Document:

SHARE EXCHANGE AGREEMENT

                      dated the 17th day of November, 2011

                                     AMONG

                             The Persons Listed on

                                  SCHEDULE "A"

                                    - AND -

                              1629518 ALBERTA LTD.

                                    - AND -

                     AUSTRALIAN-CANADIAN OIL ROYALTIES LTD.

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ARTICLE 1
         DEFINITIONS AND INTERPRETATION........................................1

                 Definitions...................................................1
                 Interpretation................................................5

ARTICLE 2
         SHARE EXCHANGE........................................................6

                 Purchase and Sale.............................................6
                 Purchase Consideration........................................6
                 Resale Restrictions...........................................7

ARTICLE 3
         REPRESENTATIONS AND WARRANTIES OF NEWCO...............................7

                 Organization and Existence....................................7
                 Authorized Capital............................................7
                 Subsidiaries..................................................8
                 Information...................................................8
                 Authorization and Consents....................................8
                 No Other Agreement to Purchase................................8
                 Agreements or Restrictions on Transfer of Shares..............8
                 Shareholder Loans.............................................8
                 Absence of Certain Changes....................................9
                 Indebtedness and Liens.......................................10
                 Indebtedness to Directors, Officers and Others...............10
                 Taxes........................................................10
                 Material Contracts...........................................11
                 Necessary Licenses and Permits...............................11
                 Compliance with Law..........................................11
                 Employees....................................................11
                 Litigation...................................................12
                 No Material Adverse Change...................................12
                 Employee Benefit Plans.......................................12
                 Insurance....................................................12
                 Location of Office...........................................12
                 Company Documents, Books and Records.........................13
                 No Limitations...............................................13
                 Reporting Issuer Status......................................13
                 Regulatory Compliance........................................13
                 Non-Arm's Length Transactions................................13
                 Environmental Laws...........................................13
                 Enforceability...............................................14

                                       i

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ARTICLE 4
         REPRESENTATIONS AND WARRANTIES OF NEWCO SECURITYHOLDERS..............14

                 Capacity.....................................................14
                 Execution and Delivery.......................................14
                 No Violation.................................................14
                 Securities Laws..............................................15
                 Ownership....................................................15

ARTICLE 5
         REPRESENTATIONS AND WARRANTIES OF ACOR...............................15

                 Organization and Existence...................................15
                 Authorization................................................16
                 Consents.....................................................16
                 Authorized Capital...........................................16
                 No Material Adverse Change...................................16
                 Reporting Issuer Status......................................17
                 OTCBB Listing................................................17
                 Reports and ACOR Financial Statements........................17
                 Absence of Certain Changes...................................17
                 Corporate Documents, Books and Records.......................19
                 Information..................................................19
                 No Other Agreement to Purchase...............................19
                 Shareholder Loans............................................19
                 Indebtedness and Liens.......................................19
                 Indebtedness to Directors, Officers and Others...............19
                 Taxes........................................................20
                 Material Contracts...........................................20
                 Title to Property............................................20
                 Intangible Property..........................................21
                 Necessary Licenses and Permits...............................21
                 Compliance with Law..........................................21
                 Employees....................................................21
                 Litigation...................................................22
                 Employee Benefit Plans.......................................22
                 Insurance....................................................22
                 Location of Office...........................................22
                 No Limitations...............................................23
                 Regulatory Compliance........................................23
                 Non-Arm's Length Transactions................................23
                 Environmental Laws...........................................23
                 Enforceability...............................................23

ARTICLE 6
         SURVIVAL OF REPRESENTATIONS AND WARRANTIES...........................23

                 Survival of Representations and Warranties...................23

                                       ii

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ARTICLE 7
         COVENANTS OF THE NEWCO SECURITYHOLDERS...............................24

                 Covenants of the Newco Securityholders.......................24
                          Delivery of Share Certificates......................24
                          Filing of Reports...................................25
                          Representations and Warranties......................25
                          Conditions..........................................25
                 Covenants of Newco...........................................28
                          Representations and Warranties......................28
                          Conditions..........................................28
                          Additional Deliveries by Newco at Closing...........28

ARTICLE 8
         COVENANTS OF ACOR....................................................29

                 Covenants of ACOR............................................29
                          Necessary Consents..................................29
                          Approval of  Financing..............................29
                          Conditions..........................................29
                          Status and Filings..................................29
                          Directors...........................................29
                          Listing.............................................32
                          Representations and Warranties......................32
                          Additional Deliveries by ACOR at Closing............32

ARTICLE 9
         MUTUAL COVENANTS.....................................................33

                          Preparation of Filings..............................33
                          Notice of Material Change...........................33
                          Consummation of the Transaction and the Acquisition.34
                          Other Filings.......................................34
                          Additional Agreements...............................34

ARTICLE 10
         INDEMNIFICATION......................................................34

                 Indemnification by ACOR......................................34
                 Indemnification by Newco.....................................35
                 Indemnification by The Newco Securityholders.................35
                 Limitation on Indemnification................................35
                 Procedure for Indemnification................................35

ARTICLE 11
         CONDITIONS PRECEDENT.................................................36

                 Mutual Conditions Precedent..................................36
                 Condition Precedent for the Benefit of Newco and the
                        Newco Securityholders.................................37
                 Condition Precedent for the Benefit of ACOR..................37

ARTICLE 12
         CLOSING..............................................................38

                 Time of Closing..............................................38
                 Closing Procedures...........................................38

                                      iii

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ARTICLE 13
         TERMINATION..........................................................38

                 Termination Rights...........................................38
                 Effect of Termination........................................38

ARTICLE 14
         EXPENSES.............................................................39

                 Professional Fees............................................39

ARTICLE 15
         GENERAL..............................................................39

                 Public Announcement..........................................39
                 Independent Legal Advice.....................................39
                 Standstill...................................................39
                 Entire Agreement.............................................39
                 Further Assurances...........................................40
                 Commercially Reasonable Efforts..............................40
                 Severability.................................................40
                 Applicable Law...............................................40
                 Governing Language...........................................40
                 Attornment...................................................40
                 Successors and Assigns.......................................41
                 Time of Essence..............................................41
                 Notices......................................................41
                 Waiver.......................................................42
                 Amendments...................................................42
                 Remedies Cumulative..........................................42
                 Notice of Untrue Covenants, Representation or Warrant........42
                 Counterparts.................................................43

SCHEDULES

Schedule "A"              1629518 Alberta Ltd. Shares
Schedule "B"              ACOR Warrants
Schedule "C"              Warrant Certificate

Schedule 5.2              Organization and Existence
Schedule 5.6              Authorized Share Capital
Schedule  5.8  No  Material  Adverse  Change  and Absence of Certain Changes and
Indebtedness and Liens Schedule 5.14(g) Capital Expenditure Requirements

Schedule 5.18             Shareholder Loans
Schedule 5.20             Indebtedness to Directors, Officers and Others
Schedule 5.23             Title to Property
Schedule 5.27             Necessary Licenses and Permits
Schedule 5.31             Litigation
Schedule 5.37             Non-Arm's Length Transactions

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                            SHARE EXCHANGE AGREEMENT

THIS AGREEMENT is dated as of the 17th day of November, 2011.

AMONG:

             NEWCO SECURITYHOLDERS (the Persons Listed on Schedule "A")

             (Each, individually a "NEWCO SECURITYHOLDER" and collectively, the
             "NEWCO SECURITYHOLDERS")

AND:

             1629518 ALBERTA LTD., a corporation incorporated under the laws of
             the Province of Alberta ("NEWCO")

AND:

             AUSTRALIAN-CANADIAN OIL ROYALTIES LTD., a corporation incorporated
             under the laws of the Province of British Columbia and listed on
             the OTC Bulletin Board ("ACOR")

WHEREAS:

A. The Newco Securityholders will be the registered and beneficial owners of all
the issued and outstanding shares of Newco (the "NEWCO SHARES") as of the
Closing Date;

B. ACOR is a publicly-traded company trading on the OTC Bulletin Board (the
"OTCBB"); and

C. ACOR and the Newco Securityholders wish to exchange shares on a one for one
basis and on the terms and conditions herein contained.

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual
covenants and agreements herein contained and of other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows:

                                       1
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                                   ARTICLE 1
                         DEFINITIONS AND INTERPRETATION

DEFINITIONS

1.1 In this Agreement, the following terms have the meanings ascribed thereto as
follows:

     (a)  "ACOR ASSETS" means all assets owned by ACOR;

     (b)  "ACOR FINANCIAL STATEMENTS" means the audited financial statements for
          the fiscal year ended December 31, 2010, and the unaudited financial
          statements for the interim period ended September 30, 2011, including
          the notes thereto and, as applicable, the report of ACOR's auditors
          thereon;

     (c)  "ACOR SHARES" means common shares in the capital of ACOR, as
          constituted from time to time;

     (d)  "ACOR WARRANTS" means the performance warrants in substantially the
          form set forth in Schedule "C" hereto which will be issued to the
          persons set forth in Schedule "B" hereto in the amounts set forth
          therein concurrently with completion of the share exchange
          contemplated herein, or at such other time and to such persons as may
          be agreed to by Newco and ACOR;

     (e)  "ACOR WARRANT CERTIFICATE" means the warrant certificate substantially
          in the form attached hereto as Schedule "C";

     (f)  "ACQUISITION" means the proposed asset purchase by Chelsea Oil
          Australia Pty Ltd. pursuant to the terms and conditions of the
          Purchase Agreement;

     (g)  "ACQUIRED ASSETS" means those petroleum and natural gas properties and
          related assets located in Australia to be acquired by Chelsea Oil
          Australia Pty Ltd pursuant to the Purchase Agreement;

     (h)  "AGREEMENT" means this definitive Share Exchange Agreement, as the
          same may be amended, supplemented or otherwise modified from time to
          time in accordance with the terms hereof;

     (i)  "AUTHORIZATION" means, with respect to any Person, any order, permit,
          approval, waiver, license or similar authorization of any Governmental
          Entity having jurisdiction;

     (j)  "BUSINESS DAY" means any day, other than a Saturday, Sunday or
          statutory holiday in Calgary, Alberta, Canada and Cisco, Texas, USA;

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     (k)  "CLAIMS" means any suit, action, dispute, civil or criminal
          litigation, claim, arbitration or legal, administrative or other
          proceeding or governmental investigation, including appeals and
          applications for review;

     (l)  "CLOSING" means the completion of the transactions contemplated
          herein;

     (m)  "CLOSING DATE" means the date on which "Closing" (as such term is
          defined in the Purchase Agreement) occurs under the Purchase
          Agreement, or such other date as may be agreed upon in writing by
          Newco and ACOR;

     (n)  "EDGAR" means the Electronic Data Gathering, Analysis, and Retrieval
          System;

     (o)  "ENVIRONMENTAL LAWS" means all Laws relating to the environment or
          occupational health and safety or the release of hazardous materials;

     (p)  "FINANCING" means the non-brokered private placement by ACOR and
          Newco, or either of them, of up to 6,000,000 subscription receipts at
          US$0.35 per subscription receipt, being exchangeable for up to
          6,000,000 ACOR Shares (on the basis of one subscription receipt for
          one ACOR Share, subject to adjustment in certain circumstances) upon
          the satisfaction of all conditions precedent provided for in this
          Agreement for aggregate gross proceeds of up to US$2,100,000;

     (q)  "GOVERNMENTAL ENTITY" means any government, parliament, legislature,
          regulatory authority, governmental department, agency, commission,
          board, tribunal, crown corporation, court (federal, provincial or
          local) or other law, rule or regulation-making entity having
          jurisdiction or exercising executive, legislative, judicial,
          regulatory or administrative powers on behalf of any federation or
          nation, or any province, territory, state or other subdivision thereof
          or any municipality, district or other subdivision thereof;

     (r)  "INTELLECTUAL PROPERTY" means all (i) trademarks, service marks, trade
          names and other indications of origin including all goodwill
          associated with all of the foregoing, and all applications,
          registrations and renewals in connection with all of the foregoing, in
          any jurisdiction; (ii) inventions, discoveries and ideas (whether
          patentable or unpatentable and whether or not reduced to practice),
          and all patents, applications for patents; (iii) trade secrets,
          know-how, confidential information, and other proprietary rights and
          information; (iv) copyrights and works of authorship, whether
          copyrightable or not, and all applications, registrations and renewals
          in connection therewith, in any jurisdiction; Internet domain names;
          (vi) computer technology, equipment, devices, systems, hardware,
          software and databases; and (vii) other similar intellectual property
          or proprietary rights;

     (s)  "LAWS" means all statutes, codes, ordinance, regulations, statutory
          rules, published policies, published guidelines and terms and
          conditions of any order, grant of approval, permission, authority or
          license of any Governmental Entity, and the term "applicable" with
          respect to such Laws, and in the context that refers to one or more
          Persons, means that such Laws apply to such Person or Persons or its
          or their business, undertaking, property or securities and emanate
          from a Governmental Entity having jurisdiction over the Person or
          Persons or its or their business, undertaking, property or securities
          (all references herein to a specific statute being deemed to include
          all applicable rules, regulations, rulings, orders and forms made or
          promulgated under such statute and the published policies and
          published guidelines of the Governmental Entity administering such
          statute) and shall include the published rules and policies of the
          OTCBB;

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     (t)  "LIEN" means any mortgage, charge, pledge, hypothecation, security
          interest, assignment, lien (statutory or otherwise), charge, title
          retention agreement or arrangement, restrictive covenant or other
          encumbrance of any nature or any other arrangement or condition,
          which, in substance, secures payment, or performance of an obligation;

     (u)  "MATERIAL ADVERSE EFFECT" means, when used in connection with ACOR or
          Newco, as applicable, any event, condition or change which
          individually or in the aggregate constitutes, or could reasonably be
          expected to have, a material adverse effect on their respective
          business assets, liabilities, condition (financial or otherwise) or
          results of operations taken as a whole on a consolidated basis;
          provided, however, that the determination of whether a material
          adverse effect has occurred shall be made ignoring any event, change,
          fact or effect resulting from: (i) any change in U.S. GAAP, or Laws or
          interpretation thereof; (ii) any generally applicable change or
          development in economic, regulatory, business or financial market
          conditions; (iii) any acts of terrorism or war; (iv) the execution or
          announcement of this Agreement; (v) in respect of ACOR, any breach of
          this Agreement by Newco or the Newco Securityholders; and (vi) in
          respect of Newco, any breach of this Agreement by ACOR, provided,
          however, that with respect to paragraphs (i), (ii) and (iii), such
          matter does not have a disproportionate effect on ACOR or Newco, as
          applicable, relative to other comparable companies or entities
          operating in the industry in which the party operates;

     (v)  "MATERIAL CONTRACTS" means all contracts or other obligations or
          rights (and all amendments, modifications and supplements thereto to
          which any Party or any of its Subsidiaries is a party affecting the
          obligations of any party thereunder) to which a Party or its
          Subsidiaries is a party or by which any of their respective properties
          or assets are bound that are material to the business, properties or
          assets of a Party or its Subsidiaries taken as a whole;

     (w)  "MATERIAL FACT" has the meaning ascribed thereto in the Securities
          Act;

     (x)  "MISREPRESENTATION" has the meaning ascribed thereto in the Securities
          Act;

     (y)  "NEWCO ASSETS" means all assets owned by Newco;

     (z)  "NEWCO SHARES" means common shares in the capital of Newco, as
          constituted from time to time;

     (aa) "NEWCO SECURITYHOLDERS" means the securityholders of Newco as listed
          on Schedule "A";

     (bb) ORDINARY COURSE" means, with respect to an action taken by a Person,
          that such action is consistent with the past practices of the Person
          and is taken in the ordinary course of the normal day to day
          operations of the Person;

     (cc) "OTCBB" means, the OTC Bulletin Board maintained by FINRA;

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     (dd) "PARTY" means a party to this Agreement and "Parties" means all
          parties to this Agreement;

     (ee) "PERMITS" means in respect of a Party, all permits, licenses,
          variances, exemptions, orders and approvals of all Governmental
          Entities necessary for the lawful conduct of the respective businesses
          of the Party or any of its Subsidiaries;

     (ff) "PERMITTED LIENS" means Liens for current Taxes or other governmental
          charges not yet due and payable or delinquent, the amount or validity
          of which is being contested in good faith by appropriate proceedings
          or which may thereafter be paid without penalty or such imperfections
          of title, easements, encumbrances and mortgages or other Liens, if
          any, as are not material (alone or in the aggregate) in character,
          amount or extent and do not materially detract from the value, or
          materially interfere with the present use, of any property subject
          thereto or affected thereby;

     (gg) "PERSON" means and includes an individual, firm, sole proprietorship,
          partnership, joint venture, venture capital or hedge fund,
          association, unincorporated association, unincorporated syndicate,
          unincorporated organization, estate, group, trust, body corporate
          (including a limited liability company and an unlimited liability
          company), a trustee, executor, administrator or other legal
          representative, Governmental Entity, syndicate or other entity,
          whether or not having legal status;

     (hh) "PUBLIC RECORD" means all information filed by or on behalf of ACOR
          with the SEC and accessible on EDGAR, including without limitation,
          the ACOR Financial Statements and any other information filed with any
          Governmental Entity in compliance, or intended compliance, with any
          applicable securities laws;

     (ii) "PURCHASE AGREEMENT" means the purchase and sale agreement between
          ACOR, Chelsea Oil Australia Pty Ltd, Brisbane Petroleum Ltd. and
          Delbaere Associates Pty. Limited dated November 17th, 2011;

     (jj) "REGULATORY APPROVALS" means those sanctions, rulings, consents,
          orders, exemptions, permits and other approvals (including the lapse,
          without objection, of a prescribed time under a statute or regulation
          that permits a transaction to be implemented if a prescribed time
          lapses following the giving of notice without an objection being made)
          of any applicable Governmental Entity;

     (kk) "SEC" means the United States Securities and Exchange Commission;

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     (ll) "SECURITIES ACT" means the Securities Act (Alberta) and all blanket
          rulings, policy statements, orders, rules and notices of the Alberta
          Securities Commission;

     (mm) "SECURITIES AUTHORITIES" means the Financial Industry Regulatory
          Authority, Inc. ("FINRA") and any applicable securities commissions or
          similar regulatory authorities in Canada or the United States and each
          of the provinces and territories thereof;

     (nn) "SUBSIDIARY" means, with respect to a specified body corporate, a body
          corporate of which more than 50% of the outstanding shares ordinarily
          entitled to elect a majority of the directors thereof, whether or not
          shares of any other class or classes shall or might be entitled to
          vote upon the happening of any event or contingency, are at the time
          owned, directly or indirectly, by such specified body corporate, and
          includes a body corporate in like relation to a subsidiary;

     (oo) "TAX ACT" means the Income Tax Act (Canada), together with any and all
          regulations promulgated thereunder, as amended from time to time;

     (pp) "TAXES" means all present and future taxes, levies, imposts, duties,
          deductions, withholdings, assessments, fees or other charges imposed
          by any Governmental Entity in the nature of a tax, including any
          interest, additions to tax and penalties applicable thereto;

     (qq) "U.S. GAAP" means generally accepted accounting principles in Canada
          as in effect from time to time, consistently applied; and

     (rr) "VENDOR" means collectively, Brisbane Petroleum Ltd and Delbaere
          Associates Pty. Limited.

INTERPRETATION

1.2 For the purposes of this Agreement, except as otherwise expressly provided:

     (a)  a reference to an Article is to an Article of this Agreement, and a
          reference to a Section followed by a number or some combination of
          numbers and letters refers to the section, subsection, paragraph,
          subparagraph, clause or subclause of this Agreement so designated;

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<PAGE>

     (b)  the captions, Section numbers and Article numbers appearing in this
          Agreement are inserted for convenience of reference only and shall in
          no way define, limit, construe or describe the scope or intent of this
          Agreement nor in any way affect this Agreement;

     (c)  the word "including", when following any general statement or term, is
          not to be construed as limiting the general statement or term to the
          specific items or matters set forth or to similar items or matters,
          but rather as permitting the general statement or term to refer to all
          other items or matters that could reasonably fall within its broadest
          possible scope;

     (d)  if any date on which any action is required to be taken hereunder by
          any of the parties is not a Business Day, such action shall be
          required to be taken on the next succeeding day which is a Business
          Day;

     (e)  a reference to a statute includes all regulations made thereunder, all
          amendments to the statute or regulation in force from time to time,
          and every statute or regulation that supplements or supersedes such
          statute or regulation;

     (f)  words importing the masculine gender include the feminine or neuter,
          words in the singular include the plural, a word importing a corporate
          entity includes an individual, and vice versa;

     (g)  all dollars amounts, unless otherwise specified, are in Canadian
          dollars; and

     (h)  where any matter is stated to be "to the knowledge" or "to the best of
          the knowledge" of ACOR or Newco or words to like effect in this
          Agreement, it shall mean the actual knowledge of any of the senior
          officers of ACOR or Newco after due inquiry.

                                   ARTICLE 2
                                 SHARE EXCHANGE

PURCHASE AND SALE

2.1  Subject to the terms and conditions hereof and in reliance on the
     representations and warranties set forth or referred to herein, at the
     Closing Date each of the Newco Securityholders severally agrees to
     exchange, transfer and assign all Newco Shares he or it owns or will own at
     the Closing Date (being the number set out opposite his or its name in the
     attached Schedule "A") to ACOR in consideration of ACOR's issuance to such
     Newco Securityholder of an equal number of ACOR Shares set out opposite his
     or its name in the said Schedule "A".

