Document:

Exhibit 10.1

    
      

    

    

      
        EXHIBIT
          10.1

        

        A
          BINDING FARM-OUT AGREEMENT

         

        EAST
          WADI ARABA CONCESSION - EGYPT

        

        

        This
          Agreement made the 6th
          day of
          August, 2005 between Dover Investments Limited a Corporation organized
          and
          existing under the laws of the Province of Ontario, Canada (hereinafter
          referred
          to as “Dover”), TransPacific Petroleum Corp., a Corporation organized and
          existing under the laws of the Province of British Columbia, Canada (hereinafter
          referred to as "TransPacific") and Mogul Energy Ltd., a Corporation organized
          and existing under the laws of the Province of British Columbia Canada
          (hereinafter referred to as “Mogul”) and Ghareeb Awad of the City of Richmond
          British Columbia, Canada (hereinafter referred to as “Awad”).

         

         

        Whereas
          Dover
          has entered into a Concession Agreement with the Egyptian General Petroleum
          Corporation (hereinafter referred to as the “EGPC”) and the Arab Republic of
          Egypt (hereinafter referred to as the “ARE”) for the Concession known as East
          Wadi Araba (hereinafter referred to as “EWA”) effective as of July 18, 2002
          (hereinafter referred to as the “Concession Agreement”).

         

         

        Whereas
          the
          initial exploration period in the Concession Agreement expires on July
          17, 2005.
Whereas
          pursuant
          to the terms of the Concession Agreement Dover had extended the Concession
          Agreement for a first extension period of two years starting on July 18,
          2005.

         

        

        Whereas
          exploration and related costs in the approximate amount of Eight Million
          US
          Dollars ($8,000,000 US) have been incurred with respect to the EWA
          Concession.

        
          
            
            

          

          
            1

            
              

            

          

          
            
            

          

        

        

        Whereas
          Dover
          and
          Awad wish to farm-out EWA and Mogul wishes to farm-in EWA. It has been
          mutually
          agreed by and between the parties to the following:

         

         

        1.  Pursuant
          to the terms of
          the Concession Agreement Dover had advised the EGPC and the Arab Republic
          of
          Egypt that it wishes to extend the Concession Agreement for the first extension
          period of two years. 

         

         

        2.  For
          a period of 60 days
          of signing this agreement, Mogul will be allowed to review the seismic
          data of
          EWA and if at Mogul’s sole discretion, is satisfied, will provide a
          non-refundable deposit of US$25,000 and within an additional 6 months,
          it will
          issue to the benefit of EGPC or Dover a letter of guarantee in a form and
          content that is acceptable to Dover or EGPC from a major bank in Egypt
          in the
          amount of Two Million US Dollars ($2,000,000 US) to secure Mogul’s obligations
          hereunder and to be used in the drilling of their two well obligation.
          Within
          one week of issuing the letter of guarantee to EGPC or Dover, Dover will
          forthwith apply for the consent of the Arab Republic of Egypt to assign
          to Mogul
          and TransPacific an Eighty Five percent (85%) interest in the EWA Concession
          Agreement. Mogul hereby agrees to meet all of the requirements of the EGPC
          and
          ARE to complete the assignment to it. In the event that Mogul is not approved
          by
          the EGPC, Dover shall maintain the interest in trust for Mogul and TransPacific.
          This shall not give reason to any of the parties to terminate this agreement.
          Mogul will remain liable for all requirements under both this agreement
          and the
          concession agreement. 

         

         

        3.  On
          or before October 16,
          2005 Mogul will submit a non- refundable US$25,000 deposit to Dover. Upon
          the
          submission of the US$2 million L/G by Mogul and the deed of assignment
          by Dover
          to EGPC, such deposit will be credited in-full against the cost of acquiring
          the
          EWA materials. In the event that Mogul does not proceed with the placing
          of the
          US$2,000,000 letter of guarantee on time, the US$25,000 shall be forfeited.
          

         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

         

        4.  In
          the event that Mogul
          fails to deliver the letter of guarantee to EGPC or Dover within the time
          set
          out above, this agreement shall be at an end and the parties shall have
          no
          further obligations hereunder except that Mogul will forthwith return to
          Dover
          all information that it received hereunder pertaining to the EWA Concession
          and
          agrees to keep all such information confidential. 

         

         

        5.  Mogul
          completely at its
          own expense hereby agrees to drill, complete or abandon two wells in the
          EWA
          Concession to test the Nubia or 9,000 feet (whichever comes first) and
          spend a
          minimum amount of four million US Dollars ($4,000,000 US) in the drilling
          and
          testing of the two wells and, the financial expenditures to be approved
          by the
          EGPC. The first well is to be completed to the approval of the EGPC, within
          two
          months of Dover submitting for a deed of assignment to Mogul and TransPacific,
          subject to rig availability. The second well is to be completed to the
          approval
          of the EGPC before July 17TH,
          2007.
          In the event of a commercial discovery, Mogul shall pay at its expense
          all costs
          to put the wells into production. Dover will allow Mogul to purchase all
          existing EWA inventory of materials in its EWA drilling operations at cost
          plus
          the standard EGPC handling uplift, just prior to drilling their first
          exploration well.

