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                                                                   EXHIBIT 4.28
                               THOMAS J. MAZZARISI

January 31, 2004

JAG Media Holdings, Inc.
6965 S.W. 18th Street, Suite B13
Boca Raton, FL  33433

Re:      Promissory Note dated April 1, 2002 in the principal amount of $200,000
         between JAG Media Holdings, Inc. (f/k/a JagNotes.com Inc.), as
         borrower, and Thomas J. Mazzarisi, as lender, with a maturity date of
         January 31, 2004 ("Promissory Note")

Gentlemen:

This will serve to confirm that the "Maturity Date" of the Promissory Note is
hereby extended from January 31, 2004 to the earlier of (i) April 30, 2004 or
(ii) the effective date of a "Change in Control" as that term is defined in the
Company's Long-Term Incentive Plan, as amended.

Except for the foregoing changes, the Promissory Note remains unchanged and in
full force and effect.

Sincerely yours,

/s/ Thomas J. Mazzarisi
------------------------
Thomas J. Mazzarisi<PAGE>

                                                                    EXHIBIT 4.29
                              STEPHEN J. SCHOEPFER

January 31, 2004

JAG Media Holdings, Inc.
6965 S.W. 18th Street, Suite B13
Boca Raton, FL  33433

Re:      Promissory Note dated April 1, 2002 in the principal amount of $200,000
         between JAG Media Holdings, Inc. (f/k/a JagNotes.com Inc.), as
         borrower, and Stephen J. Schoepfer, as lender, with a maturity date of
         January 31, 2004 ("Promissory Note")

Gentlemen:

This will serve to confirm that the "Maturity Date" of the Promissory Note is
hereby extended from January 31, 2004 to the earlier of (i) April 30, 2004 or
(ii) the effective date of a "Change in Control" as that term is defined in the
Company's Long-Term Incentive Plan, as amended.

Except for the foregoing changes, the Promissory Note remains unchanged and in
full force and effect.

Sincerely yours,

/s/ Stephen J. Schoepfer
------------------------
Stephen J. SchoepferU.S. GAAP Reconciliation

 

Exhibit 4.9

PENGROWTH ENERGY TRUST

RECONCILIATION OF INTERIM CONSOLIDATED FINANCIAL STATEMENTS OF PENGROWTH

ENERGY TRUST FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 TO UNITED

STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES

        The financial statements included in Pengrowth Energy Trust’s 2002
Annual Report have been prepared in accordance with Canadian generally
accepted accounting principles (“Canadian GAAP”) which in most respects
conforms to generally accepted accounting principles in the United States
(“U.S. GAAP”).

        The significant differences between those principles as they apply to
Pengrowth Energy Trust (“Pengrowth”) are as follows:

	(a)	 	As required annually under U.S. GAAP, the carrying value of
petroleum and natural gas properties and related facilities, net of
future or deferred income taxes, is limited to the present value of
after tax future net revenue from proven reserves, discounted at 10
percent (based on prices and costs at the balance sheet date), plus the
lower of cost and fair value of unproven properties. Under Canadian
GAAP, the “ceiling test” was calculated without application of a
discount factor. At December 31, 1998 and 1997 the application of the
full cost ceiling test under U.S. GAAP resulted in a write-down of
capitalized costs of $328.6 million and $49.8 million, respectively.
At September 30, 2003 and December 31, 2002, the application of the
full cost ceiling test under U.S. GAAP did not result in a write-down
of capitalized costs.

	 	 	Where the amount of a ceiling test writedown under Canadian GAAP differs
from the amount of the write-down under U.S. GAAP, the charge for
depletion, depreciation, and amortization will differ in subsequent
years.

	(b)	 	Under U.S. GAAP, interest and other income would not be included as
a component of Net Revenue.

	(c)	 	Effective January 1, 2003, Pengrowth prospectively adopted the
Canadian and U.S. standards relating to recognizing compensation
expense associated with unit based compensation plans. Compensation
expense of $39,000 and $105,000 has been recognized for the three
months and nine months ended September 30, 2003, respectively.

	 	 	The fair value of the rights incentive options granted on or after
January 1, 2003 was estimated as 15% of the exercise price at the date of
grant using a modified Black-Scholes option pricing model with the
following assumptions: risk-free rate of 3.9 percent, volatility of 22
percent, expected life of five years and adjustments for the estimated
distributions and reductions in the exercise price over the life of the
right incentive option.

	(d)	 	Marketable securities held by Pengrowth are classified as
available-for-sale in accordance with the definitions of Statement of
Financial Accounting Standards (“SFAS”) 115. Under provisions of this
Statement, available-for-sale securities are reported at fair value,

 

 

	 	 	with unrealized holding gains and losses included in comprehensive income
and reported as a separate component of unitholders’ equity until
realized.