PURCHASE CONSIDERATION

2.2  The exchange, transfer and assignment of Newco Shares for ACOR Shares shall
     proceed on the basis of one (1) ACOR Share for each one (1) Newco Share.

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RESALE RESTRICTIONS

2.3  The ACOR Shares will be issued in accordance with applicable Canadian
     securities Laws and will be subject to an indefinite hold period in Canada.
     Each of the Newco Securityholders hereby represents and warrants to ACOR
     that he or it is an "accredited investor" within the meaning of National
     Instrument 45-106 - Prospectus and Registration Exemptions or in Section
     2(a)(15) the Securities Act of 1933, as amended, as applicable. The ACOR
     Shares will contain the following legend, and such other legends as may be
     required by applicable securities Laws.

     "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY
     MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A DAY
     AFTER THE LATER OF (I) [INSERT DISTRIBUTION DATE], AND (II) THE DATE
     AUSTRALIAN-CANADIAN OIL ROYALTIES LTD. BECAME A REPORTING ISSUER IN ANY
     PROVINCE OR TERRITORY."

                                   ARTICLE 3
                    REPRESENTATIONS AND WARRANTIES OF NEWCO

3.1  In order to induce ACOR to enter into this Agreement and to consummate the
     transactions contemplated by this Agreement, Newco and the Newco
     Securityholders hereby jointly and severally represent and warrant as
     follows to and in favour of ACOR and acknowledge that ACOR is relying upon
     such representations and warranties in connection with the transactions
     contemplated by this Agreement:

ORGANIZATION AND EXISTENCE

3.2  Newco is a company duly formed and organized and existing under the laws of
     Alberta and has the power to own its properties and to carry on its
     business as now conducted and currently proposed to be conducted and has
     made all necessary filings under all applicable company, securities and
     taxation laws or any other Laws to which Newco is subject, except where the
     failure to make such filing would not have a Material Adverse Effect on
     Newco. Newco is not in violation of its articles or by-laws, except where
     such violation would not have a Material Adverse Effect on Newco. Newco is
     in good standing under the company or other laws of each province or other
     jurisdiction in which it carries on business, except where the failure to
     have such standing would not have a Material Adverse Effect on Newco. No
     proceedings have been instituted or are pending for the dissolution or
     liquidation of Newco.

AUTHORIZED CAPITAL

3.3  The authorized capital of Newco consists of an unlimited number of Newco
     Shares.

3.4  13,278,571 Newco Shares have been duly authorized and validly issued and
     outstanding as fully paid and non-assessable Newco Shares. None of the
     Newco Shares have been issued in violation of any Laws, Newco's articles or
     by-laws or any agreement to which Newco is a party or by which it is bound.

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<PAGE>

3.5  Each Newco Securityholder has contributed to the capital of Newco the
     amount of cash or other property set forth opposite his name in the share
     register contained in the minute book of Newco in consideration for the
     Newco Shares representing his respective interest in Newco as set forth in
     the share register contained in the minute book of Newco.

SUBSIDIARIES

3.6  Newco has no Subsidiaries or any other material investments in any other
     Person.

INFORMATION

3.7  All data and information relating to Newco provided by Newco, at the
     request of ACOR and its agents and representatives, to ACOR and its agents
     and representatives in connection with the transactions contemplated by
     this Agreement was and at the Closing Date will be complete and true and
     correct in all material respects.

AUTHORIZATION AND CONSENTS

3.8  Newco has the capacity right, authority and power to enter into this
     Agreement and each agreement, document and instrument to be executed and
     delivered by Newco pursuant to this Agreement and to carry out the
     Acquisition and other transactions contemplated hereby or thereby. The
     execution, delivery and performance by Newco of this Agreement and each
     such other agreement, document and instrument contemplated herein and
     therein have been duly authorized by all necessary action of Newco and no
     other action on the part of Newco is required in connection therewith. The
     execution, delivery and performance by Newco of this Agreement and each
     such other agreement, document and instrument contemplated herein and
     therein does not and will not require the authorization approval or consent
     of, or any filing with any Governmental Entity or any other Person, and the
     execution, delivery and performance by Newco of this Agreement and each
     such other agreement, document and instrument contemplated herein and
     therein, does not and will not result in: (a) a breach of or conflict with
     the articles or by-laws of Newco; (b) a breach of or a conflict with any
     Laws applicable to Newco; (c) a breach of, constitute a default under,
     accelerate any obligation under, or give rise to a right of termination of
     any indenture, agreement, contract, instrument, Lien, lease, permit,
     authorization, order, writ, judgment, injunction, decree, determination or
     arbitration award to which Newco is a party or by which the property of
     Newco is bound or affected; (d) result in the creation or imposition of any
     Lien on any equity interest in Newco; (e) result in the dissolution or
     winding-up of Newco; or (f) the issuance of any additional securities
     pursuant to preemptive or similar rights.

NO OTHER AGREEMENT TO PURCHASE

3.9  There are no agreements, options, warrants, rights of conversion or other
     rights binding upon or which at any time in the future may become binding
     upon Newco to issue any equity securities or any securities convertible or
     exchangeable, directly or indirectly, into any equity securities of Newco.

AGREEMENTS OR RESTRICTIONS ON TRANSFER OF SHARES

3.10 To the knowledge of Newco, there are no agreements or restrictions which in
     any way limit or restrict the transfer to ACOR of any of the Newco Shares
     and there are no shareholders agreements, pooling agreements, voting trusts
     or other agreements or understandings with respect to the voting of Newco
     Shares or any of them.

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<PAGE>

SHAREHOLDER LOANS

3.11 There are no loans or other liabilities of Newco to the Newco
     Securityholders or to any previous Newco Securityholders.

ABSENCE OF CERTAIN CHANGES

3.12 Newco has not and will not (except as disclosed in this Agreement):

     (a)  issued, sold, pledged, hypothecated, leased, disposed of or encumbered
          any Newco Shares or other securities or any right, option or warrant
          with respect thereto;

     (b)  amended or proposed to amend its articles or by-laws;

     (c)  split, combined or reclassified any of its securities or declared or
          made any dividend or other distribution;

     (d)  suffered any material loss relating to litigation or been threatened
          with litigation;

     (e)  suffered any adverse change in employee relations which has or is
          reasonably likely to have a Material Adverse Effect on Newco, or
          entered into or amended any employment or service contracts with any
          officer or senior management employee, created or amended any employee
          benefit plan, made any increases in the base compensation, bonuses,
          paid vacation time allowed or fringe benefits for any, officer,
          employee or consultant, other than in the Ordinary Course;

     (f)  suffered damage, destruction or other casualty, loss, or forfeiture
          of, any property or assets, whether or not covered by insurance, which
          would have a Material Adverse Effect on Newco;

     (g)  made any capital expenditures, additions or improvements or
          commitments for the same, except those which do not exceed $10,000 per
          month;

     (h)  other than in the Ordinary Course: (i) entered into any contract,
          commitment or agreement under which it has outstanding Indebtedness
          for borrowed money or for the deferred purchase price of property; or
          (ii) made any loan or advance to any Person;

     (i)  acquired or agreed to acquire (by tender offer, exchange offer,
          merger, amalgamation, acquisition of shares or assets or otherwise)
          any Person, corporation, partnership, joint venture or other business
          organization or division or acquired or agreed to acquire any material
          assets;

                                       10
<PAGE>

     (j)  entered into any material contracts regarding its business operations,
          including joint ventures, partnership or arrangements;

     (k)  acquired or agreed to acquire (by tender offer, exchange offer,
          merger, amalgamation, acquisition of shares or assets or otherwise)
          any Person, corporation, limited liability company, partnership, joint
          venture or other business organization or division or acquired or
          agreed to acquire any material assets;

     (l)  created any securities option or bonus plan, paid any bonuses,
          deferred or otherwise, or deferred any compensation to any of its
          officers or employees other than such payments made in the Ordinary
          Course;

     (m)  made any material change in accounting procedures or practices;

     (n)  other than in the Ordinary Course, mortgaged, hypothecated or pledged
          any of the Newco Assets, or subjected them to any Lien, except a
          Permitted Lien;

     (o)  disposed of or permitted to lapse any rights to the use of any
          Intellectual Property material to Newco, if such action or omission
          would have a Material Adverse Effect on Newco;

     (p)  entered into any material contracts regarding its business operations,
          including joint ventures, partnerships or other arrangements;

     (q)  sold, leased, subleased or transferred any of the Newco Assets;

     (r)  entered into any agreement or arrangement granting any rights to
          purchase, lease, sublease, assign or transfer any of the Newco Assets
          or requiring the consent of any Person to the transfer, assignment or
          lease of any such Newco Assets or rights which would have a Material
          Adverse Effect on Newco;

     (s)  cancelled, waived or compromised any debts or claims, including
          accounts payable to and receivable from its Affiliates;

     (t)  failed to pay or satisfy when due any liability of Newco where the
          failure to do so would have a Material Adverse Effect on Newco;

     (u)  disposed or permitted to lapse any Intellectual Property material to
          Newco or disclosed to any Person any Intellectual Property material to
          Newco not theretofore a matter of public knowledge, except where such
          disclosure was made to a recipient who is subject to an obligation of
          confidentiality; or

                                       11
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     (v)  entered into any agreement, arrangement or understanding to do any of
          the foregoing.

INDEBTEDNESS AND LIENS

3.13 Other than in the Ordinary Course, Newco has not incurred any: (i)
     Indebtedness; or (ii) Liens upon any of the Newco Assets, other than
     Permitted Liens.

INDEBTEDNESS TO DIRECTORS, OFFICERS AND OTHERS

3.14 Newco is not indebted to any director, officer, employee or consultant of
     Newco, except for amounts due as normal compensation or reimbursement of
     ordinary business expenses.

TAXES

3.15 All returns, declarations, reports, estimates, statements, schedules or
     other information or documents with respect to Taxes (collectively, "TAX
     RETURNS") required to be filed by or with respect to Newco have been filed
     within the prescribed time, with the appropriate tax authorities and all
     such Tax Returns are true, correct, and complete in all material respects.
     No Tax Return of Newco is being audited by the relevant taxing authority,
     and there are no outstanding waivers, objections, extensions, or comparable
     consents regarding the application of the statute of limitations or period
     of reassessment with respect to any Taxes or Tax Returns that have been
     given or made by Newco (including the time for filing of Tax Returns or
     paying Taxes) and Newco has no pending requests for any such waivers,
     extensions, or comparable consents. Newco has not received a ruling from
     any taxing authority or signed an agreement with any taxing authority that
     could reasonably be expected to have a Material Adverse Effect on Newco.
     Newco does not owe any Taxes to the federal government of Canada, a
     provincial government, a municipal government or any other governmental
     authority.

MATERIAL CONTRACTS

3.16 Other than as set out herein, there are no material contracts, agreements,
     leases or commitments entered into by Newco which are in writing or have
     been orally agreed to by Newco and which are still in effect.

3.17 All contracts, agreements, leases and commitments set out herein are valid,
     binding and in full force and effect as to Newco, and the other parties
     thereto (to Newco's knowledge) and Newco, are not in breach or violation
     of, or default under, the terms of any such contract, agreement, plan,
     lease or commitment, except where such breach, violation or default would
     not have a Material Adverse Effect on Newco, and no event has occurred
     which constitutes or, with the lapse of time or the giving of notice, or
     both, would constitute, such a breach, violation or default by Newco or, to
     Newco's knowledge, the other parties thereto.

                                       12
<PAGE>

NECESSARY LICENSES AND PERMITS

3.18 Newco has all necessary and required licenses, permits, consents,
     concessions and other authorizations of governmental, regulatory or
     administrative agencies or authorities, whether foreign, federal,
     provincial, state or local, required to own and lease its properties and
     assets and to conduct its business as now conducted, except where the
     failure to hold the foregoing would not have a Material Adverse Effect on
     Newco. Newco is not in default, nor has it received any notice of any claim
     of default, with respect to any such license, permit, consent, concession
     or authorization. No registrations, filings, applications, notices,
     transfers, consents, approvals, audits, qualifications, waivers or other
     action of any kind are required by virtue of the execution and delivery of
     this Agreement, or of the consummation of the transactions contemplated
     hereby: (a) to avoid the loss of any license, permit, consent, concession
     or other authorization or any asset, property or right pursuant to the
     terms thereof, or the violation or breach of any Law applicable thereto, or
     (b) to enable Newco to hold and enjoy the same immediately after the
     Closing Date in the conduct of its business as conducted prior to the
     Closing Date.

COMPLIANCE WITH LAW

3.19 Newco is not in default under, or in violation of, and has not violated
     (and failed to cure) any Law including, without limitation, laws relating
     to the issuance or sale of securities, the environment and occupational
     health and safety privacy and intellectual property, or any licenses,
     franchises, permits, authorizations or concessions granted by, or any
     judgment, decree, writ, injunction or order of, any governmental or
     regulatory authority, applicable to its business or any of its properties
     or assets, except where such default or violation would not have a Material
     Adverse Effect on Newco. Newco has not received any notification alleging
     any violations of any of the foregoing with respect to which adequate
     corrective action has not been taken.

EMPLOYEES

3.20 Newco does not have any employees or independent contractors and there are
     no agreements, written or oral, between Newco and any other party relating
     to payment, remuneration or compensation for work performed or services
     provided or payment relating to a change of control or other event in
     respect of Newco. Newco is in compliance with all applicable Laws
     respecting labour, employment, fair employment practices, work place safety
     and health, terms and conditions of employment, and wages and hours. There
     are no charges of employment discrimination or unfair labour practices
     pending or threatened and to the knowledge of Newco, there exists no valid
     basis for any such claim. There are no pending claims, complaints or
     charges that have been filed against Newco under any labour or employment
     laws or dispute resolution procedure (including, but not limited to, any
     arbitration or similar proceedings) of which Newco has received written
     notice. Newco has not received any written notice indicating that any of
     its employment policies or practices is currently being audited or
     investigated by any federal, provincial, state or local government agency.

                                       13
<PAGE>

LITIGATION

3.21 There are no actions, suits, proceedings or inquiries in existence or, to
     the knowledge of Newco, pending or threatened against or affecting Newco at
     law or in equity or before or by any federal, provincial, municipal or
     other governmental department, commission, board, bureau or agency which
     may in any way materially adversely affects, or in any way may materially
     adversely affect, the business, operations, capital, properties, assets,
     liabilities (absolute, accrued, contingent or otherwise), condition
     (financial or otherwise) or results of operations of Newco or its
     properties or assets or which affects or may affect the transactions
     contemplated hereby or to duly observe and perform any of its covenants or
     obligations contained herein and Newco is not aware of any existing ground
     on which such action, suit, proceeding or inquiry might by commenced with
     any reasonable likelihood of success.

NO MATERIAL ADVERSE CHANGE

3.22 No change has occurred in the business, operations, results of operations,
     assets, capitalization or condition (financial or otherwise) of Newco,
     whether or not in the ordinary course of business, whether separately or in
     the aggregate with other occurrences or developments, and whether insured
     against or not, which could reasonably be expected to have a Material
     Adverse Effect on Newco.

EMPLOYEE BENEFIT PLANS

3.23 Newco does not have any employee benefit plans (or any plan which may be in
     any way regarded as an employee benefit plan) of any nature whatsoever nor
     has it ever had any such plans.

INSURANCE

3.24 Newco does not have (nor has it ever had) any insurance of any nature
     whatsoever relating to it or its directors or officers or otherwise.

LOCATION OF OFFICE

3.25  Newco's head office is located at Suite 800, 400-3rd Avenue S.W., Calgary,
      AB,  T2P  4H2,  and,  aside from its counsel's office, such address is the
      only location where its company books and records are located.

COMPANY DOCUMENTS, BOOKS AND RECORDS

3.26 Complete and correct copies of the articles, and of all amendments thereto,
     of Newco have been previously delivered to ACOR. The corporate records of
     Newco provided to ACOR contain complete and accurate records in all
     material respects of all meetings and consents in lieu of meetings of the
     Newco directors (and its committees) and Newco Securityholders since the
     formation of Newco, and of all actions, decisions and consents thereof.
     Except as reflected in such corporate records, there are no material
     minutes of meetings or consents in lieu of meetings of the Newco directors
     and Newco Securityholders or actions, decisions or consents thereof.

                                       14
<PAGE>

NO LIMITATIONS

3.27 There is no non-competition, exclusivity or other similar agreement,
     commitment or understanding in place, whether written or oral, to which
     Newco is a party or is otherwise bound that would now or hereafter, in any
     way limit the business, use of assets or operations of Newco.

REPORTING ISSUER STATUS

3.28 Newco is not a "reporting issuer" (or the equivalent status) in any
     province or territory of Canada and there is not a published market in
     respect of any of its securities. No order has been issued ceasing or
     suspending trading or prohibiting the issue of any securities of Newco and
     no such proceedings are pending, or to the knowledge of Newco, threatened.

REGULATORY COMPLIANCE

3.29 Newco is in compliance with all regulatory orders, directives and decisions
     that have application to Newco except where such non-compliance would not
     have a Material Adverse Effect on Newco and Newco has not received notice
     from any governmental or regulatory authority that Newco is not in
     compliance with any such regulatory orders, directives or decisions.

NON-ARM'S LENGTH TRANSACTIONS

     (a)  Newco has not made any payment or loan to, or borrowed any monies from
          or is otherwise indebted to any officer, employee, Newco Shareholder,
          Newco director or any other Person with whom Newco is not dealing at
          arm's length (within the meaning of the Income Tax Act) or any
          Affiliate of any of the foregoing; and

     (b)  Newco is not a party to any contract or agreement with any officer,
          employee, Newco Shareholder, Newco director or any other Person with
          whom Newco is not dealing at arm's length (within the meaning of the
          Income Tax Act) or any Affiliate of any of the foregoing.

ENVIRONMENTAL LAWS

3.30 Newco does not have liability under, nor has Newco ever violated, any
     Environmental Law. Newco does not have any property owned, operated,
     leased, or used by it that has ever been the subject of a violation of any
     Environmental Law. All facilities and operations of Newco and its
     Subsidiaries are presently in compliance with all applicable Environmental
     Laws.

ENFORCEABILITY

3.31 The execution and delivery by Newco of this Agreement and any other
     agreement contemplated by this Agreement will result in legally binding
     obligations of Newco enforceable against Newco in accordance with the
     respective terms and provisions hereof and thereof subject, however, to
     limitations with respect to enforcement imposed by Law in connection with
     bankruptcy or similar proceedings and to the extent that equitable remedies
     such as specific performance and injunction are in the discretion of the
     court from which they are sought.

                                       15
<PAGE>

                                   ARTICLE 4
            REPRESENTATIONS AND WARRANTIES OF NEWCO SECURITYHOLDERS

4.1  Each of the Newco Securityholders severally (and not jointly or jointly and
     severally) represents and warrants, but only as to himself or itself, to
     ACOR as follows:

CAPACITY

4.2  Each Newco Securityholder has the capacity to own the Newco Shares owned by
     him or it, to enter into this Agreement and to perform his or its
     obligations under this Agreement.

EXECUTION AND DELIVERY

4.3  This Agreement and any other agreement contemplated by this Agreement has
     been duly authorized (if the Newco Securityholder is not an individual),
     executed and delivered by each Newco Securityholder and will result in
     legally binding obligations of such Newco Securityholder enforceable
     against such Newco Securityholder in accordance with the respective terms
     and provisions hereof and thereof subject, however, to approval by
     shareholders of the Newco Securityholders, as applicable, and to
     limitations with respect to enforcement imposed by Law in connection with
     bankruptcy or similar proceedings and to the extent that equitable remedies
     such as specific performance and injunction are in the discretion of the
     court from which they are sought.

NO VIOLATION

4.4  The execution and delivery of this Agreement, the transfer of the Newco
     Shares and the performance, observance or compliance with the terms of this
     Agreement by such Newco Securityholder will not violate, constitute a
     default under, conflict with, or give rise to any requirement for a waiver
     or consent under:

     (a)  the articles and by-laws of such Newco Securityholder (if the Newco
          Securityholder is not an individual);

     (b)  any provision of any agreement, instrument or other obligation to
          which such Newco Securityholder is a party or by which such Newco
          Securityholder is bound; or

     (c)  any Laws applicable to such Newco Shareholder.

SECURITIES LAWS

4.5  With respect to Newco Securityholders not residing in Canada or the United
     States, the Newco Securityholder is knowledgeable of, or has been
     independently advised as to, the applicable securities Laws of its
     jurisdiction of residence or the securities Laws otherwise applicable to
     the Newco Shareholder, and:

     (a)  is receiving the ACOR Shares to be issued to him or it pursuant to
          this Agreement pursuant to exemptions from the prospectus and
          registration requirements under the securities Laws applicable to the
          Newco Securityholder or, if such is not applicable, the Newco
          Securityholder is permitted to receive such ACOR Shares under the
          securities Laws applicable to the Newco Securityholder without the
          need to rely on an exemption;

     (b)  the securities Laws applicable to the Newco Securityholder do not
          require ACOR to file a prospectus or similar disclosure document or to
          register the ACOR Shares to be issued to him or it pursuant to this
          Agreement or to make any filings or seek any approvals of any kind
          whatsoever from any regulatory authority of any kind whatsoever; and

     (c)  the delivery of this Agreement and the issuance of the ACOR Shares to
          be issued to the him or it pursuant to this Agreement comply with all
          Laws applicable to the Newco Securityholder and will not cause ACOR to
          become subject to or required to comply with any disclosure,
          prospectus or other reporting requirements under any such applicable
          Laws.

