Document:

Exhibit 10.3

Summary of Executive Compensation of Named Executive Officers

      The current salaries payable to each "named executive officer", as defined
in Item 402 of Regulation S-K, of Franklin Street Properties Corp. (the
"Company") are as follows:

George J. Carter, President and Chief Executive Officer (PEO)           $225,000

John G. Demeritt, Chief Financial Officer (PFO)                         $180,000

Barbara J. Fournier, Vice President, Chief Operating                    $200,000
Officer, Treasurer and Secretary

R. Scott MacPhee, Executive Vice President                                    --

William W. Gribbell, Executive Vice President                                 --

      Messrs. MacPhee and Gribbell are Investment Executives of the Company,
whose compensation consists primarily of commissions earned on the sale of
interests in the Sponsored REITs that are syndicated by the Company. As is
standard practice in the investment industry, Investment Executives earn as
commission a percentage of payout of the gross sales commission earned on each
investment sale. The actual amount of compensation earned as commissions is
determined by the level of sales conducted by each individual.

      Each of the named executive officers listed above, other than the
Investment Executives, is eligible for a bonus payable in the form of cash
and/or shares of common stock of the Company based on the Company's performance
and the individual's performance during the year.

      With respect to the 2006 fiscal year, the Company paid the following cash
bonuses(1) to its named executive officers in 2007:

John G. Demeritt, Chief Financial Officer (PFO)                         $335,000

Barbara J. Fournier, Vice President, Chief Operating                    $365,000
Officer, Treasurer and Secretary

        The Company did not grant any stock awards to any of its named executive
officers for the 2006 fiscal year.

--------
(1)   George J. Carter is the President and Chief Executive Officer of the
      Company. Mr. Carter's overall performance for 2006 was considered
      excellent by the Compensation Committee. However, at the request of Mr.
      Carter, the Compensation Committee did not consider making any
      recommendation to the Board for a cash bonus for 2006 performance.
      Although the Compensation Committee considered the Company's results
      during 2006 to be outstanding, the price of the Company's common stock did
      not increase measurably over the course of the year. The price per share
      at the beginning of 2006 was $20.95 and the price per share at the end of
      2006 was $21.05. Mr. Carter believes that the Chief Executive Officer has
      the ultimate responsibility for the stock price and that it is the Chief
      Executive Officer's responsibility to get the Company's message out to the
      public. The Compensation Committee determined that, based upon the
      performance of the Company and Mr. Carter personally, Mr. Carter deserved
      a bonus. However, the Compensation Committee decided to honor Mr. Carter's
      request that he not be considered for a cash bonus.December
      1, 2006

     

    Mr.
      Keith
      Miles

    Vice
      President Operations

    Endeavor
      Energy Corp.      

    300
      - 407
      2nd
      Street
      SW

    Calgary,
      Alberta T2P 2Y3

    

    Re:
      Acadia North, Empress and 3D Seismic area Lands.

    

     

    Dear
      Mr.
      Miles:

     

    This
      letter of intent (the “Letter of Intent”) sets forth our understanding of the
      mutual intentions of the parties regarding the proposed transaction between
      Quest Canada Corp., (“Quest”) and Endeavor Energy Corp, (“Endeavor”).

    

    Each
      party understands and acknowledges that this is a binding Letter of Intent
      and
      this Letter of Intent does create a binding contract, which will be subject
      to
      more definitive agreements. Both parties agree to complete definitive agreements
      within fifteen business days of execution of the Letter of Intent.

    

    1.  Structure
      of Transaction.

     

    1.1  Endeavor
      Data Acquisition.
      Endeavor will acquire from Quest a non-Exclusive License of 3D Seismic data
      owned by Quest Canada covering 10 square miles. The license fee to be paid
      by
      Endeavor to Quest will be Two Hundred and Fifty Thousand Dollars ($250,000
      US),
      (the “Licensing Fee”). The Licensing Fee shall be payable to Quest Canada upon
      execution of this Letter of Intent and release of the data by an escrow agent.
      A
      complete inventory of the data is attached hereto as Exhibit “A”. Endeavor is
      entitled and will receive repayment of risk capital of $250,000 by Endeavor
      from
      the production of the first production gas well, to the extent there is
      production from the new wells drilled. Endeavor agrees to pay all costs
      associated with interpreting the data which shall be for internal use only
      and
      completed within 60 days of delivery of the data. Quest shall have ownership
      of
      all results of the interpretation and internal documents that pertain to the
      seismic area surveyed. 

