Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Shellbridge Oil & Gas, Inc. - Exhibit 4.6

- 1 -

EMPLOYMENT AGREEMENT 

THIS AGREEMENT made as of the 25th day of January, 2006.

BETWEEN:

SHELLBRIDGE OIL & GAS,
INC., a company duly incorporated under the laws of Alberta having its
principal offices at #230-10991 Shellbridge Way, Richmond, BC, V6X 3C6
(hereinafter called “Shellbridge” or the “Company”)

AND:

DONALD UMBACH,
15797 Collingwood Crescent, Surrey, B.C., V3S 0J3 (hereinafter called the
“Employee”)

WHEREAS:

	A. 	
      Shellbridge is incorporated under the laws of Alberta to
      carry on business as an oil and gas exploration and development company;
      and

	 	 
	B. 	
      The Employee, having commenced employment with
      Shellbridge on September 30, 2005, is a valued employee of Shellbridge
      occupying as of the date hereof the position of Vice-President and Chief
      Operating Officer and in the judgement of the Board of Directors of
      Shellbridge (the “Directors”), it is of material value to Shellbridge to
      settle the terms of future employment of the Employee, and it is of value
      to the Employee that his/her responsibilities, remuneration and other
      benefits be defined as hereinafter provided;

NOW WITNESS that in consideration of the premises and
mutual covenants herein, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged by both parties, the parties
hereby covenant and agree with each other as follows:

	1. 	
      EMPLOYMENT

	 	 
	1.1 	
      Shellbridge agrees to employ and to continue to employ
      the Employee and the Employee agrees to serve Shellbridge and its
      subsidiaries. Unless with the consent of the Employee the title of his/her
      office is changed the Employee shall during the term of this Agreement,
      serve as Vice-President and Chief Operating Officer of Shellbridge in
      addition to any other office the Employee may hold with Shellbridge. The
      term of this Agreement and employment is unlimited and indefinite, except
      that the employment and this Agreement may be terminated by either party
      as provided herein.

	 	 
	1.2 	
      The Employee shall report to and be directly responsible
      to the President and/or the Directors, from time to time. The Employee
      shall perform, observe and conform to such duties and instructions as from
      time to time are reasonably and appropriately assigned or communicated to
      the Employee by his/her superiors, and which are reasonably consistent
      with the employment and status of the employee, and shall make such
      reports as may be necessary to fully and properly inform
  the

- 2 -

		
      Employee’s superiors and the Directors of the matters of
      business of Shellbridge and, additionally, as the Directors may from time
      to time request and require.

	 	 
	1.3 	
      In the event that any person, or any person and its
      affiliates, as such terms are defined in the Business Corporations Act
      (Alberta), begins a tender or exchange offer, circulates a proxy to
      shareholders or takes other steps to effect a takeover of the control of
      Shellbridge, the Employee agrees that the Employee will not voluntarily
      leave the employ of Shellbridge, and will render services to Shellbridge
      in accordance with his/her position, and in the best interests of the
      shareholders, until such person has abandoned or terminated efforts to
      effect a takeover of control of Shellbridge or until such a takeover of
      control of Shellbridge has occurred.

	 	 
		
      For purposes of this Agreement takeover of control shall
      be evidenced by the acquisition by any person, or by any person and its
      affiliates, as such terms are defined in the Business Corporations Act
      (Alberta), and whether directly or indirectly, of common shares of
      Shellbridge which, when added to all other common shares of Shellbridge at
      the time held by such person and its affiliates, totals for the first time
      50% of the outstanding common shares of Shellbridge.

	 	 
	1.4 	
      In this Agreement, service with the Company will include
      eighteen (18) years of consecutive service with Dynamic Oil and Gas, Inc.
      immediately predating September 30, 2005.

	 	 
	2. 	
      COMPENSATION

	 	 
	2.1 	
      Shellbridge agrees to pay the Employee and the Employee
      agrees to accept as remuneration for services hereunder an annual salary
      in the amount specified on Schedule “A”, payable by semi- monthly
      instalments, exclusive of any other benefits referred to herein. The
      parties agree that Shellbridge will review the said salary on an annual
      basis and will make any adjustments it determines are reasonable in the
      opinion of his/her superior and, if appropriate, the Directors that may
      take into account, but shall not be limited to, the Employee’s performance
      and the financial and operating success of Shellbridge in the preceding
      twelve (12) months. Such review shall take place within one hundred and
      thirty five (135) days following the fiscal year end. In no case will the
      annual salary be reduced, unless by mutual agreement, such agreement to be
      in writing. For greater certainty annual salary as referred to herein
      shall not include any other payments such as bonuses, share options,
      benefits, or amounts of a similar nature.

	 	 
	2.2 	
      The Employee shall be entitled to participate in all
      employee benefit programs, including, without limiting the generality of
      the foregoing, group and disability insurance and medical and dental
      plans, in accordance with and on the terms and conditions generally
      provided from time to time by Shellbridge. The Employee agrees that
      Shellbridge may substitute, reduce, modify or, if necessary, eliminate
      such benefits for good and valid reason. All such benefits shall be
      governed by the terms of the said policies in force.

	 	 
	2.3 	
      In the event that the Employee should at any time be
      prevented by illness or accident from performing all of his/her duties and
      provided that the Employee furnishes satisfactory evidence of such
      incapacity and the cause thereof, the Employee shall receive benefits
      under Shellbridge’s long term disability program in accordance with
      his/her position. The benefits under the long term disability program are
      governed by the terms of the policy of insurance in force, and Shellbridge
      assumes no liability to provide such benefits.

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	2.4 	
      The Employee shall be eligible to participate in any
      incentive programs, including, without limiting the generality of the
      foregoing, share option plans, share purchase plans and share bonus plans
      in accordance with and on the terms and conditions of such plans and
      programs as at the date hereof are in place or as which may from time to
      time be implemented by the Directors in their sole discretion. The
      Employee acknowledges that his/her participation in these plans or
      programs will be to such extent and in such amounts as the Directors in
      their sole discretion may decide from time to time, and the Employee shall
      have no absolute entitlement to such participation. All such plans or
      programs shall be governed by the policies of the various regulatory
      bodies which have jurisdiction over the affairs of Shellbridge.