                                       16
<PAGE>

OWNERSHIP

4.6  Each Newco Securityholder is, or on the Closing Date will be, the
     registered and beneficial owner of the Newco Shares set out beside his, her
     or its name in Schedule "A", free and clear of any Liens. Upon the
     completion of the Closing, except for the rights of ACOR pursuant to this
     Agreement with respect to the Newco Shares, there will be no outstanding
     options, calls, preemptive or other rights of any kind binding on any Newco
     Securityholder relating to or providing for the purchase, delivery or
     transfer of any of his or its Newco Shares.

                                   ARTICLE 5
                     REPRESENTATIONS AND WARRANTIES OF ACOR

5.1  ACOR hereby represents and warrants as follows to and in favour of Newco
     and the Newco Securityholders and ACOR acknowledges that Newco and the
     Newco Securityholders are relying upon such representations and warranties
     in connection with the transactions contemplated by this Agreement.

ORGANIZATION AND EXISTENCE

5.2  ACOR is a corporation duly incorporated, organized and validly existing
     under the laws of the Province of British Columbia and has the corporate
     power to own its properties and to carry on its business as now conducted
     and currently proposed to be conducted and has made all necessary filings
     under all applicable corporate, securities and taxation laws or any other
     Laws to which ACOR is subject, except where the failure to make such filing
     would not have a Material Adverse Effect on ACOR. ACOR is in good standing
     under the Business Corporations Act (British Columbia). ACOR is not in
     violation of its articles or by-laws. ACOR does not have any Subsidiaries
     other than Cooper-Eromanga Oil, Inc. No proceedings have been instituted or
     are pending for the dissolution or liquidation of ACOR.

AUTHORIZATION

5.3  The execution, delivery and performance by ACOR of this Agreement and the
     Purchase Agreement and the applicable agreements in relation to the
     Financing: (i) are within its capacity, corporate power and authority; (ii)
     have been, or will be duly authorized by all necessary corporate
     proceedings; and (iii) do not and will not conflict with or result in any
     breach of any provision of, or the creation of any Lien upon any of the
     ACOR Assets pursuant to the articles or by-laws of ACOR, any Laws
     applicable to ACOR or any indenture, lease, agreement, contract, instrument
     or Lien, to which ACOR is a party or by which the property of ACOR may be
     bound or affected.

5.4  The ACOR Shares, when delivered to the Newco Securityholders in accordance
     with the terms of this Agreement or exercised in accordance with the terms
     of the ACOR Warrants, will be validly issued and outstanding as fully paid
     and non-assessable ACOR Shares.

CONSENTS

5.5  The execution, delivery and performance by ACOR of this Agreement and the
     applicable agreements in relation to the Financing does not and will not
     require the authorization, approval or consent of, or any filing with, any
     governmental authority or agency or any other Person.

                                       17
<PAGE>

AUTHORIZED CAPITAL

5.6  The authorized capital of ACOR consists of 50,000,000 ACOR Shares and
     50,000,000 preferred shares. The issued and outstanding ACOR Shares are set
     forth on Schedule 5.6 attached hereto and shall constitute 51% of the
     issued and outstanding shares giving effect to the completion of this
     Agreement and the Acquisition, however prior to the Financing. Nil
     preferred shares are issued and outstanding as at the date hereof. ACOR may
     issue up to an additional 5,000,000 ACOR Shares pursuant to the exercise of
     the ACOR Warrants. In addition, ACOR may issue additional ACOR Shares or
     securities convertible into ACOR Shares pursuant to the Financing as
     contemplated hereunder.

5.7  The ACOR Shares issued and outstanding as of the date hereof have been, and
     the ACOR Shares issuable on the Closing Date will be, duly authorized and
     validly issued and outstanding as fully paid and non-assessable shares. The
     ACOR Warrants will on the Closing Date be duly authorized and will be
     issued as fully paid securities of ACOR. None of the ACOR Shares, ACOR
     Warrants or any existing options and warrants have been issued in violation
     of any Laws, the policies of FINRA or the OTCBB, ACOR's articles or by-laws
     or any agreement to which ACOR is a party or by which it is bound.

NO MATERIAL ADVERSE CHANGE

5.8  Except with respect to changes in prices of oil and gas and as noted in
     Schedule 5.8 attached hereto, there has not been any material change in the
     capital, assets, liabilities or obligations (absolute, accrued, contingent
     or otherwise) of ACOR from the position set forth in the ACOR Financial
     Statements that has not otherwise been disclosed in the Public Record and
     there has not been any adverse material change in the business, operations,
     capital, properties, assets, liabilities (absolute, accrued, contingent or
     otherwise), condition (financial or otherwise) or results of operations of
     ACOR since September 30, 2011; and since that date there have been no
     material facts, transactions, events or occurrences which could materially
     adversely affect the business, operations, capital, properties, assets,
     liabilities (absolute, accrued, contingent or otherwise), condition
     (financial or otherwise) or results of operations of ACOR.

REPORTING ISSUER STATUS

5.9  ACOR is not a "reporting issuer" under the securities legislation of any
     provinces or territories of Canada.

OTCBB LISTING

5.10 The ACOR Shares are quoted on the OTCBB. All continuous and timely
     disclosure documents, reports, forms, filings and fees required to be made
     and paid by ACOR pursuant to the applicable securities Laws have been made
     and paid in accordance with the applicable securities Laws, the information
     and statements set forth in the Public Record were true, correct, and
     complete in all material respects and did not contain any
     misrepresentation, as of the date of such information or statement, and
     were prepared in accordance with and complied with applicable securities
     Laws.

                                       18
<PAGE>

REPORTS AND ACOR FINANCIAL STATEMENTS

5.11 ACOR has delivered to Newco and filed with the SEC on EDGAR true and
     complete copies of the audited financial statements of ACOR for the two
     years ended December 31, 2009 and 2010 and unaudited financial statements
     of ACOR as at and for the interim period ended September 30, 2011.

5.12 The ACOR Financial Statements were prepared in accordance with U.S.
     GAAP,each of the balance sheets included in the ACOR Financial Statements
     fairly presents the financial condition of ACOR as at the close of business
     on the date thereof, and each of the statements of loss and deficit and
     statements of cash flows included in the ACOR Financial Statements fairly
     presents the results of operations of ACOR for the fiscal period then
     ended.

5.13 There were no liabilities, contingent, contractual or otherwise, of ACOR as
     at the balance sheet date of the respective ACOR Financial Statements,
     other than those disclosed in the ACOR Financial Statements and the notes
     thereto.

ABSENCE OF CERTAIN CHANGES

5.14 Except as disclosed in the Public Record or in Schedule 5.8 attached
     hereto, ACOR has not ( and will not as of the Closing Date, except in the
     Ordinary Course and as disclosed in this Agreement, Schedule 5.14 attached
     hereto and pursuant to the Financing and the Acquisition):

     (a)  issued, sold, pledged, hypothecated, leased, disposed of or encumbered
          any ACOR Shares or other ACOR securities or any right, option or
          warrant with respect thereto;

     (b)  amended or proposed to amend its articles or by-laws;

     (c)  split, combined or reclassified any of its securities or declared or
          made any dividend or other distribution;

     (d)  suffered any material loss relating to litigation or been threatened
          with litigation;

     (e)  suffered any adverse change in employee relations which has or is
          reasonably likely to have a Material Adverse Effect on ACOR, or
          entered into or amended any employment contracts with any director,
          officer or senior management employee, created or amended any employee
          benefit plan, made any increases in the base compensation, bonuses,
          paid vacation time allowed or fringe benefits for any officer,
          employee or consultant, other than in the Ordinary Course;

                                       19
<PAGE>

     (f)  suffered damage, destruction or other casualty, loss, or forfeiture
          of, any property or assets, whether or not covered by insurance, which
          would have a Material Adverse Effect on ACOR;

     (g)  made any capital expenditures, additions or improvements or
          commitments for the same, except those which do not exceed $10,000 per
          month;

     (h)  other than in the Ordinary Course: (i) entered into any contract,
          commitment or agreement under which it has outstanding Indebtedness
          for borrowed money or for the deferred purchase price of property; or
          (ii) made any loan or advance to any Person;

     (i)  acquired or agreed to acquire (by tender offer, exchange offer,
          merger, amalgamation, acquisition of shares or assets or otherwise)
          any Person, corporation, partnership, joint venture or other business
          organization or division or acquired or agreed to acquire any material
          assets;

     (j)  entered into any material contracts regarding its business operations,
          including joint ventures, partnerships or other arrangements;

     (k)  created any securities option or bonus plan, paid any bonuses,
          deferred or otherwise, or deferred any compensation to any of its
          directors or officers other than such payments made in the Ordinary
          Course;

     (l)  made any material change in accounting procedures or practices;

     (m)  other than in the Ordinary Course, mortgaged, hypothecated or pledged
          any of the ACOR Assets, or subjected them to any Lien except a
          Permitted Lien;

     (n)  disposed of or permitted to lapse any rights to the use of any
          Intellectual Property material to ACOR, if such action or omission
          would have a Material Adverse Effect on ACOR;

     (o)  entered into any other material transaction, or any amendment of any
          contract, lease, agreement or license which is material to its
          business;

     (p)  sold, leased, subleased, assigned or transferred any of the ACOR
          Assets;

     (q)  entered into any agreement or arrangement granting any rights to
          purchase, lease, sublease, assign or transfer any of the ACOR Assets
          or requiring the consent of any Person to the transfer, assignment or
          lease of any such ACOR Assets or rights which would have a Material
          Adverse Effect on ACOR;

     (r)  cancelled, waived or compromised any debts or claims, including
          accounts payable to and receivable from its Affiliates;

                                       20
<PAGE>

     (s)  failed to pay or satisfy when due any liability of ACOR where such
          failure would have a Material Adverse Effect on ACOR;

     (t)  disposed or permitted to lapse any Intellectual Property material to
          ACOR or disclosed to any Person any Intellectual Property material to
          ACOR not theretofore a matter of public knowledge, except where such
          disclosure was made to a recipient who is subject to an obligation of
          confidentiality; or

     (u)  entered into any agreement, arrangement or understanding to do any of
          the foregoing.

CORPORATE DOCUMENTS, BOOKS AND RECORDS

5.15 Complete and correct copies of the articles and by-laws, and of all
     amendments thereto, of ACOR have been previously delivered to Newco. The
     minute book of ACOR contains complete and accurate records in all material
     respects of meetings and consents in lieu of meetings of the board of
     directors (and its committees) and shareholders of ACOR for all material
     transactions and for this transaction, the Financing and the Acquisition.
     Except as reflected in such minute book, there are no minutes of meetings
     or consents in lieu of meetings of the board of directors (or its
     committees) or of the shareholders of ACOR.

INFORMATION

5.16 All data and information provided by ACOR, at the request of Newco and its
     agents and representatives, to Newco and/or the Newco Securityholders and
     its agents and representatives in connection with the transactions
     contemplated by this Agreement, the Acquisition and the Financing was and
     is complete and true and correct in all material respects.

NO OTHER AGREEMENT TO PURCHASE

5.17 Other than as set out herein and pursuant to the Financing and the
     Acquisition, there are no agreements, options, warrants, rights of
     conversion or other rights binding upon or which at any time in the future
     may become binding upon ACOR to issue any shares or any securities
     convertible or exchangeable, directly or indirectly, into any ACOR Shares.
     There are no shareholders' agreements, pooling agreements, voting trusts,
     preemptive rights, or other agreements or understandings with respect to
     the voting of ACOR Shares, or any of them.

SHAREHOLDER LOANS

5.18 Except as set forth on Schedule 5.18 attached hereto and pursuant to the
     Purchase Agreement, there are no loans or other liabilities of ACOR to any
     shareholder or to any previous shareholder of ACOR.

                                       21
<PAGE>

INDEBTEDNESS AND LIENS

5.19 Other than in the Ordinary Course or as noted in Schedule 5.8 attached
     hereto, ACOR has not incurred any: (i) Indebtedness; or (ii) Liens upon any
     of the ACOR Assets.

INDEBTEDNESS TO DIRECTORS, OFFICERS AND OTHERS

5.20 Except as set forth on Schedule 5.20 attached hereto, ACOR is not indebted
     to any director, officer, employee or consultant of ACOR.

TAXES

5.21 All Tax Returns required to be filed by or with respect to ACOR have been
     filed within the prescribed time, with the appropriate tax authorities and
     all such Tax Returns are true, correct, and complete in all material
     respects. No Tax Return of ACOR is being audited by the relevant taxing
     authority, and there are no outstanding waivers, objections, extensions, or
     comparable consents regarding the application of the statute of limitations
     or period of reassessment with respect to any Taxes or Tax Returns that
     have been given or made by ACOR (including the time for filing of Tax
     Returns or paying Taxes) and ACOR has no pending requests for any such
     waivers, extensions, or comparable consents. ACOR has not received a ruling
     from any taxing authority or signed an agreement with any taxing authority
     that could reasonably be expected to have a Material Adverse Effect on
     ACOR. ACOR does not owe any Taxes to the federal government, a provincial
     government, a municipal government or any other governmental authority.

MATERIAL CONTRACTS

5.22 All material contracts required to be disclosed by ACOR pursuant to
     applicable securities Laws have been disclosed, and are valid, binding and
     in full force and effect as to ACOR, and ACOR is not in breach or violation
     of, or default under, the terms of any such agreements, except where such
     breach, violation or default would not have a Material Adverse Effect on
     ACOR, and no event has occurred which constitutes or, with the lapse of
     time or the giving of notice, or both, would constitute, such a breach,
     violation or default by ACOR.

TITLE TO PROPERTY

5.23 Except as set forth on Schedule 5.23 attached hereto, ACOR does not own any
     real property.

5.24 Except as set forth on Schedule 5.8 and Schedule 5.27 attached hereto, the
     ACOR Assets are owned legally and beneficially by ACOR with good and
     marketable title thereto, free and clear of all Liens whether contingent or
     absolute, except as disclosed in the ACOR Financial Statements or as
     provided for herein. ACOR is the sole and unconditional owner of, and has
     good and marketable title to, the ACOR Assets. ACOR does not have reason to
     believe that ACOR does not have title to or the right to produce and sell
     its petroleum, natural gas and related hydrocarbons (for the purpose of
     this clause, the foregoing are referred to as the "INTEREST") and
     represents and warrants that the Interest is free and clear of adverse
     claims created by, through or under ACOR except for oil and gas industry
     standard "permitted encumbrances", or those arising in the Ordinary Course,
     and that, to its knowledge, ACOR holds its Interest under valid and
     subsisting leases, licenses, permits, concessions, concession agreements,
     contracts, subleases, reservations or other agreements except where the
     failure to so hold its Interest would not have a Material Adverse Effect on
     ACOR.

                                       22
<PAGE>

5.25 Except as set forth on Schedule 5.27 attached hereto, ACOR is not aware of
     any defects, failures or impairments in the title of ACOR to the crude oil,
     natural gas liquids and natural gas properties, whether or not an action,
     suit, proceeding or inquiry is pending or threatened or whether or not
     discovered by any third party, which in aggregate could have a material
     adverse effect on: (a) the quantity and pre-tax present worth values of
     crude oil, natural gas liquids and natural gas reserves of ACOR; (b) the
     current production volumes of ACOR; or (c) the current cash flow of ACOR.

5.26 To the knowledge of ACOR, no event has occurred or condition exists which
     is reasonably likely to prevent the Acquisition from being completed prior
     to the date set forth in the Purchase Agreement.

INTANGIBLE PROPERTY

5.27 ACOR does not own any Intellectual Property and no Intellectual Property is
     required to conduct the business of ACOR as presently conducted or as
     contemplated to be conducted in the future.

NECESSARY LICENSES AND PERMITS

5.28 Except as set forth on Schedule 5.27 attached hereto, ACOR has all
     necessary and required licenses, permits, consents, concessions and other
     authorizations of governmental, regulatory or administrative agencies or
     authorities, whether foreign, federal, provincial, or local, required to
     own and lease its properties and assets and to conduct its business as now
     conducted, except where the failure to hold the foregoing would not have a
     Material Adverse Effect on ACOR. ACOR is not in default, nor has it
     received any notice of any claim or default with respect to any such
     license, permit, consent, concession or authorization. No registrations,
     filings, applications, notices, transfers, consents, approvals, audits,
     qualifications, waivers or other action of any kind is required by virtue
     of the execution and delivery of this Agreement or the Purchase Agreement,
     or of the consummation of the transactions contemplated hereby: (a) to
     avoid the loss of any license, permit, consent, concession or other
     authorization or any asset, property or right pursuant to the terms
     thereof, or the violation or breach of any Law applicable thereto, or (b)
     to enable ACOR to hold and enjoy the same immediately after the Closing
     Date in the conduct of its business as conducted prior to the Closing Date.

COMPLIANCE WITH LAW

5.29 ACOR is not in default under, or in violation of, and has not violated (and
     failed to cure) any Law including, without limitation, laws relating to the
     issuance or sale of securities, privacy and intellectual property, or any
     licenses, franchises, permits, authorizations or concessions granted by, or
     any judgment, decree, writ, injunction or order of, any governmental or
     regulatory authority, applicable to its business or any of its properties
     or assets, except where such default or violation would not have a Material
     Adverse Effect on ACOR. ACOR has not received any notification alleging any
     material violations of any of the foregoing with respect to which adequate
     corrective action has not been taken.

                                       23
<PAGE>

EMPLOYEES

5.30 ACOR has provided Newco with a correct and complete list (the "EMPLOYMENT
     INFORMATION") of:

     (a)  each employee, director, independent contractor, consultant and agent
          of ACOR who currently provides services to the administration,
          operation, maintenance and management of ACOR, whether actively at
          work or not, their salaries, wage rates, commissions and consulting
          fees, bonus arrangements, benefits, positions, ages, status as
          full-time or part-time employees, location of employment and length of
          service;

     (b)  any arrangement or practice of ACOR regarding redundancy or severance
          payments, whether contractual, customary or discretionary, above the
          statutory payment;

     (c)  each written employment practice or policy operated in relation to any
          of the employees or any group of them, whether contractual, customary
          or discretionary; and

     (d)  any collective bargaining agreement, labour contract, letter of
          understanding, letter of intent, voluntary recognition agreement or
          legally binding commitment or written communication to any labour
          union, trade union or employee organization or group which may qualify
          as a trade union in respect of or affecting Employees or independent
          contractors.

5.31 Except as disclosed to Newco, there are no agreements, written or oral,
     between ACOR and any other party relating to payment, remuneration or
     compensation for work performed or services provided or payment relating to
     a change of control or other event in respect of ACOR. ACOR is in
     compliance with all applicable Laws respecting labour, employment, fair
     employment practices, work place safety and health, terms and conditions of
     employment, and wages and hours. There are no charges of employment
     discrimination or unfair labour practices pending or threatened and to the
     knowledge of ACOR, there exists no valid basis for any such claim. There
     are no pending claims, complaints or charges that have been filed against
     ACOR under any labour or employment laws or dispute resolution procedure
     (including, but not limited to, any arbitration or similar proceedings) of
     which ACOR has received written notice. ACOR has not received any written
     notice indicating that any of its employment policies or practices is
     currently being audited or investigated by any federal, provincial, state
     or local government agency.

                                       24
<PAGE>

LITIGATION

5.32 Except as set forth on Schedule 5.31 attached hereto, there are no actions,
     suits, proceedings or inquiries in existence or, to the knowledge of ACOR,
     pending or threatened against or affecting ACOR at law or in equity or
     before or by any federal, provincial, municipal or other governmental
     department, commission, board, bureau or agency which may in any way
     materially adversely affects, or in any way may materially adversely
     affect, the business, operations, capital, properties, assets, liabilities
     (absolute, accrued, contingent or otherwise), condition (financial or
     otherwise) or results of operations of ACOR or its properties or assets or
     which affects or may affect the transactions contemplated hereby or
     pursuant to the Acquisition or the Financing or to duly observe and perform
     any of its covenants or obligations contained herein or in the agreements
     relating to the Acquisition or the Financing and ACOR is not aware of any
     existing ground on which such action, suit, proceeding or inquiry might by
     commenced with any reasonable likelihood of success.

EMPLOYEE BENEFIT PLANS

5.33 ACOR does not have any employee benefit plans (or any plan which may be in
     any way regarded as an employee benefit plan) of any nature whatsoever nor
     has it ever had any such plans.

INSURANCE

5.34 ACOR does not maintain policies of insurance as of the date hereof.

LOCATION OF OFFICE

5.35 ACOR's head office is located at 1301 Avenue M, Cisco, Texas 76437 and such
     address is the only location where its corporate books and records are
     located.

NO LIMITATIONS

5.36 There is no non-competition, exclusivity or other similar agreement,
     commitment or understanding in place, whether written or oral, to which
     ACOR is a party or is otherwise bound that would now or hereafter, in any
     way limit the business, use of assets or operations of ACOR.

REGULATORY COMPLIANCE

5.37 ACOR is in compliance with all regulatory orders, directives and decisions
     that have application to ACOR except where such non-compliance would not
     have a Material Adverse Effect on ACOR and ACOR has not received notice
     from any governmental or regulatory authority that ACOR is not in
     compliance with any such regulatory orders, directives or decisions.

NON-ARM'S LENGTH TRANSACTIONS

5.38 Except as set forth on Schedule 5.37 attached hereto, ACOR has not made any
     payment or loan to, or has borrowed any monies from or is otherwise
     indebted to, any officer, director, employee, shareholder or any other
     Person with whom ACOR is not dealing at arm's length (within the meaning of
     the Income Tax Act) or any Affiliate of any of the foregoing; and

5.39 Except as set forth on Schedule 5.37 attached hereto, ACOR is not a party
     to any contract or agreement with any officer, director, employee,
     shareholder or any other Person with whom ACOR is not dealing at arm's
     length (within the meaning of the Income Tax Act) or any Affiliate of any
     of the foregoing, except for the ACOR Stock Option Agreements.

