Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Stockgroup Information Systems Inc. - Exhibit 4.1

	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

	STOCKGROUP INFORMATION SYSTEMS INC. (the
      “Company”) 
	STOCK OPTION PLAN – 2007 
	3,300,000 OPTIONS 

This 2007 Stock Option Plan (the “Plan”) makes available, as of
June 1, 2007, 3,300,000 options to purchase the Company’s common shares.

	1. 	
      Definitions.

	 	 	 	 
		
      As used herein, the following definitions shall
    apply:

	 	 	 	 
		1.1 	
      "Board" shall mean the Board of Directors of the
      Company.

	 	 	 	 
		1.2 	
      "Change of Control" means a change in ownership or
      control of the Company which is approved by the TSX Venture Exchange,
      effected through any of the following transactions:

	 	 	 	 
			
      (a) the direct or indirect acquisition by any person or
      related group of persons (other than by the Company or a person that
      directly or indirectly controls, is controlled by, or is under common
      control with, the Company) of beneficial ownership (within the meaning of
      Rule 13d-3 of the Exchange Act) of securities possessing more than 50% of
      the total combined voting power of the Company's outstanding securities
      pursuant to a tender or exchange offer made directly to the Company's
      shareholders, or other transaction, in each case which the Board does not
      recommend such shareholders to accept; or

	 	 	
       

			
      (b) a change in the composition of the Board over a
      period of 24 consecutive months or less such that a majority of the Board
      members (rounded up to the next whole number) ceases, by reason of one or
      more contested elections for Board membership, to be comprised of
      individuals who either (i) have been Board members continuously since the
      beginning of such period or (ii) have been elected or nominated for
      election as Board members during such period by at least a majority of the
      Board members described in clause (i) who were still in office at the time
      such election or nomination was approved by the Board; or

	 	 	 	 
			(c) a Corporate Transaction as defined
  below.
	 	 	 	 
		1.3 	
      "Code" shall mean the Internal Revenue Code of
      1986, as amended from time to time, and the rules and regulations
      promulgated thereunder.

	 	 	 	 
		1.4 	
      "Committee" shall mean the Committee appointed by
      the Board in accordance with Section 5 of the Plan, if one is
      appointed.

	 	 	 	 
		1.5 	
      "Company" shall mean Stockgroup Information
      Systems Inc. a Colorado corporation, and shall include any parent or
      subsidiary corporation of the Company.

	 	 	 	 
		1.6 	
      "Consultants" and "Advisors" shall include
      any third party (and/or employees or principals thereof) retained or
      engaged by the Company to provide ongoing consulting services to the
      Company pursuant to a written contract, including
any

	 
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	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

	 		
      consulting company wholly owned by such person; provided
      that such consultant: (a) possess technical, business, management, or
      legal expertise of value to the Company or an affiliate; (b) spends a
      significant amount of time and attention on the business and affairs of
      the Company; and (c) has a relationship with the Company or an affiliate
      that enables the individual to have knowledge concerning the business and
      affairs of the Company.

	 	 	 	 
	 	1.7 	
      "Corporate Transaction" means any of the following
      shareholder-approved transactions to which the Company is a
  party:

	 	 	 	 
	 		
      (a) a merger or consolidation in which the Company is not
      the surviving entity, except for a transaction the principal purpose of
      which is to change the state in which the Company is
  incorporated;

	 	 	
       

	 		
      (b) the sale, transfer or other disposition of all or
      substantially all of the assets of the Company in complete liquidation or
      dissolution of the Company; or

	 	 	
       

	 		
      (c) any reverse merger in which the Company is the
      surviving entity but in which securities possessing more than 50% of the
      total combined voting power of the Company's outstanding securities are
      transferred to a person or persons different from the persons holding
      those securities immediately prior to such merger.

	 	 	 	 
	 	1.8 	
      "Date of Grant" means the date specified by the
      Board or the Committee or a Designated Officer on which a grant of Options
      shall become effective.

	 	 	 	 
	 	1.9 	
      “Designated Officer” shall mean an Officer
      designated under section 5.2 (b) herein.

	 	 	 	 
	 	1.10 	
      "Director" shall mean a member of the
  Board.

	 	 	 	 
	 	1.11 	
      "Effective Date" shall have the meaning ascribed
      thereto in Section 7.

	 	 	 	 
	 	1.12 	
      "Employee" shall mean any employee or Officer of
      the Company. For purposes of Section 8 hereof, the term “Employee” shall
      also include Directors, Consultants and Advisors.

	 	 	 	 
	 	1.13 	
      "Exchange Act" shall mean the Securities Exchange
      Act of 1934, as amended.

	 	 	 	 
	 	1.14 	
      "Fair Market Value” per share shall
mean:

	 	 	 	 
	 		
      (a) If the Shares is listed on any established stock
      exchange or a national market system, including without limitation the
      Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Stock
      Market, its Fair Market Value shall be the closing sales price for such
      stock (or the closing bid, if no sales were reported) as quoted on such
      exchange or system, on the date of determination or, if the date of
      determination is not a trading day, the immediately preceding trading day,
      as reported in The Wall Street Journal or such other source as the
      Designated Officer deems reliable;

	 
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	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

	 		
      (b) If the Shares is regularly quoted by a recognized
      securities dealer but selling prices are not reported, the Fair Market
      Value of a Share of Common Stock shall be the mean between the high bid
      and low asked prices for the Common Stock on the date of determination or,
      if there are no quoted prices on the date of determination, on the last
      day on which there are quoted prices prior to the date of determination,
      as reported in The Wall Street Journal or such other source as the
      Designated Officer deems reliable; or

	 	 	 	 
	 		
      (c) In the absence of an established market for the
      Shares, the Fair Market Value shall be determined in good faith by the
      Designated Officer.

	 	 	 	 
	 	1.15 	
      "Agreement" shall mean the written agreement
      between the Company and the Participant relating to Options or Restricted
      Shares granted under the Plan.

	 	 	 	 
	 	1.16 	
      "Officer" shall mean any officer of the
      Company.

	 	 	 	 
	 	1.17 	
      "Non-qualified Stock Option" means an Option that
      is not intended to qualify as a  Tax-Qualified Option (as defined in
      the Code).

	 			
	 	1.18 	
      "Option" means the right to purchase Shares from
      the Company upon the exercise of a Non-qualified Stock Option granted
      pursuant to Section 8 of this Plan.

	 	 	 	 
	 	1.19 	
      "Option Price" means the purchase price payable
      upon the exercise of an Option.

	 	 	 	 
	 	1.20 	
      "Optioned Stock" shall mean the Shares subject to
      an Option.

	 	 	 	 
	 	1.21 	
      "Option Term" shall have the meaning ascribed to
      it in Section 8.3.

	 	 	 	 
	 	1.22 	
      "Optionee" shall mean an Employee, Officer,
      Director, Consultant or Advisor of the Company who has been granted one or
      more Options.

	 	 	 	 
	 	1.23 	
      "Parent" shall mean a "parent corporation,"
      whether now or hereafter existing, as defined in Section 424(e) of the
      Code.

	 	 	 	 
	 	1.24 	
      "Participant" means a person who is selected by
      the Board or the Committee or a Designated Officer to receive benefits
      under this Plan and (i) is at that time an Employee, Officer, Director, or
      a Consultant or Advisor, to the Company, or (ii) has agreed to commence
      serving in any such capacity.

	 	 	 	 
	 	1.25 	
      "Plan" shall mean this 2007 Stock Option Plan, as
      amended from time to time in accordance with the terms hereof.