	 	 
		
      Any amounts which the Employee may be granted under any
      such plan or program shall not, for the purposes of this Agreement, be
      treated as salary and shall not be included in any severance payment to
      the Employee.

	 	 
	2.5 	
      Shellbridge shall pay on behalf of the Employee such
      professional organization dues as his/her superior or, if appropriate, the
      Directors of Shellbridge in their sole discretion may from time to time
      approve.

	 	 
	2.6 	
      The Employee shall be entitled to holidays, without
      reduction in salary, each calendar year, at such time or times as shall be
      convenient to the Employee and Shellbridge, for a period as specified on
      Schedule “A”.

	 	 
	2.7 	
      The Employee shall be reimbursed by Shellbridge for all
      out-of-pocket expenses actually, necessarily and properly incurred by the
      Employee in the discharge of his/her duties for Shellbridge. The Employee
      agrees that such reimbursements shall be due only after the Employee has
      rendered an itemized expense account, together with receipts where
      applicable, showing all monies actually expended on behalf of Shellbridge
      and such other information as may be required and requested by
      Shellbridge.

	 	 
	2.8 	
      Shellbridge shall provide such additional benefits as may
      be set out in Schedule “A”.

	 	 
	3. 	
      DUTIES OF THE EMPLOYEE

	 	 
	3.1 	
      The Employee will devote his/her best efforts to advance
      Shellbridge’s interests.

	 	 
	3.2 	
      The Employee agrees that he owes a fiduciary duty to
      Shellbridge.

	 	 
	3.3 	
      Without the prior consent of the Directors, the Employee
      shall not, during the terms of this Agreement, directly engage in any
      business which is competitive with that of Shellbridge or its
      subsidiaries, or accept employment with or render services to a competitor
      or take any other action inconsistent with the fiduciary relationship of
      an executive officer to his/her corporation. The Employee will promptly
      disclose to Shellbridge any actual or proposed activity of the Employee
      which may give rise to any conflict with the Employee’s duty to
      Shellbridge.

	 	 
		
      If the Directors shall find that the Employee is engaging
      in such competitive or inconsistent or conflicting activity and cause the
      Employee to be so advised in writing, the Employee
shall

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      discontinue such activity within fifteen (15) days of
      such notice, unless such time shall be extended by the Directors. The
      Employee shall, within such fifteen (15) day period (or as the same may be
      extended by the Directors), certify in writing to the Directors that the
      Employee has discontinued such activity. Failure by the Employee to
      terminate the activities which are the subject of such notice as herein
      provided shall be grounds for dismissal of the Employee for cause by the
      Directors.

	 	 	 
		
      Shellbridge specifically acknowledges that the Employee
      is involved with the entities listed on Schedule “A”, if any, and
      Shellbridge consents to such involvements and consents and agrees that all
      acts done by the Employee for any of such entities shall not constitute a
      conflict or competition with Shellbridge, provided that such consent shall
      not permit any appropriation by the Employee of any business opportunity
      coming to the Employee in the Employee’s capacity as the Employee or
      otherwise in the course of Shellbridge’s business.

	 	 	 
	3.4 	
      The Employee will not, at any time, or in any manner,
      during the continuance of his/her employment hereunder, divulge any of the
      confidential affairs or secrets of Shellbridge to any person or persons,
      without the previous consent in writing of the Directors. During the
      continuation of his/her employment, the Employee shall not use or attempt
      to use any information which the Employee may acquire in the course of
      his/her employment for his/her own benefit, directly or
  indirectly.

	 	 	 
	3.5 	
      The Employee agrees to communicate at once to Shellbridge
      all business opportunities which come to the Employee in his/her capacity
      as such or otherwise in the course of Shellbridge’s business and to
      deliver to Shellbridge all inventions and improvements in the nature of
      the business of Shellbridge which, in the course of Shellbridge’s business
      the Employee may conceive, make or discover, become aware directly or
      indirectly or have presented to the Employee, and such business
      opportunities, inventions, and improvements shall become the exclusive
      property of Shellbridge without any obligation on the part of Shellbridge
      to make any payment thereof in addition to the salary and benefits
      described herein to the Employee.

	 	 	 
	4. 	
      TERMINATION

	 	 	 
	4.1 	
      The Employee may terminate this Agreement and his/her
      employment by giving Shellbridge at least one (1) month’s written notice.
      Any monies owed by the Employee to Shellbridge up to the date of
      termination shall be then paid by the Employee to Shellbridge.

	 	 	 
	4.2 	
      Shellbridge may terminate this Agreement and the
      employment of the Employee without cause in which event Shellbridge shall
      be obligated to provide the Employee with a severance payment in lieu of
      notice. Such severance payment shall be payable on the fifth day following
      the date of termination and shall consist of the following:

	 	 	 
		(a) 	
      the Employee’s full salary less required deductions
      through to the date of termination at the rate in effect at the time
      notice of termination was given, plus an amount equal to the amount, if
      any, of any awards previously made to the Employee which have not been
      paid; and

	 	 	 
		(b) 	
      subject as may be provided in Schedule “A”, in lieu of
      further salary for periods subsequent to the date of termination, an
      amount equivalent to six (6) months salary, less required deductions, if
      the Employee has then served the Company for less than one full year;
      twelve (12) months salary, less required deductions, if the Employee has
      then served the Company

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      for longer than one year but less than three years; and
      eighteen (18) months salary, less required deductions, if the Employee has
      then served for longer than three years, and in each case, calculated on
      the Employee’s monthly salary at the highest rate in effect during the
      twelve (12) month period immediately preceding the date of termination,
      exclusive of any benefits, bonuses, or other additional amounts;
  and

	 	 	 
	 	(c) 	
      subject to section 4.2(e) below, in lieu of common shares
      of Shellbridge issuable upon exercise of options previously granted to the
      Employee under Shellbridge’s incentive programs and remaining unexercised
      on the fourth day following the date of termination, which options shall
      be cancelled upon the payment referred to herein, a cash amount equal to
      the aggregate spread between the exercise price of all options held by the
      Employee, whether or not then fully exercisable, and the higher of (i) the
      average of the closing prices of Shellbridge’s common shares as reported
      on The Toronto Stock Exchange (or such other stock exchange on which
      Shellbridge’s shares may be listed) for thirty (30) business days
      preceding the date of termination or (ii) the average price actually paid
      for the most highly priced one percent (1%) of Shellbridge’s common
      shares, however and for whatever reason acquired, by any person who
      achieves control of Shellbridge as such term is defined in paragraph 1.3;
      and