                                       25
<PAGE>

ENVIRONMENTAL LAWS

5.40 To the best of its knowledge, ACOR does not have liability under, nor has
     ACOR ever violated, any Environmental Law. ACOR does not have any property
     owned, operated, leased, or used by it that has been the subject of a
     violation of any Environmental Law since 1997. All facilities and
     operations of ACOR and its Subsidiaries are presently in compliance with
     all applicable Environmental Laws.

ENFORCEABILITY

5.41 The execution and delivery by ACOR of this Agreement and any other
     agreement contemplated by this Agreement will result in legally binding
     obligations of ACOR enforceable against ACOR in accordance with the
     respective terms and provisions hereof and thereof subject, however, to
     limitations with respect to enforcement imposed by Law in connection with
     bankruptcy or similar proceedings and to the extent that equitable remedies
     such as specific performance and injunction are in the discretion of the
     court from which they are sought

                                   ARTICLE 6
                   SURVIVAL OF REPRESENTATIONS AND WARRANTIES

SURVIVAL OF REPRESENTATIONS AND WARRANTIES

6.1  The representations and warranties made by the Parties and contained in
     this Agreement shall continue in full force and effect for the benefit of
     the respective Party or Parties, as applicable, subject to the following:

     (a)  except as provided in paragraphs (b) and (c) below, ACOR, Newco and
          the Newco Securityholders may make or bring any claim for a period of
          two (2) years after the Closing Date;

     (b)  any claim which is based upon or relates to the tax liability of Newco
          or ACOR for a particular taxation year may be made or brought at any
          time prior to the expiration of the period (if any) during which an
          assessment, reassessment or other form of recognized document
          assessing liability for tax, interest or penalties in respect of such
          taxation year under applicable tax legislation could be issued,
          assuming that a waiver or similar document extending such period has
          not been filed; and

     (c)  any claim which is based upon or relates to the title to Newco Shares
          in connection with this Agreement or which is based upon an
          intentional misrepresentation or fraud by Newco or Newco
          Securityholders may be brought at any time.

          After the expiration of the period of time referred to in paragraph
          (a), ACOR, Newco and the Newco Securityholders will be released from
          any and all obligations and liabilities in respect of the
          representations and warranties made by each of them and contained in
          this Agreement or in any document or certificate given in order to
          carry out the transactions contemplated hereby, except with respect to
          any claims made by any of the Parties in writing prior to the
          expiration of such period and subject to the rights of each of the
          Parties to make any claim permitted by paragraphs (b) and (c).

                                       26
<PAGE>

                                   ARTICLE 7
                     COVENANTS OF THE NEWCO SECURITYHOLDERS

COVENANTS OF THE NEWCO SECURITYHOLDERS

7.1  Each of the Newco Securityholders hereby severally covenants and agrees
     with ACOR as follows:

     Delivery of Share Certificates

     (a)  The Newco Securityholders are entitled to receive ACOR Shares in
          exchange for such Newco Shareholder's Newco Shares as set out in
          Schedule "A", and shall on the Closing Date surrender the certificate
          or certificates (or other reasonably acceptable evidence) representing
          the Newco Shares held by it to ACOR and in return, shall be entitled
          to receive a certificate representing ACOR Shares on the basis set out
          herein. Until such surrender and exchange, the register of
          shareholder(s) of Newco shall be evidence of the right for the Newco
          Securityholders to be registered as holders of ACOR Shares; and

     (b)  The Newco Securityholder shall transfer and deliver to ACOR on the
          Closing Date, certificates representing the Newco Shares set out
          opposite his or its name in the attached Schedule "A" duly endorsed in
          blank for transfer or accompanied by a duly executed power of attorney
          for transfer in blank.

          Filing of Reports

     (c)  The Newco Securityholders consents to, and will assist ACOR with, the
          filing by ACOR from time to time of any reports or other documents
          required by any Securities Authorities with respect to its receipt of
          ACOR Shares pursuant to this Agreement.

          Representations and Warranties

     (d)  From the date hereof until the termination of this Agreement, the
          Newco Securityholders shall not take any action, or fail to take any
          action, which would or may reasonably be expected to result in the
          representations and warranties set out in Article 4 being untrue in
          any material respect at any time prior to the Closing Date or
          termination of this Agreement, whichever is first.

          Conditions

     (e)  The Newco Securityholders will use their commercially reasonable
          efforts to ensure compliance with all applicable conditions set forth
          in Article 11.

7.2  From the date of this Agreement until the Closing Date, the Newco
     Securityholders will use their commercially reasonable efforts to cause
     Newco to conduct its business as carried on as of the date hereof in the
     Ordinary Course. Without limiting the generality of the foregoing, during
     the period starting on the date of this Agreement and ending on the Closing
     Date:

                                       27
<PAGE>

     (a) The Newco Securityholders shall ensure that:

        (i) Newco shall:

          (A)  carry on its respective business in the Ordinary Course and in a
               manner consistent with industry practice,

          (B)  use commercially reasonable efforts to preserve intact its
               present business organization and material rights, to keep
               available the services of its current officers and employees and
               to preserve its relationships with customers, suppliers and
               others having business dealings with them, and

          (C)  maintain and keep its material properties and assets in as good
               repair and condition as at the date hereof, subject to ordinary
               wear and tear, all to the end that its goodwill and ongoing
               businesses shall not be impaired in any material respect at the
               Closing Date;

     (ii) Newco shall not, without prior written consent of ACOR (such consent
          not to be unreasonably withheld):

          (A)  issue or modify any equity or debt securities or rights to
               acquire securities;

          (B)  incur any debt, other than in the Ordinary Course of business
               consistent with past practice;

          (C)  declare or pay any dividends or distribute any of its properties
               or assets to the Newco Securityholders;

          (D)  enter into any material contract, other than in the Ordinary
               Course of business consistent with past practice;

          (E)  alter or amend its articles or by-laws;

          (F)  engage in any business enterprise or other activity different
               from that carried on as of the date hereof;

          (G)  sell, pledge, lease, dispose of, grant any interest in, encumber
               or agree to sell, pledge, lease, dispose of, grant any interest
               in or encumber any material portion of its assets;

          (H)  declare or pay any dividends on, make other distributions or
               return capital in respect of any of its capital stock or any
               other equity interests;

          (I)  reduce its stated capital;

          (J)  split, combine or reclassify any of its capital stock or issue or
               authorize or propose the issuance or distribution of any other
               securities in respect or in lieu of or in substitution for,
               shares of its capital stock;

          (K)  issue, sell, reserve or set aside any shares of its capital stock
               or any securities or obligations convertible into, exercisable or
               exchangeable for, or any rights, warrants, calls, subscriptions
               or options to acquire, shares of its capital stock, or any of its
               material assets;

                                       28
<PAGE>

          (L)  dispose of or encumber, repurchase, redeem or otherwise acquire,
               (1) any shares of its capital stock or any securities or
               obligations convertible into, exercisable or exchangeable for, or
               any rights, warrants, calls, subscriptions or options to acquire,
               shares of its capital stock, or (2) any of its material assets;

          (M)  except as permitted pursuant to paragraph (D) above, enter into
               or announce any agreement or arrangement with respect to the
               sale, voting, registration or repurchase of any shares of its
               capital stock or any security convertible into or exchangeable
               for such shares or any of its material assets;

     (iii) Newco shall not:

          (A)  (1) incur, assume or prepay any long term or short term debt or
               issue any debt securities, except in the Ordinary Course; (2)
               assume, guarantee, endorse or otherwise become liable or
               responsible (whether directly, contingently or otherwise) for the
               obligations of any other Person; (3) make any loans, advances or
               capital contributions to, or investments in, any other Person;
               and (4) pledge or otherwise encumber shares of its capital stock
               or Newco;

          (B)  enter into any material operating lease or create any mortgages,
               security interests, Liens or other encumbrances on its property;

     (iv) Newco shall not:

          (A)  increase or modify the amount of (or accelerate the payment or
               vesting of) any benefit or amount payable under, any contract,
               agreement, commitment, arrangement, plan or policy providing for
               compensation or benefits to any former or present director or
               officer of Newco;

          (B)  increase or modify (or enter into any contract or arrangement to
               increase or modify) the compensation or benefits, or otherwise to
               extend, expand or enhance the engagement or any related rights,
               of any former or present director, officer or consultant of
               Newco; or

          (C)  adopt, establish, enter into or implement or amend any employee
               benefit plan, policy, severance or termination agreement
               providing for any form of benefits or other compensation to any
               former, present or future director, officer or employee of Newco
               or amend any policy, severance or termination agreement;

                                       29
<PAGE>

     (v)  Newco shall not pay, discharge, satisfy, compromise or settle any
          material claims, liabilities or obligations prior to the same being
          due;

     (vi) Newco shall not reorganize, amalgamate or merge with any other Person;

     (vii) except as required by applicable Laws, Newco shall not enter into,
          terminate or waive any provision of, exercise any material option or
          relinquish any material contractual rights under, or modify or request
          to modify in any material respect any material contract, agreement,
          guarantee, lease commitment or arrangement or enter into any contract
          that would be a material contract if entered into as of the date
          hereof, in either case other than in the Ordinary Course;

     (viii) Newco shall not revalue in any material respect any of its assets;

     (ix) Newco shall not make any changes to the existing accounting practices,
          methods and principles relating to such party;

     (x)  Newco shall not make or rescind any material tax election;

     (xi) Newco shall not make any capital expenditure, other than capital
          expenditures that are made in the Ordinary Course or which are in
          accordance with its existing budgets provided to ACOR prior to the
          date hereof;

     (xii) Newco shall not waive, release, assign, settle or compromise any
          pending or threatened suit, action or claim against it or any other
          rights, claims or litigation material to it;

     (xiii) Newco shall not: (A) enter into any confidentiality or standstill
          agreement; or

          (B)  amend or release any third party from its obligations or grant
               any consent under, any confidentiality or standstill provision or
               fail to fully enforce any such provision;

     (xiv) Newco shall not take or fail to take any action which would render,
          or that would be reasonably expected to render, any of Newco's
          representations or warranties hereunder to be untrue or would be
          reasonably expected to prevent or materially impede, interfere with or
          delay the transaction contemplated by this Agreement; and

     (xv) Newco shall not agree in writing or otherwise to take any of the
          actions as described above in clauses (ii) through (xiv).

                                       30
<PAGE>

COVENANTS OF NEWCO

7.3  Newco hereby covenants and agrees with ACOR as follows:

          Representations and Warranties

     (a)  From the date hereof until the termination of this Agreement, Newco
          shall not take any action, or fail to take any action, which would or
          may reasonably be expected to result in the representations and
          warranties set out in Article 3 being untrue in any material respect
          at any time prior to the Closing Date or termination of this
          Agreement, whichever is first.

          Conditions

     (b)  Newco will use its commercially reasonable efforts to ensure
          compliance with all applicable conditions set forth in Article 11.

          Additional Deliveries by Newco at Closing

     (c)  In addition to all other documents required hereunder to be delivered
          by Newco to ACOR to complete the transactions contemplated herein,
          Newco shall deliver to ACOR at Closing:

(i) a certificate of good standing of Newco;

          (ii) a certified copy of the updated register of members showing the
               transfer of the Newco Shares to ACOR together with the cancelled
               certificates for all Newco Shares by each Newco Securityholder in
               blank together with a duly executed power of attorney for
               transfer;

          (iii) a certificate of incumbency in respect of the Newco;

          (iv) a certified copy of the resolutions passed by the board of
               directors of Newco approving this Agreement as well as the
               consummation of the transactions contemplated hereby; and

          (v)  a certified copy of the resolutions passed by the board of
               directors of Newco approving the Acquisition as well as the
               consummation of the transactions contemplated thereby.

                                       31
<PAGE>

                                   ARTICLE 8
                               COVENANTS OF ACOR

COVENANTS OF ACOR

8.1  ACOR hereby covenants and agrees with Newco as follows:

         Necessary Consents

          (a)  ACOR shall use its commercially reasonable best efforts to obtain
               from its directors, shareholders and all appropriate Governmental
               Entities such approvals, Permits or consents as are required (if
               any) to complete the transactions contemplated herein, including
               in respect of the Acquisition.

         Approval of Financing

          (b)  ACOR shall use its reasonable efforts to obtain the Regulatory
               Approvals (if any) of the Securities Authorities for the
               securities issued hereunder and the Financing.

         Conditions

          (c)  ACOR will use its commercially reasonable efforts to ensure
               compliance with all applicable conditions set forth in Article
               11.

         Status and Filings

          (d)  ACOR will maintain its corporate status and comply with all
               applicable corporate and securities Laws and requirements
               (including any applicable filing requirements) prior to Closing.

         Directors

          (e)  ACOR shall take all required action to appoint each of Jesse
               Meidl and William Petrie to the board of directors of ACOR at the
               Closing. The directors shall hold office until the next meeting
               of the ACOR Shareholders or until their successors are elected or
               appointed in accordance with the provisions of ACOR's by-laws.

8.2   From  the date of this Agreement until the Closing Date, ACOR will use its
      commercially  reasonable  efforts to conduct its business as carried on as
      of the date hereof in the Ordinary Course. Without limiting the generality
      of  the  foregoing  and  except  as provided for in this Agreement and the
      Purchase  Agreement,  during  the  period  starting  on  the  date of this
      Agreement and ending on the Closing Date:

                                       32
<PAGE>

          (a)  ACOR shall:

               (i)  carry on its respective business in the Ordinary Course and
                    in a manner consistent with industry practice;

               (ii) use commercially reasonable efforts to preserve intact its
                    present business organization and material rights, to keep
                    available the services of its current officers and employees
                    and to preserve its relationships with customers, suppliers
                    and others having business dealings with them; and

               (iii) maintain and keep its material properties and assets in as
                    good repair and condition as at the date hereof, subject to
                    ordinary wear and tear, all to the end that its goodwill and
                    ongoing businesses shall not be impaired in any material
                    respect at the Closing Date.

          (b)  ACOR shall not, without prior written consent of Newco (such
               consent not to be unreasonably withheld) and other than as
               contemplated herein, in the Purchase Agreement or on Schedule
               8.2(b) attached hereto:

               (i)  issue or modify any equity or debt securities or rights to
                    acquire securities;

               (ii) incur any debt, other than in the Ordinary Course consistent
                    with past practice;

               (iii) declare or pay any dividends or distribute any of its
                    properties or assets to the shareholders of ACOR;

               (iv) enter into any material contract, other than in the Ordinary
                    Course consistent with past practice;

               (v)  alter or amend its articles or by-laws;

               (vi) engage in any business enterprise or other activity
                    different from that carried on as of the date hereof;

               (vii) sell, pledge, lease, dispose of, grant any interest in,
                    encumber or agree to sell, pledge, lease, dispose of, grant
                    any interest in or encumber any material portion of its
                    assets;

               (viii) declare or pay any dividends on, make other distributions
                    or return capital in respect of any of its capital stock or
                    any other equity interests;

               (ix) reduce its stated capital;

               (x)  split, combine or reclassify any of its capital stock or
                    issue or authorize or propose the issuance or distribution
                    of any other securities in respect or in lieu of or in
                    substitution for, shares of its capital stock;

                                       33
<PAGE>

               (xi) issue, sell, reserve or set aside any shares of its capital
                    stock or any securities or obligations convertible into,
                    exercisable or exchangeable for, or any rights, warrants,
                    calls, subscriptions or options to acquire, shares of its
                    capital stock, or any of its material assets;

               (xii) dispose of or encumber, repurchase, redeem or otherwise
                    acquire, (1) any shares of its capital stock or any
                    securities or obligations convertible into, exercisable or
                    exchangeable for, or any rights, warrants, calls,
                    subscriptions or options to acquire, shares of its capital
                    stock, or (2) any of its material assets;

               (xiii) except as permitted pursuant to paragraph (D) above, enter
                    into or announce any agreement or arrangement with respect
                    to the sale, voting, registration or repurchase of any
                    shares of its capital stock or any security convertible into
                    or exchangeable for such shares or any of its material
                    assets;

          (c)  ACOR shall not:

               (i)  (1) incur, assume or prepay any long term or short term debt
                    or issue any debt securities, except in the Ordinary Course;
                    (2) assume, guarantee, endorse or otherwise become liable or
                    responsible (whether directly, contingently or otherwise)
                    for the obligations of any other Person; (3) make any loans,
                    advances or capital contributions to, or investments in, any
                    other Person; and (4) pledge or otherwise encumber shares of
                    its capital stock or Newco;

               (ii) enter into any material operating lease or create any
                    mortgages, security interests, Liens or other encumbrances
                    on its property;

          (d)  ACOR shall not:

               (i)  increase or modify the amount of (or accelerate the payment
                    or vesting of) any benefit or amount payable under, any
                    contract, agreement, commitment, arrangement, plan or policy
                    providing for compensation or benefits to any former or
                    present director or officer of ACOR;

               (ii) increase or modify (or enter into any contract or
                    arrangement to increase or modify) the compensation or
                    benefits, or otherwise to extend, expand or enhance the
                    engagement or any related rights, of any former or present
                    director, officer or consultant of ACOR; or

               (iii) adopt, establish, enter into or implement or amend any
                    employee benefit plan, policy, severance or termination
                    agreement providing for any form of benefits or other
                    compensation to any former, present or future director,
                    officer or employee of ACOR or amend any policy, severance
                    or termination agreement;

                                       34
<PAGE>

          (e)  ACOR shall not pay, discharge, satisfy, compromise or settle any
               material claims, liabilities or obligations prior to the same
               being due;

               (i)  ACOR shall not reorganize, amalgamate or merge with any
                    other Person; (ii) except as required by applicable Laws,
                    ACOR shall not enter into, terminate or waive any provision
                    of, exercise any material option or relinquish any material
                    contractual rights under, or modify or request to modify in
                    any material respect any material contract, agreement,
                    guarantee, lease commitment or arrangement or enter into any
                    contract that would be a material contract if entered into
                    as of the date hereof, in either case other than in the
                    Ordinary Course;

               (iii) ACOR shall not revalue in any material respect any of its
                    assets;

               (iv) ACOR shall not make any changes to the existing accounting
                    practices, methods and principles relating to such party;

               (v)  ACOR shall not make or rescind any material tax election;

               (vi) ACOR shall not make any capital expenditure, other than
                    capital expenditures that are made in the Ordinary Course or
                    which are in accordance with its existing budgets provided
                    to Newco prior to the date hereof;

               (vii) ACOR shall not waive, release, assign, settle or compromise
                    any pending or threatened suit, action or claim against it
                    or any other rights, claims or litigation material to it;

               (viii) ACOR shall not:

                    (A) enter into any confidentiality or standstill agreement;
               or

                    (B) amend or release any third party from its obligations or
               grant any consent under, any confidentiality or standstill
               provision or fail to fully enforce any such provision;

               (ix) ACOR shall not take or fail to take any action which would
                    render, or that would be reasonably expected to render, any
                    of ACOR's representations or warranties hereunder to be
                    untrue or would be reasonably expected to prevent or
                    materially impede, interfere with or delay the transaction
                    contemplated by this Agreement; and

               (x)  ACOR shall not agree in writing or otherwise to take any of
                    the actions as described above in clauses (ii) through (ix).

                                       35
<PAGE>

         Listing

8.3  ACOR shall use its commercially reasonable efforts to have the issuance of
     all the ACOR Shares issuable pursuant to this Agreement the Purchase
     Agreement, or as a consequence of the Financing and the ACOR Warrants
     accepted by the OTCBB. In that regard, ACOR shall provide Newco with all
     communications sent to or received from FINRA or the OTCBB or any
     Securities Authorities in connection with this Agreement and the Financing.

         Representations and Warranties

8.4  ACOR covenants and agrees that from the date hereof until the termination
     of this Agreement, ACOR shall not take any action, or fail to take any
     action, which would or may reasonably be expected to result in the
     representations and warranties set out in Article 5 being untrue in any
     material respect at any time prior to the Closing Date or termination of
     this Agreement, whichever is first.

         Additional Deliveries by ACOR at Closing

8.5  In addition to all other documents required hereunder to be delivered by
     ACOR to Newco to complete the Acquisition and the Financing, ACOR shall
     deliver to Newco at Closing:

     (a)  a certificate of status of ACOR;

     (b)  certificate of incumbency in respect of ACOR; and

     (c)  a certified copy of the resolutions passed by the board of directors
          of ACOR approving this Agreement as well as the consummation of the
          transactions contemplated hereby and the Financing.