	 	 	 	 
	 	1.26 	
      "Restricted Shares" means Common Shares granted or
      sold pursuant to section 8 of this Plan as to which neither the
      substantial risk of forfeiture nor the restrictions on transfer referred
      to in Section 8 hereof has expired.

	 	 	 	 
	 	1.27 	
      "Rule 16b-3" means Rule 16b-3, as promulgated and
      amended from time to time by the Securities and Exchange Commission under
      the Exchange Act, or any successor rule to the same
  effect.

	 
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	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

		
      1.28 
	
      "Shares" shall mean (i) shares of the Common
      Stock, no par value, of the Company described in the Company's Articles of
      Incorporation, as amended, and (ii) any security into which Common Shares
      may be converted by reason of any transaction or event of the type
      referred to in Section 9 of this Plan, in each case as the same may be
      adjusted pursuant to Section 9 of this Plan.

	 	 	
       

		
      1.29 
	
      "Subsidiary" shall mean a "subsidiary
      corporation," whether now or hereafter existing, as defined in Section
      424(f) of the Code.

	 	 	
       

		
      1.30 
	
      "Tax Date" shall mean the date an Optionee is
      required to pay the Company an amount with respect to tax withholding
      obligations in connection with the exercise of an Option.

	 	 	
       

		
      1.31 
	
      "Termination Date" shall have the meaning ascribed
      thereto in Section 12.

	 	 	 
	2. 	
      Purposes of the Plan.

	 	 	 
		
      The purposes of this Plan are the following:

	 	 	 
		(i) 	
      To attract and retain the best available personnel for
      positions of responsibility within the Company;

	 	 	 
		(ii) 	
      to provide additional incentives to Employees, Officers,
      Directors and Consultants of the Company;

	 	 	 
		(iii) 	
      provide Employees, Directors and Consultants of the
      Company with an opportunity to acquire a proprietary interest in the
      Company to encourage their continued provision of services to the
      Company;

	 	 	 
		(iv) 	
      to provide such persons with incentives and rewards for
      superior performance more directly linked to the profitability of the
      Company's business and increases in shareholder value; and

	 	 	 
		(v) 	
      aligning the interests of such persons with the interests
      of the Company’s shareholders generally.

Incentive benefits granted hereunder are Non-qualified Stock
Options or Restricted Shares, as those terms are hereinafter defined. The
Options granted shall be reflected in the terms of a written Agreement. No
Option granted hereunder shall be effective until an Agreement with respect to
such Option is executed by both the Company and the Participant. Execution of
the Agreement shall not effect the Grant Date. 

	3. 	The Plan 

The Plan is not effective until all approvals of the Plan
pursuant to Section 14.8 hereof are obtained. 

	4. 	Shares Subject to the Plan.
  

Subject to the provisions of Section 9 of the Plan, the maximum
aggregate number of Shares which may be optioned and sold or otherwise awarded
under the Plan is Three Million Three Hundred Thousand (3,300,000) Shares. Any
Shares available for grants and awards at the end of any calendar year shall be
carried over and shall be available for grants and awards in the subsequent
calendar year. 

	 
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	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

For the purposes of this Section 4: 

	 	(a) 	
      Upon expiration or cancellation of any award granted
      under this Plan, any Shares that were covered by such award shall again be
      available for issuance or transfer hereunder.

	 	 	 
	 	(b) 	
      Shares covered by any award granted under this Plan shall
      be deemed to have been issued, and shall cease to be available for future
      issuance in respect of any other award granted hereunder, at the earlier
      of the time when they are actually issued or the time when dividends or
      dividend equivalents are paid thereon.

	5. 	
      Administration of the Plan. 

	 	 
	 	5.1 	 Procedure.

(a) The Board shall administer the
Plan; provided, however, that the Board may appoint a Committee consisting
solely of two (2) or more "Non-Employee Directors" to administer the Plan on
behalf of the Board, in accordance with Rule 16b-3. 

(b) Once appointed, the Committee shall
continue to serve until otherwise directed by the Board. From time to time the
Board may increase the size of the Committee and appoint additional members
thereof, remove members (with or without cause), appoint new members in
substitution therefor, and fill vacancies however caused; provided, however,
that at no time may any person serve on the Committee if that person's
membership would cause the committee not to satisfy the requirements of Rule
16b-3. 

(c) A majority of the Committee shall
constitute a quorum, and the acts of the members of the Committee who are
present at any meeting thereof at which a quorum is present, or acts unanimously
approved by the members of the Committee in writing, shall be the acts of the
Committee. 

(d) Any reference herein to the Board
shall, where appropriate, encompass a Committee appointed to administer the Plan
in accordance with this Section 5. 

	 	5.2 	Power of the Board or the Committee or a
      Designated Officer 

(a) Subject to the provisions of the
Plan and subject to any applicable stock exchange, where required, the Board,
the Committee or a Designated Officer shall have the authority, in its
discretion: 

(i) to grant Options or shares to
Participants; 
(ii) to determine, upon review of relevant information and in
accordance with Section 1.14 of the Plan, the Fair Market Value of the Shares;

(iii) to determine the Option price per share of Options to be granted,
which Option Price shall be determined in accordance with Section 8.4 of the
Plan; 
(iv) to determine the number of Shares to be represented by each
Option; 
(v) to determine the Participants to whom, and the time or times at
which, Options or shares shall be granted; 
(vi) to interpret the Plan;

(vii) to prescribe, amend and rescind rules and regulations relating to the
Plan; 

	 
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	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

(viii) to determine the terms and
provisions of each Option granted (which need not be identical) and, with the
consent of the Optionee thereof, modify or amend such Option; 
(ix) to
accelerate or defer (with the consent of the Optionee) the exercise date of any
Option; 
(x) to authorize any person to execute on behalf of the Company any
instrument required to effectuate the grant of an Option previously granted by
the Board; 
(xi) to accept or reject the election made by an Optionee
pursuant to Section 8.7 of the Plan; 
(xii) to impose such additional
conditions, as it deems advisable, as to the vesting and exercise of any Options
granted pursuant to the Plan, including, but not limited to performance
criteria; and 
(xiii) to make all other determinations deemed necessary or
advisable for the administration of the Plan. 

(b) The Board or a Committee may
delegate to an Officer of the Company the authority to make decisions pursuant
to this Plan, provided that no such delegation may be made that would cause any
award or other transaction under the Plan to cease to be exempt from Section
16(b) of the Exchange Act. A Committee may authorize any one or more of its
members or any Officer of the Company to execute and deliver documents on behalf
of the Committee. 

	 	5.3 	Effect of Board or Committee or Designated
      Officer Decisions. 

All decisions and determinations and
the interpretation and construction by the Board or the Committee or a
Designated Officer of any provision of this Plan or any agreement, notification
or document evidencing the grant of Options and any determination by the Board
or the Committee or a Designated Officer pursuant to any provision of this Plan
or any such agreement, notification or document, shall be final, binding and
conclusive with respect to all Participants and/or Optionees and any other
holders of any Option granted under the Plan. No member of the Board or the
Committee or a Designated Officer shall be liable for any such action taken or
determination made in good faith. 