         

         

        6.  Upon
          the signing of this
          agreement by Dover and Mogul, the submission of a letter of guarantee to
          EGPC
          and the assignment of 85% interest to Mogul and TransPacific, Awad and
          Transpacific will release Dover, and its officers, directors, employees,
          agents
          and servants of all claims arising under the May 28, 2001 concerning assignment
          of an interest in the EWA Concession. Awad hereby agrees that any interest
          that
          he or TransPacific may acquire in EWA Concession will be acquired from
          Mogul’s
          85% interest and not from Dover’s interest in the EWA Concession or any interest
          held by Dover for Dover Petroleum Corp., Robert Salna or Brokton International.
          

         

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

         

        7.  Dover
          will have a fifteen
          percent (15%) carried working interest in the EWA Concession. Save and
          except
          for the expenses set out herein, Dover will not be responsible for paying
          any of
          the expenses and costs howsoever incurred related to the EWA Concession
          without
          limiting the generality of the foregoing Dover has no responsibility whatsoever
          to pay any costs and expenses whether directly or indirectly related to
          the
          drilling of the wells in the EWA Concession, nor any such costs related
          to the
          development and production of the these wells, except for its proportionate
          share of all costs incurred by any operating company formed under the Concession
          Agreement on a commercial discovery being made and only after commercial
          production is achieved. 

         

         

        8.  TransPacific
          will assist
          Mogul in its efforts to evaluate the EWA area and select drilling locations,
          using Dover’s existing data base and exploration facilities. Transpacific and
          Mogul will
          enter into a separate agreement to define each party’s interest in EWA at a
          subsequent date to be agreed upon between the two parties.

         

         

        9.  In
          the case of
          establishing a discovery or discoveries in EWA, Dover, Mogul and TransPacific
          will share proportionately, in accordance with their respective interest,
          all
          the benefits of the entire cost recovery oil pool, and the profit oil portion
          of
          oil production under the Concession Agreement.

         

        

        10.  Within
          one month of the
          approval of the assignment by the Arab Republic of Egypt, Mogul, Dover
          and
          TransPacific agree to sign a Joint Operating Agreement, based on the Association
          of International Petroleum Negotiators (AIPN) most recent model operating
          agreement, to reflect the terms and spirit of this agreement. The operating
          agreement shall not be inconsistent with the plain and ordinary meaning
          of this
          agreement. If these parties cannot agree as to the terms of the Joint Operating
          Agreement, this agreement shall remain in full force and effect and constitute
          the entire agreement between the parties. 

         

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

         

        11.  Mogul
          hereby agrees that
          it shall be fully responsible for all financial commitments that are required
          and arises by extending the Concession Agreement for the third exploration
          period of two more years and agrees to pay all costs related thereto right
          through to production.

         

         

        12.  Mogul,
          Dover, Awad and
          Transpacific agree that all disputes related to this agreement will be
          determined by arbitration, in accordance with the arbitration rules of
          the
          Province of Alberta - Canada by three Arbitrators, one Arbitrator to be
          selected
          by each party and the two Arbitrators should agree on the third one. This
          agreement is governed by the laws of the Province of Alberta, and any disputes
          arising hereunder shall be resolved by Arbitration to take place in that
          Province. 

         

         

        13.  This
          Agreement is the
          entire agreement between the parties and may not be modified except in
          writing
          by agreement of Mogul, Dover, TransPacific and Awad. This agreement supersedes
          all prior oral and written representations and agreements that Dover is
          a party
          to with respect to EWA Concession and becomes effective only after all
          parties
          have signed this agreement and the Two Million US Dollars ($2,000,000 US)
          letter
          of guarantee is in place to the benefit of Dover or the EGPC.

         

         

        14.  Dover,
          Transpacific and Mogul agree that by this agreement they shall not be partners,
          joint venturers, co-venturers, and fiduciaries to each other. Dover,
          Transpacific and Mogul agreed that they shall have no liability for the
          acts or
          omissions of each other. Mogul and TransPacific cannot extend the third
          exploration term unless a letter of guarantee for the full financial requirement
          is in place to cover all the costs of the third term exploration commitments.
          Mogul is responsible for any financial liabilities it may cause to Dover
          in the
          event of an accident or disaster that may occur during the course of its
          operations that is related to Mogul’s performance of its
          obligations.

         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

        

        15.  This
          agreement shall
          inure to the benefit of and shall be binding upon the parties hereto and
          their
          respective successors, heirs and approved assignors. Each party is free
          to
          re-assign all or portion of its interest in this agreement to another party,
          without the approval of any of the parties to this agreement, provided
          that EGPC
          will approve such assignments.

         

         

        In
          witness whereof, the parties have executed this Agreement this 6th
          day of
          August, 2005.

         

        

        
          	
                  /s/
                    Robert P. Salna

                	 	 
	
                  Dover
                    Investments Limited

                	 	
                  Dated:
                    August 6, 2005

                
	
                  Mr.
                    Robert P. Salna - President

                	 	 
	 	 	 
	 	 	 
	
                  /s/
                    Parvez Tyab

                	 	 
	
                  Mogul
                    Energy Ltd.