                           ARTICLE 9 MUTUAL COVENANTS

9.1  Each of the Parties covenants and agree that it shall:

         Preparation of Filings

     (a)  ACOR and Newco shall cooperate in the preparation of all applications
          for all approvals and the preparation of any other documents and
          taking of all actions reasonably deemed by ACOR and Newco, as the case
          may be, to be necessary to discharge their respective obligations
          under applicable Laws in connection with each step of the Acquisition
          and the Financing and all other matters contemplated in this
          Agreement. In this regard:

          (i)  each of ACOR and Newco shall furnish to the other all such
               information concerning it and its shareholders, as may be
               required to effect the transaction contemplated in this
               Agreement; and

          (ii) each of ACOR and Newco covenants that no information furnished by
               it in connection with such actions or otherwise in connection
               with the consummation of the transaction contemplated in this
               Agreement will, to the best of its knowledge, contain any untrue
               statement of a material fact or omit to state a material fact
               required to be stated in any such document or necessary in order
               to make any information so furnished for use in any such document
               not misleading in the light of the circumstances in which it is
               furnished or to be used;

                                       36
<PAGE>

         Notice of Material Change

     (b)  From the date hereof until the earlier of the Closing Date or the
          termination of this Agreement, each Party shall promptly notify the
          other Party in writing of:

          (i)  any material change (actual, anticipated, contemplated or, to the
               best of the knowledge of such Party threatened, financial or
               otherwise) in the business, affairs, operations, assets,
               liabilities (contingent or otherwise) or capital of such Party
               taken as whole;

          (ii) any change in the facts relating to any applicable representation
               or warranty set out in Article 3, 4 or 5 hereof, as applicable,
               which change is or may be of such a nature as to render any such
               representation or warranty misleading or untrue in a material
               respect; or

          (iii) any material fact which arises and which would have been
               required to be stated herein had the fact arisen on or prior to
               the date of this Agreement.

          Each of ACOR and Newco shall in good faith discuss with the other any
          change in circumstances (actual, anticipated, contemplated or
          threatened, financial or otherwise) which is of such a nature that
          there may be a reasonable question as to whether notice need be given
          to the other pursuant to this Section 9.1(b).

      Consummation of the Transaction and the Acquisition

     (c)  Use all commercially reasonable efforts to consummate the transactions
          contemplated in this Agreement including the Financing and the
          Acquisition.

         Other Filings

     (d)  The Parties shall, as promptly as practicable hereafter, prepare and
          file all filings required under any securities Laws, the rules and
          policies of FINRA and the OTCBB or any other applicable Laws relating
          to the transaction contemplated in this Agreement.

                                       37
<PAGE>

         Additional Agreements

     (e)  Subject to the terms and conditions of this Agreement and subject to
          fiduciary obligations under applicable Laws, each of the Parties
          hereto agrees to use all commercially reasonable efforts to take, or
          cause to be taken, all action and to do, or cause to be done, all
          things necessary, proper or advisable to consummate and make effective
          as promptly as practicable, the transactions contemplated by this
          Agreement, the Purchase Agreement and the Financing and to cooperate
          with each other in connection with the foregoing, including, as
          applicable, using commercially reasonable efforts:

          (i)  to obtain all necessary waivers, consents and approvals from
               other parties to material agreements, leases and other contracts
               or agreements;

          (ii) to defend all lawsuits or other legal proceedings challenging
               this Agreement, the Purchase Agreement or the consummation of the
               Financing contemplated hereby;

          (iii) to cause to be lifted or rescinded any injunction or restraining
               order or other order adversely affecting the ability of the
               Parties to consummate the transactions contemplated by this
               Agreement, the Purchase Agreement and the Financing contemplated
               hereby; and

          (iv) to effect all necessary registrations and other filings and
               submissions of information requested by Governmental Authorities.

                                   ARTICLE 10
                                INDEMNIFICATION

INDEMNIFICATION BY ACOR

10.1 Subject to Section 10.4, ACOR hereby covenants and agrees with Newco and
     the Newco Securityholders to indemnify and save harmless Newco and the
     Newco Securityholders from and against any claims which may be made or
     brought against such Party or which such Party may suffer or incur as a
     result of, or arising out of any non-fulfillment of any covenant or
     agreement on the part of ACOR under this Agreement or any incorrectness in
     or breach of any representation or warranty of ACOR contained in this
     Agreement.

                                       38
<PAGE>

INDEMNIFICATION BY NEWCO

10.2 Subject to Section 10.4, Newco hereby covenants and agrees with ACOR to
     indemnify and save harmless ACOR from and against any claims which may be
     made or brought against it or which it may suffer or incur as a result of,
     or arising out of non-fulfillment of any covenant or agreement on the part
     of Newco under this Agreement or any incorrectness in or breach of any
     representation or warranty of Newco contained in this Agreement.

INDEMNIFICATION BY THE NEWCO SECURITYHOLDERS

10.3 Subject to Section 10.4, the Newco Securityholders hereby covenant and
     agree on a several basis with ACOR to indemnify and save harmless ACOR from
     and against any claims which may be made or brought against it or which it
     may suffer or incur as a result of, or arising out of non-fulfillment of
     any covenant or agreement on the part of such Newco Securityholder under
     this Agreement, and the Newco Securityholders covenant and agree with ACOR
     to indemnify and save harmless ACOR from and against any claims which may
     be made or brought against it or which it may suffer or incur as a result
     of, or arising out of non-fulfillment of any incorrectness in or breach of
     any representation or warranty of Newco contained in this Agreement.

LIMITATION ON INDEMNIFICATION

10.4 The indemnification obligations of each of the Parties pursuant to Section
     10.1, Section 10.2 and Section 10.3 shall be subject to the following:

     (a)  the applicable limitation mentioned in Article 6 respecting the
          survival of the representations and warranties; and

     (b)  an Indemnifying Party shall not be required to indemnify an
          Indemnified Party until the aggregate claims sustained by that
          Indemnified Party exceeds a value of $10,000, in which case, the
          Indemnifying Party shall be obligated to the Indemnified Party for all
          claims.

PROCEDURE FOR INDEMNIFICATION

10.5 The Party or other indemnified person making a claim for indemnification
     under this Article is referred to as the "Indemnified Party" and the Party
     providing indemnification is referred to as the "Indemnifying Party" for
     the purposes of this Article. The following provisions shall apply to any
     Claims for which an Indemnifying Party may be obligated to indemnify an
     Indemnified Party pursuant to this Agreement:

     (a)  upon receipt from a third party by the Indemnified Party of notice of
          a claim or the Indemnified Party becoming aware of a claim in respect
          of which the Indemnified Party proposes to demand indemnification from
          the Indemnifying Party, the Indemnified Party shall give notice to
          that effect to the Indemnifying Party with reasonable promptness,
          provided that failure to give such notice shall not relieve the
          Indemnifying Party from any liability it may have to the Indemnified
          Party except to the extent that the Indemnifying Party is prejudiced
          thereby;

     (b)  in the case of Claims arising from third parties, the Indemnifying
          Party shall have the right by notice to the Indemnified Party not
          later than fifteen (15) days after receipt of the notice described in
          paragraph (a) above to assume the control of the defence, compromise
          or settlement of the claims, provided that such assumption shall, by
          its terms, be without costs to the Indemnified Party and the
          Indemnifying Party shall at the Indemnified Party's request furnish it
          with reasonable security against any costs or other liabilities to
          which it may be or become exposed by reason of such defence,
          compromise or settlement;

     (c)  upon the assumption of control by the Indemnifying Party as aforesaid,
          the Indemnifying Party shall diligently proceed with the defence,
          compromise or settlement of the claims at its sole expense, including
          employment of counsel reasonably satisfactory to the Indemnified Party
          and, in connection therewith, the Indemnified Party shall cooperate
          fully, but at the expense of the Indemnifying Party, to make available
          to the Indemnifying Party all pertinent information and witnesses
          under the Indemnified Party's control, make such assignments and take
          such other steps as in the opinion of counsel for the Indemnifying
          Party are necessary to enable the Indemnifying Party to conduct such
          defence; provided always that the Indemnified Party shall be entitled
          to reasonable security from the Indemnifying Party for any expense,
          costs or other liabilities to which it may be or may become exposed by
          reason of such cooperation;

                                       39
<PAGE>

     (d)  the final determination of any such claims arising from third parties,
          including all related costs and expenses, will be binding and
          conclusive upon the Parties as to the validity or invalidity, as the
          case may be, of such claims against the Indemnifying Party hereunder;
          and

     (e)  should the Indemnifying Party fail to give notice to the Indemnified
          Party as provided in paragraph (b) above, the Indemnified Party shall
          be entitled to make such settlement of the claims as in its sole
          discretion may appear reasonably advisable, and such settlement or any
          other final determination of the claims shall be binding upon the
          Indemnifying Party.

                                   ARTICLE 11
                              CONDITIONS PRECEDENT

MUTUAL CONDITIONS PRECEDENT

11.1 The transactions contemplated herein are subject to the following
     conditions to be fulfilled or performed on or prior to the Closing Date,
     which conditions are for the mutual benefit of ACOR, the Newco
     Securityholders and Newco and may be waived by ACOR and Newco, jointly, in
     writing:

     (a)  the receipt of all necessary Regulatory Approvals, corporate and third
          party approvals and compliance with all applicable Laws, regulatory
          requirements and conditions;

     (b)  the maintenance of ACOR's listing on the OTCBB;

     (c)  the confirmation of the representations and warranties of each Party
          to this Agreement as set out in such Agreement;

     (d)  the absence of any Material Adverse Effect on the financial and
          operational condition or the assets of each of ACOR and Newco;

     (e)  all conditions precedent to the Acquisition set forth in the Purchase
          Agreement shall have been satisfied or waived (provided any waiver by
          ACOR or Chelsea Oil Australia Pty Ltd shall have been consented to in
          writing by Newco, acting reasonably) and the Acquisition shall have
          been completed;

     (f)  the completion of the Financing for minimum gross proceeds of not less
          than US$1,000,000, of which Ely Sakhai has the right to invest up to
          US$500,000;

     (g)  original share certificate(s) representing the Newco Shares, set out
          opposite his or its name in the attached Schedule "A", duly endorsed
          in blank for transfer or accompanied by a duly executed power of
          attorney for transfer in blank;

                                       40
<PAGE>

     (h)  the delivery of standard completion documentation including, but not
          limited to, officer's certificates, and certificates of good standing
          as the Parties shall mutually agree, acting reasonably;

     (i)  no legal action or proceedings shall be pending or threatened by any
          Person against ACOR or Newco in any jurisdiction and no order or
          notice will have been issued or delivered by any Governmental Entity
          or Securities Authority seeking to enjoin or prohibit on a temporary
          or permanent basis as of the transactions contemplated in this
          Agreement (including but not limited to the Acquisition or the
          Financing) or imposing temporary or permanent terms or conditions on
          such transactions.

CONDITION PRECEDENT FOR THE BENEFIT OF NEWCO AND THE NEWCO SECURITYHOLDERS

11.2 The transactions contemplated herein are subject to the following
     conditions to be fulfilled or performed on or prior to the Closing Date,
     which conditions are for the exclusive benefit of Newco and the Newco
     Securityholders and may be waived in writing, in whole or in part, by Newco
     in its sole discretion:

     (a)  there will be no material actions, suits or proceedings, whether or
          not purportedly on behalf of ACOR, outstanding or, to the best of the
          management of ACOR's knowledge, pending or threatened by or against
          ACOR at law or in equity or before or by any federal, provincial,
          municipal or other governmental department, commission, bureau, agency
          or instrumentality;

     (b)  the issuance of the ACOR Warrants as set out in Schedule "B" to this
          Agreement;

     (c)  the issuance of a renewal of the Authority to Prospect for a new
          four-year term in respect of ATP 582 from the applicable Queensland
          regulatory authorities and in accordance with the work program
          described in Schedule 5.14(g), in form and substance satisfactory to
          Newco, acting reasonably; and

     (d)  delivery of original share certificates representing the ACOR Shares
          to be issued as fully paid and non-assessable to the Newco
          Securityholders as provided in Schedule "A" hereto and bearing the
          appropriate restrictive legends.

CONDITION PRECEDENT FOR THE BENEFIT OF ACOR

11.3 The transactions contemplated herein, which include the Acquisition and the
     Financing, are subject to the following conditions to be fulfilled or
     performed on or prior to the Closing Date, which conditions are for the
     exclusive benefit of ACOR and may be waived in writing, in whole or in
     part, by ACOR in its sole discretion:

                                       41
<PAGE>

     (a)  there will be no material actions, suits or proceedings, whether or
          not purportedly on behalf of Newco, outstanding or, to the best of the
          management of Newco's knowledge, pending or threatened by or against
          Newco or the Newco Securityholders at law or in equity or before or by
          any federal, provincial, municipal or other governmental department,
          commission, bureau, agency or instrumentality; and

     (b)  delivery of certificates by the Newco Securityholders representing the
          Newco Shares set out opposite his or its name in the attached Schedule
          "A" duly endorsed in blank for transfer or accompanied by a duly
          executed power of attorney for transfer in blank.

                                   ARTICLE 12
                                    CLOSING

TIME OF CLOSING

12.1 The Closing of the transactions contemplated herein shall be completed at
     the offices of Torys LLP, Calgary, Alberta, at a time to be mutually agreed
     by the Parties on the Closing Date.

CLOSING PROCEDURES

12.2 Subject to satisfaction or waiver by the relevant Party of the conditions
     of Closing, at Closing, the Newco Securityholder shall transfer and deliver
     to ACOR on the Closing Date, certificates representing the Newco Shares set
     out opposite his or its name in the attached Schedule "A" duly endorsed in
     blank for transfer or accompanied by a duly executed power of attorney for
     transfer in blank in exchange for certificates representing the ACOR Shares
     set out opposite his or its name in the attached Schedule "A".

                             ARTICLE 13 TERMINATION

TERMINATION RIGHTS

13.1 This Agreement may, by notice in writing given prior to or on the Closing
     Date, be terminated:

     (a)  by mutual consent of ACOR and Newco; or

     (b)  by either ACOR or Newco if any of the conditions set forth herein for
          its benefit has not been fulfilled or waived at or prior to Closing
          Date, or such other date as may be agreed by ACOR and Newco.

                                       42
<PAGE>

EFFECT OF TERMINATION

13.2 Each Party's right of termination under this Article 13 is in addition to
     any other rights it may have under this Agreement or otherwise, and the
     exercise of a right of termination will not be an election of remedies.
     Nothing in Article 13 shall limit or affect any other rights or causes of
     action the Parties may have with respect to the representations,
     warranties, covenants and indemnities in its favour contained in this
     Agreement.

                                   ARTICLE 14
                                    EXPENSES

PROFESSIONAL FEES

14.1 All out-of-pocket cost and expenses incurred by each Party, including
     legal, accounting and financial advisor expenses shall be paid by each
     Party respectively.

                                   ARTICLE 15
                                    GENERAL

PUBLIC ANNOUNCEMENT

15.1 Immediately after the execution of this Agreement, Newco and ACOR shall
     issue a joint public announcement, announcing the entering into of this
     Agreement, which announcement shall address all matters required by the
     policies of FINRA and the OTCBB and applicable Laws and shall be in form
     and substance acceptable to each of them, acting in a commercially
     reasonable manner. ACOR and Newco shall receive the prior consent, not to
     be unreasonably withheld, of the other Party prior to issuing or permitting
     any director, officer, employee or agent to issue, any press release or
     other written statement with respect to this Agreement or the transactions
     contemplated hereby. Notwithstanding the foregoing, if either ACOR or Newco
     is required by law or administrative regulation to make any disclosure
     relating to the transactions contemplated herein, such disclosure may be
     made, but that Party will use reasonable commercial efforts to consult with
     the other Party as to the wording of such disclosure prior to its being
     made.

INDEPENDENT LEGAL ADVICE

15.2 Each of the Parties acknowledges having been encouraged to seek and has had
     the opportunity to obtain independent legal advice with respect to the
     terms of this Agreement.

STANDSTILL

15.3 From the date hereof and until the earlier of the Closing Date or the
     termination of this Agreement, neither Newco nor ACOR will, directly or
     indirectly, initiate, discuss or negotiate with any other corporation, firm
     or person, or entertain, solicit or consider any inquiries or proposals
     relating to any possible business combination, disposition of all or
     substantially all of ACOR's or Newco's assets, or shares or other equity
     interests or furnish to any such entity or person any information in
     connection therewith, except in connection with the transactions
     contemplated in this Agreement.

                                       43
<PAGE>

ENTIRE AGREEMENT

15.4 This Agreement constitutes the entire agreement among the Parties hereto
     and supersedes all prior agreements, letters of intent, representations,
     warranties, statements, promises, information, arrangements and
     understandings, whether oral or written, express or implied, with respect
     to the subject matter hereof. None of the Parties hereto shall be bound or
     charged with any oral or written agreements, representations, warranties,
     statements, promises, information, arrangements or understandings not
     specifically set forth in this Agreement or in the schedules, documents and
     instruments to be delivered on the Closing Date pursuant to this Agreement.
     The Parties hereto further acknowledge and agree that, in entering into
     this Agreement and in delivering the schedules, documents and instruments
     to be delivered on the Closing Date, they have not in any way relied, and
     will not in any way rely, upon any oral or written agreements,
     representations, warranties, statements, promises, information,
     arrangements or understandings, express or implied, not specifically set
     forth in this Agreement or in such schedules, documents or instruments.

FURTHER ASSURANCES

15.5 Each of the Parties hereto will from time to time after the Closing Date at
     the other's request and without further consideration, execute and deliver
     such other instruments of transfer, conveyance and assignment and take such
     further action as the other may reasonably require to give effect to any
     matter provided for herein.

COMMERCIALLY REASONABLE EFFORTS

15.6 For purposes of this Agreement, the obligation to use "commercially
     reasonable efforts" to obtain waivers, consents and approvals to loan
     agreements, leases and other contracts shall not include any obligation to
     agree to a materially adverse modification of the terms of such documents
     or to prepay or incur additional material obligations to such other
     parties.

SEVERABILITY

15.7 In the event that any provision or part of this Agreement is determined by
     any court or other judicial or administrative body to be illegal, null,
     void, invalid or unenforceable, that provision shall be severed to the
     extent that it is so declared and the other provisions of this Agreement
     shall continue in full force and effect.

APPLICABLE LAW

15.8 This Agreement shall be governed by and construed in accordance with the
     laws of the Province of Alberta and the federal laws of Canada applicable
     therein.

GOVERNING LANGUAGE

15.9 This Agreement is drawn up in the English language. This Agreement may be
     translated into any language other than English provided however that the
     English text shall in any event prevail.

                                       44
<PAGE>

ATTORNMENT

15.10 The Parties hereby irrevocably and unconditionally consent to and submit
     to the non-exclusive jurisdiction of the courts of the Province of Alberta
     for any actions, suits or proceedings arising out of or relating to this
     Agreement or the matters contemplated hereby. The Parties hereby
     irrevocably and unconditionally waive any objection to the laying of venue
     of any action, suit or proceeding arising out of this Agreement or the
     matters contemplated hereby in the courts of the Province of Alberta and
     hereby further irrevocably and unconditionally waive and agree not to plead
     or claim in any such applicable courts, as the case may be, that any such
     action, suit or proceeding so brought has been brought in an inconvenient
     forum.

SUCCESSORS AND ASSIGNS

15.11 This Agreement shall accrue to the benefit of and be binding upon each of
     the Parties hereto and their respective heirs, executors, administrators
     and assigns, provided that this Agreement shall not be assigned or
     transferred by any one of the Parties without the prior written consent of
     the other Party.

TIME OF ESSENCE

15.12 Time shall be of the essence hereof.

NOTICES

15.13 Any notice required or permitted to be given hereunder shall be in writing
     and shall be effectively given if (i) delivered personally, (ii) sent
     prepaid courier service or mail, or (iii) sent prepaid by facsimile
     transmission or other similar means of electronic communication (confirmed
     on the same or following day by prepaid mail) addressed as follows:

                                       45
<PAGE>

                 in the case of notice to ACOR:

                 Australian-Canadian Oil Royalties Ltd.
                 1301 Avenue M
                 Cisco, Texas 76437

                 Attention: Robert Kamon
                 Telephone: (254) 442-2638
                 Facsimile: (254) 442-3843
                 Email: acor@classicnet.net

                 With a copy to:

                 Davidoff Malito & Hutcher LLP
                 605 Third Avenue, 34th Floor
                 New York, NY 10158

                 Attention: Malcolm S. Taub, Esq.
                 Telephone: (646) 428-3283
                 Facsimile: (212) 286-1884
                 Email: mst@dmlegal.com

                 in the case of notice to Newco and/or to the
                 Newco Securityholders:

                 1629518 Alberta Ltd.
                 c/o Torys LLP
                 Suite 800, 400-3rd Avenue S.W.
                 Calgary, Alberta T2P 4H2

                 Attention: Janan Paskaran
                 Telephone: (403) 776-3728
                 Facsimile: (403) 776-3800
                 Email: jpaskaran@torys.com

             Any  notice,  designation,  communication, request, demand or other
             document given or sent or delivered as aforesaid shall:

     (a)  if delivered as aforesaid, be deemed to have been given, sent,
          delivered and received on the date of delivery;

     (b)  if sent by mail as aforesaid, be deemed to have been given, sent,
          delivered and received (but not actually received) on the fourth
          Business Day following the date of mailing, unless at any time between
          the date of mailing and the fourth Business Day thereafter there is a
          discontinuance or interruption of regular postal service, whether due
          to strike or lockout or work slowdown, affecting postal service at the
          point of dispatch or delivery or any intermediate point, in which case
          the same shall be deemed to have been given, sent, delivered and
          received in the ordinary course of the mail, allowing for such
          discontinuance or interruption of regular postal service; and

     (c)  if sent by facsimile machine, be deemed to have been given, sent,
          delivered and received on the date the sender receives the facsimile
          machine answer back confirming receipt by the recipient.

                                       46
<PAGE>

WAIVER

15.14 Any Party hereto which is entitled to the benefits of this Agreement may,
     and has the right to, unless otherwise provided, waive any term or
     condition hereof at any time on or prior to the Closing Date, provided
     however that such waiver shall be evidenced by written instrument duly
     executed on behalf of such Party.