	6. 	Eligibility. 

	 	6.1 	
      Consistent with the Plan's purposes, Options or Shares
      may be granted only to such Directors, Officers, Employees, Consultants
      and Advisors of the Company as determined by the Board or the Committee or
      a Designated Officer. Subject to the terms of the Plan, a Director,
      Officer, Employee, Consultant or Advisor who has been granted an Option or
      Shares may, if he or she is otherwise eligible, be granted an additional
      Option or Shares. It is required under the Plan that where Options are
      granted to Directors, Officers, Employees, Consultants and Advisors of the
      Company, the Company represents that the Optionee is a bona fide Director,
      Officer, Employee, Consultant or Advisor as the case may be. 

	 	  	
       

	 	6.2 	
      At no time, however, may Options under the Plan, together
      with all of the Company’s previously established or proposed share
      compensation arrangements, result, at any time, in: 

	 	  	
       

	 	(a) 	
       more than 5% of the outstanding shares of common
      stock of the Company being granted to any one Participant in any 12 month
      period (unless the 

	 
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	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

		
       
	Company is classified as a Tier 1 Issuer, in accordance
      with the TSX Venture Exchange Corporate Finance Manual, and has obtained
      disinterested shareholder approval);
	 	 	 
		(b) 	
      more than 2% of the outstanding shares of common stock of
      the Company being granted to any one Consultant in any 12 month period;
      or

	 	 	 
		(c) 	
      more than an aggregate of 2% of the outstanding shares of
      the common stock of the Company being granted to all employees conducting
      investor relations activities, in any 12 month period.

	 	 	 
		6.3 	
      The Plan shall not confer upon any Optionee any right with
        respect to continuation of employment or consulting relationship with
        the Company, nor shall it interfere in any way with his or her right or
        the Company’s right to terminate his or her employment or consulting
        relationship at any time, with or without cause.

	 	 	 
	7. 	
      Board Approval; Effective
Date.

Pursuant to Section 3 hereof, the Plan shall take effect on
June 1, 2007 (the "Effective Date"). No Option may be granted after the
Termination Date as hereinafter defined. 

	8. 	Options or Shares. 

The Board or the Committee or a Designated Officer may from
time to time authorize grants to Participants of Options to purchase Shares, or
the grant of shares upon such terms and conditions as the Board or the Committee
or a Designated Officer may determine in accordance with the following
provisions: 

	 	8.1 	Options or Shares to be Granted; Terms.
  

(a) Options granted pursuant to this
Section 8 would be Non-qualified Stock Options. The Board or the Committee or a
Designated Officer shall determine the specific terms of Options. 

(b) Each grant shall specify the period
or periods of continuous employment, or continuous engagement of the consulting
or advisory services, of the Optionee by the Company or any Subsidiary, or such
other conditions as the Board or the Committee or a Designated Officer may
provide, that are necessary before the Options or installments thereof shall
become exercisable. 

(c) All Options issued under the Plan
shall vest over a period of at least three years and not greater than
thirty-four percent (34%) of the Options may vest in any one year. 

(d) All Options issued under the Plan
are non-transferable and non-assignable. 

(e) The number of Shares reserved for
issuance under the Plan granted to Insiders shall not exceed 10% of the issued
shares of the Company. 

(f) All Options granted to Insiders,
within a 12 month period, shall not exceed 10% of the issued shares of the
Company. 

	 
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	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

	 	8.2 	Number of Shares Subject to Options.
  

Each grant shall specify the number of
Shares to which it pertains. Subject to Section 6, successive grants may be made
to the same Optionee regardless of whether any Options previously granted to the
Optionee remain unexercised.

	 	8.3 	Term of Option; Earlier Termination.
  

Subject to further provisions of this
Section 8, unless otherwise provided in the Agreement, the term (the "Option
Term") of each Option shall be five (5) years from the Date of Grant, provided
that no grant shall be effective until the Company and the Participant have
executed and delivered an Agreement. In no case shall the Option Term exceed
five (5) years unless the Options expire during a Company imposed black-out
period. If an Optionee’s Options terminate due to the expiration of the Option
Term, during a Company imposed black-out period, the Directors of the Company,
by a majority vote, may, at their discretion, extend the Option Term. 

	 	8.4 	Exercise Price. 

Each grant shall specify an Option
Price per Share for the Shares to be issued pursuant to exercise of an Option,
which shall be determined by the Board or the Committee or a Designated Officer;
provided, however, that any such exercise price shall not be less than that,
from time to time, permitted under the rules and policies of any exchange or
over-the-counter market which is applicable to the Company. In the case of
options granted to consultants, the exercise price shall be no less than the
Fair Market Value per share on the Date of Grant. Any reduction in exercise
price for the Option of an Insider of the Company will be subject to
disinterested shareholder approval. 

	 	8.5 	Payment for Shares. 

The Option Price of an exercised Option
and any taxes attributable to the delivery of Shares under the Plan or portion
thereof, shall be paid in cash in the form of United States currency or check or
other cash equivalent acceptable to the Company. 

	 	8.6 	Rights as a Stockholder. 

Until the issuance (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company) of the stock certificate evidencing such Shares, no right
to vote or receive dividends or any other rights as a stockholder shall exist
with respect to the Optioned Stock, notwithstanding the exercise of an Option.

	 	8.7 	Exercise of Option. 
	 	 	 
	 	(a) 	Procedure for Exercise.
  

     (i) Any
Option granted hereunder shall be exercisable at such times and under such
conditions as determined by the Board or the Committee or a Designated Officer,
including performance criteria with respect to the Company and/or the Optionee,
and as shall be permissible under the terms of the Plan. Unless otherwise
determined by the Board or the Committee or a Designated Officer at the time of
grant, an Option may be exercised in whole or in part.

	 
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      Information Systems Inc. 	2007
      Option Plan 

     (ii) An
Option shall be deemed to be exercised when written notice of such exercise has
been given to the Company in accordance with the terms of the Option by the
person entitled to exercise the Option and full payment for the Shares with
respect to which the Option is exercised has been received by the Company. Full
payment may, as authorized by the Board or the Committee or a Designated
Officer, consist of any consideration and method of payment allowable under
Section 8.5 of the Plan. 

     (iii)
Exercise of an Option in any manner shall result in a decrease in the number of
Shares which thereafter may be available, both for purposes of the Plan and for
sale under the Option, by the number of Shares as to which the Option is
exercised. 

(b) Termination of Status as an
Employee, Director, Officer, Consultant or Advisor. Unless
otherwise provided in an Agreement, if an Employee's employment by the Company
is terminated, except if such termination is voluntary or occurs due to
retirement with the consent of the Board or the Committee or a Designated
Officer or due to death or disability, then the Option, to the extent not
exercised, shall terminate on the date on which the Employee receives notice
that the Employee's employment by the Company is terminated. In no case shall
options issued to a Director, Officer, Employee, Consultant or Advisor be
exercisable for more than sixty (60) calendar days after the Optionee ceases to
be in one of those categories. If an Employee's termination is voluntary or
occurs due to retirement with the consent of the Board or the Committee or a
Designated Officer, then the Employee may after the date such Employee ceases to
be an employee of the Company, exercise his or her Option at any time within
sixty (60) calendar days after the date he or she ceases to be an Employee of
the Company, but only to the extent that he was entitled to exercise it on the
date of such termination. To the extent that the Employee was not entitled to
exercise the Option at the date of such termination, or if the Employee does not
exercise such Option (which he was entitled to exercise) within the time
specified herein, the Option shall terminate. Options granted to an Optionee who
is engaged in Investor Relations Activities shall expire within thirty (30) days
after the Optionee ceases to be employed to provide investor relations
activities. 

