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                                                                   EXHIBIT 10.24

                          MEMORANDUM OF UNDERSTANDING

                                    Between

                           PETROCHINA COMPANY LIMITED

                                      and

                              SUNWING ENERGY LTD.

                                   TO CONDUCT
                           A JOINT FEASIBILITY STUDY
                        OF ZITONGXI AND ZITONGDONG BLOCK

                       Signed in Beijing on Feb. 13, 2001

                                       E-57
<PAGE>   2

                       MEMORANDUM OF UNDERSTANDING (MOU)

                                    Between

                           PETROCHINA COMPANY LIMITED

                                      and

                              SUNWING ENERGY LTD.

                                   TO CONDUCT
                           A JOINT FEASIBILITY STUDY
                       OF ZITONGXI AND ZITONGDONG BLOCKS
                              FOR THE PURPOSES OF
                       ENTERING INTO PETROLEUM CONTRACTS

PetroChina Company Limited (PetroChina) and Sunwing Energy Ltd. (Sunwing) have
the intent to conduct a Joint Feasibility Study (JFS) on the Zitongxi and
Zitongdong Blocks located in Northwestern Sichuan Province. These blocks are
operated by the Southwest Oil and Gasfield Company (SWOG) that is a subsidiary
of PetroChina.

The purpose of conducting the JFS is to study the natural gas and oil reserve
potentials associated with these blocks and if considered feasible, a Petroleum
Contract or Contracts would be entered into between PetroChina and Sunwing. The
Parties (PetroChina and Sunwing) agree that:

     1.    The Parties will negotiate for the acquisition of a representative
           data package for each of the two prospective blocks and adjacent
           areas.

     2.    SWOG and Sunwing will provide geological, geophysical and petroleum
           engineering technical experts as agreed, to form a Review Team, led
           by a coordinator appointed by Sunwing, to evaluate the data from each
           block.

     3.    The Review Team will conduct the JFS, under terms of a Joint Study
           Agreement (JSA) in Sunwing's Calgary or Bakersfield office and in the
           SWOG Chengdu office as required. The JSA will be entered into
           separately. Following the evaluation of the blocks, the Review Team
           will prepare a report to the management of both companies and if
           considered feasible, a Petroleum Contract or Contracts would be
           entered into between the Parties.

     4.    Both Parties agree that they will make available members of the
           Review Team in a timely manner following the signing of this MOU or
           JSA.

     5.    Both Parties agree that the Review Team should complete the
           evaluation and prepare the final report within six (6) months
           following the receipt of the data package(s) and necessary sorting
           and cataloging of the same.

     6.    The entire cost of acquiring data, carrying out the JFS and
           preparation of the final report, including travel and accommodation
           related business expenses associated with SWOG technical specialists
           assigned to the Review Team will be borne by Sunwing.

     7.    Unless otherwise agreed to by the Parties in writing, for a period of
           nine (9) months from the signing of this MOU, Sunwing will have the
           exclusive right to negotiate with PetroChina for Petroleum Contracts
           in these two blocks.

                                       E-58
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     8.    This MOU is written and signed in both Chinese and English and they
           have equal power. The Parties hold a copy each.

<TABLE>
<S>                                              <C>
PETRO CHINA COMPANY LIMITED                      SUNWING ENERGY LTD.

/s/ ZENG XING QIU                                /s/ ROBERT M. FRIEDLAND
-------------------------------------------      -------------------------------------------
Zeng Xing Qiu                                    Robert M. Friedland
General Manager,                                 Co-Chairman
Foreign Cooperation
Administration Department

February 13, 2001                                February 13, 2001
</TABLE>

                                       E-59<PAGE>   1

                                                                   EXHIBIT 10.25

                          MEMORANDUM OF UNDERSTANDING

                                    Between

                           PETROCHINA COMPANY LIMITED

                                      and

                              SUNWING ENERGY LTD.

                                   TO CONDUCT
                           A JOINT FEASIBILITY STUDY
                                OF YUDONG BLOCK

                       Signed in Beijing on Feb. 13, 2001

                                       E-60

<PAGE>   2

                       MEMORANDUM OF UNDERSTANDING (MOU)

                                    Between

                           PETROCHINA COMPANY LIMITED

                                      and

                              SUNWING ENERGY LTD.

