSR exercises the Pipeline Option, it shall do so within
                  eighteen
                  (18) months of the Completion of Construction of the Pipeline (after
                  which
                  the Pipeline Option automatically terminates). BSR shall notify
                  Rancher
                  Energy of its exercise of the Pipeline Option and within thirty
                  (30) days
                  of such exercise it shall pay to Rancher Energy the equivalent
                  of 25%, or
                  the corresponding lesser incremental percentage, of the independently
                  verifiable costs and expenses (the “Costs”) of the Construction, and
                  thereupon Rancher Energy shall assign a further 25%, or applicable
                  lesser
                  incremental percentage, of Rancher Energy’s right, title and interest in
                  the Pipeline to BSR on a proportionate incremental basis. If BSR
                  fails to
                  make the required payment before the expiry of the thirty (30)
                  day period
                  noted above, the exercise of the Pipeline Option shall be void
                  for all
                  purposes.

              

      

       

      
        	 	
                (d)

              	
                If
                  BSR's interest in the Pipeline is at any time insufficient to transport
                  its joint share of production from any of the Lands or any other
                  lands
                  within the AMI, Rancher Energy shall be entitled to charge BSR
                  those
                  tariffs and fees respecting any required compression and transportation
                  in
                  connection with the Pipeline that it would have be entitled to
                  charge a
                  third party.

              

      

       

      
        	 	
                (e)

              	
                Construction
                  Costs are deemed not to include supervision or management costs
                  and
                  expenses incurred by Rancher
                  Energy.

              

      

       

      
        	 	
                (f)

              	
                Subject
                  to section 7 of this Agreement, once the terms of (a) and (b) above
                  are
                  satisfied then BSR shall transfer to Rancher Energy a 55% working
                  interest
                  in all of the Leases and the Lands, all wells thereon, and in all
                  other
                  lands and wells that BSR owns an interest in within the AMI, other
                  than
                  the Test Well, which shall be governed by the terms of this Agreement.
                  BSR
                  shall not encumber or assign any interest in any of the aforementioned
                  Leases, Lands, wells and other lands whatsoever to any person or
                  entity
                  during the period from the date of this Agreement until BSR transfers
                  the
                  55% working interest to Rancher Energy as noted
                  above.

              

      

       

      
        	 	
                (g)

              	
                The
                  rights, title and interests in the Leases to be conveyed by one
                  Party to
                  the other Party are without warranty, either express or
                  implied.

              

      

       

      
        	
                4.

              	
                OPERATIONS
                  AND DRILLING

              

      

       

      
        	 	
                (a)

              	
                In
                  the drilling of the Test Well Rancher Energy shall conduct its
                  operations
                  as a reasonable and prudent operator and shall test all zones or
                  formations penetrated in the wells which Rancher Energy believes
                  to have a
                  reasonable possibility of producing in paying quantities. Rancher
                  Energy
                  shall restore the surface of the land of the Test Well to the condition
                  required by law, and in absence of law, then as nearly as possible
                  to its
                  original condition.

              

      

       

      
        
          
          

        

        
          
          

          
            

            - 5 -

        

        
          
          

        

      

      
        	 	
                (b)

              	
                All
                  well operations on the Leases will be governed by the terms and
                  provisions
                  of an operating agreement (the “Operating Agreement”) which will be
                  circulated by Rancher Energy for signature by the Parties at least
                  30 days
                  prior to the commencement of the Test Well.
                  The Operating Agreement will be on a A.A.P.L. Form 610 - 1982 Model
                  Form
                  Operating Agreement which shall be modified to delete portions
                  of the
                  printed language and to add certain provisions as are usual and
                  customary
                  among independent oil and gas exploration operators. Rancher Energy
                  shall
                  be designated the Operator in the Operating
                  Agreement.

              

      

       

      
        	 	
                (c)

              	
                Except
                  for those costs and expenses which are expressly identified in
                  this
                  Agreement as being the sole responsibility of Rancher Energy, all
                  costs
                  and expenses relating to all lands governed by this Agreement,
                  including
                  all operations thereon, shall be borne and paid for by the Parties
                  in
                  accordance with their respective interests in such lands.
                  BSR’s share of estimated drilling costs shall be proportionate to BSR’s
                  working interest and will be billed (based on the estimate in the
                  associated AFE) by Rancher Energy to BSR and will be due and payable
                  to
                  Rancher Energy thirty (30) days after notice of the invoice has
                  been
                  delivered to BSR. If such drilling costs are more or less than
                  the AFE,
                  BSR shall bear its pro-rata share of any actual excess invoiced
                  costs paid
                  by Rancher Energy; in the event the AFE is greater than actual
                  costs, BSR
                  will be entitled to and will receive from Rancher Energy its pro-rata
                  refunded share of any excess monies.