AMENDMENTS

15.15 No amendment, modification or supplement to this Agreement shall be
     effective unless provided in writing and signed by all the Parties hereto
     and approved by all necessary governmental regulatory authorities.

REMEDIES CUMULATIVE

15.16 The rights and remedies of the Parties under this Agreement are cumulative
     and in addition to and not in substitution for any rights or remedies
     provided by law. Any single or partial exercise by any Party hereto of any
     right or remedy for default or breach of any term, covenant or condition of
     this Agreement does not waive, alter, affect or prejudice any other right
     or remedy to which such Party may be lawfully entitled for the same default
     or breach.

NOTICE OF UNTRUE COVENANTS, REPRESENTATION OR WARRANT

15.17 The Newco Securityholders and Newco shall promptly notify ACOR, and ACOR
     shall promptly notify the Newco Securityholders and Newco, upon any
     covenant, representation or warranty made by it contained in this Agreement
     becoming untrue or incorrect during the period beginning on the date of
     this Agreement and ending on the Closing Date. Any such notification shall
     set out particulars of the untrue or incorrect covenant, representation or
     warranty and details of any actions being taken by the Newco
     Securityholders and Newco or ACOR, as the case may be, to rectify that
     state of affairs.

COUNTERPARTS

15.18 This Agreement may be executed in several counterparts (by original or
     facsimile signature), each of which when so executed shall be deemed to be
     an original and each of such counterparts, if executed by each of the
     Parties, shall constitute a valid and enforceable agreement among the
     Parties.

                                       47
<PAGE>

IN WITNESS WHEREOF this Share Exchange Agreement has been executed by the
Parties hereto as of the date first above written.

                                          1629518 ALBERTA LTD.
AUSTRALIAN-CANADIAN OIL ROYALTIES LTD.
By:       /s/ Andre Sakhai                By:    /s/ Janan Paskaran
          -----------------------------          -------------------------------
          Name:    Andre Sakhai                  Name:    Janan Paskaran
          Title:   President                     Title:   Corporate Secretary

/s/                                       /s/ William Petrie, Sr.
---------------------------------------   --------------------------------------
Witness                                   WILLIAM PETRIE, SR.

/s/                                       /s/ William Petrie, Sr.
---------------------------------------   --------------------------------------
Witness                                   WILLIAM PETRIE, JR.

/s/                                       /s/ Jesse Meidl
---------------------------------------   --------------------------------------
Witness                                   JESSE MEIDL

/s/                                       /s/ Dave Meidl
---------------------------------------   --------------------------------------
Witness                                   DAVE MEIDL

/s/                                       /s/ Ian Blades
---------------------------------------   --------------------------------------
Witness                                   IAN BLADES

/s/                                       /s/ Janan Paskaran
---------------------------------------   --------------------------------------
Witness                                   JANAN PASKARAN

                                       48EXHIBIT 10.2

                          PURCHASE AND SALE AGREEMENT

                                     AMONG

                            BRISBANE PETROLEUM LTD.

                                    - AND -

                        DELBAERE ASSOCIATES PTY. LIMITED

                          (COLLECTIVELY AS THE VENDOR)

                                    - AND -

                         CHELSEA OIL AUSTRALIA PTY LTD

                               (AS THE PURCHASER)

                                    - AND -

                     AUSTRALIAN-CANADIAN OIL ROYALTIES LTD.

       (FOR THE SOLE PURPOSE OF THE ISSUANCE OF THE CONSIDERATION SHARES)

                    MADE AS OF THE 17TH DAY OF NOVEMBER 2011

<PAGE>

ARTICLE 1
         INTERPRETATION.......................................................2

ARTICLE 2
         CONDITIONS PRECEDENT................................................14

ARTICLE 3
         PURCHASE AND SALE...................................................17

ARTICLE 4
         TITLE AND RISK......................................................20

ARTICLE 5
         ASSUMED CONTRACTS...................................................20

ARTICLE 6
         ON AND AFTER CLOSING................................................22

ARTICLE 7
         INTERIM PROVISIONS..................................................23

ARTICLE 8
         DUE DILIGENCE.......................................................25

ARTICLE 9
         REPRESENTATIONS AND WARRANTIES......................................30

ARTICLE 10
         CONFIDENTIALITY.....................................................39

<PAGE>

ARTICLE 11
         LIABILITIES AND INDEMNITIES.........................................40

ARTICLE 12
         INDEPENDENT EXPERT DETERMINATIONS...................................44

ARTICLE 13
         GST.................................................................45

ARTICLE 14
         STAMP DUTY..........................................................47

ARTICLE 15
         MISCELLANEOUS.......................................................47

SCHEDULES
---------

SCHEDULE "A"            -    Lands
                        -    Petroleum and Natural Gas Rights
                        -    Wells

SCHEDULE "B"            -    Facilities
                        -    Leased Tangibles
                        -    Assumed Contracts
SCHEDULE "C"            -    AFEs

SCHEDULE "D"            -    Not Used

SCHEDULE "E"            -    Not Used

SCHEDULE "F"            -    Form of Royalty Deed

SCHEDULE "G"            -    Allocation of Consideration

SCHEDULE "H"            -    Form of Promissory Notes

SCHEDULE "I"            -    Form of Security

SCHEDULE "J"            -    Form of Share Exchange Agreement

<PAGE>

                          PURCHASE AND SALE AGREEMENT

THIS AGREEMENT is made this 17th day of November 2011.

AMONG:

     BRISBANE PETROLEUM LTD. ACN 009 065 043,a body corporate incorporated under
     the laws of Australia, having an office in the City of Sydney, New South
     Wales (hereinafter referred to as "BPL")

                                    - and -

     DELBAERE ASSOCIATES PTY. LIMITED ACN003 197 939,a body corporate
     incorporated under the laws of Australia, having an office in the City of
     Sydney, New South Wales (hereinafter referred to as "DAPL")

     (BPL and DAPL hereinafter collectively referred to as the "VENDOR")

                                    - and -

     CHELSEA OILAUSTRALIA PTY LTD, a body corporate incorporated under the laws
     of Australia, having an office in the City of Brisbane, Queensland
     (hereinafter referred to as the "PURCHASER")

                                    - and -

     AUSTRALIAN-CANADIAN OIL ROYALTIES LTD., a body corporate incorporated under
     the laws of the Province of British Columbia and listed on the OTC Bulletin
     Board (hereinafter referred to as "ACOR")

WHEREAS the Vendor is the beneficial owner of the Assets;

AND WHEREAS the Purchaser is a wholly-owned subsidiary of ACOR;

AND WHEREAS the Vendor desires to sell and transfer the Assets to the Purchaser
and the Purchaser desires to purchase and receive the Assets from the Vendor,
subject to and in accordance with the terms and conditions hereof;

AND WHEREAS ACOR is a Party to this Agreement for the sole and limited purpose
of the issuance of the Consideration Shares, subject to and in accordance with
the terms and conditions hereof;

NOW THEREFORE in consideration of the premises hereto and of the covenants,
warranties, representations, agreements and payments herein set forth and
provided for, the Parties covenant and agree as follows:

                                       1
<PAGE>

                                   ARTICLE 1
                                 INTERPRETATION

1.1              DEFINITIONS

In this Agreement, unless the context otherwise requires, the words and phrases
set forth below shall have the meaning ascribed thereto below, namely:

     (a)  "ABANDONMENT AND RECLAMATION OBLIGATIONS" means all duties and
          obligations, whether arising under contract or Applicable Law,
          relating to:

          (i)  the abandonment of any Wells and restoration and reclamation of
               the surface sites thereof and any other lands used to gain access
               thereto; and

          (ii) the closure, decommissioning, dismantling and removal of any
               structures, buildings, pipelines, facilities, equipment and
               other, tangible depreciable property and assets forming the
               Tangibles, together with the restoration and reclamation of the
               lands on or in which any of the foregoing are or were located and
               any other lands used to gain access thereto;

     (b)  "AFES" means the authorities for expenditure, cash calls, operations
          notices, amounts budgeted and mail ballots, if any, set out in
          Schedule "C";

     (c)  "AFFILIATE" of a Person means a corporation or partnership that
          controls the Person, is controlled by the Person or is controlled by
          the same Person, corporation or partnership that controls the Person
          and for which purpose a corporation shall be deemed to be controlled
          by those persons, corporations or partnerships who own (directly or
          indirectly) or effectively control, other than by way of a security
          interest only, sufficient voting shares of the corporation (whether
          directly through the ownership of shares of the corporation or
          indirectly through the ownership of shares of another corporation
          which directly or indirectly owns shares of the corporation) to elect
          the majority of its board of directors and a partnership shall be
          deemed to be controlled by those persons, corporations or partnerships
          that are able to determine policies or material decisions of that
          partnership, provided that a partnership which is composed solely of
          corporations which are Affiliates, as described above, shall be deemed
          to be an Affiliate of each such corporation and its other Affiliates;

     (d)  "AGREEMENT" means this purchase and sale agreement including the
          recitals hereto, this clause and each Schedule, as may be amended
          after the date hereof by written agreement of the Parties;

                                       2
<PAGE>

     (e)  "APPLICABLE LAW" means, in relation to any Person, property or
          circumstance, all laws and statutes, including regulations, rules,
          bylaws, ordinances and other statutory instruments enacted thereunder;
          all judgments, decrees, rulings and orders of courts, tribunals,
          commissions and other similar bodies of competent jurisdiction; all
          orders, rules, directives, policies and guidelines having force of law
          issued by any Governmental Authority; and all terms and conditions of
          the Petroleum Tenures and any Permits; that are in effect as of the
          relevant time and are applicable to such Person, property or
          circumstance;

     (f)  "APPROVALS" means the Purchaser's Approvals and the Vendor's
          Approvals;

     (g)  "ASSETS" means the Petroleum and Natural Gas Rights, the Tangibles,
          the Assumed Contracts and the Miscellaneous Interests;

     (h)  "ASSUMED CONTRACTS" means any and all contracts and agreements
          relating to the Petroleum and Natural Gas Rights or the Tangibles or
          either of them, including the agreements set out in Schedule B under
          the heading "Assumed Contracts";

     (i)  "BUSINESS DAY" means a day other than a Saturday, a Sunday or a
          statutory holiday in Brisbane, Queensland or Vancouver, British
          Columbia;

     (j)  "CLAIM" means any claim, demand, action, lawsuit, proceeding,
          arbitration or investigation, in each case, whether asserted,
          threatened, pending or existing;

     (k)  "CLAIM NOTICE" has the meaning specified in subclause 11.3(a);

     (l)  "CLOSING" means the completion of the Transaction in accordance with
          the terms of this Agreement;

     (m)  "CLOSING DATE" means the date on which Closing occurs;

     (n)  "CLOSING TIME" means 10:00 a.m., on the later of:

          (i)  the 30th day of November, 2011;

          (ii) the fifth (5th) Business Day following the day on which all of
               the Conditions Precedent have been satisfied or waived in
               accordance with clause Article 2; or

               such other date or time as provided for in clause 8.4 or 8.7 or
               as may be mutually agreed in writing by the Parties;

     (o)  "CONDITIONS PRECEDENT" means the conditions precedent to Closing set
          out in clause 2.1;

     (p)  "CONSIDERATION" means the:

                                       3
<PAGE>

          (i)  issuance of the Promissory Notes;

          (ii) issuance of the Consideration Shares; and

          (iii) the execution and delivery of the Royalty Deed;

           by the Purchaser in accordance with this Agreement.

     (q)  "CONSIDERATION SHARES" means8,571,429 fully paid common shares in the
          share capital of ACOR; 4,688,319 of which shall be issued to BPL or
          its designated nominee and 3,883,110 of which shall be issued to DAPL
          or its designated nominee;

     (r)  "DEVELOPMENT PLAN" means, in respect of a Petroleum Tenure, the
          development plan approved under the P&G Act or the Petroleum Act, as
          applicable;

     (s)  "DISCLOSURE LETTER" means the letter from the Vendor to the Purchaser
          dated the date of this Agreement and containing disclosures to the
          Warranties;

     (t)  "DOLLAR" or "$" means a U.S. dollar;

     (u)  "ENCUMBRANCE" means any royalty, overriding royalty, profit interest,
          production payment or similar burden on production, mortgage, charge,
          pledge, lien, attachment, hypothecation or other encumbrance, security
          interest, deferred purchase, title retention, leasing, sale and
          purchase, sale and leaseback arrangement, call or put option, co-sale
          or tag-along right, farmout agreements under which the right to earn
          an interest has not yet expired or other Third Party rights of
          whatever nature or interest or any agreement for any of the same;

     (v)  "ENVIRONMENT" means the components of the earth, alone or in
          combination, and includes ambient air, land, surface and sub-surface
          strata, groundwater, surface water, all layers of the atmosphere, all
          organic and inorganic matter and living organisms, including plants,
          animals and humans, and the interacting natural systems that include
          such components;

     (w)  "ENVIRONMENTAL AUTHORITIES" means environmental authorities numbered
          PEN200030407 (PL18), PEN20029909 (PL40) and PEN200313009 (PL280)
          granted under the EP Act which authorise the holder of the Petroleum
          Tenures to carry out the activities which the holder is permitted to
          carry out under the Petroleum Tenures.

     (x)  "ENVIRONMENTAL DEFECT" means, in respect of any particular Asset, any
          existing Environmental Liabilities, excluding Abandonment and
          Reclamation Obligations arising in the ordinary course of business;

     (y)  "ENVIRONMENTAL DEFECT AFFECTED ASSET" has the meaning specified in
          subclause 8.5(b);

                                       4
<PAGE>

     (z)  "ENVIRONMENTAL LIABILITIES" means all past, present and future Losses
          and Liabilities, Claims and other duties and obligations, whether
          arising under contract, Applicable Law or otherwise, arising from or
          associated with:

          (i)  Abandonment and Reclamation Obligations;

          (ii) any damage to, or contamination of, the Environment howsoever and
               by whomsoever caused and regardless of whether such damage,
               contamination or other adverse situations occur or arise in whole
               or in part prior to, at or subsequent to the date of this
               Agreement;

          (iii) the release, emission or discharge of Petroleum Substances,
               oilfield wastes, water, hazardous substances, environmental
               contaminants and all other substances and materials regulated
               under any Applicable Law, including any forms of energy; (iv)
               compliance with or the consequences of any non-compliance with,
               or violation

               or breach of, any Applicable Law pertaining to the Environment or
               to the protection of the Environment;

          (v)  sampling, monitoring or assessing the Environment or any
               potential impacts thereon from any past, present or future
               activities or operations; or

          (vi) the protection, reclamation, remediation or restoration of the
               Environment;

               that relate to or arise by virtue of the Assets or the ownership
               thereof or any past, present or future operations and activities
               conducted in connection with the Assets;

     (aa) "EP ACT" means the Environmental Protection Act 1994 (Qld);

     (bb) "EP AUTHORITY" means the Environmental Protection Authority
          constituted under the EP Act;

     (cc) "EXPIRY DATE"means January 31, 2012 or such later date agreed in
          writing by the Parties.

     (dd) "FACILITIES" means the facility or facilities, if any, set forth and
          described in Schedule "B" under the heading "Facilities";

     (ee) "FINANCING" has the meaning ascribed to such term in the Share
          Exchange Agreement;

     (ff) "GOVERNMENTAL AUTHORITY" means any:

                                       5
<PAGE>

          (i)  governmental entity or authority of any nature, including any
               governmental ministry, agency, branch, department or official,
               and any court, regulatory board or other tribunal; or

          (ii) individual or body exercising, or entitled to exercise, any
               administrative, executive, judicial, legislative, regulatory or
               taxing authority or power of any nature;

               having or purporting to exercise jurisdiction or power over any
               Person, property, operation, transaction or other matter or
               circumstance;

     (gg) "INDEMNIFIED PERSON" has the meaning specified in clause 11.3;

     (hh) "INDEMNIFYING PERSON" has the meaning specified in clause 11.3;

     (ii) "INDEPENDENT EXPERT" means a Person appointed jointly by the Vendor
          and the Purchaser or if they do not agree on the Person to be
          appointed within three (3) Business Days of either the Vendor or the
          Purchaser requesting appointment, then a Person appointed by the
          President of the Institute of Chartered Accountants in Australia
          (Queensland branch) at the request of either the Vendor or the
          Purchaser.

     (jj) "INTERIM PERIOD" means the period from and including the date hereof
          up to but not including the day of Closing;

     (kk) "LANDS" means the lands set forth and described in Schedule "A" under
          the heading "Lands";

     (ll) "LEASED SUBSTANCES" means all Petroleum Substances, rights to or in
          respect of which are granted, reserved or otherwise conferred by or
          under, or evidenced by the grant of, the Petroleum Tenures;

     (mm) "LOSSES AND LIABILITIES" means in respect of a Party and in relation
          to a matter, any and all:

          (i)  losses, costs, damages, expenses and charges (including all
               penalties, assessments and fines) which such Party suffers,
               sustains, pays or incurs in connection with such matter and
               includes reasonable costs of legal counsel and other professional
               advisors and reasonable costs of investigating and defending
               Claims arising from the matter, regardless of whether such Claims
               are sustained and includes taxes payable on any settlement
               payment or damage award in respect of such matter; and

          (ii) liabilities and obligations (whether under Applicable Law or
               otherwise; whether tortious, contractual, vicarious, statutory or
               otherwise; whether absolute or contingent; and whether based on
               fault, strict liability or otherwise) which such Person incurs as
               a result of such matter or in connection therewith;

                                       6
<PAGE>

               excluding indirect, special, aggravated, consequential, exemplary
               or punitive damages, whether in an action in contract or tort, or
               for any other reason whatsoever;

     (nn) "MATERIAL ENVIRONMENTAL DEFECT" means any Environmental Defect
          identified by the Purchaser where the value by which the Assets
          affected by the Environmental Defect has been reduced as a consequence
          of such Environmental Defect, is estimated by the Purchaser, acting
          reasonably and in good faith, to exceedfifty thousand Dollars
          ($50,000.00);

     (oo) "MATERIAL TITLE DEFECT" means any Title Defect identified by the
          Purchaser where the value by which the Assets affected by the Title
          Defect has been reduced as a consequence of the Title Defect, is
          estimated by the Purchaser, acting reasonably and in good faith, to
          exceed fifty thousand Dollars ($50,000.00);

     (pp) "MINISTER" means the Minister of the State of Queensland who
          administers the P&G Act and the Petroleum Act;

     (qq) "MISCELLANEOUS INTERESTS" means, subject to any and all limitations
          and exclusions provided for in this definition, the Vendor's right,
          title and interest in and to all property, assets, interests and
          rights pertaining to the Petroleum and Natural Gas Rights and the
          Tangibles, or either of them, but only to the extent that such
          property, assets, interests and rights pertain to the Petroleum and
          Natural Gas Rights and the Tangibles, or either of them, including any
          and all of the following:

          (i)  rights to enter upon, use or occupy, the surface of the Lands;

          (ii) the Wells, including the wellbores and any and all casing;

          (iii) the Permits; and

          (iv) records, files, reports, data, correspondence and other
               information, including lease, contract, well, production and
               facilities files and records;

     (rr) "P&G ACT" means the Petroleum and Gas (Production and Safety) Act 2004
          (Qld);

     (ss) "PARTY" means a Person who is bound by this Agreement;

     (tt) "PERMITS" means all licences, permits, approvals and authorizations
          granted or issued by any Governmental Authorities that relate to the
          exploration, construction, ownership, use or operation of the Assets,
          including the Environmental Authorities, but does not include the
          Petroleum Tenures;

     (uu) "PERMITTED ENCUMBRANCES" means:

                                       7
<PAGE>

          (i)  liens for taxes, assessments and governmental charges that are
               not due and payable or not delinquent or the validity of which is
               being diligently contested in good faith;

          (ii) liens incurred or created in the ordinary course of business as
               security in favour of the Person who is conducting the
               development or operation of the property to which such liens
               relate, that are not due and payable or not delinquent or the
               validity of which is being diligently contested in good faith;

         (iii) mechanics', builders' and materialmen's liens in respect of
               services rendered or goods supplied for which payment is not due
               or delinquent or the validity of which is being diligently
               contested in good faith;

          (iv) easements, rights of way, servitudes and other similar rights in
               land (including rights of way and servitudes for highways and
               other roads, railways, sewers, drains, gas and oil pipelines, gas
               and water mains, electric light, power, telephone, telegraph and
               cable television conduits, poles, wires and cables) which do not
               materially impair the use of the Assets affected thereby;

          (v)  the right reserved to or vested in any municipality or
               Governmental Authority by the terms of any lease, licence,
               franchise, grant or permit or by any statutory provision, to
               terminate any such lease, licence, franchise, grant or permit or
               to require annual or other periodic payments as a condition of
               the continuance thereof;

         (vi)       rights  of  general application reserved to or vested in any
                    Governmental  Authority  to  levy taxes of any kind or type,
                    including  imposts,  custom duties and excises, stamp duties
                    or similar duties on the Leased Substances or any of them or
                    the  income  therefrom,  and  governmental  requirements and
                    limitations of general application as to production rates on
                    the operations of any property;

          (vii) royalties which are or may become payable for any reason under
               any Applicable Law, including the P&G Act and the Petroleum Act,
               which relate to the production, extraction, sale or transfer of
               Leased Substances or otherwise relate to the Petroleum Tenures;

          (viii) statutory exceptions to title;

          (ix) any security held by any Third Party encumbering the Vendor's
               interest in and to the Assets or any part or portion thereof, in
               respect of which the Vendor delivers a discharge or no interest
               letter to the Purchaser at or prior to Closing, in a form that is
               satisfactory to the Purchaser acting reasonably;