     

    1.2  Structure
      of Future Participation. 
      Endeavor
      warrants and represents that it has the financial capability to complete the
      drilling estimates should it elect to proceed with the project. Endeavor agrees
      to commence drilling operations within 6 months of interpretation of the seismic
      data.

     

     

    In
      addition to the non-exclusive licensing fee, Quest shall receive the right
      to
      participate in all future operations derived from (i) the existing lands owned
      and or controlled by Quest attached hereto as Exhibit “B” and (ii) and on any
      lands acquired, farmed out and/or joint ventured or where Endeavors officers,
      directors, or affiliates receive an economic benefit from the properties covered
      within the 3D seismic area and 1 mile outside of the surveyed area (“Covered
      Properties”). Quest shall have a thirty (30) day option period prior to each
      drilling opportunity to participate in one of the following forms:

     

    	·  	
            a
              GORR in an amount equal to 10% for properties we own and 5% for other
              properties within the Covered Properties, with no additional capital
              commitment

          

     

    	·  	
            a
              NCOR% in an amount equal to 15% for all properties within the Covered
              Properties, with no additional capital commitment, except for the portion
              of the Covered Properties that is 1 mile outside of the surveyed area
              shall be at a GORR of 5%

          

     

    	·  	
            or
              as a 50-50 joint venture in which Quest provides 50% of the capital
              required for all properties within the Covered Properties, except for
              the
              portion of the Covered Properties that is 1 mile outside of the surveyed
              area shall be at a GORR of 5% . In the event Quest elects to participate,
              Quest will be notified within 30 days of spud, and AFE will be sent
              followed by Cash Call, Cash Call must be paid with in 7 business days
              of
              receipt.

          

     

    1.3
       Minimum
      Guarantee.  Endeavor
      agrees to drill one natural gas well on any Exhibit B lands in the Viking zone
      within 6 months from the completion of the interpretation of the 3D seismic
      data
      and commits to a minimum drilling capital commitment/expenditure of $1,000,000
      US within 12 months from the completion of the interpretation of the 3D seismic
      data, subject to successful interpretation of the 3D seismic data. If Endeavor
      chooses not to proceed with this drilling commitment, for whatever reason,
      then
      Endeavor, including its affiliates, officers and directors, will forfeit all
      rights it has under this agreement; excluding the new wells and re-works on
      existing wells to the extent Endeavor expends funds on the properties, which
      Endeavor shall maintain; within the Covered Properties, and shall return all
      copies of the 3D seismic data and its interpretation. To the extent that the
      $1,000,000 US has been expended within the time frames identified above,
      Endeavor shall retain all of its rights under this agreement.

     

    1.4 Maintenance
      of Existing and Future properties. All
      properties currently owned by Quest shall remain in Quests name, Endeavor will
      become operator of record and abide by the CAPL operators guidelines, subject
      to
      amendments or modifications that are acceptable to both Quest and Endeavor.
      Endeavor will be responsible for bearing the costs associated with these
      properties. 

     

    1.5  Definitive
      Agreements.
      After
      Quest’s receipt of a fully-executed Letter of Intent from Endeavor, Quest’s
      counsel will commence preparation of definitive agreements which will effectuate
      the transactions and arrangements contemplated herein (the “Definitive
      Agreements”). The Definitive Agreements will contain the provisions outlined
      above, comprehensive representations and warranties, covenants, conditions,
      and
      indemnifications which will all survive the closing.

     

    2.  Additional
      Terms.
      

     

    2.1  Due
      Diligence.
      Commencing on the date of execution by Endeavor, both parties shall have the
      opportunity for a due diligence review and investigation of each other and
      the
      operations of the businesses, which shall include, among other things, review
      and investigation of the operational, legal, financial, environmental,
      employment, and other matters. Each party shall fully cooperate with each other
      in the conduct of such review and investigation as part of the due diligence
      process and will promptly furnish to each other and its representatives such
      financial, operating data and other information as reasonably requested.

     

    2.2  Expenses.
      Quest
      and Endeavor shall each pay their own fees and expenses and those of their
      agents, advisors, attorneys and accountants with respect to the negotiation
      of
      this Letter of Intent, the negotiation of the Definitive Agreements and, if
      Definitive Agreements are executed, the closing of the transactions contemplated
      by the Definitive Agreements.