              

      

       

      
        	 	
                (d)

              	
                All
                  rights, titles and interest in the Leases are subject to the royalties
                  provided for in the Leases and additional royalties, the aggregate
                  of
                  which shall not exceed 20%.

              

      

       

      
        	
                5.

              	
                TAKEOVER
                  OPTION

              

      

       

      If
        after
        drilling the Test Well to the Contract Depth Interval (the deepest horizon
        indicated by the 3D) Rancher Energy is not able to complete the Test Well
        as a
        well capable of producing in paying quantities, Rancher Energy shall not
        plug
        and abandon the Test Well without first notifying BSR under Section 9
        below of
        Rancher Energy’s intention to do so, in which event BSR shall have the right to
        take over said Test Well as provided in Section 9.
        In the
        event BSR elects to take over said Test Well and completes same as a well
        capable of producing in paying quantities, all rights of Rancher Energy to
        earn
        an interest in the spacing unit for the Test Well shall thereupon cease and
        terminate. Rancher Energy shall not be relieved of any obligation under this
        Agreement previously accrued or which thereafter accrues with respect to
        Rancher
        Energy’s operations upon the Leases previously conducted excepting the plugging
        and abandoning of the Test Well taken over by BSR.

       

      
        	
                6.

              	
                AREA
                  OF MUTUAL INTEREST

              

      

       

      There
        shall be deemed to be an area of mutual interest (the “AMI”) surrounding the
        Leases. The AMI shall cover and include all Lands, and all lands located
        within
        five (5) miles of the boundaries of all Leases and be effective for the primary
        term of the Lease(s) or the duration of any oil and gas production therefore,
        whichever is the greater. In the event a Party (or any affiliate thereof)
        acquires or proposes to acquire any interest in the lands within the AMI,
        the
        acquiring Party shall be required promptly to notify the other Party of the
        acquisition or proposed acquisition and the actual costs and expenses related
        thereto. The Party receiving the notice shall have forty-five (45) business days
        within which to pay a 50% share of the actual cost of the entire interest
        acquired or to be acquired. Upon the acquiring Party’s receipt of such payment
        and closing of the acquisition, it shall execute and deliver (or cause to
        be
        executed and delivered in the event of an acquisition by an affiliate) to
        the
        joining party a recordable assignment of 50% of the entire interest acquired,
        determined in accordance with this Section. Unless the Party receiving the
        notice of an AMI acquisition shall have made a timely response in accordance
        with this Section and has paid in a timely manner its share of the acquisition
        costs, it shall be deemed to have elected not to acquire the interest so
        offered
        by the acquiring Party.

       

      
        
          
          

        

        
          
          

          
            

            - 6 -

        

        
          
          

        

      

       

      
        	
                7.

              	
                COST
                  INFORMATION

              

      

       

      If
        the
        Test Well is productive in paying quantities, Rancher Energy shall, as soon
        as
        possible after completion, furnish to BSR reasonably detailed information
        showing the cost of drilling, completing, and equipping the same. Further,
        Rancher Energy shall during the Payout period furnish to BSR a monthly statement
        showing gross production from such well and showing Rancher Energy’s progress
        towards Payout. BSR shall have access at all times at the Notice address
        stated
        in this Agreement during reasonable business hours to Rancher Energy’s cost,
        production and other records relating to such well.

       

      
        	
                8.

              	
                WELL
                  DATA

              

      

       

      With
        respect to the Test Well Rancher Energy shall comply with the well information
        requirements by BSR set out on Exhibit “C” attached hereto, by furnishing the
        reports, documents, samples, data and other information and by giving the
        notices indicated thereon. Further, with respect to drilling and completion
        operations, Rancher Energy shall (i) furnish BSR daily drilling reports and
        make
        available portions of all samples, cores and fluids collected; (ii) at Rancher
        Energy’s sole discretion conduct such tests, run such logs, make such surveys
        and take such cores as would be made by a prudent operator; and (iii) furnish
        BSR copies of all logs, surveys and tests. BSR and its representatives and
        employees shall at all times have access, at their sole cost, risk and expense,
        to the well(s) and well site(s) located on the Lease.