	 	 	 
	 	(d) 	
      the Company shall pay the premiums for and the Employee
      shall retain all health and insurance benefits as permitted by the
      relevant benefit plan (to which the Employee had a right prior to such
      termination) for a period of six months after the termination;
  and

	 	 	 
	 	(e) 	
      the Employee shall have the right exercisable up to the
      fourth day following the date of termination, to elect to waive the
      application of section 4.2(c) following termination of the Employee’s
      employment. The Employee may exercise this election on or before 5:00 p.m.
      Vancouver time on such fourth day by delivering a notice in writing to
      Shellbridge of such waiver whereupon:

	 	(i) 	
      the Employee’s options on shares of Shellbridge shall
      remain in full force and effect in accordance with the original terms but
      shall be deemed to have been amended to the effect that any provision
      which would otherwise terminate such options as a result of the
      termination of the Employee’s employment shall be null and void;
  and

	 	 	 
	 	(ii) 	
      Shellbridge shall be relieved of any obligation in
      connection with termination of the Employee’s employment to make the
      payment in section 4.2(c).

		
      Termination of the Agreement in accordance with this
      section shall relieve Shellbridge from any and all obligations, liability
      or claims by the Employee with respect to Shellbridge except for any
      amounts owing to the Employee under this Agreement up to the date of
      termination or his/her rights under his/her option agreement if he elects
      to waive the application of paragraph 4.2(c).

	 	 
	4.3 	
      Shellbridge may at any time terminate the Employment of
      the Employee and this Agreement for cause that would in law permit
      Shellbridge to, without notice, terminate the employment of the Employee,
      in which event the Employee shall not be entitled to a severance payment
      pursuant to section 4.2 of this Agreement, pay in lieu of notice or
      otherwise.

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	4.4 	
      Any termination by Shellbridge pursuant to paragraphs 4.2
      and 4.3 shall be communicated by written notice of termination. For
      purposes of this Agreement, a “notice of termination” shall mean a notice
      which shall indicate the specific termination provision of this Agreement
      relied upon and shall set forth in reasonable detail the facts and
      circumstances claimed to provide a basis for termination of the Employee’s
      employment. For purposes of this Agreement, no such purported termination
      shall be effective without such notice.

	 	 	 
	4.5 	
      Notwithstanding the provisions of paragraphs 4.1 and 4.2
      the parties acknowledge that, given the particular enterprise and business
      of Shellbridge it is crucial and necessary that the Employee maintain a
      close relationship with his/her superior and, if appropriate, the
      Directors of Shellbridge based on mutual loyalty, respect and trust.
      Accordingly, Shellbridge agrees that if the Employee elects to resign
      based on the sole reason that there has been a takeover of the control of
      Shellbridge (as defined in paragraph 1.3), then the Employee may give
      notice of resignation in writing to his/her superior and, if appropriate,
      the Directors (“Change in Control Resignation” or “CCR”). The notice of
      resignation must contain at least one (1) month’s notice and not more than
      two (2) month’s notice. The Employee must exercise this right within six
      (6) months of the takeover of control as referred to herein.

	 	 	 
		
      On the effective date of any CCR (the “Date of CCR
      Resignation”), Shellbridge shall be obligated to provide the Employee with
      a severance payment on the fifth (5th) day following Date of
      Resignation which shall consist of the following amounts:

	 	 	 
		(a) 	
      the Employee’s full salary through to the Date of CCR
      Resignation at the rate in effect at the ime notice of termination or
      notice of resignation was given, plus an amount equal to the amount, if
      any, of any awards previously made to the Employee which have not been
      paid; and

	 	 	 
		(b)	
      subject as may be provided in Schedule “A”, in lieu of
      further salary for periods subsequent to the Date of CCR Resignation, an
      amount equivalent to six (6) months salary, less required deductions, if
      the Employee has then served the Company for less than one full year;
      twelve (12) months salary, less required deductions, if the Employee has
      then served the Company for longer than one year but less than three
      years; and eighteen (18) months salary, less required deductions, if the
      Employee has then served for longer than three years, and in each case,
      calculated on the Employee’s monthly salary at the highest rate in effect
      during the twelve (12) month period immediately preceding the date of
      termination, exclusive of any benefits, bonuses, or other additional
      amounts; and

	 	 	 
		(c)	
      in lieu of common shares of Shellbridge issuable upon
      exercise of options, if any, previously granted to the Employee under
      Shellbridge’s incentive programs and remaining unexercised on the fourth
      day following the Date of CCR Resignation, which options shall be
      cancelled upon the payment referred to herein, a cash amount equal to the
      aggregate spread between the exercise price of all options held by the
      Employee, whether or not then fully exercisable, and the higher of (i) the
      average of the closing prices of Shellbridge’s common shares as reported
      on The Toronto Stock Exchange (or such other stock exchange on which
      Shellbridge’s shares may be listed) for thirty (30) days preceding the
      Date of CCR Resignation or (ii) the average price actually paid for the
      most highly priced one percent (1%) of Shellbridge’s
  common

- 7 -

shares, however and for whatever
reason by any person who achieves control of Shellbridge as such term is defined
in paragraph 1.3; and

	 	(d) 	
      the Employee shall have the right exercisable up to the
      fourth day following the Date of CCR Resignation, to elect to waive the
      application of section 4.5(c) following termination of the Employee’s
      employment. The Employee may exercise this election on or before 5:00 p.m.
      Vancouver time on such fourth day by delivering a notice in writing to
      Shellbridge of such waiver whereupon:

	 	 	 	 
	 		(i) 	
      the Employee’s options on shares of Shellbridge shall
      remain in full force and effect in accordance with the original terms but
      shall be deemed to have been amended to the effect that any provision
      which would otherwise terminate such options as a result of the
      termination of the Employee’s employment shall be null and void;
  and

	 	 	 	 
	 		(ii) 	
      Shellbridge shall be relieved of any obligation in
      connection with termination of the Employee’s employment to make the
      payment in section 4.5(c).

