Document:

agrmthillspg Ex 10-2

November 26, 2004

DELTA OIL & GAS INC.

1122 6 Ave. N. Seattle, Washington

98109 - USA

Re: Participation Proposal

Hillsprings Property, Alberta

______________________________________________________________

 

Whereas Win Energy Corporation (“Win”) has acquired a land position in the above noted property and whereas Delta Oil & Gas Inc. (“Delta”) has expressed an interest in participating with Win in future operations in its Hillsprings Property, the following proposal is submitted for review and consideration:

 

     1.     Win currently owns a working interest in the lands and leases described as the “Purchase Lands” in Schedule “A” attached hereto. In addition Win 

              controls the lands described as the “Option Lands” in Schedule “A”

 

     2.     Delta shall pay the sum of Four hundred fourteen thousand and Seven hundred and Sixty Six ($414,766 US) dollars (US Funds) (hereinafter referred to 

             as the “Purchase Price”) to Win to acquire a 10% working interest in the Purchase Lands subject only to the encumbrances shown in Schedule “A”.

 

     3.     The Purchase Price shall be payable to Win in the form of a certified cheque and shall be payable and received by Win on or before December 31, 

             2004.

   

     4.     Upon receipt of the Purchase Price from Delta by Win, Win shall prepare and circulate for execution by Delta a Joint Operating Agreement incorporating 

             the 1981 Operating Procedure together with the 1996 PASC Accounting Procedure utilizing standard rates, elections and amendments. The Joint 

             Operating Agreement shall govern all operations on the Purchase Lands between the parties hereto. The parties hereto agree in advance that the 1981 

             Operating Procedure shall utilize elective 2401 (B) establishing a right of first refusal on subsequent dispositions by the parties hereto.

 

     

Win Energy Corporation

Suite 240, 640 - 8th Avenue S.W. Calgary, Alberta, T2P 1G7

Bus: (404) 265-7787 - Fax: (403) 265-7767

 

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      5.     Win shall be named Initial Operator under the Joint Operating Agreement and shall conduct all operations with respect to the Purchase Lands in
              accordance therewith.

 

     6.     Delta shall have an option exercisable in writing to acquire a 10% working interest in the Option Lands. In the event Delta elects to acquire such interest, 

             it shall pay the sum of $207,833 (US Funds) to Win. Delta shall have until 4 pm (MST) on July 1, 2005 to exercise this option and provide payment to 

            Win as proposed in this clause. Failure to elect in writing or make the payment contemplated herein by this date shall terminate Delta’s right to acquire an 

             interest in the Option Lands.

 

     7.     The Effective Date of this transaction shall be the date on which Win has received the Purchase Price.

     8.     This offer is subject to approval by the Board of Directors of Win which approval shall be received on or before Monday December 6, 2004. Failure of 

             Win to secure approval of its Board of Directors shall terminate this Agreement.

     9.     Each of the parties hereto shall from time to time and at all times do such further acts and execute and deliver all such further deeds and documents as 

             shall be reasonably required in order to fully perform and carry out the terms of this Agreement. 

 

    10.    Time shall be of the essence.

 

    11.    Subject to the terms herein, this Agreement shall be binding upon and enure to the benefit of the Parties and their respective successors and permitted 

             assigns.

 

    12.    This Agreement shall be interpreted and construed in accordance with the laws in force in the Province of Alberta. The Parties agree to submit to the 

              exclusive jurisdiction of the courts of the Province of Alberta in any actions related to this Agreement.

 

 

Win Energy Corporation

Suite 240, 640 - 8th Avenue S.W. Calgary, Alberta, T2P 1G7

Bus: (404) 265-7787 - Fax: (403) 265-7767

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    13.    The Parties acknowledge they have expressed herein the entire understanding and obligations of this Agreement and it is expressly understood and 

             agreed no implied covenant, condition, term or reservation shall be read into this Agreement relating to or concerning any matter or operation provided 

             for herein.

    14.    This offer shall remain open for acceptance by Delta up to 4 p.m. (MST) on Thursday December 2, 2004.

 

Yours truly,

WIN ENERGY CORPORATION

/s/ Matthew Philipchuk    

Vice President - Operations

AGREED TO AND ACCEPTED THIS 30 DAY OF NOVEMBER, 2004

/s/ Douglas N. Bolen

____________________________________________

DELTA OIL & GAS INC.

 

Win Energy Corporation

Suite 240, 640 - 8th Avenue S.W. Calgary, Alberta, T2P 1G7

Bus: (404) 265-7787 - Fax: (403) 265-7767

 

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Schedule “A”

Attached to and forming part of a Participation Proposal dated November 26, 2004

between Win Energy Corporation and Delta Oil & Gas Inc.

Hillsprings Area, Alberta

The “Purchase Lands”

                                                                                                                                                                         CURRENT

TITLE DOCUMENT                                LAND DESCRIPTION        INTERESTS

The “Lands”             Twp 5, Rge 29 W4M: S 1⁄2 Section 34       Win 50%

FH PNG Lease                                                               PNG to base of Fernie formation               (Pooled Interest)

Ptn of Crown PNG License                           Twp 5, Rge 29 W4M: N 1⁄2 Section 34      Win 50%

No. 5502030123                          PNG to base of Fernie formation              (Pooled Interest)

Encumbrances:

Crown Lessor Royalty (N 1⁄2 34)

Lessors Royalty - 16.667% (S 1⁄2 34)

GORR - 3% (Section 34)

Lands are pooled to base of the Fernie formation pursuant to a Non Cross-Conveyed Pooling Agreement dated January 12, 2004 amongst Talisman Energy Canada, Triangle Resources Inc, Win Energy Inc. and T.V. Oil & Gas Canada Ltd. The interests of Triangle, Win Energy and T.V. were acquired by Win Energy Corporation.