	(e)	 	SFAS 130 requires the reporting of comprehensive income in addition
to net earnings. Comprehensive income includes net income plus other
comprehensive income; specifically, all changes in equity of a company
during a period arising from non-owner sources.

	(f)	 	Under U.S. GAAP Pengrowth is required to disclose the estimated
fair value of its guarantee under the employee Trust Unit Margin Plan.
The maximum amount of the guarantee at September 30, 2003 was
$6,358,248, the fair value of which is estimated to be a nominal
amount.

	(g)	 	In 2003, Pengrowth adopted SFAS 143, “Accounting for Asset
Retirement Obligations”, which requires the fair value of a liability
for an asset retirement obligation to be recorded in the period in
which it is incurred and a corresponding increase in the carrying
amount of the related long term asset. The change was effective
January 1, 2003 and the related cumulative adjustment to net income was
an increase of $19,225,000 or $0.17 per unit basic and diluted. The
change resulted in an increase in property, plant and equipment of
$48,379,000 and an increase in the asset retirement obligations of
$29,154,000 at January 1, 2003. There was no impact on Pengrowth’s
cash flow as a result of adopting SFAS 143.

        The following provides a roll forward of the asset retirement obligations:

	 	 	 	 	 
	Asset retirement obligations, January 1, 2003
	 	$	73,493	 
	Increase in liabilities in the period
	 	 	3,589	 
	Accretion expense
	 	 	4,473	 
	Liabilities settled in the period
	 	 	(1,615	)
	 
	 	 	
	 
	Asset retirement obligations, September 30, 2003
	 	$	79,940	 
	 
	 	 	
	 

 

 

        The following shows the effect of the change in accounting policy in the
U.S. GAAP financial statements for the following periods:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Three months ended	 	Nine months ended
	 	 	 	 	 	 	September 30, 2002	 	September 30, 2002
	 	 	 	 	 	 	
	 	

	As reported:
	 	 	 	 	 	 	 	 
	 	Net income under U.S. GAAP
	 	$	19,564	 	 	$	45,734	 
	 	Net income under U.S. GAAP
	 	 	 	 	 	 	 	 
	 	 	 	Per unit:
	 	 	 	 	 	 	 	 
	 	 	 	 	Basic
	 	$	0.22	 	 	$	0.53	 
	 	 	 	 	Diluted
	 	$	0.22	 	 	$	0.53	 
	 
	 	 	 	 	 	 	 	 
	Pro forma amounts assumed SFAS
was applied retroactively:
	 	 	 	 	 	 	 	 
	 	 	Net income under U.S. GAAP
	 	$	21,078	 	 	$	50,273	 
	 	 	Net income under U.S. GAAP
	 	 	 	 	 	 	 	 
	 	 	 	per unit:
	 	 	 	 	 	 	 	 
	 	 	 	 	Basic
	 	$	0.23	 	 	$	0.59	 
	 	 	 	 	Diluted
	 	$	0.23	 	 	$	0.59	 
	 
	 	 	 	 	 	 	 	 
	ARO beginning of period
	 	$	43,647	 	 	$	42,123	 
	ARO end of period
	 	$	44,169	 	 	$	44,169	 

	 	 	Prior to January 1, 2003, U.S. GAAP required the provision for
abandonment costs to be recorded as a reduction of capital assets.

	(h)	 	SFAS 133, “Accounting for Derivative Instruments and Hedging
Activities” establishes accounting and reporting standards for
derivative instruments and for hedging activities. This statement
requires an entity to establish, at the inception of a hedge, the
method it will use for assessing the effectiveness of the hedging
derivative and the measurement approach for determining the ineffective
aspect of the hedge. Those methods must be consistent with the
entity’s approach to managing risk.

	 	 	As at September 30, 2003, $8,456,000 has been recorded as an asset in
respect of the fair value of crude oil hedges outstanding at period end
with a corresponding change in accumulated other comprehensive income. Of
the asset, $6,055,000 has been classified as current and $2,401,000 has
been classified as long term. As at September 30, 2003, $7,962,000 has
been recorded as a liability in respect of the fair value of natural gas
hedges outstanding at period end with a corresponding change in
accumulated other comprehensive income. Of the liability, $6,045,000 has
been classified as current and $1,917,000 has been classified as long
term. As at September 30, 2002, $12,445,000 has been recorded as a
liability in respect of the fair value of crude oil and natural gas hedges
outstanding at period end with a corresponding change in accumulated other
comprehensive income. Of the liability, $7,691,000 has been classified as
current and $4,754,000 has been classified as long term.

