Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Park Place Energy Corp. - Exhibit 10.14

PARK PLACE ENERGY (CANADA) INC. 

 

November 30, 2007 

Great Northern Oilsands Inc. 
600 – 595 Hornby Street

Vancouver, BC V6C 2E8 

Attention:              
David Lane 

Re:      Settlement of Indebtedness

This letter will serve to confirm the basis upon which Great
Northern Oilsands Inc. (“Great Northern”) and Park Place Energy Inc. (“Park
Place”) have agreed to settle an outstanding indebtedness of $363,542 (the
“Debt”) which it is acknowledged is owing by Great Northern to Park Place as of
the date hereof, which Debt represents the entire indebtedness of Great Northern
to Park Place as of the date hereof. In this regard we confirm that Great
Northern shall assign all its right, title and interest in and to that
Participation Agreement between Great Northern and Montello Resources Ltd. dated
August 8, 2007 respecting the Morgan Highpoint Project Lands (the “Lands”). In
connection with such assignment Park Place hereby grants to Great Northern a 1%
overriding royalty on Park Place’s share of production from the Lands to be
calculated in accordance with the CAPL 1997 Overriding Royalty Procedure. 

Accepting the above accurately details your understanding of
our agreement in this regard, could you please execute this letter where
indicated and return same at your earliest convenience. On receipt we shall
proceed to generate the formal documents necessary to give effect to the
assignments and overriding royalty provided for herein however confirm that this
letter of agreement constitutes a binding agreement on both parties. 

PARK PLACE ENERGY (CANADA) INC. 

	Per: 	/s/ David Stadnyk 	 
	  	Authorized Signatory 	 

Acknowledged and agreed to this 30th day of
November, 2007. 

GREAT NORTHERN OILSANDS INC. 

	Per: 	/s/ David Lane 	 
	  	Authorized SignatoryFiled by Automated Filing Services Inc. (604) 609-0244 - Park Place Energy Corp. - Exhibit 10.15

Participation Agreement 

Morgan County Tennessee 

This Participation Agreement entered into as of the 8th day of
August A.D., 2007

Between:

  
    
      Montello Resources Ltd., a body corporate, having
        an office in the City of Calgary in the Province of Alberta, (hereinafter
        referred to as “MEO”)

    

  

Party Of The First Part 

-and- 

  
    
      Great Northern Oilsands Inc., a body corporate,
        having an office in the City of Vancouver in the Province of B.C., (hereinafter
        referred to as “GNOS)

    

  

Party Of The Second Part 

Whereas MEO is a resource exploration and development,
company, which trades on the TSX Venture Exchange under the symbol MEO, with
offices in Calgary, Alberta, Canada; and

Whereas MEO has acquired in Morgan County, Tennessee
certain oil and gas leases comprising -P900 acres along with a 60% interest in
the cased Bowen # 1 Well as detailed on Schedule “A” attached hereto, which
hereinafter are collectively referred to as “the Morgan Highpoint Project
Lands”; and

Whereas MEO has also entered into a farm-out agreement
with Austin Developments Ltd. (“Austin”) which, if adhered to by Austin will
result in an investment by Austin in 1 and possibly up to 3 or more additional
drilling locations on the Morgan Highpoint Project Lands; and

Whereas Austin has presently advanced 80% of the US
$3,000,000 gross costs anticipated to be incurred with respect to the drilling,
completing and equipping of the John Bowen #2 Well to earn a Net 40% Working
Interest (“W.I”) in the Morgan Highpoint Project Lands. All costs above US
$3,000,000 will be shared on a pro-rata basis according to each party’s earned
W.I.; and

Whereas MEO has incurred to date incidental land costs
and other costs over and above the anticipated US $3,000,000 to drill and
complete the John Bowen #2 Well in the amount of approximately US $500,000,
hereinafter referred to as “Prior Expenditures”; and

Whereas subject to the terms and conditions contained
herein MEO is prepared to bring in GNOS as a participant in and to the Morgan
Highpoint Project Lands.

- 2 - 

NOW THEREFORE THIS AGREEMENT WITNESSETH that in
consideration of the premises and of the covenants and agreements of the Parties
as hereinafter set forth, the Parties do hereby covenant and agree as
follows:

	1. 	
      MEO is prepared to bring GNOS in as a participant in the
      Morgan Highpoint Project Lands on the condition that GNOS sign the AFE
      pertaining to the John Bowen #2 Well as to 10% of the anticipated US
      $3,000,000 in gross costs and in this regard advance US $300,000 to MEO
      prior to the close of business August 9, 2007.

	 	 
	2. 	
      GNOS will reimburse MEO on or before the close of
      business August 8, 2007 $25,000 for 5% of the Prior Expenditures incurred
      by MEO in acquiring and developing the Morgan Highpoint Project
    Lands.

	 	 
	3. 	
      MEO will invoice GNOS for its 5% share, on a straight up
      pro rata basis, for all new costs incurred after August 7th, 2007 as per
      the terms and conditions defined in the “Farm-In Agreement including
      additional costs relating to land acquisition, evolving drilling strategy,
      ongoing data gathering from well site geology, ‘Telluric Survey Work,
      aerial photography, imagery, seismic, and any other field technical; :non
      technical, or administrative costs undertaken and/or warranted by the
      Operator.