		
      The Employee agrees to accept such payment in full
      satisfaction of any and all claims the Employee has or may have against
      Shellbridge and the Employee agrees to execute a Full and General release
      in favour of Shellbridge with respect to the same upon payment of said
      sum, except monies owing by either party to the other up to the Date of
      CCR Resignation.

	 	 
	4.6 	
      On the termination of his/her employment for any reason,
      the Employee agrees to deliver up to Shellbridge all documents, financial
      statements, records, plans, drawings and papers of every nature, in any
      way relating to the affairs of Shellbridge and its subsidiaries or
      affiliated companies which may be in his/her possession or under his/her
      control.

	 	 
	4.7 	
      The Employee shall not be required to mitigate the amount
      of any payments provided for under any paragraph of this section 4 by
      seeking other employment or otherwise, nor shall the amount of any payment
      provided for in this section be reduced by any compensation earned by the
      Employee as the result of employment by another employer after the date of
      termination, or otherwise.

	 	 
	5. 	
      SUCCESSORS OR ASSIGNS

	 	 
	5.1 	
      The rights and obligations of Shellbridge under this
      Agreement shall enure to the benefit of and be binding upon the successors
      and assigns of Shellbridge and will require any successor (whether direct
      or indirect, by purchase, amalgamation, consolidation or otherwise) to all
      or substantially all of the business and/or assets of Shellbridge to
      expressly assume and agree to perform this Agreement in the same manner
      and to the same extent that Shellbridge would be required to perform it if
      no such succession had taken place provided that, if the Employee agrees,
      an express agreement may not be required if such results by operation of
      law. Failure of Shellbridge to obtain such agreement prior to the
      effectiveness of any such succession shall be a breach of this Agreement
      and shall entitle the Employee to compensation from Shellbridge in the
      same amount and on the same terms as the Employee would be entitled
      hereunder pursuant to paragraph 4.5 as if such succession had not
      occurred, except that for purposes of implementing the foregoing, the date
      of which any such succession becomes effective shall be deemed the date of
      termination. As used in this Agreement, “Shellbridge” shall mean the
      Company as hereinbefore defined and any successor to its
  business

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      and/or assets as aforesaid which executes and delivers
      the agreement provided for in this paragraph 5.1 or which otherwise
      becomes bound by all the terms and provisions of this Agreement by
      operation of law.

	 	 
	6. 	
      MISCELLANEOUS

	 	 
	6.1 	
      This Agreement and the employment of the Employee shall
      be governed, interpreted, construed and enforced according to the laws of
      the Province of British Columbia and the laws of Canada applicable
      therein.

	 	 
	6.2 	
      Time shall be of the essence of this Agreement.

	 	 
	6.3 	
      Shellbridge shall pay all legal fees and expenses
      actually incurred by the Employee in contesting or disputing any
      termination, or in seeking to obtain or enforce any right or benefit
      provided by this Agreement provided that the Employee obtains a judgment
      against Shellbridge in any court of competent jurisdiction located within
      British Columbia and receives an award of costs in association with that
      judgement.

	 	 
	6.4 	
      This Agreement represents the entire Agreement between
      the Employee and Shellbridge concerning the subject matter hereof and
      supersedes any previous oral or written communications, representations,
      understandings or agreements with Shellbridge or any officer or agent
      thereof.

	 	 
	6.5 	
      Any notice, acceptance or other document required or
      permitted hereunder shall be considered and deemed to have been duly given
      if delivered by hand or mailed by postage prepaid and addressed to the
      party for whom it is intended at the party’s address above or to such
      other address as the party may specify in writing to the other and shall
      be deemed to have been received if delivered, on the date of delivery, and
      if mailed as aforesaid, then on the second business day following the date
      of mailing thereof, provided that if there shall be at the time of mailing
      or within two business days thereof a strike, slowdown or other labour
      dispute which might affect delivery of notice by the mails, then the
      notice shall only be effective if actually delivered.

	 	 
	6.6 	
      The waiver by the Employee or by Shellbridge of a breach
      of any provision of this Agreement by Shellbridge or by the Employee shall
      not operate or be construed as a waiver of any subsequent breach by
      Shellbridge or by the Employee.

- 9 -

	6.7 	
      This Agreement shall inure to the benefits of and be
      enforceable by the Employee’s legal representatives, executors,
      administrator, successors, heirs, distributees, devisees and legatees. If
      the Employee should die while any amounts are still payable to the
      Employee hereunder, all such amounts, unless otherwise provided herein,
      shall be paid in accordance with the terms of this Agreement to such legal
      representatives, executors, administrator, successors, heirs,
      distributees, devisees and legatees or, if there be no such designee, to
      the Employee’s estate.

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

	The Corporate Seal of SHELLBRIDGE OIL
    	) 	 	  
	& GAS, INC. was hereunto affixed
      in the 	) 	 	  
	presence of: 	) 	 	  
	  	) 	 	  
	“signed” 	) 	 	c/s 
	  	) 	 	  
	Authorized Signatory 	) 	 	  
	  	) 	 	  
	“signed” 	) 	 	  
	  	) 	 	  
	Authorized Signatory 	  	 	  
	  	  	 	  
	  	  	 	  
	  	  	 	  
	SIGNED, SEALED AND DELIVERED by 	) 	 	  
	DONALD UMBACH in the presence of: 	) 	 	  
	  	) 	 	  
	  	) 	 	  
	  	) 	 	  
	Name 	) 	 	  
	  	) 	 	  
	  	) 	 	“signed” 
	Address 	) 	 	 
    
	  	) 	 	DONALD UMBACH 
	  	) 	 	  
	  	) 	 	  
	  	) 	 	  
	  	) 	 	  
	Occupation 	) 	 	  
	  	) 	 	  

SCHEDULE “A”

Employee

	Salary: 	$117,600 per annum. 
	 	 
	Holidays: 	Five (5) weeks per annum. 
	 	 
	Severance Equivalent: 	Twenty-four (24) months’ base salary, pursuant
      to paragraphs 4.2(b) and 4.5(b). 
	 	 
	Other Benefits: 	Medical, dental, AD&D and life insurance
      coverage as provided in the Company’s benefits package.