 

 

	 	 	As at September 30, 2003, $555,000 has been recorded as a current asset in
respect of the ineffective portion of crude oil and natural gas hedges
outstanding at period end, with a corresponding change to net income. As
at September 30, 2002, $51,000 has been recorded as a current liability in
respect of the ineffective portion of the crude oil and natural gas hedges
outstanding at period end, with a corresponding change to net income.

	 	 	As at September 30, 2003, $2,097,000 has been recorded as an asset in
respect of the fair value of the foreign exchange swap outstanding at
period end with a corresponding change in accumulated other comprehensive
income. Of this asset, $1,696,000 has been classified as current and
$401,000 has been classified as long term. As at September 30, 2002,
$938,000 has been recorded as a liability in respect of the fair value of
a foreign exchange swap outstanding at period end with a corresponding
change in accumulated other comprehensive income. Of the liability,
$301,000 has been classified as current and $637,000 has been classified
as long term.

	 	 	During the second and third quarter of 2003, Pengrowth terminated interest
rate swaps at a total cost including accrued interest of $2,229,000. The
cost has been recorded as an expense under Canadian GAAP. The unrealized
hedging loss recorded in other comprehensive income related to interest
rate swaps as at December 31, 2002 was $2,116,000.

	(i)	 	In 2003, the Financial Accounting Standards Board (“FASB”) issued FIN
46 (Revised) “Consolidation of certain entities that are controlled
through financial interests that indicate control (referred to as
“variable interests”). Variable interests are the rights or obligations
that convey economic gains or losses from changes in the values of an
entity’s assets or liabilities. The holder of the majority of an
entity’s variable interests will be required to consolidate the variable
interest entity. Adopting the provisions of FIN 46 (Revised) had no
impact on the U.S. GAAP financial statements.

	 	 	In 2003, the FASB issued SFAS No. 150, “Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity”. This
Statement establishes standards for how an issuer classifies and measures
in its statement of financial position certain financial instruments with
characteristics of both liabilities and equity. It requires that an
issuer classify a financial instrument that is within its scope as a
liability (or an asset in some circumstances) because the financial
instrument embodies an obligation of the issuer. Many of those
instruments were previously classified as equity. Adopting the provisions
of SFAS No. 150 had no impact on the U.S. GAAP financial statements.

 

 

Consolidated Statements of Income

     The application of U.S. GAAP would have the following effect on net income
as reported:

Stated in thousands of Canadian Dollars, except per unit amounts

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Three months ended	 	Nine months ended
	 	 	 	September 30,	 	September 30,
	 	 	 	
	 	

	 	 	 	2002	 	2003	 	2002	 	2003
	 	 	 	
	 	
	 	
	 	

	Net income, as reported
	 	$	12,497	 	 	$	33,025	 	 	$	26,543	 	 	$	146,510	 
	Adjustments:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Depletion and depreciation (a)
	 	 	6,406	 	 	 	6,673	 	 	 	19,242	 	 	 	19,975	 
	 	Effect of adopting asset retirement obligations
under U.S. GAAP (g)
	 	 	—	 	 	 	1,822	 	 	 	—	 	 	 	5,537	 
	 	Compensation expense (c)
	 	 	—	 	 	 	(39	)	 	 	—	 	 	 	(105	)
	 	Unrealized gain (loss) on ineffective
portion of oil and gas hedges (h)
	 	 	661	 	 	 	12	 	 	 	(51	)	 	 	1,515	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 	 	 	
	 
	Net income before cumulative effect of
change in accounting policy under U.S.GAAP
	 	$	19,564	 	 	$	41,493	 	 	$	45,734	 	 	$	173,432	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cumulative effect of change in accounting policy
(g)
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	19,225	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 	 	 	
	 
	Net income — U.S. GAAP
	 	$	19,564	 	 	$	41,493	 	 	$	45,734	 	 	$	192,657	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other comprehensive income:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Realized loss on available for sale
securities (d)(e)
	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(271	)
	 	Unrealized gain (loss) on available for sale
securities (d)(e)
	 	 	(439	)	 	 	—	 	 	 	195	 	 	 	—	 
	 	Realized gain on settlement of interest rate
swaps (e)(h)
	 	 	—	 	 	 	908	 	 	 	—	 	 	 	2,116	 
	 	Unrealized loss on interest rate swaps (e)(h)
	 	 	(1,888	)	 	 	—	 	 	 	(1,247	)	 	 	—	 
	 	Unrealized hedging gains (losses) (e)(h)
	 	 	(5,481	)	 	 	5,019	 	 	 	(15,905	)	 	 	21,300	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 	 	 	
	 
	Comprehensive income — U.S. GAAP
	 	$	11,756	 	 	$	47,420	 	 	$	28,777	 	 	$	215,802	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 	 	 	
	 