(c) Death. Unless
otherwise provided in the Agreement, if an Optionee dies during the term of the
Option and is at the time of his death an Employee, the Option may be exercised
at any time within twelve (12) months following the date of death by the
Optionee's executor or other legal representative or by a person who acquired
the right to exercise the Option by bequest or inheritance, but only to the
extent that the Optionee was entitled to exercise the Option on the date of
death, or if the Optionee's estate, or person who acquired the right to exercise
the Option by bequest or inheritance, does not exercise such Option (which he
was entitled to exercise) within the time specified herein, the Option shall
terminate. 

(d) Disability of
Optionee. In the event of termination of an Optionee’s consulting
relationship or continuous status as an Employee as a result of his or her
disability, an Optionee may, but only within twelve (12) months from the date of
such termination (and in no event later than the expiration date of the term of
such Option as set forth in the Option Agreement), exercise the Option to the
extent otherwise entitled to exercise it at the date of such termination. To the
extent that an Optionee is not entitled to exercise the Option at the date of
termination, or if an Optionee does not exercise such Option to the 

	 
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      Information Systems Inc. 	2007
      Option Plan 

extent so entitled within the time
specified herein, the Option shall terminate, and the Shares covered by such
Option shall revert to the Plan.

(e) Leave of
Absence. Excluding an approved maternity or paternity leave, in
the event of a management approved leave of absence, any unvested Options shall
cease to vest and shall not be exercisable as if you were an active employee of
the Company, subject to the terms of this Plan. If you return to active status,
your Options will continue to vest and be exercisable in accordance with their
terms. If you do not return to active status within 30 calendar days, your
unvested Options will be canceled immediately and your vested Options will be
canceled on the 31st day following your last day of active employment.

(f) Rule 16b-3. Options
granted to persons subject to Section 16(b) of the Exchange Act must comply with
Rule 16b-3 and shall contain such additional conditions or restrictions as may
be required thereunder to qualify for the maximum exemption from Section 16 of
the Exchange Act with respect to Plan transactions.

(g) Buyout
Provisions. The Administrator may at any time offer to buy out
for a payment in cash or Shares, an Option previously granted, based on such
terms and conditions as the Administrator shall establish and communicate to the
Optionee at the time that such offer is made.

	 	8.8 	Agreement. 

Each grant of an Option or Restricted
Share award shall be evidenced by an Agreement, which shall be executed on
behalf of the Company by any Officer thereof and delivered to and accepted by
the Optionee and shall contain such terms and provisions as the Board or the
Committee or a Designated Officer may determine consistent with this Plan. 

	9. 	Adjustments Upon Changes in Capitalization
      or Merger. 

Subject to any required action by the stockholders of the
Company, the number of Shares covered by each outstanding Option, and the number
of Shares which have been authorized for issuance under the Plan but as to which
no Options have yet been granted or which have been returned to the Plan upon
cancellation or expiration of an Option, as well as Shares covered by each such
outstanding Option, shall be proportionately adjusted for any increase or
decrease in the number of issued Shares resulting from a stock split, reverse
stock split, stock dividend, combination or reclassification of the Shares, or
any other increase or decrease in the number of issued Shares effected without
receipt of consideration by the Company; provided, however, that conversion of
any convertible securities of the Company shall not be deemed to have been
"effected without receipt of consideration." Such adjustment shall be made by
the Board or the Committee or a Designated Officer, whose determination in that
respect shall be final, binding and conclusive. Except as expressly provided
herein, no issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, shall affect, and no
adjustment by reason thereof, shall be made with respect to the number of Shares
subject to an Option or the Option Price thereof. 

In the event of the proposed dissolution or liquidation of the
Company, and subject to TSX Venture Exchange approval as required, all Options
will terminate immediately prior to the 

	 
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      Information Systems Inc. 	2007
      Option Plan 

consummation of such proposed action unless otherwise provided
by the Board. The Board may, in the exercise of its sole discretion in such
instances, declare that any Option shall terminate as of a date fixed by the
Board and give each holder the right to exercise his or her Option as to all or
any part thereof, including Shares as to which the Option would not otherwise be
exercisable. In the event of a proposed sale of all or substantially all of the
assets of the Company, or the merger of the Company with or into another
corporation, the Option shall be assumed or an equivalent Option shall be
substituted by such successor corporation or a parent or subsidiary of such
successor corporation, unless the Board determines, in the exercise of its sole
discretion and in lieu of such assumption or substitution, that the holder shall
have the right to exercise the Option as to all of the Shares, including Shares
as to which the Option would not otherwise be exercisable. If the Board makes an
Option exercisable in lieu of assumption or substitution in the event of a
merger or sale of assets, the Board shall notify the holder that the Option
shall be fully exercisable for a period of sixty (60) days from the date of such
notice (but not later than the expiration of the term of the Option), and the
Option will terminate upon the expiration of such period. 

	10. 	Transferability. 

Except to the extent otherwise expressly provided in the Plan,
the right to acquire Shares or other assets under the Plan may not be assigned,
encumbered or otherwise transferred by an Optionee and any attempt by an
Optionee to do so will be null and void. No Option granted under this Plan may
be transferred by an Optionee except by will or the laws of descent and
distribution or pursuant to a qualified domestic relations order as defined by
the Code or Title I of the Employee Retirement Income Security Act, as amended,
or the rules thereunder or equivalent laws of the Optionees jurisdiction of
residence. Options granted under this Plan may not be exercised during a
Participant's lifetime except by the Optionee or, in the event of the Optionee’s
legal incapacity, by his or her guardian or legal representative acting in a
fiduciary capacity on behalf of the Participant under applicable law and court
supervision. 

	11. 	Time of Granting of Options.
  

The Date of Grant of an Option shall, for all purposes, be the
date on which the Board or the Committee or a Designated Officer makes the
determination granting such Option. Notice of the determination shall be given
to each Participant to whom an Option is so granted within a reasonable time
after the date of such grant. The date the Optionee executes the Agreement shall
have no effect on the Grant Date. 

	12. 	
      Amendment and Termination of the Plan.

	 	 	 
		12.1 	
      The Board may amend Plan from time to time in such
      respects as the Board may deem advisable or otherwise terminate the
      Plan.

	 	 	 
		12.2 	
      Any such amendment or termination of the Plan shall not
      affect Options already granted and such Options shall remain in full force
      and effect as if this Plan had not been amended or terminated, unless
      mutually agreed otherwise between the Optionee and the Board or the
      Committee or a Designated Officer, which agreement must be in writing and
      signed by the Optionee and the Company.

	 	 	 
		12.3 	
      Notwithstanding the foregoing, this Plan shall terminate
      upon the earlier of the date on which all awards available for issuance in
      the last year of the Plan shall have been issued and fully exercised (the
      “Termination Date”). Upon termination

	 
	Page 11 of 15 

	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

of the Plan, no further Options may be
granted pursuant to the Plan, but all Options granted prior thereto and still
outstanding on such date shall thereafter continue to have force and effect in
accordance with the provisions of the Agreements evidencing such Options. 

	13. 	Withholding Taxes. 

The Company is authorized to withhold income taxes as required
under applicable laws or regulations. To the extent that the Company is required
to withhold any amounts due to federal, state, local or foreign laws and/or
regulations in connection with any payment made or benefit realized by an
Optionee or other person under this Plan, and the amounts available to the
Company for the withholding are insufficient, it shall be a condition to the
receipt of any such payment or the realization of any such benefit that the
Optionee or such other person make arrangements satisfactory to the Company for
payment of the balance of any taxes or other amounts required to be withheld. At
the discretion of the Board or the Committee or a Designated Officer, any such
arrangements may without limitation include relinquishment of a portion of any
such payment or benefit or the surrender of outstanding Shares. The Company and
any Optionee or such other person may also make similar arrangements with
respect to the payment of any taxes with respect to which withholding is not
required. 