     

    3.  Public
      Announcement.
      Quest
      and Endeavor agree not to issue any press release or make any public
      announcement of the transactions contemplated herein without prior written
      mutual consent, except where a public announcement is otherwise required by
      law.

     

    Miscellaneous.

     

    3.1  Governing
      Law.
      This
      Letter of Intent shall be governed and construed in accordance with the laws
      of
      the State of California. The agreed upon CAPL agreement shall be governed and
      construed in accordance with the laws of Alberta, Canada.

     

    3.2  Attorneys’
      Fees.
      If any
      legal action or any other proceeding is brought for the enforcement of this
      Letter of Intent or as a result of this Letter of Intent, the prevailing party
      shall be entitled to recover from the non-prevailing party its reasonable
      attorneys’ fees and other costs incurred in connection with said action or
      proceeding and any appeal.

     

     

    Kindly
      execute the signature line below to acknowledge your agreement to the terms
      outlined above and return it to us via facsimile. I look forward to a long
      and
      mutually beneficial relationship. Please do not hesitate to contact me with
      any
      questions. 

     

    

    Best
      Regards,

    

    /s/
      Phil Scott

    

    Phil
      Scott, CFA

    Chief
      Financial Officer

    
 

    Agreed
      and accepted:

    

    /s/
      Keith Miles

    ____________________________

    Keith
      Miles

    Vice
      President of Operations

    

    

    

    

    

    Exhibit
      “A”

    3-D
      Seismic Data Inventory

    

    
      	
              Quest
                Oil Corporation

            	 	 	 	 	 	 	 	 	 	 
	
              2005/2006
                Acadia North 3-D Seismic Acquisition Program

            	 	 	 	 	 	 	 
	
              Data
                Tape Log

            	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              Project

            	
              Job
                #

            	
              Tape
                #

            	
              Date

            	
              Crew
                #

            	
              Line

            	
              File

            	
              Line

            	
              Flag

            	
              Format

            	
              S.Rate

            	
              R.Len

            	
              AramAries

            	
              LC/HC

            
	
              Acadia
                North 2006 3D

            	
              0

            	
              1

            	
              1/4/2006

            	
              AR-34

            	
              3D

            	
              1-107

            	
              121-117

            	
              172-168

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:3
                HC:205Hz

            
	 	
              0

            	
              2

            	
              1/4/2006

            	
              AR-34

            	
              3D

            	
              108-132

            	
              117-121

            	
              167-161

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:3
                HC:205Hz

            
	 	
              0

            	
              3

            	
              1/4/2006

            	
              AR-34

            	
              3D

            	
              133-224

            	
              121-109

            	
              160-156

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:3
                HC:205Hz

            
	 	
              0

            	
              4

            	
              1/4/2006

            	
              AR-34

            	
              3D

            	
              225-308

            	
              109-115

            	
              155-149

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:3
                HC:205Hz

            
	 	
              1358

            	
              5

            	
              1/5/2006

            	
              AR-34

            	
              3D

            	
              309-370

            	
              115-107

            	
              150-143

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:3
                HC:205Hz

            
	 	
              1358

            	
              6

            	
              1/5/2006

            	
              AR-34

            	
              3D

            	
              371-471

            	
              107-105

            	
              144-135

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:3
                HC:205Hz

            
	 	
              1358

            	
              7

            	
              1/5/2006

            	
              AR-34

            	
              3D

            	
              472-548

            	
              105-109

            	
              134-122

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:3
                HC:205Hz

            
	 	
              1358

            	
              8

            	
              1/5/2006

            	
              AR-34

            	
              3D

            	
              549-613

            	
              109-113

            	
              121-122

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:3
                HC:205Hz

            
	 	
              1358

            	
              9

            	
              1/5/2006

            	
              AR-34

            	
              3D

            	
              614-693

            	
              113-117

            	
              120-105

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:3
                HC:205Hz

            
	 	
              1358

            	
              10

            	
              1/5/2006

            	
              AR-34

            	
              3D

            	
              694-793

            	
              117-105

            	
              104-101

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:3
                HC:205Hz

            
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              Project

            	
              Job
                #

            	
              Tape
                #

            	
              Date

            	
              Crew#

            	
              Line

            	
              SP

            	
              File

            	
              Format

            	
              S.Rate

            	
              R.Len

            	
              AramAries

            	
              LC/HC

            	 
	