Dated: January 25, 2006.Filed by Automated Filing Services Inc. (604) 609-0244 - Shellbridge Oil & Gas, Inc. - Exhibit 4.7

- 1 -

EMPLOYMENT AGREEMENT

THIS AGREEMENT made as of the 25th day of January,
2006.

BETWEEN:

SHELLBRIDGE OIL & GAS,
INC., a company duly incorporated under the laws of Alberta having its
principal offices at #230-10991 Shellbridge Way, Richmond, BC, V6X 3C6
(hereinafter called “Shellbridge” or the “Company”)

AND:

MICHAEL BARDELL,
7537 150A Street, Surrey, B.C., V3S 6P2 (hereinafter called the
“Employee”)

WHEREAS:

	A. 	
      Shellbridge is incorporated under the laws of Alberta to
      carry on business as an oil and gas exploration and development company;
      and

	 	 
	B. 	
      The Employee, having commenced employment with
      Shellbridge on September 30, 2005, is a valued employee of Shellbridge
      occupying as of the date hereof the position of Chief Financial Officer
      and in the judgement of the Board of Directors of Shellbridge (the
      “Directors”), it is of material value to Shellbridge to settle the terms
      of future employment of the Employee, and it is of value to the Employee
      that his/her responsibilities, remuneration and other benefits be defined
      as hereinafter provided;

NOW WITNESS that in consideration of the premises and
mutual covenants herein, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged by both parties, the parties
hereby covenant and agree with each other as follows:

	1. 	
      EMPLOYMENT

	 	 
	1.1 	
      Shellbridge agrees to employ and to continue to employ
      the Employee and the Employee agrees to serve Shellbridge and its
      subsidiaries. Unless with the consent of the Employee the title of his/her
      office is changed the Employee shall during the term of this Agreement,
      serve as Chief Financial Officer of Shellbridge in addition to any other
      office the Employee may hold with Shellbridge. The term of this Agreement
      and employment is unlimited and indefinite, except that the employment and
      this Agreement may be terminated by either party as provided
  herein.

	 	 
	1.2 	
      The Employee shall report to and be directly responsible
      to the President and/or the Directors, from time to time. The Employee
      shall perform, observe and conform to such duties and instructions as from
      time to time are reasonably and appropriately assigned or communicated to
      the Employee by his/her superiors, and which are reasonably consistent
      with the employment and status of the employee, and shall make such
      reports as may be necessary to fully and properly inform
  the

- 2 -

		
      Employee’s superiors and the Directors of the matters of
      business of Shellbridge and, additionally, as the Directors may from time
      to time request and require.

	 	 
	1.3 	
      In the event that any person, or any person and its
      affiliates, as such terms are defined in the Business Corporations Act
      (Alberta), begins a tender or exchange offer, circulates a proxy to
      shareholders or takes other steps to effect a takeover of the control of
      Shellbridge, the Employee agrees that the Employee will not voluntarily
      leave the employ of Shellbridge, and will render services to Shellbridge
      in accordance with his/her position, and in the best interests of the
      shareholders, until such person has abandoned or terminated efforts to
      effect a takeover of control of Shellbridge or until such a takeover of
      control of Shellbridge has occurred.

	 	 
		
      For purposes of this Agreement takeover of control shall
      be evidenced by the acquisition by any person, or by any person and its
      affiliates, as such terms are defined in the Business Corporations Act
      (Alberta), and whether directly or indirectly, of common shares of
      Shellbridge which, when added to all other common shares of Shellbridge at
      the time held by such person and its affiliates, totals for the first time
      50% of the outstanding common shares of Shellbridge.

	 	 
	1.4 	
      In this Agreement, service with the Company will include
      sixteen (16) years of consecutive service with Dynamic Oil and Gas, Inc.
      immediately predating September 30, 2005.

	 	 
	2. 	
      COMPENSATION

	 	 
	2.1 	
      Shellbridge agrees to pay the Employee and the Employee
      agrees to accept as remuneration for services hereunder an annual salary
      in the amount specified on Schedule “A”, payable by semi- monthly
      instalments, exclusive of any other benefits referred to herein. The
      parties agree that Shellbridge will review the said salary on an annual
      basis and will make any adjustments it determines are reasonable in the
      opinion of his/her superior and, if appropriate, the Directors that may
      take into account, but shall not be limited to, the Employee’s performance
      and the financial and operating success of Shellbridge in the preceding
      twelve (12) months. Such review shall take place within one hundred and
      thirty five (135) days following the fiscal year end. In no case will the
      annual salary be reduced, unless by mutual agreement, such agreement to be
      in writing. For greater certainty annual salary as referred to herein
      shall not include any other payments such as bonuses, share options,
      benefits, or amounts of a similar nature.

	 	 
	2.2 	
      The Employee shall be entitled to participate in all
      employee benefit programs, including, without limiting the generality of
      the foregoing, group and disability insurance and medical and dental
      plans, in accordance with and on the terms and conditions generally
      provided from time to time by Shellbridge. The Employee agrees that
      Shellbridge may substitute, reduce, modify or, if necessary, eliminate
      such benefits for good and valid reason. All such benefits shall be
      governed by the terms of the said policies in force.

	 	 
	2.3 	
      In the event that the Employee should at any time be
      prevented by illness or accident from performing all of his/her duties and
      provided that the Employee furnishes satisfactory evidence of such
      incapacity and the cause thereof, the Employee shall receive benefits
      under Shellbridge’s long term disability program in accordance with
      his/her position. The benefits under the long term disability program are
      governed by the terms of the policy of insurance in force, and Shellbridge
      assumes no liability to provide such benefits.

- 3 -

	2.4 	
      The Employee shall be eligible to participate in any
      incentive programs, including, without limiting the generality of the
      foregoing, share option plans, share purchase plans and share bonus plans
      in accordance with and on the terms and conditions of such plans and
      programs as at the date hereof are in place or as which may from time to
      time be implemented by the Directors in their sole discretion. The
      Employee acknowledges that his/her participation in these plans or
      programs will be to such extent and in such amounts as the Directors in
      their sole discretion may decide from time to time, and the Employee shall
      have no absolute entitlement to such participation. All such plans or
      programs shall be governed by the policies of the various regulatory
      bodies which have jurisdiction over the affairs of Shellbridge.