	 	 
	4. 	
      Upon GNOS paying the US $325,000 outlined in Clauses 1
      & 2 hereof as well as 5% of any cost overruns, if any, attributable to
      the John Bowen #2 Well GNOS will have earned an undivided net 5% working
      interest in the Morgan Highpoint Project Lands along with an undivided 5%
      interest in the John Bowen #1 Well. Drilling Activity Updates will not be
      provided until full payment is received. In the event MEO is able to
      drill, complete, equip and tie-in the John Bowen #2 Well for less than US
      $3,000,000 GNOS’s 10% unexpended share of the AFE will be applied against
      additional costs as contemplated in Clause 3 hereof or refunded to GNOS if
      GNOS has paid all outstanding costs as contemplated in Clause 3
    hereof.

	 	 
	5. 	
      MEO will immediately confirm that it has approval from
      its Board of Directors to proceed with this transaction.

	 	 
	6. 	
      Monies paid by GNOS will be held in trust at MEO’s Bank
      of Montreal US Account until full payment is made and then transfer of
      these monies will be made to the First Savings and Trust Bank in Oneida
      Tennessee.

	 	 
	7. 	
      Both parties must be aware of unforeseen regulatory
      implications should there be any delay in full funding prior to spud date
      therefore exposing this agreement to possible disapproval by a Regulatory
      Authority. It is the intent of MEO to expedite paperwork with GNOS to
      avoid such possibility and ensure approval.

	 	 
	8. 	
      MEO understands that GNOS may wish to increase their
      participation to a higher percentage W.I. in the Morgan Highpoint Project
      on a straight up basis after the John Bowen #2 Well (Morgan Highpoint #1)
      is drilled. MEO will endeavor to assist on, a best efforts
  basis.

- 3 - 

	9. 	
      If MEO presents to GNOS a new AFE and an information
      package for a follow-up well to be drilled on other Morgan Highpoint
      Project Lands GNOS will have 10 days from the date of presentation of the
      aforesaid information to: sign the AFE and return it to MEO. In the event
      GNOS elects not to participate as to its earned 5% working interest GNOS
      will forfeit its interest in the proposed drilling spacing unit to MEO.
      Conversely if GNOS signs the AFE and does not forward 100% of its share of
      the funds attributable to the subject AFE to MEO within 7 days of the
      proposed spud date, GNOS will again forfeit its interest in the proposed
      drilling spacing unit to MEO.

	 	 
	10. 	
      GNOS is welcome to utilize any information on MEO’s web
      site at www.montello.com for the purpose of building information on their
      own Web Site, subject to prior permission and approval. MEO simply wishes
      to try and ensure that MEO does not inadvertently compromise any
      regulatory rules of the TSX Venture Exchange, or other regulatory
      authority. In this regard GNOS agrees that prior to issuing any Press
      Releases relating to this Participation Agreement GNOS will forward a
      Draft of the applicable Press Release to MEO, for their approval which
      approval may not be unreasonably withheld by MEO.

	 	 
	11. 	
      The parties hereto agree to forthwith enter into more
      formal documentation incorporating the terms and conditions contained
      herein.

	 	 
	12. 	
      MEO agrees to create an Area of Mutual Interest covering
      the County of Morgan in the State of Tennessee pursuant to which GNOS will
      have the right to participate as to an undivided 5% interest in acquiring
      additional lands and leases with MEO.

IN WITNESS WHEREOF the Parties hereto have caused this
Participation Agreement to be executed as of the day and year first above
written.

		Montello
      Resources Ltd. 	 	Great Northern Oilsands
      Inc. 
	  	  	 	  
	  	  	 	  
	Per: 	/s/ William Cawker 	 	/s/ David Lane 
	  	William R.(Bill) Cawker 	 	David Lane 
	  	President-CEO-Chairman 	 	President 
	  	  	 	  
	cc: 	Dwayne Tyrkalo, President 	 	  
	  	Montello Resources Ltd. USA 	 	  

Schedule “A” 

This is Schedule “A” attached to and incorporated into a
Participation Agreement dated as of August 4, 2007 between Montello Resources
Ltd. and Great Northern Oilsands Inc.

Morgan Highpoint Project Lands & Well

	Legal Description 	Lessor 	Acres 	Encumbrances 
	  	  	  	(Royalties) 
	  	  	  	  
	John Bowen 	freehold 	110 	  18.67% 
	Elmer Howard 	freehold 	459 	12.5% 
	Len Slack 	freehold 	253 	12.5% 
	John Sampley 	freehold 	  58 	12.5% 

Cased Well

John Bowen #1 
Drilled in 2004 to 3650
ft
Requires a re-perferate and frac to be performed after Bowen #2
drilling is complete

Notes:

If a well site is located on the mineral owners property the
royalty attributable to the mineral owner’s lease will be amended to be a 1
/6th royalty up from a 1/8th royalty which is the case
with respect to the John Bowen Lease.

Deep well spacing units below 5,000 ft requires 160 ac.

The surface land owners that have wells on there property do
not receive annual surface lease payments. Montello Resources USA Ltd is
attempting to follow good oilfield standards used in Canada.

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