       

      
        	
                9.

              	
                ABANDONMENT

              

      

       

      No
        well
        drilled by Rancher Energy pursuant to this Agreement shall be plugged or
        abandoned until Rancher Energy shall have given BSR notice of its intention
        to
        do so. BSR shall have forty-eight (48) hours from the receipt of said
        abandonment notice and a copy of all logs, drillstem and other tests and
        all
        other material information obtained in connection with such well in the case
        of
        a well on which a drilling rig is located, and thirty (30) days from receipt
        of
        said abandonment notice in all other cases, to notify Rancher Energy whether
        or
        not BSR consents to such plugging or abandonment or whether BSR elects to
        take
        over the well. If BSR elects to take over the well, Rancher Energy shall
        immediately deliver to BSR the well and all material and physical equipment
        therein in the same condition as when drilling operations were terminated.
        Further, Rancher Energy shall forthwith execute and deliver all necessary
        instruments to convey to BSR, Rancher Energy’s entire interest in and to the
        well, all such physical equipment therein and, the Lands comprising the spacing
        unit in which said well is located. BSR will pay for all expenses and discharge
        all obligations and assume all liabilities incurred after it takes possession
        of
        the well and will assume any and all obligations under any farmout agreements
        Rancher Energy may have with other persons owning an interest in the spacing
        unit for such well. BSR shall pay Rancher Energy the reasonable salvage value
        of
        all recoverable in-the-well and surface equipment owned by Rancher Energy
        which
        is taken over by BSR less than the estimated cost of salvage and less Rancher
        Energy’s estimated cost of plugging and abandoning said well.

       

      
        
          
          

        

        
          
          

          
            

            - 7 -

        

        
          
          

        

      

      
        	
                10.

              	
                MINIMUM
                  ROYALTIES/SHUT-IN GAS WELL
                  PAYMENTS

              

      

       

      Rancher
        Energy agrees to pay any minimum royalties or shut-in gas well payments
        necessary to maintain the Leases in full force and effect on which the Test
        Well
        is located. Each Party shall bear its working interest share of all such
        royalties and payments. Rancher Energy further agrees to give BSR immediate
        notice when any well is shut-in and the date thereof and furnish proof of
        proper
        payment of minimum or shut-in gas royalties at least one month in advance
        of the
        payment date.

       

      
        	
                11.

              	
                COMPLIANCE
                  WITH LAW

              

      

       

      During
        the course of all operations conducted pursuant to this Agreement, the Parties
        shall abide in all material respects by all applicable laws and all lawful
        orders, rules and regulations of governmental authorities having jurisdiction.
        Rancher Energy shall notify BSR of any application to any governmental body
        for
        the establishment of units for the spacing of wells with respect to a Lease.
        Rancher Energy and BSR shall attempt to agree upon the size and location
        of
        units; however, in the event they are unable to agree, Rancher Energy may
        proceed before the proper governmental authority for the establishment of
        such
        units, but BSR shall have the right to participate in any proceedings to
        protect
        its interest.

       

      
        	
                12.

              	
                RELATIONSHIP
                  OF PARTIES

              

      

       

      It
        is not
        the intent or purpose of the parties to this Agreement to create hereunder
        any
        partnership, joint venture, or association or the relationship of agency
        or
        employer-employee, and neither this Agreement nor any of the operations
        hereunder shall be construed or considered as creating any such
        relationship.

       

      
        	
                13.

              	
                INDEMNITY
                  AND INSURANCE

              

      

       

      
        	 	
                (a)

              	
                The
                  Parties agree to indemnify, defend and hold each other harmless
                  from any
                  and all liens, encumbrances, suits, claims, judgements, obligations
                  and
                  liabilities of any kind caused or created by or arising out of
                  the other
                  Party’s ownership or operations pursuant to this
                  Agreement.