	 	 
		
      Any amounts which the Employee may be granted under any
      such plan or program shall not, for the purposes of this Agreement, be
      treated as salary and shall not be included in any severance payment to
      the Employee.

	 	 
	2.5 	
      Shellbridge shall pay on behalf of the Employee such
      professional organization dues as his/her superior or, if appropriate, the
      Directors of Shellbridge in their sole discretion may from time to time
      approve.

	 	 
	2.6 	
      The Employee shall be entitled to holidays, without
      reduction in salary, each calendar year, at such time or times as shall be
      convenient to the Employee and Shellbridge, for a period as specified on
      Schedule “A”.

	 	 
	2.7 	
      The Employee shall be reimbursed by Shellbridge for all
      out-of-pocket expenses actually, necessarily and properly incurred by the
      Employee in the discharge of his/her duties for Shellbridge. The Employee
      agrees that such reimbursements shall be due only after the Employee has
      rendered an itemized expense account, together with receipts where
      applicable, showing all monies actually expended on behalf of Shellbridge
      and such other information as may be required and requested by
      Shellbridge.

	 	 
	2.8 	
      Shellbridge shall provide such additional benefits as may
      be set out in Schedule “A”.

	 	 
	3. 	
      DUTIES OF THE EMPLOYEE

	 	 
	3.1 	
      The Employee will devote his/her best efforts to advance
      Shellbridge’s interests.

	 	 
	3.2 	
      The Employee agrees that he owes a fiduciary duty to
      Shellbridge.

	 	 
	3.3 	
      Without the prior consent of the Directors, the Employee
      shall not, during the terms of this Agreement, directly engage in any
      business which is competitive with that of Shellbridge or its
      subsidiaries, or accept employment with or render services to a competitor
      or take any other action inconsistent with the fiduciary relationship of
      an executive officer to his/her corporation. The Employee will promptly
      disclose to Shellbridge any actual or proposed activity of the Employee
      which may give rise to any conflict with the Employee’s duty to
      Shellbridge.

	 	 
		
      If the Directors shall find that the Employee is engaging
      in such competitive or inconsistent or conflicting activity and cause the
      Employee to be so advised in writing, the Employee
shall

- 4 -

		
      discontinue such activity within fifteen (15) days of
      such notice, unless such time shall be extended by the Directors. The
      Employee shall, within such fifteen (15) day period (or as the same may be
      extended by the Directors), certify in writing to the Directors that the
      Employee has discontinued such activity. Failure by the Employee to
      terminate the activities which are the subject of such notice as herein
      provided shall be grounds for dismissal of the Employee for cause by the
      Directors.

	 	 	 
		
      Shellbridge specifically acknowledges that the Employee
      is involved with the entities listed on Schedule “A”, if any, and
      Shellbridge consents to such involvements and consents and agrees that all
      acts done by the Employee for any of such entities shall not constitute a
      conflict or competition with Shellbridge, provided that such consent shall
      not permit any appropriation by the Employee of any business opportunity
      coming to the Employee in the Employee’s capacity as the Employee or
      otherwise in the course of Shellbridge’s business.

	 	 	 
	3.4 	
      The Employee will not, at any time, or in any manner,
      during the continuance of his/her employment hereunder, divulge any of the
      confidential affairs or secrets of Shellbridge to any person or persons,
      without the previous consent in writing of the Directors. During the
      continuation of his/her employment, the Employee shall not use or attempt
      to use any information which the Employee may acquire in the course of
      his/her employment for his/her own benefit, directly or
  indirectly.

	 	 	 
	3.5 	
      The Employee agrees to communicate at once to Shellbridge
      all business opportunities which come to the Employee in his/her capacity
      as such or otherwise in the course of Shellbridge’s business and to
      deliver to Shellbridge all inventions and improvements in the nature of
      the business of Shellbridge which, in the course of Shellbridge’s business
      the Employee may conceive, make or discover, become aware directly or
      indirectly or have presented to the Employee, and such business
      opportunities, inventions, and improvements shall become the exclusive
      property of Shellbridge without any obligation on the part of Shellbridge
      to make any payment thereof in addition to the salary and benefits
      described herein to the Employee.

	 	 	 
	4. 	
      TERMINATION

	 	 	 
	4.1 	
      The Employee may terminate this Agreement and his/her
      employment by giving Shellbridge at least one (1) month’s written notice.
      Any monies owed by the Employee to Shellbridge up to the date of
      termination shall be then paid by the Employee to Shellbridge.

	 	 	 
	4.2 	
      Shellbridge may terminate this Agreement and the
      employment of the Employee without cause in which event Shellbridge shall
      be obligated to provide the Employee with a severance payment in lieu of
      notice. Such severance payment shall be payable on the fifth day following
      the date of termination and shall consist of the following:

	 	 	 
		(a) 	
      the Employee’s full salary less required deductions
      through to the date of termination at the rate in effect at the time
      notice of termination was given, plus an amount equal to the amount, if
      any, of any awards previously made to the Employee which have not been
      paid; and

	 	 	 
		(b) 	
      subject as may be provided in Schedule “A”, in lieu of
      further salary for periods subsequent to the date of termination, an
      amount equivalent to six (6) months salary, less required deductions, if
      the Employee has then served the Company for less than one full year;
      twelve (12) months salary, less required deductions, if the Employee has
      then served the Company

- 5 -

	 		
      for longer than one year but less than three years; and
      eighteen (18) months salary, less required deductions, if the Employee has
      then served for longer than three years, and in each case, calculated on
      the Employee’s monthly salary at the highest rate in effect during the
      twelve (12) month period immediately preceding the date of termination,
      exclusive of any benefits, bonuses, or other additional amounts;
  and

	 	 	 	 
	 	(c) 	
      subject to section 4.2(e) below, in lieu of common shares
      of Shellbridge issuable upon exercise of options previously granted to the
      Employee under Shellbridge’s incentive programs and remaining unexercised
      on the fourth day following the date of termination, which options shall
      be cancelled upon the payment referred to herein, a cash amount equal to
      the aggregate spread between the exercise price of all options held by the
      Employee, whether or not then fully exercisable, and the higher of (i) the
      average of the closing prices of Shellbridge’s common shares as reported
      on The Toronto Stock Exchange (or such other stock exchange on which
      Shellbridge’s shares may be listed) for thirty (30) business days
      preceding the date of termination or (ii) the average price actually paid
      for the most highly priced one percent (1%) of Shellbridge’s common
      shares, however and for whatever reason acquired, by any person who
      achieves control of Shellbridge as such term is defined in paragraph 1.3;
      and