 

Win Energy Corporation

Suite 240, 640 - 8th Avenue S.W. Calgary, Alberta, T2P 1G7

Bus: (404) 265-7787 - Fax: (403) 265-7767

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The “Option Lands”

                                                                                                                                                                          CONTROLLED

TITLE DOCUMENT                                  LAND DESCRIPTION        INTERESTS

The “Option Lands”

FH PNG Lease                            Twp 5, Rge 29 W4M: SE 1⁄4 Section 26     Win 100%

(L. Hochstein)

FH PNG Lease                            Twp 5, Rge 29 W4M: SW 1⁄4 Section 26                      Win 100%

(L. Hochstein)

FH PNG Lease                            Twp 5, Rge 29 W4M: NE 1⁄4 Section 26                       Win 100%

(L. Hochstein)

FH PNG Lease                            Twp 5, Rge 29 W4M: NW 1⁄4 Section 26                      Win 100%

(L. Hochstein)

FH PNG Lease                            Twp 5, Rge 28 W4M: E 1⁄2 Section 26                           Win 100%

(S. Lynes)                                    (1/6 interest)

 

FH PNG Lease                            Twp 5, Rge 28 W4M: E 1⁄2 Section 26                            Win 100%

(J. Tillack)                                    (1/6 interest)

 

FH PNG Lease                            Twp 5, Rge 28 W4M: E 1⁄2 Section 26                             Win 100%

(H. Planger)                                 (1/6 interest)

 

FH PNG Lease                            Twp 5, Rge 28 W4M: E 1⁄2 Section 26                             Win 100%

(E. Koop)                                     (1/2 interest)

FH PNG Lease                            Twp 5, Rge 28 W4M: W 1⁄2 Section 26                            Win 100%

(F. McGlynn/D. McGlynn)

 

Win Energy Corporation

Suite 240, 640 - 8th Avenue S.W. Calgary, Alberta, T2P 1G7

Bus: (404) 265-7787 - Fax: (403) 265-7767

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FH PNG Lease                            Twp 5, Rge 28 W4M: NW 1⁄4 Section 27                          Win 100%

(D. McGlynn)

Encumbrances:

18% Lessors Royalty (Section 26-5-29W4M)

15% Lessors Royalty (Section 26 and NW 1⁄4 Section 27-5-28W4M)

3% GORR

 

 

Win Energy Corporation

Suite 240, 640 - 8th Avenue S.W. Calgary, Alberta, T2P 1G7

Bus: (404) 265-7787 - Fax: (403) 265-7767

 

	 	6agrmttchillspg Ex 10-3

 

December 26, 2004

DELTA OIL & GAS INC.

Re: Amendment to Closing Dates

Todd Creek and Hillsprings Participation Proposals

______________________________________________________________

 

Pursuant to our recent conversation, this letter will confirm each of our company's agreement to the revisions of each of the separate Participation Proposals dated November 26, 2004 between Delta and Win covering lands in the Todd Creek and Hillsprings Areas of Alberta.

 

     1.     Clause 3 of the Participation Proposal for each of the Participation Proposals dated November 26, 2004 is hereby amended by replacing “December 

              31, 2004” with “January 14, 2005”.

 

     2.     The following shall be added as Clauses 16, 17 and 18 to each of the Participation Proposals dated November 26, 2004:

 

              16.     Delta warrants that it is not a non-resident of Canada within the meaning of the Income Tax Act (Canada);

 

              17.     Delta represents that it has conducted due diligence enquiries and investigations as typically required in order to determine its decision to enter into 

                         and complete the transaction contemplated herein and as such has relied on its own expertise in making its decision to enter into this Agreement;

 

              18.     Delta covenants and agrees to indemnify and save harmless Win of and from any losses, debts, damages, liabilities, expenses, claims, demands or 

                        costs (including legal costs on a solicitor-client basis) suffered or incurred by Win directly or indirectly as a result of or arising out of any breach 

                        by Delta of any of the provisions contained in this Agreement.

 

In consideration for Win’s granting the revision to the Closing Date, Delta agrees to pay to Win the sum of fifty thousands ($50,000 US) dollars (US Funds) on or before December 31, 2004 (hereinafter referred to as the “Deposit”).

 

Win Energy Corporation

Suite 240, 640 - 8th Avenue S.W. Calgary, Alberta, T2P 1G7

Bus: (403) 265-7787 - Fax: (403) 265-7767

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In the event Delta does not make the payments contemplated under the separate Participation Proposals dated November 26, 2004 on or before the revised Closing Date, the Deposit shall be forfeited to Win for its sole use and benefit. 

For the purpose of completing the transfer of funds to satisfy the payment of the Purchase Price and the Deposit, the following is the information required for transferring of funds to Win:

                              Company:          Win Energy Corporation

                              Bank:                 HSBC

                              Bank                  Code: 016

                              Branch:               333 - 5th Ave. S.W. Calgary, AB. T2P 3B6

                             Account No.:      10149-093365-001 (CAD)

                             Swift Code:         HKBCCATT

                             ABA NO:           021001088 (use only for U.S. funds)

Please indicate your acceptance of these amendments by signing and returning one (1) copy of this letter to the undersigned.

Yours truly,

WIN ENERGY CORPORATION

/s/ Matthew Philipchuk    

Vice President - Operations

AGREED TO AND ACCEPTED THIS 29 DAY OF DECEMBER, 2004

/s/ Douglas N. Bolen   

DELTA OIL & GAS INC.

 

Win Energy Corporation

Suite 240, 640 - 8th Avenue S.W. Calgary, Alberta, T2P 1G7

Bus: (403) 265-7787 - Fax: (403) 265-7767

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