	14. 	Miscellaneous Provisions.

	 	14.1 	Plan Expense. 

Any expenses of administering this Plan
shall be borne by the Company. 

	 	14.2 	Construction of Plan.

The place of administration of the Plan
shall be in Vancouver, British Columbia or such other cities as the Board of
Directors may designate, and the validity, construction, interpretation,
administration and effect of the Plan and of its rules and regulations, and
rights relating to the Plan, shall be determined in accordance with the laws of
the Province of British Columbia and the laws of Canada applicable therein
without regard to conflict of law principles and, where applicable, in
accordance with the Code. 

	 	14.3 	Other Compensation. 

The Board or the Committee or a
Designated Officer may condition the grant of any award or combination of awards
authorized under this Plan on the surrender or deferral by the Participant of
his or her right to receive a cash bonus or other compensation otherwise payable
by the Company or a Subsidiary to the Participant. 

	 	14.4 	Continuation of Employment or Services.
    

This Plan shall not confer upon any
Participant any right with respect to continuance of employment or other service
with the Company or any Subsidiary and shall not interfere in any way with any
right that the Company or any Subsidiary would otherwise have to terminate any
Participant’s employment or other service at any time. Nothing contained in the
Plan shall prevent the Company or any Subsidiary from adopting other or
additional compensation arrangements for its Employees. 

	 
	Page 12 of 15 

	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

	 	14.5 	
      Certain Terminations of Employment or Consulting
      Services, Hardship and Approved Leaves of
  Absence.

Notwithstanding any other provision of
this Plan to the contrary, and subject to TSX Venture Exchange Approval, in the
event of termination of employment or consulting services by reason of death,
disability, normal retirement, early retirement with the consent of the Company,
termination of employment or consulting services to enter public or military
service with the consent of the Company or leave of absence approved by the
Company, or in the event of hardship or other special circumstances, of an
Optionee who holds an Option that is not immediately and fully exercisable, the
Board or the Committee or a Designated Officer may take any action that it deems
to be equitable under the circumstances or in the best interest of the Company,
including without limitation waiving or modifying any limitation or requirement
with respect to any award under this Plan. 

	 	14.6 	Binding Effect. 

The provisions of the Plan and the
applicable Agreements shall inure to the benefit of, and be binding upon, the
Company and its successors or assigns, and the Participants, their legal
representatives, their heirs or legacies and their permitted assignees. 

	 	14.7 	Exchange Act Compliance.

With respect to persons subject to
Section 16 of the Exchange Act, transactions under this Plan are intended to
comply with all applicable conditions of Rule 16b-3 or its successors under the
Exchange Act. To the extent any provisions of the Plan or action by the Board or
the Committee or a Designated Officer fails to so comply, they shall be deemed
null and void, to the extent permitted by law and deemed advisable by the Board
or the Committee or a Designated Officer. 

	 	14.8 	Conditions upon Issuance of Shares.
  

(a) Shares shall not be issued pursuant
to the exercise of an Option unless the exercise of such Option and the issuance
and delivery of such Shares pursuant thereto shall comply with all relevant
provisions of law, including, without limitation, the Securities Act of 1933, as
amended, the Exchange Act, the rules and regulations promulgated thereunder, the
British Columbia Securities Act, applicable securities legislation in any other
jurisdiction, and the requirements of any stock exchange upon which the Shares
may then be listed, and shall be further subject to the approval of counsel for
the Company with respect to such compliance. 

(b) As a condition to the exercise of
an Option, the Company may require the person exercising such Option to
represent and warrant at the time of any such exercise that the Shares are being
purchased or otherwise acquired only for investment and without any present
intention to sell or distribute such Shares if, in the opinion of counsel for
the Company such a representation is required by any of the aforementioned
relevant provisions of law. 

(c) Inability of the Company to obtain
authority from any regulatory body having jurisdiction, which authority is
deemed by the Company's counsel to be necessary to the 

	 
	Page 13 of 15 

	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

lawful issuance and sale of any Share
hereunder, shall relieve the Company of any liability in respect of the failure
to issue or sell such Shares as to which such requisite authority shall not have
been obtained. 

	 	14.9 	Fractional Shares. 

The Company shall not be required to
issue any fractional Shares pursuant to this Plan. The Board or the Committee or
a Designated Officer may provide for the elimination of fractions or for the
settlement thereof in cash. 

	 	14.10 	Reservation of Shares.

The Company will at all times reserve
and keep available such number of Shares as shall be sufficient to satisfy the
requirements of the Plan. 

	 	14.11 	Indemnification. 

In addition to such other rights of
indemnification as they may have as members of the Board, the members of the
Board and of the Committee and any Designated Officer shall be indemnified by
the Company against all costs and expenses reasonably incurred by them in
connection with any action, suit or proceeding to which they or any of them may
be party by reason of any action taken or failure to act under or in connection
with the Plan or any Option, and against all amounts paid by them in settlement
thereof (provided such settlement is approved by independent legal counsel
selected by the Company) or paid by them in satisfaction of a judgment in any
such action, suit or proceeding, except a judgment based upon a finding of bad
faith; provided that upon the institution of any such action, suit or proceeding
a Board member or Committee member or a Designated Officer shall, in writing,
give the Company notice thereof and an opportunity, at its own expense, to
handle and defend the same before such Board member or Committee member or a
Designated Officer undertakes to handle and defend it on his own behalf. 

	 	14.12 	Use of Proceeds. 

Any cash proceeds received by the
Company from the sale of Shares under the Plan shall be used for general
corporate purposes. 

	 	14.13 	Regulatory Approvals.

(a) The implementation of the Plan, the
granting of any awards under the Plan and the issuance of any Shares shall be
subject to the Company's procurement of all approvals and permits required by
regulatory authorities having jurisdiction over the Plan, the awards granted
under it and the Shares issued pursuant to it. 

(b) No Shares or other assets shall be
issued or delivered under this Plan unless and until there shall have been
compliance with all applicable requirements of federal, provincial and
applicable foreign securities laws,

	 	14.14 	Other Tax Matters. 

Reference herein to the Code and any
described tax consequences related to the Plan or the granting or exercise of an
award hereunder pertain only to those persons (including 

	 
	Page 14 of 15 

	Stockgroup
      Information Systems Inc. 	2007
      Option Plan 

the Company) subject to the tax laws of
the United States of America and Canada or any state, province or territory
thereof. 

	 
	Page 15 of 15Filed by Automated Filing Services Inc. (604) 609-0244 - Wescorp Energy Corp. - Exhibit 4.1

EXHIBIT 4.1 

THIS DEBENTURE AND THE SHARES AND WARRANTS DELIVERABLE ON
CONVERSION OF THE DEBENTURE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, (THE "1933 ACT"), OR THE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES. THESE SECURITIES ARE RESTRICTED SECURITIES AS
THAT TERM IS DEFINED IN RULE 144 UNDER THE 1933 ACT. AS RESTRICTED SECURITIES,
THEY MAY BE RESOLD ONLY IN ACCORDANCE WITH RULE 144 OR REGULATION S UNDER THE
1933 ACT OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT
OR AN EXEMPTION FROM THE 1933 ACT. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH THE 1933 ACT. THIS DEBENTURE MAY NOT BE CONVERTED
UNLESS THE UNDERLYING SHARES HAVE BEEN REGISTERED UNDER THE 1933 ACT AND THE
APPLICABLE SECURITIES LEGISLATION OF ANY STATE OR AN EXEMPTION FROM THOSE
REGISTRATION REQUIREMENTS IS AVAILABLE. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR (4)
MONTHS AND ONE (1) DAY AFTER THE LATTER OF <>[DATE OF
DISTRIBUTION]; AND (ii) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN THE
PROVINCE OR TERRITORY. 