	 	 	 	 
	 	(d) 	
      the Company shall pay the premiums for and the Employee
      shall retain all health and insurance benefits as permitted by the
      relevant benefit plan (to which the Employee had a right prior to such
      termination) for a period of six months after the termination;
  and

	 	 	 	 
	 	(e) 	
      the Employee shall have the right exercisable up to the
      fourth day following the date of termination, to elect to waive the
      application of section 4.2(c) following termination of the Employee’s
      employment. The Employee may exercise this election on or before 5:00 p.m.
      Vancouver time on such fourth day by delivering a notice in writing to
      Shellbridge of such waiver whereupon:

	 	 	 	 
	 		(i) 	
      the Employee’s options on shares of Shellbridge shall
      remain in full force and effect in accordance with the original terms but
      shall be deemed to have been amended to the effect that any provision
      which would otherwise terminate such options as a result of the
      termination of the Employee’s employment shall be null and void;
  and

	 	 	 	 
	 		(ii) 	
      Shellbridge shall be relieved of any obligation in
      connection with termination of the Employee’s employment to make the
      payment in section 4.2(c).

		
      Termination of the Agreement in accordance with this
      section shall relieve Shellbridge from any and all obligations, liability
      or claims by the Employee with respect to Shellbridge except for any
      amounts owing to the Employee under this Agreement up to the date of
      termination or his/her rights under his/her option agreement if he elects
      to waive the application of paragraph 4.2(c).

	 	 
	4.3 	
      Shellbridge may at any time terminate the Employment of
      the Employee and this Agreement for cause that would in law permit
      Shellbridge to, without notice, terminate the employment of the Employee,
      in which event the Employee shall not be entitled to a severance payment
      pursuant to section 4.2 of this Agreement, pay in lieu of notice or
      otherwise.

- 6 -

	4.4 	
      Any termination by Shellbridge pursuant to paragraphs 4.2
      and 4.3 shall be communicated by written notice of termination. For
      purposes of this Agreement, a “notice of termination” shall mean a notice
      which shall indicate the specific termination provision of this Agreement
      relied upon and shall set forth in reasonable detail the facts and
      circumstances claimed to provide a basis for termination of the Employee’s
      employment. For purposes of this Agreement, no such purported termination
      shall be effective without such notice.

	 	 	 
	4.5 	
      Notwithstanding the provisions of paragraphs 4.1 and 4.2
      the parties acknowledge that, given the particular enterprise and business
      of Shellbridge it is crucial and necessary that the Employee maintain a
      close relationship with his/her superior and, if appropriate, the
      Directors of Shellbridge based on mutual loyalty, respect and trust.
      Accordingly, Shellbridge agrees that if the Employee elects to resign
      based on the sole reason that there has been a takeover of the control of
      Shellbridge (as defined in paragraph 1.3), then the Employee may give
      notice of resignation in writing to his/her superior and, if appropriate,
      the Directors (“Change in Control Resignation” or “CCR”). The notice of
      resignation must contain at least one (1) month’s notice and not more than
      two (2) month’s notice. The Employee must exercise this right within six
      (6) months of the takeover of control as referred to herein.

	 	 	 
		
      On the effective date of any CCR (the “Date of CCR
      Resignation”), Shellbridge shall be obligated to provide the Employee with
      a severance payment on the fifth (5th) day following Date of
      Resignation which shall consist of the following amounts:

	 	 	 
	 	(a)	the Employee’s full salary through to the Date of CCR Resignation at
      the rate in effect at the time notice of termination or notice of
      resignation was given, plus an amount equal to the amount, if any, of any
      awards previously made to the Employee which have not been paid; and
			
       

		(b)	
      subject as may be provided in Schedule “A”, in lieu of
      further salary for periods subsequent to the Date of CCR Resignation, an
      amount equivalent to six (6) months salary, less required deductions, if
      the Employee has then served the Company for less than one full year;
      twelve (12) months salary, less required deductions, if the Employee has
      then served the Company for longer than one year but less than three
      years; and eighteen (18) months salary, less required deductions, if the
      Employee has then served for longer than three years, and in each case,
      calculated on the Employee’s monthly salary at the highest rate in effect
      during the twelve (12) month period immediately preceding the date of
      termination, exclusive of any benefits, bonuses, or other additional
      amounts; and

	 	 	 
		(c)	
      in lieu of common shares of Shellbridge issuable upon
      exercise of options, if any, previously granted to the Employee under
      Shellbridge’s incentive programs and remaining unexercised on the fourth
      day following the Date of CCR Resignation, which options shall be
      cancelled upon the payment referred to herein, a cash amount equal to the
      aggregate spread between the exercise price of all options held by the
      Employee, whether or not then fully exercisable, and the higher of (i) the
      average of the closing prices of Shellbridge’s common shares as reported
      on The Toronto Stock Exchange (or such other stock exchange on which
      Shellbridge’s shares may be listed) for thirty (30) days preceding the
      Date of CCR Resignation or (ii) the average price actually paid for the
      most highly priced one percent (1%) of Shellbridge’s common shares,
      however and for whatever reason by any person who achieves control of
      Shellbridge as such term is defined in paragraph 1.3;
and

- 7 -

	 	(d) 	
      the Employee shall have the right exercisable up to the
      fourth day following the Date of CCR Resignation, to elect to waive the
      application of section 4.5(c) following termination of the Employee’s
      employment. The Employee may exercise this election on or before 5:00 p.m.
      Vancouver time on such fourth day by delivering a notice in writing to
      Shellbridge of such waiver whereupon:

	 	 	 	 
	 		(i) 	
      the Employee’s options on shares of Shellbridge shall
      remain in full force and effect in accordance with the original terms but
      shall be deemed to have been amended to the effect that any provision
      which would otherwise terminate such options as a result of the
      termination of the Employee’s employment shall be null and void;
  and

	 	 	 	 
	 		(ii) 	
      Shellbridge shall be relieved of any obligation in
      connection with termination of the Employee’s employment to make the
      payment in section 4.5(c).