                                       8
<PAGE>

          (x)  the terms and conditions of the Petroleum Tenures; and

          (xi) all Encumbrances set out and described in Schedule "A";

     (vv) "PERSON" means any individual, body corporate, partnership (limited or
          general), trust, trustee, executor or similar official, Governmental
          Authority or other entity;

     (ww) "PETROLEUM ACT" means the Petroleum Act 1923 (Qld);

     (xx) "PETROLEUM AND NATURAL GAS RIGHTS" means all of the Vendor's right,
          title, interest in and to the Leased Substances and the Petroleum
          Tenures, including:

          (i)  a one hundred percent (100%) interest in PL18;

          (ii) a one hundred percent (100%) interest in PL40; and

          (iii) a fifty percent (50%) interest in PL280;

     (yy) "PETROLEUM SUBSTANCES" means any of crude oil, crude bitumen and
          products derived therefrom, synthetic crude oil, petroleum, natural
          gas, natural gas derived from coal, natural gas liquids, and any and
          all other substances related to any of the foregoing, whether liquid,
          solid or gaseous, and whether hydrocarbons or not;

     (zz) "PETROLEUM TENURES" means PL18, PL40 and PL280;

     (aaa) "PL18" means petroleum lease number 18 granted under the Petroleum
          Act and includes any variation, renewal, permit, license or other
          interest issued in substitution thereof and any other petroleum tenure
          or rights to explore for or produce Petroleum Substances which may be
          granted to the Vendor in lieu of or related to the same area covered
          by petroleum lease number 18;

     (bbb) "PL40" means petroleum lease number 40 granted under the Petroleum
          Act and includes any variation, renewal, permit, license or other
          interest issued in substitution thereof and any other petroleum tenure
          or rights to explore for or produce Petroleum Substances which may be
          granted to the Vendor in lieu of or related to the same area covered
          by petroleum lease number 40;

     (ccc) "PL280" means petroleum lease number 280 granted under the P&G Act
          and includes any variation, renewal, permit, license or other interest
          issued in substitution thereof and any other petroleum tenure or
          rights to explore for or produce Petroleum Substances which may be
          granted to the Vendor in lieu of or related to the same area covered
          by petroleum lease number 280;

     (ddd) "PRRT" means the petroleum resource rent tax imposed pursuant to the
          PRRT Act and assessed pursuant to the Petroleum Resource Rent Tax
          Assessment Act 1987 (Cth) (as amended from time to time);

                                       9
<PAGE>

     (eee) "PRRT ACT" means Petroleum Resource Rent Tax Act 1987 (Cth) (as
          amended from time to time) and any associated regulations and
          legislative determinations;

     (fff) "PROJECT INTERESTS" means an interest in relation to a petroleum
          project or an exploration right for the purposes of the PRRT Act;

     (ggg) "PROMISSORY NOTES" means an original promissory note from the
          Purchaser to each of the entities comprising the Vendor in the form
          set forth in Schedule "H" in an aggregate amount equal to three
          million Dollars ($3,000,000.00);

     (hhh) "PURCHASER'S APPROVALS" means the satisfaction, or approval by the
          relevant authority or party, of a matter the subject of the Conditions
          Precedent in Article 2;

     (iii) "PURCHASER'S LOSSES" means Losses and Liabilities of the Purchaser
          and its Related Parties;

     (jjj) "RELATED PARTIES" means, in reference to a Party, its Affiliates,
          successors and assigns and its or its Affiliates' respective
          directors, officers and employees;

     (kkk) "REPRESENTATIVES" means, in reference to a Party, its and its Related
          Parties' representatives, agents, legal counsel, accountants,
          consultants and advisors;

     (lll) "ROYALTY DEED" means a deed substantially in the form set forth in
          Schedule "F";

     (mmm) "SECURITY" means the Mortgage of Petroleum and Natural Gas Rights
          substantially in the form set forth in Schedule "I";

     (nnn) "SHARE EXCHANGE AGREEMENT" means the share exchange agreement among
          ACOR, 1629518 Alberta Ltd. and others dated on or about the date
          hereof, substantially in the form set forth in Schedule "J";

     (ooo) "STARTING BASE"means the starting base which is immediately
          deductible or uplifted at the relevant rate when carried forward under
          the PRRT Act and which is calculated by reference to the market or
          book value of assets or to expenditure under a 'look back' method or
          by any other method specified in the PRRT Act;

     (ppp) "TAKE OR PAY OBLIGATIONS" means obligations to sell or deliver
          Petroleum Substances or any of them, without being entitled in due
          course to receive and retain full payment for such Petroleum
          Substances;

                                       10
<PAGE>

     (qqq) "TANGIBLES" means all of the Vendor's right, title and interest in
          and to the Facilities and any and all tangible depreciable property
          and assets other than the Facilities which are located within, upon or
          in the vicinity of the Lands and which have been used, are being used,
          are capable of being used or are intended to be used to produce,
          process, gather, treat, measure, make marketable or inject the Leased
          Substances or any of them or in connection with water injection or
          removal operations that pertain to the Petroleum and Natural Gas
          Rights, including any and all gas plants, oil batteries, buildings,
          well heads, production equipment, pipelines, pipeline connections,
          meters, generators, motors, compressors, treaters, dehydrators,
          scrubbers, separators, pumps, tanks, boilers, improvements,
          communication equipment and other equipment and apparatus;

     (rrr) "THIRD PARTY" means any Person other than any of the Parties and
          their Related Parties;

     (sss) "THIRD PARTY CLAIM" has the meaning specified in subclause 11.3(a);

     (ttt) "TITLE DEFECT" means, in respect of any particular Asset:

          (i)  that the Vendor holds a smaller beneficial interest in and to
               such particular Asset than as attributed to it in Schedule "A";

          (ii) that such particular Asset as described in Schedule "A" is
               subject to an Encumbrance that is either not described in or is
               misdescribed in Schedule "A" where such omission or
               misdescription is adverse to the value of such particular Asset;

          (iii) that the interest of the Vendor in and to such particular Asset
               is subject to a reduction or penalty that has not been disclosed
               in Schedule "A"; or

          (iv) any other adverse defect, omission, deficiency or discrepancy in
               or affecting the title of the Vendor in and to such particular
               Asset;

               provided that notwithstanding the foregoing, a "Title Defect"
               excludes:

          (v)  the Permitted Encumbrances; and

          (vi) all Environmental matters;

     (uuu) "TITLE DEFECT AFFECTED ASSET" has the meaning specified in subclause
          8.2(b);

     (vvv) "TRANSACTION" means the purchase of the Assets by the Purchaser from
          the Vendor on and subject to the terms and conditions, and as more
          fully described, in this Agreement;

     (www) "VENDOR'S APPROVALS" means the satisfaction, or approval by the
          relevant authority or party, of a matter the subject of the Conditions
          Precedent in Article 2;

     (xxx) "VENDOR'S LOSSES" means Losses and Liabilities of the Vendor and its
          Related Parties;

     (yyy) "WARRANTIES" means the representations and warranties given by the
          Vendor under clauses 9.1 and 9.2;

                                       11
<PAGE>

     (zzz) "WARRANTY CLAIM" means a Claim by the Purchaser against the Vendor
          (or either of them) arising as a result of a breach of a Warranty; and

     (aaaa) "WELLS" means the well(s) identified in Schedule "A" under the
          heading "Wells" and all other wells which are located on the Lands
          which are, may be or were used in connection with the Petroleum and
          Natural Gas Rights, including producing, shut-in, suspended,
          abandoned, water source, injection or disposal wells.

1.2              SCHEDULES

The  following schedules (the "SCHEDULES") are attached to, form part of and are
incorporated in this Agreement:

     (a)  SCHEDULE "A" - Lands, Petroleum and Natural Gas Rights, Wells,
          Encumbrances;

     (b)  SCHEDULE "B" - Facilities, Leased Tangibles, Assumed Contracts;

     (c)  SCHEDULE "C" - AFEs;

     (d)  SCHEDULE "D" - Not Used;

     (e)  SCHEDULE "E" - Not Used;

     (f)  SCHEDULE "F" - Form of Royalty Deed;

     (g)  SCHEDULE "G" - Allocation of Consideration;

     (h)  SCHEDULE "H" - Form of Promissory Notes;

     (i)  SCHEDULE "I" - Form of Security; and

     (j)  SCHEDULE "J" - Form of Share Exchange Agreement.

1.3              INTERPRETATION

Unless otherwise stated or the context otherwise necessarily requires, in this
Agreement:

     (a)  the headings of Articles, clauses, subclauses, sections, subsections
          and Schedules herein are inserted for convenience of reference only
          and shall not affect or be considered to affect the construction or
          interpretation of the provisions hereof;

     (b)  the word "including" and like words used in this Agreement shall be
          deemed to mean "including, without limitation";

                                       12
<PAGE>

     (c)  whenever the singular or masculine or neuter is used in this Agreement
          or in the Schedules, each shall be interpreted as meaning the plural
          or feminine or body politic or corporate or vice versa, as the context
          requires;

     (d)  the provisions contained in all documents and agreements collateral
          hereto shall at all times be read subject to the provisions of the
          body of this Agreement and, in the event of conflict between the
          provisions contained in any Schedule; and any documents or agreements
          collateral hereto and the provisions of the body of this Agreement,
          the provisions of the body of this Agreement shall prevail unless
          otherwise expressly provided herein;

     (e)  "this Agreement", "herein", "hereby", "hereunder", "hereof" and
          similar expressions refer to this Agreement as a whole and not to any
          particular Article, clause, subclause, section or subsection or other
          provision hereof and references herein to any agreement or instrument,
          including this Agreement, shall be a reference to the agreement or
          instrument as varied, amended, renewed, modified, or supplemented or
          replaced from time to time;

     (f)  a reference to an Article, clause, subclause, section, subsection or
          Schedule is a reference to an Article, clause, subclause, section or
          subsection in, or a Schedule to, this Agreement and unless otherwise
          stated or the context so requires, a reference in a clause to a
          subclause is a reference to a subclause of that clause;

     (g)  except as otherwise expressly provided herein, references in this
          Agreement to any statute, statutory provision or other legislation
          include a reference to that statute, statutory provision or
          legislation as amended, extended, re-enacted, consolidated or replaced
          from time to time (whether before or after the date of this Agreement)
          and include any order, regulation, instrument or other subordinate
          legislation made under the relevant statute, statutory provision or
          legislation;

     (h)  if Closing does not occur, each provision of this Agreement which
          presumes the Purchaser has acquired the Assets shall be construed as
          having been contingent upon Closing having occurred;

     (i)  any references to time herein shall be references to [Brisbane] time;
          and

                                       13
<PAGE>

     (j)  the knowledge or awareness of the Vendor consists of the actual
          knowledge or awareness of its current officers and employees who are
          primarily responsible for the matter in question in the course of
          their normal duties (other than those employees employed in the field
          who do not have management responsibilities), after reasonable inquiry
          of the Vendor's applicable files and records. Knowledge and awareness
          does not include the knowledge of any Third Party or constructive
          knowledge.

                                   ARTICLE 2
                              CONDITIONS PRECEDENT

2.1              CONDITIONS PRECEDENT

     Closing is conditional on the satisfaction of, or the waiver of, the
     following Conditions Precedent:

 CONDITION                                             PARTY ENTITLED TO BENEFIT
--------------------------------------------------------------------------------
(a)  Obtaining indicative approval of the Minister:       Purchaser and Vendor

     (i)  under section 80H of the Petroleum Act
          to the transfer to the Purchaser of the
          Vendor's interests in PL18 and the grant
          of the Security;

     (ii) under section 80H of the Petroleum Act
          to the transfer to the Purchaser of the
          Vendor's interests in PL40 and the grant
          of the Security; and

     (iii) under section 571 of the P&G Act to the
           transfer to Purchaser of BPL's interests
           in PL280 and the grant of the Security,

          and such indicative approvals being notified
          to the Purchaser and the Vendor.

--------------------------------------------------------------------------------
(b)  Obtaining  any consent or approval of any person             Vendor
     (other than the Minister) required in respect
     of the grant of the Security.

--------------------------------------------------------------------------------
(c)  Obtaining  the consent (on such terms as are             Purchaser and BPL
     satisfactory to BPL and the Purchaser) of
     Longreach Oil Limited ACN 000 131 797
     ("LONGREACH") to the transfer of PL280, and
     the corresponding Environmental Authority, to the
     Purchaser  including the due execution by
     Longreach of the application for transfer
     in registrable form of PL280 and the
     corresponding Environmental Authority.

                                       14
<PAGE>

--------------------------------------------------------------------------------
(d)  If applicable, either                                  Purchaser and Vendor

     (i) the Purchaser receiving a written notice
         issued by or on behalf of the Treasurer
         of the Commonwealth of Australia pursuant
         to the Foreign Acquisitions and Takeovers Act
         1975 (Cth) stating that the Australian
         Government does not object to the proposed
         acquisition by the Purchaser of the Assets
         unconditionally or on terms acceptable
         to the Purchaser acting reasonably; or

     (ii) following written notice of the proposed
          acquisition of the Assets having been given
          by the Purchaser to the Treasurer of the
          Commonwealth of Australia pursuant to the
          Foreign  Acquisitions and Takeovers  Act
          1975 (Cth), the Treasurer of the Commonwealth
          of Australia ceasing to be empowered to make
          any order under Part II of that Act because of
          lapse of time or otherwise.

--------------------------------------------------------------------------------
(e)  BPL passing a resolution in general meeting                        BPL
     approving the sale of the Assets to the
     Purchaser under this Agreement.
--------------------------------------------------------------------------------

(f)  The Share Exchange Agreement being duly               Vendor and Purchaser
     executed by all parties to it.
--------------------------------------------------------------------------------

(g)  The completion of the Financing for                   Vendor and Purchaser
     minimum gross proceeds of not less than
     US$1,000,000.00 at 35c per ACOR share.

 2.2            WAIVER OF CONDITIONS

     (a)  A Condition Precedent may only be waived in writing by a Party
          entitled to the benefit of that Condition Precedent (as set out in the
          table in clause 2.1) and will be effective only to the extent
          specifically set out in that waiver.

     (b)  If both the Vendor and the Purchaser are entitled to the benefit of a
          Condition Precedent (as set out in the table in clause 2.1), that
          Condition Precedent may only be waived in writing by agreement between
          the Vendor and the Purchaser.

                                       15
<PAGE>

2.3              CONDUCT OF THE PARTIES

     (a)  The Purchaser must at its sole cost apply for the Purchaser's
          Approvals immediately following execution of this Agreement and
          thereafter with the reasonable assistance of the Vendor, do all things
          reasonably necessary to obtain the Purchaser's Approvals as soon as
          reasonably practicable after execution of this Agreement and in any
          event before 5.00pm on the Expiry Date.

     (b)  The Vendor must at its sole cost apply for the Vendor's Approvals
          immediately following execution of this Agreement and thereafter with
          the reasonable assistance of the Purchaser, do all things reasonably
          necessary to obtain the Vendor's Approvals as soon as reasonably
          practicable after execution of this Agreement and in any event before
          5.00pm on the Expiry Date.

     (c)  Each Party must keep the other Parties informed as to the status of
          and notify the other Parties immediately on the outcome of each
          application for an Approval and provide the other Parties with a copy
          of each Approval.

     (d)  If a notice received from the relevant authority or Person (as the
          case may be) specifies conditions to an Approval, each Party must
          notify the other Parties whether or not any conditions are reasonably
          acceptable to it. If any Party notifies that such conditions are not
          reasonably acceptable, the Approval is deemed not to have been
          granted.

     (e)  If any Party fails to notify the other Parties that conditions to an
          Approval are not reasonably acceptable within 14 days after receipt of
          a notice from another Party accepting such conditions, the conditions
          are deemed to be accepted by all Parties and the relevant Condition
          Precedent in clause 2.1 is deemed to have been satisfied.

     (f)  If a condition to an Approval is acceptable or is deemed acceptable to
          all of the Parties, the Parties must execute any documents and do all
          things as are reasonably necessary in satisfaction of the conditions
          to an Approval.

2.4              FAILURE OF CONDITION

If a Party has complied with its obligations under clause 2.3, it may terminate
this Agreement by giving notice in writing to the other Parties if:

     (a)  a Condition Precedent is or becomes incapable of being satisfied;

     (b)  each Condition Precedent is not satisfied, or waived by each Party
          entitled to the benefit of that Condition Precedent, before 5.00pm on
          the Expiry Date; or

     (c)  a Condition Precedent, having been satisfied, does not remain
          satisfied in all respects at all times before Closing.

                                       16
<PAGE>

2.5              EFFECT OF TERMINATION

On termination of this Agreement under clause 2.4:

     (a)  clauses 2.5 (Effect of termination), Article 1 (Interpretation),
          Article 10 (Confidentiality) and 15.4 (Governing Law) continue to
          apply;

     (b)  accrued rights and remedies of a Party are not affected; and

     (c)  subject to clauses 2.5(a) and 2.5(b), the Parties are released from
          further performing their obligations under this Agreement.

2.6              ACKNOWLEDGEMENT REGARDING CONDITIONS PRECEDENT

The Purchaser acknowledges that the transfer of the Environmental Authority in
relation to PL18, PL40 and PL 280 will require an application to the relevant
Governmental Authority under section 311C of the EP Act and that, upon such
application, the relevant Governmental Authority may require an audit statement
and may amend the conditions of the Environmental Authority as a condition of
approving the transfer of the Environmental Authority.

                                   ARTICLE 3
                               PURCHASE AND SALE

3.1              PURCHASE AND SALE

The Vendor shall sell and convey the Assets to the Purchaser and the Purchaser
shall purchase the Assets from the Vendor at the Closing Time, for the
Consideration, subject to and in accordance with the terms and conditions of
this Agreement.

3.2              CLOSING TIME AND PLACE

Subject to the other provisions of the Agreement, Closing shall take place at
the Closing Time, at the offices of Vendor's counsel located at Waterfront
Place, 1 Eagle Street, Brisbane, Queensland, or such other place as may be
agreed by the Parties.

3.3              PURCHASER'S OBLIGATIONS

     (a)  At Closing, the Purchaser must:

          (i)  deliver to each Vendor the Promissory Note (applicable to such
               Vendor entity) duly executed by the Purchaser;

          (ii) cause the Consideration Shares to be issued to each Vendor or
               their designated nominee;

          (iii) deliver to each Vendor the Royalty Deed duly executed by the
               Purchaser;

                                       17
<PAGE>

          (iv) deliver to each Vendor the Security duly executed by the
               Purchaser; and

          (v)  deliver to the Vendor any and all other documents which are
               required to be delivered by the Purchaser pursuant to this
               Agreement;

     (b)  All deliveries of the Purchaser shall, except as otherwise stated, be
          in a form acceptable to the Vendor and its counsel, acting reasonably.

3.4              VENDOR'S OBLIGATIONS

      (a) At Closing, the Vendor must deliver to the Purchaser:

          (i)  possession and control of the Assets;

          (ii) a copy of the notice of indicative approval of the Minister under
               section 80H of the Petroleum Act to the transfer of the Vendor's
               interests in PL18 and PL40, and under section 571 of the P&G Act
               to the transfer of the Vendor's interests in PL280 to the
               Purchaser;

          (iii) an application for transfer in registrable form executed by the
               Vendor in respect of the Vendor's interests in each of PL18, PL40
               and PL280, and executed by Longreach Oil Limited ACN 000 131 797
               respect of PL 280, together with the original instrument of title
               for each of PL18, PL40 and PL280 and any other accompanying
               documents required to register the transfer of the Vendor's
               interests in PL18, PL40 and PL280 in the name of the Purchaser
               and to vest the Vendor's interests in PL18, PL40 and PL280 in the
               Purchaser;

          (iv) duly executed by the Vendor, and by Longreach Oil Limited ACN 000
               131 797 in respect of the Environmental Authority corresponding
               to PL280, duly completed (except for stamping) applications for
               transfer in favour of the Purchaser in respect of any
               Environmental Authorities corresponding to the Vendor interests
               in each of PL18, PL40 and PL280;

          (v)  the Royalty Deed duly executed by the Vendor;

          (vi) any assignment and assumption agreements relating to any
               landholder compensation agreements or native title agreements in
               the name of the Vendor (if any)]; and

          (vii) any and all other documents which are required to be delivered
               by the Vendor pursuant to this Agreement.

     (b)  All deliveries of the Vendor shall, except as otherwise stated, be in
          a form acceptable to the Purchaser and its counsel, acting reasonably.

                                       18
<PAGE>

3.5              ALLOCATION OF CONSIDERATION

The Consideration shall be allocated as set out in Schedule G.

3.6              SIMULTANEOUS ACTIONS AT CLOSING

In respect of Closing:

     (a)  the obligations of the Parties under this Agreement are
          interdependent;

     (b)  all actions required to be performed will be taken to have occurred
          simultaneously on the Closing Date; and

     (c)  completion of the sale and purchase of each Asset is dependent on the
          completion of the sale and purchase of each other Asset.

3.7              CLOSING OBLIGATIONS BREACHED

If by 5:00 pm on the Closing Date:

     (a)  the Purchaser has not complied in any material respect with any of its
          obligations under clause 3.3, the Vendor is entitled, at its
          discretion; or

     (b)  if the Vendor has not complied in any material respect with any of its
          obligations under clause 3.4, the Purchaser is entitled, at its
          discretion,

in either case:

     (c)  to defer Closing to any subsequent Business Day falling not more than
          five (5) Business Days after the scheduled Closing Date or any later
          date set for Closing in accordance with this clause (in such event,
          this clause will apply to the scheduled Closing Date so deferred);

     (d)  if applicable, to waive the requirement to fulfill those obligations,
          in whole or in part, and following such waiver to complete the sale
          and purchase of the Assets;

     (e)  so far as practicable, to complete the sale and purchase of the
          Assets; or

     (f)  to terminate this Agreement.