US $2,250,000 

WESCORP ENERGY INC. 

CONVERTIBLE DEBENTURE CERTIFICATE 
10% REDEEMABLE
UNSECURED CONVERTIBLE DEBENTURE 
DUE <>, 2009 [Two years
from the date of issue] 

	I. 	
      DEBENTURE TERMS

	 	 
		
      Wescorp Energy Inc. (the "Company") for value
      received hereby promises to pay to _____________ of
      _______________________ (the "Holder") on or before <>, 2009
      [Two years from the date of issue] ( the “Maturity Date”),
      on presentation and surrender of this Debenture the sum of $2,250,000 in
      lawful money of the United States and to pay interest on the principal
      amount hereof at the rate of 10% per annum from the date of issue of this
      Debenture (the "Closing Date"), such interest to be calculated and
      paid biannually , the first payment to fall on June 30, 2007 (assuming
      that the Debenture is issued prior to June 30, 2007), provided however
      that if the payment of interest would result in a breach of any applicable
      bank covenants of the Company, then such interest shall continue to accrue
      but shall only be paid when such payment would not result in a breach of
      any applicable bank covenants. Except when the payment of interest would
      result in a breach by the Company of any of its applicable bank covenants,
      should the Company at any time make default in the payment of any
      principal or interest, the Company agrees to pay interest on the amount in
      default at the same rate, annually on the same dates. As interest on this
      Debenture becomes due, the Company (except in case of payment at maturity
      or on redemption at which time payment of interest may be made upon
      surrender of this Debenture) shall, at least three business days prior to
      each date on which interest becomes due, forward or cause to be forwarded
      by prepaid post to the registered address of the registered holder of this
      Debenture for the time being, or in the case of joint holders to the
      registered address of whichever of such joint holders is named first, a
      cheque for such interest, less any tax required by law to be deducted,
      payable to the order of such holder or holders.
The

	 	2 	EXHIBIT 4.1 

		
      forwarding of such cheque shall satisfy and discharge the
      liability for interest upon this Debenture to the extent of the sum
      represented thereby (plus the amount of any tax deducted as aforesaid)
      unless such cheque be not paid on presentation.

	 	 	 
	II. 	
      CONVERSION

	 	 	 
		
      Conversion at the Option of the Holder

	 	 	 
		
      The principal amount of this Debenture, plus any accrued
      but unpaid interest, is convertible (an "Elected Conversion"), at
      the option of the Holder, in whole or in part, at any time prior to 4:30
      p.m. (Calgary time) ("Expiry Time") on the earlier of:

	 	 	 
		(a) 	
      the Maturity Date; or

	 	 	 
		(b) 	
      that date which is 30 days following the delivery of a
      notice from the Company that it intends to repay all or any portion of the
      Debenture in accordance with the terms of Section III hereof,

	 	 	 
		
      (the "Expiry Date"), into units (each a "Unit").
      Each Unit consists of one (1) fully paid and non- assessable common share
      (the "Common Share") in the capital of the Company having a par value of
      $0.0001 per Common Share and one half (1/2) Common Share purchase Warrant
      (each whole Common Share purchase warrant a "Warrant"), as constituted on
      the Closing Date (without adjustment for dividends on Common Shares
      issuable upon conversion) at a conversion rate (the "Conversion
      Rate") of US$1.00 per Unit.

	 	 	 
		
      Each Warrant shall entitle the holder thereof to purchase
      one (1) additional Common Share of the Company (a "Warrant Share") at a
      price of US$3.00 from the date of issue of the Warrant until that date
      which is two (2) years from the date hereof.

	 	 	 
		
      Process Upon Conversion

	 	 	 
		
      Upon the occurrence of an Elected Conversion, the Holder
      covenants and agrees to provide to the Company at its head office at Suite
      770, 436 - 4th Avenue S.W., Calgary, Alberta T2P 3A8,
      Attention: Doug Biles:

	 	 	 
		(a) 	
      this Debenture Certificate; and

	 	 	 
		(b) 	
      a completed and executed Subscription Form (in the form
      attached hereto as Schedule "A") evidencing the Elected Conversion (which,
      upon delivery to the Company, shall be deemed irrevocable) of the Holder
      to convert the Debentures into Units.

The receipt by the Company of such
Debenture Certificate and accompanying documents shall be the date of conversion
of the Debenture affected hereby. If the Holder is not converting all of the
Debenture represented by any Debenture Certificate, the Holder shall be entitled
to receive a Debenture Certificate representing the remainder of the Debenture
which is the difference between the amount of the Debenture converted and the
amount represented by the Debenture Certificate. 

Forthwith upon receiving Debenture
Certificates and written instruments evidencing the intention or deemed
intention of the Holder thereof to convert all or a portion, of the Debenture
into Units, the Company shall cause to be delivered to the Holder or mail to the
Holder at an address specified by 

	 	3	EXHIBIT 4.1 

		
      the Holder in the subscription form attached, or other
      document acceptable to the Company, certificates for the appropriate
      number of Common Shares and Warrants not exceeding those to which the
      Holder is entitled to acquire pursuant to the Debenture so
    converted.

	 	 
		
      The Company shall not be required to issue fractional
      Common Shares or Warrants upon conversion nor shall any compensation be
      made for such fractional Common Shares or Warrants, if any (except that
      the principal amount of the Debenture not so converted will be paid when
      due). If more than one Debenture shall be surrendered for conversion at
      any one time by the Holder, the number of whole Units issuable upon
      conversion thereof shall be computed on the basis of the aggregate
      principal amount of such Debentures to be converted.

	 	 
	III. 	
      REDEMPTION

	 	 
		
      This Debenture may be redeemed by the Company, without
      penalty, at any time prior to the Maturity Date, upon 30 days prior
      written notice (the “Redemption Notice”) to the Holder, and the
      Debenture shall thereafter be redeemable in whole or in part from time to
      time at the option of the Company at a price equal to the principal amount
      thereof to be redeemed plus any accrued and unpaid interest on such
      Debenture (collectively the “Redemption Amount”).

	 	 
		
      The Redemption Notice shall be given by or on behalf of
      the Company to the holder of the Debenture at least 30 days prior to the
      date (the "Redemption Date") fixed for redemption. The Redemption
      Notice shall specify, in case of a partial redemption of this Debenture,
      that part of the principal amount thereof to be so redeemed and shall
      specify the redemption date, the redemption price and places of payment
      and shall state that all interest thereon shall cease from and after the
      Redemption Date.

	 	 
		
      If the Debenture has not been converted either in whole
      or in part by the Holder, commencing on the Redemption Date, the Company
      shall deliver to the Holder who surrenders this Debenture Certificate
      which are subject of the redemption by the Company, the Redemption Amount
      in cash, and if the Debenture is being redeemed in part only, a new
      Debenture Certificate, to such Holder promptly upon receipt of this
      Debenture Certificate.