              

      

       

      
        
          
          

        

        
          
          

          
            

            - 8 -

        

        
          
          

        

      

      
        	 	
                (b)

              	
                In
                  connection with all operations conducted hereunder, Rancher Energy
                  shall
                  carry, and whenever practicable, include covenants in its agreements
                  with
                  subcontractors requiring those subcontractors to carry the insurance
                  in
                  amounts and with a scope of coverage that a prudent operator in
                  the same
                  or similar circumstance as Rancher Energy under this Agreement
                  would, all
                  as more particularly specified on Exhibit “B”. Further Rancher Energy
                  agrees to carry all necessary governmental bonds required for operations
                  on the Leases.

              

      

       

      
        	
                14.

              	
                DEFAULT
                  AND REMEDY

              

      

       

      
        	 	
                (a)

              	
                If
                  either Party is determined to be in default under this Agreement
                  (the
                  “Defaulting Party”), the Defaulting Party must remedy such default within
                  thirty (30) days notice (“notice period”) from the other
                  Party.

              

      

       

      
        	 	
                (b)

              	
                The
                  Defaulting Party shall take all commercially reasonable actions
                  to cure
                  default within notice period.

              

      

       

      
        	 	
                (c)

              	
                Where
                  Rancher Energy is the Defaulting Party and the default relates
                  to a
                  material breach of its obligations in paragraphs 3(a) or (b) or
                  paragraph
                  4(a), then if such default is not remedied within the notice period,
                  Rancher Energy shall re-assign any and all right, title and interest
                  in
                  the Lands initially acquired from BSR under this
                  Agreement.

              

      

       

      
        	
                15.

              	
                NOTICES

              

      

       

      All
        notices, statements and communications (the “Notices”) required or permitted to
        be given or made in this Agreement shall be deemed to be so given or made
        when
        deposited in the United States Mail, postage prepaid directed to the Parties
        at
        the following addresses or such other addressees as they may from time to
        time
        designate in writing:

       

      
        BSR:                           
          Big Snowy Resources, LP
Suite 2100, 27 North 27th Street
Billings,
          Montana  59101, U.S.A.
Fax:     
416-259-7915
Attn:     John Campbell

         

        Rancher
          Energy:           Rancher
          Energy Corp.

        1050-17th
          Street, Suite 1700

        Denver,
          Colorado 80265 USA

        Fax:     
          720-904-5698

        Attn:    
John
          Works

         

      

       

      
        
          
          

        

        
          
          

          
            

            - 9 -

        

        
          
          

        

      

      
        	
                16.

              	
                FURTHER
                  ASSURANCE

              

      

       

      Each
        of
        the Parties shall, from time to time and at all times, do without further
        consideration all such other and further acts and deliver and execute such
        other
        and further instruments and documents (for example, the assignment and the
        conditions of working interests transferred in this Agreement) as may be
        reasonably required in order to fully perform and carry out the terms and
        provisions of this Agreement.

       

      
        	
                17.

              	
                TIME

              

      

       

      Time
        is
        of the essence with respect to all matters contained in this
        Agreement.

       

      
        	
                18.

              	
                FORCE
                  MAJEURE

              

      

       

      All
        of
        Rancher Energy’s obligations and covenants hereunder, whether express or
        implied, shall be suspended at the time or from time to time as compliance
        with
        any thereof is prevented or hindered by or is in conflict with: Federal,
        State,
        County, or municipal laws, rules, regulations or Executive Orders asserted
        as
        official by or under public authority claiming jurisdiction; Act of God;
        adverse
        field, weather, or market conditions; inability to obtain materials in the
        open
        market or transportation thereof; war; strikes or lockouts; riots; or other
        conditions or circumstances not wholly controlled by Rancher Energy, and
        this
        Agreement shall not be terminated in whole or in part, nor shall Rancher
        Energy
        be in default under this Agreement or held liable in damages for failure
        to
        comply with any such obligations or covenants if compliance therewith is
        prevented or hindered by or is in conflict with any of the foregoing
        eventualities.

       

      The
        time
        during which Rancher Energy shall be hindered in or prevented from conducting
        drilling or reworking operations, under the contingencies above stated, shall
        be
        added to any applicable deadlines under this Agreement or the Leases (including
        the primary term thereof); provided, however, that delay rentals shall not
        be
        suspended by reason of the suspension of operations and if the Leases are
        extended beyond the primary term above stated by reason of such suspension,
        Rancher Energy shall pay an annual delay rental on the anniversary dates
        hereof
        in the manner and in the amount above provided.

       

      
        	
                19.