              Acadia
                North 2005 3D

            	
              1352

            	
              1

            	
              12/30/2005

            	
              AR-34

            	
              101

            	
              101-112

            	
              1-60

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              2

            	
              12/30/2005

            	
              AR-34

            	
              121

            	
              111-115

            	
              61-158

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              3

            	
              12/30/2005

            	
              AR-34

            	
              115

            	
              116-105

            	
              159-179

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              4

            	
              12/31/2005

            	
              AR-34

            	
              3D

            	
              104-113

            	
              180-281

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              5

            	
              12/31/2005

            	
              AR-34

            	 	
              112-116

            	
              282-352

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              6

            	
              12/31/2005

            	
              AR-34

            	 	
              117-113

            	
              353-444

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              7

            	
              1/1/2005

            	
              AR-34

            	 	
              112-129

            	
              445-526

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              8

            	
              1/1/2005

            	
              AR-34

            	 	
              128-126

            	
              527-554

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              9

            	
              1/1/2005

            	
              AR-34

            	 	
              125-127

            	
              555-616

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              10

            	
              1/1/2005

            	
              AR-34

            	
              103

            	
              126-135

            	
              617-709

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              11

            	
              1/1/2005

            	
              AR-34

            	
              119

            	
              135-135

            	
              709-769

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              12

            	
              1/1/2005

            	
              AR-34

            	
              133

            	
              136-142

            	
              770-845

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              13

            	
              1/1/2005

            	
              AR-34

            	
              123

            	
              141-143

            	
              846-902

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              14

            	
              1/1/2005

            	
              AR-34

            	
              3D

            	
              124-141

            	
              903-972

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              15

            	
              1/2/2005

            	
              AR-34

            	 	
              140-158

            	
              973-1051

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              16

            	
              1/2/2005

            	
              AR-34

            	 	
              157-153

            	
              1052-1108

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              17

            	
              1/2/2005

            	
              AR-34

            	
              127

            	
              152-160

            	
              1109-1184

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              18

            	
              1/2/2005

            	
              AR-34

            	
              137

            	
              161-166

            	
              1185-1263

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              19

            	
              1/2/2005

            	
              AR-34

            	
              127

            	
              167-167

            	
              1264-1320

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              20

            	
              1/2/2005

            	
              AR-34

            	
              119

            	
              168-176

            	
              1321-1391

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              21

            	
              1/2/2005

            	
              AR-34

            	
              3D

            	
              177-161

            	
              1392-1474

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              22

            	
              1/3/2005

            	
              AR-34

            	 	
              162-172

            	
              1475-1533

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              23

            	
              1/3/2005

            	
              AR-34

            	
              113

            	
              173-176

            	
              1534-1590

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              24

            	
              1/3/2005

            	
              AR-34

            	
              3D

            	
              175-180

            	
              1591-1649

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              25

            	
              1/3/2005

            	
              AR-34

            	
              129

            	
              181-191

            	
              1650-1733

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              26

            	
              1/3/2005

            	
              AR-34

            	
              135

            	
              190-185

            	
              1734-1819

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              27

            	
              1/3/2005

            	
              AR-34

            	
              125

            	
              185-191

            	
              1820-1893

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              28

            	
              1/3/2005

            	
              AR-34

            	
              119

            	
              190-199

            	
              1894-1965

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              29

            	
              1/3/2005

            	
              AR-34

            	
              111

            	
              198-191

            	
              1966-2054

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 
	 	
              1352

            	
              30

            	
              1/3/2005

            	
              AR-34

            	
              3D

            	
              190-186

            	
              2056-2078

            	
              SEG-Y

            	
              2.00
                mS

            	
              3000mS

            	
              2.508

            	
              LC:
                3 HC: 205Hz

            	 

    

    
 

    

    Exhibit
      “B”

    Quest
      Canada Lands

    

      
        	
                PNG
                  Lease No.

              	
                Lands

              
	 	 
	
                0405090031

              	
                Section
                  23

                25-2-W4M

              
	 	 
	
                0405110388

              	
                Section
                  11

                26-2-W4M

              
	 	 
	
                0405110389

              	
                Section
                  12

                26-2-W4M

              
	 	 
	
                0406030069

              	
                Sections
                  1,2

                26-2-W4M

              
	 	 
	
                0401030100

              	
                Section
                  22

                25-2-W4M

              
	 	 
	
                0401030101

              	
                Section
                  34

                25-2-W4M

              
	 	 
	
                0503080787

              	
                Sections
                  10,15,22,23

                24-2-W4M

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]