	 	 
		
      In case the Holder of this Debenture so called for
      redemption shall, within 30 days from the date fixed for redemption, fail
      so to surrender any of this Debenture or shall not within such time accept
      payment of the Redemption Amount payable in respect thereof, the Company
      shall set aside in trust for such holder such monies. Any monies shall be
      deposited in a chartered bank in Canada. Such setting aside shall for all
      purposes be deemed a payment to the Holder of the sum so set aside and to
      the extent such Debenture shall thereafter not be considered as
      outstanding and the Holder shall only have right to receive payment of the
      money so paid and deposited upon surrender and delivery up of his
      Debenture or Debentures, in which case, he shall be entitled to receipt of
      the Redemption Amount only.

	 	 
		
      If payment of the Redemption Amount of this Debenture
      which has been called for by the Company is not made upon due surrender of
      the such Debenture, the right to convert such Debenture, shall, in
      addition to all other rights that may then accrue to the Debenture Holder,
      revive and continue as if such Debenture had not been called for
      redemption.

	 	 
	IV. 	
      ADJUSTMENTS

	 	 
		 The number of Common Shares and Warrants (or other securities)
        issuable pursuant to the conversion of this Debenture shall be subject
        to adjustments in the event that the Company: 

 

	 	4	EXHIBIT 4.1 

 
	 	(a) 	
      subdivides its outstanding Common Shares;

	 	 	 
	 	(b) 	
      combines its outstanding Common Shares into a smaller
      number of Common Shares; or

	 	 	 
	 	(c) 	
      issues by reclassification of its Common Shares, other
      securities of the Company (including any such reclassification in
      connection with a consolidation, merger, amalgamation or other combination
      in which the Company is the surviving
corporation).

		
      The number of Common Shares and Warrants (or other
      securities) issuable pursuant to the conversion of this Debenture shall be
      adjusted so that the Holder shall be entitled to receive the kind and
      number of Common Shares and Warrants or other securities of the Company
      which he would have owned or have been entitled to receive after the
      happening of any of the events described above had the Debenture been
      converted immediately prior to the happening of such event or any record
      date with respect thereto. The adjustments provided for herein are
      cumulative and shall apply to successive adjustment events. If any dispute
      arises between the Company and the Holder with respect to any adjustments
      to be made in accordance with the provisions hereof, such dispute shall be
      conclusively determined by the auditors of the Company and such
      determination shall be binding upon the Company and the Holder.

	 	 	 
	V. 	
      HOLDER NOT A SHAREHOLDER

	 	 	 
		
      The holding of this Debenture evidenced by this Debenture
      Certificate shall not constitute the Holder a shareholder of the Company
      or entitle the Holder to any right or interest in respect thereof, except
      as herein provided.

	 	 	 
	VI. 	
      COVENANTS OF THE COMPANY

	 	 	 
		
      The Company hereby represents, warrants, covenants and
      agrees with the Holder as follows:

	 	 	 
		(a) 	
      The Company is duly incorporated pursuant to the laws of
      the jurisdiction of its incorporation and as at the date hereof is a valid
      and subsisting Company with the corporate capacity and power to own its
      assets and to carry on its business as presently carried on.

	 	 	 
		(b) 	
      This Debenture Certificate has been duly executed and
      delivered by the Company and is a legal, valid and binding obligation of
      the Company.

	 	 	 
		(c) 	
      The Company is duly authorized to create and issue the
      Debentures and that the Debentures, when issued, will be valid and
      enforceable against the Company and that, subject to the provisions of
      this Certificate, the Company will cause the Common Shares and Warrants
      from time to time acquired pursuant to the conversion of the Debenture
      under this Certificate and the Warrant Shares to be issued on the exercise
      of the Warrants, and the certificates representing such Common Shares,
      Warrants and Warrant Shares to be duly issued and delivered in accordance
      with this Debenture Certificate and the terms hereof. At all times prior
      to the Expiry Time on the Expiry Date, while any of the Debentures are
      outstanding, the Company shall reserve and there shall be conditionally
      allotted but unissued out of its authorized capital a sufficient number of
      Common Shares, Warrants and Warrant Shares for the purpose of enabling it
      to satisfy its obligations to issue Common Shares upon the conversion of
      all Debentures outstanding hereunder from time to time and Warrant
      Shares

	 	5	EXHIBIT 4.1 

	 		
      issuable on exercise of the Warrants. All Common Shares
      acquired pursuant to the conversion of the Debentures and Warrant Shares
      issued upon exercise shall be fully paid and non-assessable and shall have
      a par value of US$0.0001.

	 	 	 
	 	(d) 	
      That the Company will duly and punctually pay in cash or
      cause to be paid in cash to the Debenture holder the principal of and any
      interest accrued on the Debenture on the dates, at the places, in the
      manner mentioned herein. At the option of the Debenture holder, the
      Debenture holder may elect to convert an interest payment into Common
      Shares in the capital of the Company having a par value of $0.0001 per
      Common Share. The Debenture holder shall elect to convert an interest
      payment, in writing, ten (10) trading days prior to the payment date as
      defined herein. The Common Share price used in the conversion will be the
      twenty (20) trading day weighted average, commencing ten (10) trading days
      before the payment date as defined herein. For greater certainty, in the
      event that the Debenture holder does not convert an interest payment into
      Common Shares, the interest payment shall be paid in cash.

	 	 	 
	 	(e) 	
      That the Company will do, execute, acknowledge and
      deliver or cause to be done, executed, acknowledged or delivered, all
      other acts, deeds and assurances in law as the Holder may reasonably
      require for the better accomplishing and effecting the intentions and
      provisions of this Certificate.

	 	 	 
	 	(f) 	
      That the Company will, subject to the express provisions
      hereof, maintain its corporate existence and carry on and conduct the
      business in the same manner as heretofore carried on and conducted,
      provided, however, that the Company or any subsidiary thereof may cease to
      operate or may dispose of any business, premises, property or operation if
      in the opinion of the directors or officers of the Company, or any
      subsidiary thereof, as the case may be, it would be advisable and in the
      best interests of the Company or any subsidiary thereof, to do so, and,
      subject to the express provisions hereof, it will do or cause to be done,
      all things necessary to preserve and keep in full force and effect its
      corporate existence, provided, however, that nothing herein contained
      shall prevent the amalgamation, consolidation, merger, sale, winding-up or
      liquidation of the Company or any subsidiary thereof or the abandonment of
      any rights and franchises of the Company or any subsidiary thereof if
      there are reasonable grounds to believe that the Holder would not be
      prejudiced by such action and, in the opinion of the directors or officers
      of the Company or any subsidiary of the Company, as the case may, it would
      be advisable and in the best interest of the Company or of such subsidiary
      of the Company to do so.

	 	 	 
	 	(g) 	
      If the Company pays a dividend in the ordinary course to
      holders of Common Shares prior to the Expiry Time on the Expiry Date, the
      Company shall give notice to each Holder of any such dividend in the
      ordinary course not less than seven days prior to the record date
      therefore, but shall be under no obligation to pay any such dividend in
      the ordinary course to the Holder in respect of any and all Debentures
      then outstanding.

	 	 	 
	 	(h) 	
      The Company shall perform all its covenants and carry out
      all of the acts or things to be done by it as provided in this
      Certificate.