                                   TO CONDUCT
                           A JOINT FEASIBILITY STUDY
                                OF YUDONG BLOCK
                              FOR THE PURPOSES OF
                         A POTENTIAL PETROLEUM CONTRACT

PetroChina Company Limited (PetroChina) and Sunwing Energy Ltd. (Sunwing) have
the intent to conduct a Joint Feasibility Study (JFS) on the Yudong Block
located in Eastern Chongqing Municipality. This block is operated by the
Southwest Oil and Gasfield Company (SWOG) that is a subsidiary of PetroChina.

The purpose of conducting the JFS is to study the natural gas and oil reserve
potentials associated with this block and if considered feasible, the Parties
(PetroChina and Sunwing) will proceed to negotiate for a Petroleum Contract,
subject to prior approval (Approval) by the relevant department of the Chinese
government for this block to be open for foreign participation. The Parties
agree that:

     1.    The Parties will negotiate for the acquisition of a representative
           data package for this block and adjacent areas.

     2.    SWOG and Sunwing will provide geological, geophysical and petroleum
           engineering technical experts as agreed, to form a Review Team, led
           by a coordinator appointed by Sunwing, to evaluate the data from this
           block.

     3.    The Review Team will conduct the JFS, under terms of a Joint Study
           Agreement (JSA) in Sunwing's Calgary or Bakersfield office and in the
           SWOG Chengdu office as required. The JSA will be entered into
           separately. Following the evaluation of the block, the Review Team
           will prepare a report to the management of both companies and if
           considered feasible, a Petroleum Contract would be entered into
           between the Parties.

     4.    Both Parties agree that they will make available members of the
           Review Team in a timely manner following the signing of this MOU or
           JSA.

     5.    Both Parties agree that the Review Team should complete the
           evaluation and prepare the final report within six (6) months
           following the receipt of the data package(s) and necessary sorting
           and cataloging of the same.

     6.    The entire cost of acquiring data, carrying out the JFS and
           preparation of the final report, including travel and accommodation
           related business expenses associated with SWOG technical specialists
           assigned to the Review Team will be borne by Sunwing.

     7.    Unless otherwise agreed to by the Parties in writing, Sunwing will
           have the exclusive right to negotiate with PetroChina for a Petroleum
           Contract in this block for a period-of four (4) months (negotiation
           period) after the receipt of the Approval from the relevant
           department of the Chinese government and the completion of the JFS.

                                       E-61
<PAGE>   3

     8.    This MOU is written and signed in both Chinese and English and they
           have equal power. The Parties hold a copy each.

<TABLE>
<S>                                              <C>
PETROCHINA COMPANY LIMITED                       SUNWING ENERGY LTD.

/s/ ZENG XING QIU                                /s/ ROBERT M. FRIEDLAND
-------------------------------------------      -------------------------------------------
Zeng Xing Qiu                                    Robert M. Friedland
General Manager,                                 Co-Chairman
Foreign Cooperation
Administration Department

February 13, 2001                                February 13, 2001
</TABLE>

                                       E-62Exhibit 10(u)

Exhibit 10(u)

GENERAL ELECTRIC COMPANY

2000 EXECUTIVE DEFERRED SALARY PLAN

I.  Eligibility

          Each employee of General Electric Company or a participating affiliate ("Company") who, as of December 31, 1999, is in an Executive Band or higher position, or, in
the discretion of affiliate management, an equivalent position in such affiliate, and who is subject to U.S. tax laws, shall be eligible to participate in this Plan.

II.  Deferral of Salary

	
    Each employee eligible to participate in this Plan ("Participant") shall be given an opportunity to irrevocably elect (subject to any conditions set out in the election form) prior to any deferral hereunder:

    
(a) the portion of the Participant's annual base salary rate as of November 1, 1999 to be deferred.  The minimum portion deferred shall be 10% and the maximum shall be 50%, provided, however, that with respect to any
individual designated by the Chairman of the Board of Directors of General Electric Company (the "Chairman") as an employee who is expected to be a "covered employee" for 2000 within the meaning of Section 162(m) of the Internal
Revenue Code, the maximum portion deferred shall be 90%, and

(b) the form of payout alternative as set forth in Section V.