		
      The Employee agrees to accept such payment in full
      satisfaction of any and all claims the Employee has or may have against
      Shellbridge and the Employee agrees to execute a Full and General release
      in favour of Shellbridge with respect to the same upon payment of said
      sum, except monies owing by either party to the other up to the Date of
      CCR Resignation.

	 	 
	4.6 	
      On the termination of his/her employment for any reason,
      the Employee agrees to deliver up to Shellbridge all documents, financial
      statements, records, plans, drawings and papers of every nature, in any
      way relating to the affairs of Shellbridge and its subsidiaries or
      affiliated companies which may be in his/her possession or under his/her
      control.

	 	 
	4.7 	
      The Employee shall not be required to mitigate the amount
      of any payments provided for under any paragraph of this section 4 by
      seeking other employment or otherwise, nor shall the amount of any payment
      provided for in this section be reduced by any compensation earned by the
      Employee as the result of employment by another employer after the date of
      termination, or otherwise.

	 	 
	5. 	
      SUCCESSORS OR ASSIGNS

	 	 
	5.1 	
      The rights and obligations of Shellbridge under this
      Agreement shall enure to the benefit of and be binding upon the successors
      and assigns of Shellbridge and will require any successor (whether direct
      or indirect, by purchase, amalgamation, consolidation or otherwise) to all
      or substantially all of the business and/or assets of Shellbridge to
      expressly assume and agree to perform this Agreement in the same manner
      and to the same extent that Shellbridge would be required to perform it if
      no such succession had taken place provided that, if the Employee agrees,
      an express agreement may not be required if such results by operation of
      law. Failure of Shellbridge to obtain such agreement prior to the
      effectiveness of any such succession shall be a breach of this Agreement
      and shall entitle the Employee to compensation from Shellbridge in the
      same amount and on the same terms as the Employee would be entitled
      hereunder pursuant to paragraph 4.5 as if such succession had not
      occurred, except that for purposes of implementing the foregoing, the date
      of which any such succession becomes effective shall be deemed the date of
      termination. As used in this Agreement, “Shellbridge” shall mean the
      Company as hereinbefore defined and any successor to its business and/or
      assets as aforesaid which executes and delivers the agreement provided for
      in this paragraph 5.1

- 8 -

		
      or which otherwise becomes bound by all the terms and
      provisions of this Agreement by operation of law.

	 	 
	6. 	
      MISCELLANEOUS

	 	 
	6.1 	
      This Agreement and the employment of the Employee shall
      be governed, interpreted, construed and enforced according to the laws of
      the Province of British Columbia and the laws of Canada applicable
      therein.

	 	 
	6.2 	
      Time shall be of the essence of this Agreement.

	 	 
	6.3 	
      Shellbridge shall pay all legal fees and expenses
      actually incurred by the Employee in contesting or disputing any
      termination, or in seeking to obtain or enforce any right or benefit
      provided by this Agreement provided that the Employee obtains a judgment
      against Shellbridge in any court of competent jurisdiction located within
      British Columbia and receives an award of costs in association with that
      judgement.

	 	 
	6.4 	
      This Agreement represents the entire Agreement between
      the Employee and Shellbridge concerning the subject matter hereof and
      supersedes any previous oral or written communications, representations,
      understandings or agreements with Shellbridge or any officer or agent
      thereof.

	 	 
	6.5 	
      Any notice, acceptance or other document required or
      permitted hereunder shall be considered and deemed to have been duly given
      if delivered by hand or mailed by postage prepaid and addressed to the
      party for whom it is intended at the party’s address above or to such
      other address as the party may specify in writing to the other and shall
      be deemed to have been received if delivered, on the date of delivery, and
      if mailed as aforesaid, then on the second business day following the date
      of mailing thereof, provided that if there shall be at the time of mailing
      or within two business days thereof a strike, slowdown or other labour
      dispute which might affect delivery of notice by the mails, then the
      notice shall only be effective if actually delivered.

	 	 
	6.6 	
      The waiver by the Employee or by Shellbridge of a breach
      of any provision of this Agreement by Shellbridge or by the Employee shall
      not operate or be construed as a waiver of any subsequent breach by
      Shellbridge or by the Employee.

- 9 -

	6.7 	
      This Agreement shall inure to the benefits of and be
      enforceable by the Employee’s legal representatives, executors,
      administrator, successors, heirs, distributees, devisees and legatees. If
      the Employee should die while any amounts are still payable to the
      Employee hereunder, all such amounts, unless otherwise provided herein,
      shall be paid in accordance with the terms of this Agreement to such legal
      representatives, executors, administrator, successors, heirs,
      distributees, devisees and legatees or, if there be no such designee, to
      the Employee’s estate.

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

	The Corporate Seal of SHELLBRIDGE OIL 	) 	 	  
	& GAS, INC. was hereunto affixed in the 	) 	 	  
	presence of: 	) 	 	  
	  	) 	 	  
	“signed” 	) 	 	c/s 
	  	) 	 	  
	Authorized Signatory 	) 	 	  
	  	) 	 	  
	“signed” 	) 	 	  
	  	) 	 	  
	Authorized Signatory 	  	 	  
	  	  	 	  
	  	  	 	  
	  	  	 	  
	SIGNED, SEALED AND DELIVERED by 	) 	 	  
	MICHAEL BARDELL in the presence of: 	) 	 	  
	  	) 	 	  
	  	) 	 	  
	  	) 	 	  
	Name 	) 	 	  
	  	) 	 	  
	  	) 	 	“signed” 
	Address 	) 	 	 
    
	  	) 	 	MICHAEL BARDELL 
	  	) 	 	  
	  	) 	 	  
	  	) 	 	  
	  	) 	 	  
	Occupation 	) 	 	  
	  	) 	 	  

SCHEDULE “A”

Employee

	Salary: 	$117,600 per annum. 
	 	 
	Holidays: 	Five (5) weeks per annum. 
	 	 
	Severance Equivalent: 	Twenty-four (24) months’ base salary, pursuant
      to paragraphs 4.2(b) and 4.5(b). 
	 	 
	Other Benefits: 	Medical, dental, AD&D and life insurance
      coverage as provided in the Company’s benefits package.

Dated: January 25, 2006.

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