                	 	
                  Dated:
                    August 6, 2005

                
	
                  Mr.
                    Parvez Tyab - President

                	 	 
	 	 	 
	
                  /s/
                    Ghareeb M. Awad

                	 	 
	
                  Dr.
                    Ghareeb M. Awad

                	 	
                  Dated:
                    August 6, 2005

                
	 	 	 
	
                  /s/
                    Ghareeb M. Awad

                	 	 
	
                  TransPacific
                    Petroleum Corp.

                	 	
                  Dated:
                    August 6, 2005

                
	
                  Dr.
                    Ghareeb M. Awad - President

                	 	 

        

      

    

     

     

    6Exhibit 10.2

    
      

    

    

      EXHIBIT
        10.2

      

      A
        BINDING JOINT VENTURE AGREEMENT-EGYPT

      

      

      This
        Agreement made the 7th
        day of
        August, 2005 between: TransPacific Petroleum Corp., a Corporation organized
        and
        existing under the laws of the Province of British Columbia - Canada
        (hereinafter referred to as "TransPacific") and Mogul Energy Ltd., a Corporation
        organized and existing under the laws of the Province of British Columbia
        -
        Canada and any Associated Company that might join them at a later date
        (hereinafter referred to as “Mogul”). 

      

      This
        agreement is supplemental to the attached binding farm-out agreement dated
        August 1st,
        2005
        between Dover Investments, TransPacific and Mogul. It has been mutually agreed
        by and between the parties to the following:

      

      

      1.  Mogul
        is
        committed to drill and complete or abandon, at its own expense, two exploratory
        wells at locations acceptable to them, down to the Nubia Formation or 9,000
        feet
        (whichever comes first) in East Wadi Araba Concession (EWA), before the end
        of
        the second exploration period and, the first well should spud within a maximum
        of nine months from the date of this agreement.

      

      

      2.  Within
        one week of Mogul’s issuance of a Letter of Guarantee for US$2 million to EGPC
        from a major bank in Egypt, Dover will submit a Deed of Assignment to EGPC
        requesting the re-allocation of interests in EWA to indicate 85% to Mogul
        and
        TransPacific and 15% to Dover. 

      

      

      3.  TransPacific
        will be entitled to 25% (twenty five percent) Carried Working Interest, Dover
        to
        15% Carried Working Interest and Mogul as 60% Working Interest in EWA. Whereby,
        Mogul will be responsible for providing all expenses, costs of drilling and
        completion of all exploratory and development wells, all production facilities,
        Cairo and field offices.

      

      

      4.  Within
        one month of a request made by TransPacific, Mogul will be obligated to submit
        a
        Deed of Assignment to EGPC to declare TransPacific, or any other related
        company
        it designates, as a 25% (twenty five percent) Carried Working Interest partner
        in EWA. Consequently, the interests becomes: Mogul as 60% Working Interest
        whereas, TransPacific’s 25% and Dover’s 15% are both Carried Working
        Interest.

      

      

      5.  In
        the
        case of establishing a discovery or discoveries in EWA, Mogul, TransPacific
        and
        Dover will share proportionately (60%, 25% and 15%) all the benefits of the
        entire Cost Recovery Pool, as well as the Profit Oil portion of production.
        All
        partners will share proportionately in the operating costs of the Joint
        Operating Company.

      

      6.  Within
        one month of the approval of the Deed of Assignment by the Egyptian Government,
        Mogul, Dover and TransPacific are committed to sign a Joint Operating Agreement,
        based on the principals of the Association of International Petroleum
        Negotiators (AIPN), to compliment this Binding Agreement and will be considered
        as part of it.

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      7.  All
        disputes between Mogul, Dover and TransPacific will be resolved and arbitrated
        under the arbitration rules of the Province of Alberta - Canada by three
        arbitrators, one arbitrator to be selected by each party and the two arbitrators
        should agree on the third one.

      

      

      8.  This
        Agreement is the entire agreement between the parties and, it supersedes
        all
        prior oral and written representations and agreements, with respect to EWA
        and
        may not be modified except in writing by the mutual agreement of Mogul and
        TransPacific.

      

      

      9.  This
        agreement shall ensure to the benefit of and shall be binding upon the parties
        hereto and their respective successors, heirs and approved
        assignors.

      

       

      In
        witness whereof, the parties have executed this Agreement this 7th
        day of
        August, 2005.

      

      

      
        	
                /s/
                  Parvez Tyab

              	 	 
	
                Mr.
                  Parvez Tyab-President

              	 	
                Dated:
                  August 7th
                  ,
                  2005

              
	
                Mogul
                  Energy Ltd.

              	 	 
	 	 	 
	 	 	 
	
                /s/
                  Ghareeb M. Awad

              	 	 
	
                Dr.
                  Ghareeb M. Awad - President

              	 	
                Dated:
                  August 7th
                  ,
                  2005

              
	
                TransPacific
                  Petroleum Corp.

              	 	 

      

      
 

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