    

  
	
    Commencing with base salary for January 2000, the Participant's total base salary elected to be deferred under this Plan will be deferred in ratable installments through the month of December 2000, and will be credited
to the Participant's deferred salary cash account ("Deferred Account") as of the end of the month of deferral ("Deferral Date").

III.  Special One-Time Matching Credit

          As of December 31, 2000, a special one-time credit shall be made to the Deferred Account of each Participant who is actively employed by the Company on such date.
The amount of such credit shall equal 3.5% of the total base salary deferred under this Plan by the Participant (excluding interest).  Such credit shall not be provided for any Participant who has terminated employment with the Company for any reason
prior to December 31, 2000, or is not actively employed on such date.

IV.  Manner of Accounting

	
    Each Deferred Account shall be unfunded, unsecured and nonassignable, and shall not be a trust for the benefit of any Participant.

     

	
    Except as may be otherwise provided in Section V or VIII, the Participant's Deferred Account will be credited with (a) the amount of base salary deferred on each Deferral Date as set forth in Section II, (b) the special
one-time matching credit as set forth in Section III, and (c) interest at the annual rate of 12% compounded annually on each December 31.

V.  Payment of Deferred Account

	
    Payment of a Participant's Deferred Account will be made only after termination of employment of the Participant.

     

	
    If no manner of payment election is made, the Deferred Account will be paid in 10 annual installments commencing on March 1 (or as soon thereafter as practical) following the year of termination of employment.

     

	
    At the time of election to defer base salary, a Participant may irrevocably elect: (a) the number of annual payout installments (minimum of 10, maximum of 20) of the Deferred Account commencing on March 1 (or as soon
thereafter as practical) following the year of termination of employment, unless (b) a lump sum payment of the Deferred Account is elected in which case the lump sum payment will be made on March 1 (or as soon thereafter as practical) following the year
of termination of employment.

     

	
    Participants who terminate their employment on or after December 31, 2000 because of retirement, death, disability, layoff, plant closing or transfer to a successor employer which is not controlled by the Company, or
Participants who terminate their employment on or after December 31, 2004 for any reason, will receive payouts based on Deferred Account accumulations at the 12% interest rate.  Payments will be made pursuant to Section V.2 or V.3 above beginning on March
1 (or as soon thereafter as practical) following the year of termination of employment.

     

	
    Unless waived by the Chairman, if the Participant terminates employment prior to December 31, 2000 for any reason, or prior to December 31, 2004 for any reason other than retirement, death, disability, layoff, plant
closing or transfer to a successor employer which is not controlled by the Company, the Participant's Deferred Account will be paid in a lump sum as soon as practical following the date of termination, along with simple interest credited at an annual rate
of 3% rather than the rate specified in Section IV.

VI.  Death Benefits

          In the event of a Participant's death prior to receiving any or all payments to which the Participant is entitled, the remaining Deferred Account shall be paid at
the time and in the manner provided in Section V to the beneficiary or beneficiaries designated by the Participant on a beneficiary designation form properly filed by the Participant with the Company in accordance with established administrative
procedures.  If no such designated beneficiary survives the Participant, such remaining benefits shall be paid as set forth above to the Participant's estate.

VII.  Administration and Interpretation

          This Plan shall be administered by a "Committee" consisting of not less than two persons appointed from time to time by the Chairman.  The Committee shall have
full power and authority on behalf of the Company to administer and interpret the Plan in its sole discretion.  All Committee decisions with respect to the administration and interpretation of the Plan shall be final and binding upon all persons.

VIII.  Amendment of the Plan

          This Plan may be amended, suspended or terminated at any time by the Management Development and Compensation Committee of the Board of Directors ("MDCC").  In
addition, the MDCC may alter or amend the payout schedule of any or all of the accrued benefits of a Participant at any time.

IX.  Effective Date

          The effective date of this Plan shall be January 1, 2000.

2000 EXECUTIVE DEFERRED SALARY PLAN

As provided pursuant to the terms of the above-mentioned Plan, Messrs.  Norman C. LaFlamme and Jerry Wald are hereby appointed to serve on the administrative committee for said Plan.

 

                              ________________________________

Approved:    J. F. Welch

                              Date:  _________________

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