	Net income before cumulative effect of change in
accounting policy under U.S. GAAP per unit:
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Basic
	 	$	0.22	 	 	$	0.35	 	 	$	0.53	 	 	$	1.52	 
	 	Diluted
	 	$	0.22	 	 	$	0.35	 	 	$	0.53	 	 	$	1.52	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net income — U.S. GAAP
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Basic
	 	$	0.22	 	 	$	0.35	 	 	$	0.53	 	 	$	1.69	 
	 	Diluted
	 	$	0.22	 	 	$	0.35	 	 	$	0.53	 	 	$	1.69	 

 

 

Consolidated Balance Sheets

     The application of U.S. GAAP would have the following effect on the Balance
Sheets as reported:

Stated in thousands of Canadian Dollars

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	As	 	Increase	 	 
	December 31, 2002	 	Reported	 	(Decrease)	 	U.S. GAAP
	
	 	
	 	
	 	

	Assets:
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Marketable securities (d)
	 	$	1,906	 	 	$	271	 	 	$	2,177	 
	 	Capital assets (a)
	 	 	1,444,668	 	 	 	(314,280	)	 	 	1,130,388	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 
	 
	 	 	 	 	 	$	(314,009	)	 	 	 	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 
	Liabilities:
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Accounts payable
and accrued liabilities (h)
	 	$	43,092	 	 	$	960	 	 	$	44,052	 
	 	Current portion of unrealized
hedging loss (h)
	 	 	—	 	 	 	14,462	 	 	 	14,462	 
	 	Long term portion of unrealized
hedging loss (h)
	 	 	—	 	 	 	6,363	 	 	 	6,363	 
	 	Provision for abandonment costs (g)
	 	 	44,339	 	 	 	(44,339	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Unitholders’ equity:
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Other comprehensive income (e)(h)
	 	 	—	 	 	 	(20,554	)	 	 	(20,554	)
	 	Trust Unitholders’ Equity (a)
	 	 	1,053,939	 	 	 	(270,901	)	 	 	783,038	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 
	 
	 	 	 	 	 	$	(314,009	)	 	 	 	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	As	 	Increase	 	 
	September 30, 2003 (unaudited)	 	Reported	 	(Decrease)	 	U.S. GAAP
	
	 	
	 	
	 	

	Assets:
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Accounts receivable (h)
	 	$	39,613	 	 	$	555	 	 	$	40,168	 
	 	Current portion of unrealized
hedging gain (h)
	 	 	—	 	 	 	7,751	 	 	 	7,751	 
	 	Long term portion of unrealized
hedging gain (h)
	 	 	—	 	 	 	2,802	 	 	 	2,802	 
	 	Capital assets (a)(g)
	 	 	1,419,193	 	 	 	(201,758	)	 	 	1,217,435	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 
	 
	 	 	 	 	 	$	(190,650	)	 	 	 	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 
	Liabilities:
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current portion of unrealized
hedging loss (h)
	 	$	—	 	 	$	6,045	 	 	$	6,045	 
	 	Long term portion of unrealized
hedging loss (h)
	 	 	—	 	 	 	1,917	 	 	 	1,917	 
	 	Asset retirement obligations (g)
	 	 	56,494	 	 	 	23,446	 	 	 	79,940	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Unitholders’ equity:
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Other comprehensive income (e)(h)
	 	 	—	 	 	 	2,591	 	 	 	2,591	 
	 	Trust Unitholders’ Equity (a)(c)
	 	 	1,126,721	 	 	 	(224,649	)	 	 	902,072	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 
	 
	 	 	 	 	 	$	(190,650	)	 	 	 	 
	 
	 	 	
	 	 	 	
	 	 	 	
	 

 

 

Additional disclosures required under U.S. GAAP

     The components of accounts receivable are as follows:

     Stated in thousands of Canadian Dollars

	 	 	 	 	 	 	 	 	 
	 	 	December 31,	 	September 30,
	 	 	2002	 	2003
	 	 	
	 	

	 	 	 	 	 	 	(unaudited)
	Trade
	 	$	35,148	 	 	$	28,456	 
	Prepaids
	 	 	5,084	 	 	 	10,669	 
	Other
	 	 	1,194	 	 	 	1,043	 
	 
	 	 	
	 	 	 	
	 
	 
	 	$	41,426	 	 	$	40,168	 
	 
	 	 	
	 	 	 	
	 

     The components of accounts payable and accrued liabilities are as follows:

	 	 	 	 	 	 	 	 	 
	 	 	December 31,	 	September 30,
	 	 	2002	 	2003
	 	 	
	 	

	 	 	 	 	 	 	(unaudited)
	Accounts payable
	 	$	29,806	 	 	$	22,259	 
	Accrued liabilities
	 	 	14,246	 	 	 	13,404	 
	 
	 	 	
	 	 	 	
	 
	 
	 	$	44,052	 	 	$	35,663

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