	VII. 	
      NON-TRANSFERABLE

	 	 
		
      The Debenture evidenced by this Debenture Certificate may
      not be transferred by the registered holder hereof without the prior
      written consent of the Company, and then only in compliance with
  all

	 	6	EXHIBIT 4.1 

		
      applicable securities legislation in Canada and under the
      Securities Act 1933, as amended and any applicable state securities laws.
      Any Common Share and Warrant certificate issued pursuant to this Debenture
      will bear the following legend:

	 	 	 
		
      “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
      REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED,
      SOLD, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF ONLY (A) TO THE
      CORPORATION; (B) PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH
      SECURITIES WHICH HAS BEEN DECLARED AND CONTINUES TO BE EFFECTIVE UNDER THE
      U.S. SECURITIES ACT; (C) IN AN OFFSHORE TRANSACTION MEETING THE
      REQUIREMENTS OF RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND
      IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAWS; (D) FOR SO LONG AS THE
      SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144 OR (E) PURSUANT TO
      ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE
      U.S. SECURITIES ACT.”

	 	 	 
		
      "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT
      IS FOUR (4) MONTHS AND ONE (1) DAY AFTER THE LATTER OF [(i)THE
      DISTRIBUTION DATE]; AND (ii) THE DATE THE ISSUER BECAME A
      REPORTING ISSUER IN THE PROVINCE OR TERRITORY."

	 	 	 
	VIII. 	
      SUBORDINATION OF THE HOLDER

	 	 	 
		
      The Holder hereby agrees that it shall subordinate all
      amounts due and owing under the Debenture in favour of any bank or lending
      institution of the Company and any or all of its subsidiaries providing
      interim or permanent financing to the Company and it subsidiaries as
      required. For such purposes, by accepting this Debenture Certificate the
      Holder does hereby irrevocably nominate, constitute and appoint the
      Company with full power of substitution as his true and lawful attorney
      and agent with full power and authority in his name, place and stead to
      execute all agreements and documents and complete all filings as are
      required to subordinate the Holders interest hereunder to such bank or
      lending institution.

	 	 	 
	IX. 	
      GENERAL PROVISIONS

	 	 	 
		(a) 	
      If this Debenture Certificate shall become mutilated or
      be lost, stolen or destroyed, the Company may issue and deliver a new
      Debenture Certificate upon surrender and cancellation of the mutilated
      Debenture Certificate or, in the case of a lost, stolen or destroyed
      Debenture Certificate, in lieu of and in substitution for the same. In
      case of loss, theft or destruction, the applicant for a substituted
      Debenture Certificate shall furnish to the Company such evidence of such
      loss, theft or destruction as shall be satisfactory to the Company in its
      discretion and shall also furnish an indemnity satisfactory to the Company
      in its discretion. The applicant shall pay all reasonable expenses
      incidental to the issuance of any substituted Debenture
  Certificate;

	 	 	 
		(b) 	
      A Holder may at any time prior to the Maturity Date or
      the date of conversion of the Debentures, whichever is earlier, upon
      written instructions delivered to the Company, exchange this Debenture
      Certificate for other Debenture Certificates of an
  equivalent

	 	7	EXHIBIT 4.1 

	 		
      aggregate principal amount. The Holder shall pay all
      reasonable expenses incidental to such exchange of Debenture
      Certificates;

	 	 	 
	 	(c) 	
      The Company shall not be required to deliver Certificates
      during the period when the transfer books of the Company are closed by law
      and, in the event of a surrender of Debentures for conversion into Common
      Shares during such period, the delivery of Certificates may be postponed
      for a period not exceeding 10 days after the date of the reopening of the
      transfer books;

	 	 	 
	 	(d) 	
      The parties hereto and each of them do hereby covenant
      and agree to do such things and execute such further documents, agreements
      and assurances as may be necessary or advisable from time to time in order
      to carry out the terms and conditions of this Certificate in accordance
      with their true intent;

	 	 	 
	 	(e) 	
      If any term, covenant or condition of this Certificate or
      the application thereof to any party or circumstance shall be invalid or
      unenforceable to any extent, the remainder of this Certificate or
      application of such term, covenant or condition to a party or circumstance
      other than those to which it is held invalid or unenforceable shall not be
      affected thereby and each remaining term, covenant or condition of this
      Certificate shall be valid and shall be enforceable to the fullest extent
      permitted by law;

	 	 	 
	 	(f) 	
      This Certificate constitutes the entire agreement between
      the parties hereto relating to the subject matter hereof and supersedes
      all prior and contemporaneous agreements, understandings, negotiations and
      discussions, whether oral or written, of the parties and there are no
      general or specific warranties, representations or other agreements by or
      among the parties in connection with the entering into of this Certificate
      or the subject matter hereof except as specifically set forth
    herein;

	 	 	 
	 	(g) 	
      This Certificate may be altered or amended in any of its
      provisions when any such changes are reduced to writing and signed by the
      parties hereto but not otherwise.

	X. 	
      NOTICE

	 	 
		
      Any notice or acceptance required or permitted to be
      given under the terms of this Agreement shall be sufficiently given to the
      party to whom it is addressed if delivered the party (or if such party is
      a company, or to an officer of that company), or, if forwarded by
      registered mail, return receipt requested, or, if sent by facsimile
      transmission as follows:

	 	To the Holder at: 	(the address on face page hereof
      or such other address as provided 
	 	  	by the Holder to the Company from
      time to time.) 
	 	  	  
	 	  	<> 
	 	  	  
	 	And to the Company at: 	Suite 770, 436 - 4th
      Avenue S.W. 
	 	  	Calgary, Alberta T2P 3A8 
	 	  	Facsimile: (403) 206-3993 
	 	  	  
	 	  	Attention: The President
  

 

	 	8	EXHIBIT 4.1 

or to such other address or facsimile
  number as a party may furnish in writing to the remaining parties from time
  to time. Any notice personally delivered before 4:30 p.m. local time at the
  place of delivery on a day (hereinafter called a “Business Day”) that
  is not a Saturday, Sunday or statutory holiday at the place of delivery shall
  be deemed to have been received and given on the day of delivery and any notice
  personally delivered after 4:30 p.m. local time at the place of delivery shall
  be deemed to have been received and given on the next following Business Day.
  Any notice mailed as aforesaid shall be deemed to have been received and given
  6 clear days after the day it is mailed, unless there is a postal strike or
  other disruption affecting mail delivery, in which event the notice shall be
  deemed to have been received and given when it is actually received. Any notice
  transmitted by facsimile before 4:30 p.m. local time on a Business Day at the
  place to which it is sent shall be deemed to have been received and given on
  the day of transmission and any notice transmitted by facsimile after 4:30 local
  time at the place to which it is sent shall be deemed to have been received
  and given on the next following Business Day.

 IN WITNESS WHEREOF the Company
  has caused this Debenture Certificate to be signed by its duly authorized officers
  as of , 2007. 

WESCORP ENERGY INC. 

Per:
__________________________________________

_____________________________________________
(Insert name
of Holder) 

SCHEDULE "A" 

SUBSCRIPTION FORM 

To convert the Debenture into Common Shares, complete this
form. 

TO:      WESCORP ENERGY INC.
(the "Company") 

The undersigned holder of Debenture hereby irrevocably
subscribes for ___________________ Units of the Company (or such number of other
securities to which such Debenture entitles the undersigned in lieu thereof or
in addition thereto under the provisions of the Debenture Certificate), such
purchase of Units being pursuant to the conversion privilege provided for in the
accompanying Debenture Certificate on the terms specified in the Debenture
Certificate. The undersigned hereby directs that the Units be registered as
follows: 

	1. Common Shares 	 	  	 	  
	NAME IN FULL 	 	ADDRESS 	 	NUMBER OF UNITS 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

DATED this _____ day of __________________, 20____. 

 

	 	 	 
	Purchaser's Witness 	 	Purchaser's Signature

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