              	
                SCHEDULES

              

      

       

      Schedules
        “A”, “B” and “C” referred to and attached to this Agreement are hereby
        incorporated by reference and made a part of this Agreement. In the event
        any of
        the provisions of any exhibit conflict with this Agreement, then the provisions
        of the Agreement itself shall prevail. 

       

      The
        inclusion herein of provisions relating to any particular subject matter
        shall
        not be deemed an attempt to deal with such subject matter to the exclusion
        of
        provisions in the Operating Agreement or any Schedules relating to such matter
        unless the context clearly otherwise requires.

       

      
        
          
          

        

        
          
          

          
            

            - 10 -

        

        
          
          

        

      

      
        	
                20.

              	
                MISCELLANEOUS

              

      

       

      
        	 	
                (a)

              	
                Whenever
                  the plural, masculine or neuter is used in this Agreement, the
                  same shall
                  include the singular or feminine or body politic or corporate and
                  vice-versa as the context so
                  requires.

              

      

       

      
        	 	
                (b)

              	
                The
                  Parties agree that with respect to the subject matter of this Agreement
                  together with all Schedules shall constitute the full and complete
                  understanding and agreement of the Parties, and there are no other
                  understandings, obligations, relationships or agreements, written
                  or
                  oral.

              

      

       

      
        	 	
                (c)

              	
                The
                  terms and definitions used herein shall have the same meaning in
                  the
                  Schedules unless the context otherwise
                  requires.

              

      

       

      
        	 	
                (d)

              	
                No
                  Party shall assign an interest in this Agreement without first
                  obtaining
                  the written consent of the other Party, which consent shall not
                  be
                  unreasonably withheld.

              

      

       

      
        	
                21.

              	
                ENUREMENT

              

      

       

      The
        terms, covenants, conditions and provisions of this Agreement shall be binding
        upon and enure to the benefit of the respective successors and assigns of
        the
        Parties, and said terms, covenants, conditions and provisions shall be deemed
        to
        be real covenants burdening and running with the Leases and Lands.

       

      
        	
                22.

              	
                LAW
                  AND JURISDICTION

              

      

       

      The
        law
        governing this Agreement shall be the law of the State of Montana. The Parties
        exclusively and irrevocably attorn to the jurisdiction of the applicable
        court
        of the State of Montana regarding any matter or dispute arising from this
        Agreement.

       

      
        	
                23.

              	
                CONFIDENTIALITY

              

      

       

      All
        information obtained or received by either Party relating to any well drilled
        pursuant to this Agreement shall be maintained in confidence, shall not be
        disclosed to any other person, and shall not be used for any purpose other
        than
        in connection with this Agreement.

       

      
        	
                24.

              	
                ARBITRATION

              

      

       

      Should
        there be a disagreement or a dispute between the Parties with respect to
        this
        Agreement, the same will be referred to a single arbitrator for decision
        pursuant to the laws of Montana, and the decision of such arbitrator will
        be
        final and binding upon the Parties. This Section 24
        will be
        deemed to be a submission to arbitration in accordance with the laws of
        Montana.

       

      
        
          
          

        

        
          
          

          
            

            - 11 -

        

        
          
          

        

      

      
        	
                25.

              	
                COUNTERPARTS

              

      

       

      
        	 	
                This
                  Agreement may be executed in counterpart and will have the same
                  effect as
                  if all signatories to the Agreement had signed the same document.
                  All
                  counterparts together will constitute the same instrument. Signed
                  counterparts may be transmitted by
                  facsimile.

              

      

       

      IN
        WITNESS WHEREOF, the Parties have executed this Agreement to be effective
        for
        all purposes as of the day and year first above written.

       

      
 

        	 	 	 
	 	
                BIG
                  SNOWY RESOURCES, LP

              
	 
 	 
 	 
 
	 	By:  	/s/ John
                WG Campbell
	 	
                

              
	 	 

                Name: 
                  John WG Campbell

              
	 	
                Title:  
                  Director

              

      

      
        
           

        

        

        	 	 	 
	 	
                
                  RANCHER
                    ENERGY CORP.

                

              
	 
 	 
 	 
 
	 	By:  	/s/ John
                Works
	 	
                

              
	 	 

                Name: 
                  John Works

              
	 	
                Title:  
                  President & CEO

              

        
          
             

          

      

      
        
          
            
              -
                12 -

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