3.8              CLOSING UNDER THIS AGREEMENT AND SHARE EXCHANGE AGREEMENT

Despite anything to the contrary in this Agreement, Closing under this Agreement
and closing under the Share Exchange Agreement are conditional upon each other's
closing and must be completed simultaneously. If there is a failure to close
under the Share Exchange Agreement, any Party may terminate this Agreement and
each Party will do everything reasonably required by the other Parties to
reverse any action taken under this Article 3.

                                       19
<PAGE>

                                   ARTICLE 4
                                 TITLE AND RISK

4.1              TITLE AND RISK IN ASSETS

Title to possession of and risk related to the Assets passes to the Purchaser at
Closing.

                          ARTICLE 5 ASSUMED CONTRACTS

5.1              ASSIGNMENT

     (a)  Subject to Closing, and on and with effect from the Closing Date, the
          Vendor assigns and the Purchaser accepts an assignment of all of the
          Vendor's rights under, benefits of and interests in ("Benefits") and
          assumes the burden of the Assumed Contracts in accordance with this
          Article 5.

     (b)  This Agreement does not constitute an assignment or an attempted
          assignment of an Assumed Contract if an assignment or attempted
          assignment requires the consent of the counterparty to the Assumed
          Contract and would constitute a breach of that Assumed Contract if an
          assignment were made without that consent.

5.2              CONSENT TO TRANSFER OF ASSUMED CONTRACTS

     (a)  If the consent of any Third Party is required for the transfer of an
          Assumed Contract to the Purchaser under clause 5.1, the Vendor and the
          Purchaser must use their reasonable endeavours to obtain that consent
          by or as soon as reasonably practicable after Closing.

     (b)  Pending the transfer of an Assumed Contract to the Purchaser under
          clause 5.1, the Vendor must:

          (i)  hold the Benefits of the Assumed Contract in trust for the
               Purchaser and account to the Purchaser promptly after receipt by
               it for the value of any Benefit of the Assumed Contract that
               arises (or relates to the period) after the Closing Date;

          (ii) enforce the Assumed Contract against any counterparty to it in
               the manner that the Purchaser directs (and promptly following
               such direction) from time to time, at the expense of the
               Purchaser; and

          (iii) not agree to any termination, amendment or variation of or
               waiver of any of the Vendor's rights under the Assumed Contract
               without the prior written approval of the Purchaser.

                                       20
<PAGE>

5.3              PERFORMANCE OF ASSUMED CONTRACTS

     (a)  The Vendor must perform and observe all obligations of the Vendor
          under the Assumed Contract which are due to be performed (or relate to
          the period) on or before the Closing Date.

     (b)  The Purchaser must, to the extent it lawfully can, assume, perform and
          observe all obligations of the Vendor under the Assumed Contract which
          are due to be performed (or relate to the period) after Closing.

     (c)  The Vendor must, at the request and expense of and with the assistance
          of the Purchaser, use its reasonable endeavours to perform any
          obligation of it under the Assumed Contract which arises (or relates
          to the period) from Closing which the Purchaser cannot lawfully
          assume, perform or observe.

5.4              VENDOR TO COOPERATE GENERALLY

Pending the transfer of an Assumed Contract to the Purchaser under clause 5.1
and to give effect to the allocation of responsibility for performance of and
liabilities and obligations under an Assumed Contract under clauses 5.3, 5.5 and
5.6, the Vendor must fully cooperate with the Purchaser in any reasonable
arrangements designed to provide for the Purchaser the Benefits of the Assumed
Contract subject to the Purchaser assuming the burden of the Assumed Contract.

5.5              VENDOR'S INDEMNITY

Subject to Closing occurring, the Vendor indemnifies the Purchaser from and
against all Losses and Liabilities suffered, paid or incurred by the Purchaser
from:

     (a)  any breach, non-performance or non-observance of any obligation of the
          Vendor under an Assumed Contract which is due to be performed (or
          relates to the period) on or before the Closing Date;

     (b)  any Claim made by a counterparty under an Assumed Contract arising
          from events, acts or omissions occurring on or before the Closing
          Date;

     (c)  any breach, non-performance or non-observance of any obligation of the
          Vendor under an Assumed Contract which is due to be performed (or
          relates to the period) after the Closing Date incurred from acts,
          omissions or events caused or contributed to by the Vendor, other than
          at the direction of the Purchaser; and

     (d)  any breach by the Vendor of clauses 5.2(b), 5.3 or 5.4.

5.6              PURCHASER'S INDEMNITY

Subject to Closing occurring, the Purchaser indemnifies the Vendor from and
against all Losses and Liabilities suffered, paid or incurred by the Vendor
from:

                                       21
<PAGE>

     (a)  any breach, non-performance or non-observance of any obligation of the
          Purchaser under an Assumed Contract which is due to be performed (or
          relates to the period) after the Closing Date except to the extent
          that any such Loss or Liability is suffered, paid or incurred from
          acts, omissions of or events caused or contributed to by the Vendor
          (other than at the direction of the Purchaser);

     (b)  any Claim made by a counterparty under an Assumed Contract arising
          from events, acts or omissions occurring after the Closing Date except
          to the extent that any such Loss or Liability is suffered, paid or
          incurred from acts, omissions of or events caused or contributed to by
          the Vendor (other than at the direction of the Purchaser); and

     (c)  any breach by the Purchaser of clause 5.3.

                                   ARTICLE 6
                              ON AND AFTER CLOSING

6.1              PURCHASERS' OBLIGATIONS

The Purchaser:

     (a)  must, as soon as practicable after Closing, lodge for registration:

          (i)  under the Petroleum Act and the P&G Act, the instruments of
               transfer of the Petroleum Tenures; and

          (ii) under the EP Act, the instruments of transfer in respect of any
               Environmental Authorities corresponding to the Petroleum Tenures,

               received by it on Closing, and thereafter to do all commercially
               reasonable things as may be necessary to facilitate registration
               of those instruments of transfer;

     (b)  must, as soon as practicable after Closing, lodge security of an
          amount and in cash or in a form required or approved by the Minister
          or the EP Authority in respect of the Petroleum Tenures, so as to
          enable the release and replacement of all security or undertaking
          lodged by or on behalf of the Vendor in relation to the Petroleum
          Tenures; and

     (c)  notwithstanding any other provision of this Agreement (including the
          Purchaser's obligations set forth above and the Security), during the
          period after Closing in which the Vendor continues to hold legal title
          (as trustee for the benefit of the Purchaser) to any of the Assets
          until such assets are legally transferred to the Purchaser and
          registered in the name of the Purchaser, the Purchaser shall only be
          required to perform any applicable obligations of the Purchaser set
          out herein or in the Security to the extent possible while not holding
          legal title to such Assets.

                                       22
<PAGE>

6.2              VENDOR'S OBLIGATIONS

Without limiting any other obligation under this Agreement, unless otherwise
expressly disclosed in this Agreement or first consented to by the Purchaser in
writing, on and after Closing until the transfer of the Petroleum Tenures and
the Environmental Authorities to the Purchaser (as the case may be) and (where
required by Applicable Law) completion of registration of those transfers, the
Vendor must:

     (a)  not dispose or agree to dispose of, encumber, take any steps to
          surrender, cancel, transfer or declare itself a trustee of the
          Petroleum and Natural Gas Rights or the Environmental Authorities;

     (b)  not of their own volition, seek to amend the conditions of, or
          terminate, any of the Petroleum Tenures or the Environmental
          Authorities; and

     (c)  promptly give to the Purchaser any notices or correspondence received
          from the Minister, the EP Authority or any other Governmental
          Authority as to any Petroleum Tenure or Environmental Authority.

6.3              PURCHASER TO COMPLY WITH DEVELOPMENT PLANS

     (a)  The Purchaser acknowledges and understands that each of the Petroleum
          Tenures is subject to a Development Plan and failure to comply with
          the Development Plan could result in the Petroleum Tenures being
          cancelled, terminated or revoked.

     (b)  On and from Closing the Purchaser will comply with the requirements of
          the Development Plan for each Petroleum Tenure to the extent possible
          while not holding legal title to such Petroleum Tenure.

                                   ARTICLE 7
                               INTERIM PROVISIONS

7.1              MAINTENANCE OF ASSETS

During the Interim Period, the Vendor shall:

     (a)  conduct its business in material compliance with Applicable Laws and
          generally accepted oil and gas industry practices in Queensland;

     (b)  operate and maintain the Assets:

          (i)  in a proper and prudent manner consistent with the Vendor's past
               practices; and

                                       23
<PAGE>

          (ii) in material compliance with all Applicable Laws;

     (c)  except as otherwise provided in this Agreement, pay or cause to be
          paid all costs and expenses relating to the Assets that become due
          prior to the Closing Time; and

     (d)  perform and comply with all of the material provisions of the
          Petroleum Tenures;

provided that where the Vendor is not the operator of any Asset (or the holder
of one hundred percent (100%) of the interests therein), the Vendor shall be
obligated to do only that which a prudent non-operator would be expected to do
in similar circumstances in accordance with good oil and gas industry practices.

7.2              CONSENT OF PURCHASER

Notwithstanding clause 7.1, during the Interim Period, the Vendor shall not
without the prior written consent of the Purchaser, which consent shall not be
unreasonably withheld by the Purchaser and which, if provided, shall be provided
in a timely manner:

     (a)  make any commitment or propose, initiate or authorize any capital
          expenditure with respect to the Assets of which the Vendor's share is
          in excess of ten thousand Dollars ($10,000.00), except in case of an
          emergency or in respect of amounts which the Vendor may be committed
          to expend or be deemed to authorize for expenditure without its
          consent;

     (b)  surrender or abandon any of the Assets;

     (c)  amend or terminate any Petroleum Tenure or any other agreement or
          document to which the Assets are subject, or enter into any new
          agreement or commitment relating to the Assets; or

     (d)  sell, encumber or otherwise dispose of any of the Assets or any part
          or portion thereof excepting sales of produced Leased Substances or
          any of the Assets in the normal course of business.

7.3              PRE-CLOSING INTEGRATION OF ASSETS

The Vendor shall make reasonable commercial efforts after the execution of this
Agreement, and prior to Closing, to provide the Purchaser, at the Purchaser's
expense, with the information that it reasonably requires and requests to aid in
the planning for, and the integration of, the Assets into the Purchaser's
business. The Vendor shall ensure that the Purchaser has reasonable access
during business hours prior to Closing to the Vendor's accounting, land and
operational records that pertain to the Assets for the purposes of the planning
for, and the integration of, the Assets into the Purchaser's business.

                                       24
<PAGE>

                                   ARTICLE 8
                                 DUE DILIGENCE

8.1              ACCESS

     (a)  Between the date hereof and the Closing Time, the Vendor shall allow
          the Purchaser and its Representatives to have reasonable access,
          during normal business hours of the Vendor, to the field locations at
          which the Wells and the Facilities and other Tangibles are situated
          and to the Lands and any other lands to which the rights and interests
          included in the Miscellaneous Interests relate in order to conduct a
          physical inspection thereof, including reasonable inspections to
          determine and evaluate the environmental condition thereof in order to
          assess the Environmental Liabilities associated with the Assets. The
          Purchaser shall use all reasonable efforts to limit and minimize any
          disruption to operations that may be caused by such inspections and
          will follow all of the Vendor's safety and work permit requirements.
          All such inspections shall be conducted at the Purchaser's sole cost,
          risk and expense and the Purchaser shall indemnify the Vendor and each
          of the Vendor's Related Parties from and against all Losses and
          Liabilities suffered, sustained, paid or incurred by any of them and
          all Claims made against any of them as a consequence of any bodily
          injury or death suffered by any person or any damage to the property
          of any person in connection with such access and inspections.

     (b)  Between the date hereof and the Closing Time, the Vendor shall provide
          to the Purchaser and its Representatives reasonable access to all:

          (i)  title opinions and reports;

          (ii) Petroleum Tenures;

          (iii) agreements and documents to which the Assets are subject;

          (iv) documents relating to Encumbrances affecting the Assets;

          (v)  evidence with respect to the payment of all rentals, royalties
               and other payments due under the Petroleum Tenures and any other
               agreements and documents to which the Assets are subject;

          (vi) evidence with respect to the payment of all taxes, charges and
               assessments pertaining to the Assets;

          (vii) lease records, data sheets, production records, ownership maps
               and surveys;

          (viii) Permits;

          (ix) all documents and information relevant to Environmental
               Liabilities;

                                       25
<PAGE>

          (x)  accounting records, policies of insurance, consulting agreements,
               field contracts and other agreements relating to the operation of
               the Assets; and

          (xi) other documentation relating to or comprising the Assets;

          that are in the Vendor's possession and control. Such review shall be
          conducted at the Purchaser's sole cost, risk and expense.

8.2              NOTICE OF TITLE DEFECTS

If the Purchaser becomes aware of any Title Defects as a result of its review of
title to the Assets, then the following shall apply:

     (a)  no later than ten (10) Business Days after it has first come to the
          Purchaser's attention but no later than five (5) Business Days prior
          to the Closing Time, the Purchaser shall notify the Vendor in writing
          of the Title Defects it becomes aware of during the course of its
          title review; and

     (b)  such notice shall include a description of each Title Defect in
          reasonable detail, the Assets directly and adversely affected thereby
          (hereinafter, the "TITLE DEFECTAFFECTED ASSET"), and, in the case of
          each Material Title Defect, the bona fide value allocated by the
          Purchaser acting reasonably, by which the value of each Title Defect
          Affected Asset has, in the Purchaser's opinion, acting reasonably and
          in good faith, been reduced by such Material Title Defect, taking into
          account the likelihood the Material Title Defect will manifest itself,
          and the Purchaser's reasonable requirements for the remedying thereof.

8.3              RECTIFICATION OF MATERIAL TITLE DEFECTS

     (a)  Prior to the Closing Time, the Vendor shall use reasonable commercial
          efforts to cure or rectify all the Title Defects of which Purchaser
          gives notice pursuant to clause 8.2, or of which the Vendor otherwise
          has knowledge, however, priority shall be given to Material Title
          Defects. The Vendor shall not be required to make any payment to cure
          a Title Defect.

     (b)  If any Material Title Defect described in the Purchaser's notice is
          not cured or removed to the Purchaser's reasonable satisfaction within
          three (3) Business Days prior to the Closing Time, the following shall
          apply:

          (i)  where the aggregate amount by which the value of all of the Title
               Defect Affected Assets has been reduced by such Material Title
               Defects is, in the Purchaser's opinion, acting reasonably and in
               good faith, two hundred and fifty thousand Dollars ($250,000.00)
               or less, the Purchaser shall be deemed to waive permanently such
               uncured Material Title Defects and shall complete the Transaction
               without an adjustment to the Consideration on account of such
               Material Title Defects and the Purchaser shall be deemed to have
               waived all Title Defects; or

                                       26
<PAGE>

          (ii) where the aggregate amount by which the value of all of the Title
               Defect Affected Assets has been reduced by such Material Title
               Defects is, in the Purchaser's opinion, acting reasonably and in
               good faith, equal to or more than two hundred and fifty thousand
               Dollars ($250,000.00), either Party may elect, subject to clause
               8.4, by notice in writing delivered to the other Party prior to
               the Closing Time, to terminate this Agreement, in which case the
               Parties shall thereupon be discharged from further obligations
               hereunder, except for those arising under Article 10. If no Party
               elects to terminate this Agreement in accordance with this clause
               prior to the Closing Time then, subject to clause 8.4, the
               Parties will proceed to Closing with the Consideration adjusted
               accordingly and the Purchaser shall be deemed to have waived all
               Title Defects.

8.4              VALUE DISPUTES FOR UNCURED MATERIAL TITLE DEFECTS

In determining any reduction in value of the Title Defect Affected Assets due to
uncured Material Title Defects, it is the intent of the Parties to include, when
reasonably possible, only those Assets directly and adversely affected by the
uncured Material Title Defect. If the Vendor disagrees with (i) the value
allocated by the Purchaser to any of the Title Defect Affected Assets, (ii) the
Purchaser's statement of the value by which a Title Defect Affected Asset has
been reduced by a Material Title Defect, or (iii) the validity of a Material
Title Defect; or in the instance that the amount by which the value of the Title
Defect Affected Assets has been reduced, as allocated by the Purchaser, is equal
to or greater than one of the adjustment or termination thresholds provided in
clause 8.3 if the Vendor believes such amount, (if any) by which the value has
been reduced is less than such adjustment or termination threshold, the Parties
shall promptly meet to discuss in good faith the issue and the following shall
apply:

     (a)  if after such a meeting, the issue has not been resolved or if a Party
          does not forthwith meet to discuss the issue, the issue shall be
          referred to an Independent Expert pursuant to the provisions of
          Article 12, in which case Closing shall be delayed until after the
          decision of the Independent Expert has been rendered, subject to the
          remainder of this clause 8.4;

     (b)  if, based on the Independent Expert's decision, the cumulative amount
          by which the value of all the Title Defect Affected Assets has been
          reduced is equal to or less than the adjustment threshold provided in
          clause 8.3(b)(i), the Parties shall proceed to close the Transaction
          on the third (3rd) Business Day after the decision of the Independent
          Expert has been rendered and given to both Parties, without an
          adjustment to the Consideration on account of such Material Title
          Defects; or

                                       27
<PAGE>

     (c)  if, based on the Independent Expert's decision, the cumulative amount
          by which the value of all the Title Defect Affected Assets has been
          reduced is greater than the termination threshold described in clause
          8.3(b)(ii), either Party may elect termination as provided by this
          Agreement upon written notice to the other Party delivered within
          three (3) Business Days after the decision of the Independent Expert
          has been rendered and given to both Parties, in which case the Parties
          shall thereupon be discharged from all further obligations hereunder,
          except for those arising under Article 10, provided, however, that
          failure by the Purchaser to elect in writing to terminate this
          Agreement within the time period set out in this subclause (3) above
          shall be deemed to be an election by the Purchaser to complete the
          Transaction in accordance with the reduction in price mechanism
          prescribed in subclause 8.3(b)(ii), such that the Parties shall
          proceed to Closing on the fifth (5th) Business Day after the decision
          of the Independent Expert has been rendered and given to both Parties,
          with the Consideration being adjusted by taking into account the
          findings of the Independent Expert.

8.5              NOTICE OF ENVIRONMENTAL DEFECTS

If  the  Purchaser becomes aware of any Environmental Defects as a result of its
inspection of the Assets, then the following shall apply:

     (a)  no later than ten (10) Business Days after it has first come to the
          Purchaser's attention but no later than five (5) Business Days prior
          to the Closing Time, the Purchaser shall notify the Vendor in writing
          of the Environmental Defects; and

     (b)  such notice shall include a description of each Environmental Defect
          in reasonable detail, the Assets directly and adversely affected
          thereby (the "ENVIRONMENTAL DEFECT AFFECTED ASSET"), and, in the case
          of each Material Environmental Defect, the bona fide value allocated
          by the Purchaser acting reasonably, by which the value of each
          Environmental Defect Affected Asset has, in the Purchaser's opinion,
          acting reasonably and in good faith, been reduced by such Material
          Environmental Defect, taking into account only the reasonable
          requirements for the remedying thereof.

8.6              RECTIFICATION OF MATERIAL ENVIRONMENTAL DEFECTS

     (a)  Prior to the Closing Time, the Vendor shall use reasonable commercial
          efforts to cure or rectify all the Environmental Defects of which the
          Purchaser gives notice pursuant to clause 8.5,or of which Vendor
          otherwise has knowledge, however, priority shall be given to Material
          Environmental Defects.

     (b)  If any Material Environmental Defect described in the Purchaser's
          notice is not cured or removed to the Purchaser's reasonable
          satisfaction within three (3) Business Days prior to the Closing Time,
          the following shall apply:

          (i)  if the aggregate amount by which the value of all of the
               Environmental Defect Affected Assets has been reduced by such
               Material Environmental Defects is, in the Purchaser's opinion,
               acting reasonably and in good faith, two hundred and fifty
               thousand Dollars ($250,000.00) or less, the Purchaser shall be
               deemed to waive permanently such uncured Material Environmental
               Defects and shall complete the Transaction without an adjustment
               to the Consideration on account of such Material Environmental
               Defects and the Purchaser shall be deemed to have accepted and
               waived all Environmental Defects for the purpose of this clause
               8.6 and clause 9.2; or

                                       28
<PAGE>

          (ii) if the aggregate amount by which the value of all of the
               Environmental Defect Affected Assets has been reduced by such
               Material Environmental Defects is, in the Purchaser's opinion,
               acting reasonably and in good faith, more than two hundred and
               fifty thousand Dollars ($250,000.00), either Party may elect,
               subject to clause 8.7, by notice in writing delivered to the
               other Party prior to the Closing Time, to terminate this
               Agreement, in which case the Parties shall thereupon be
               discharged from further obligations hereunder, except for those
               arising under Article 10. If no Party elects to terminate this
               Agreement in accordance with this clause prior to the Closing
               Time then, subject to clause 8.7, the Parties will proceed to
               Closing with the Consideration adjusted accordingly and the
               Purchaser shall be deemed to have waived all Environmental
               Defects.

8.7              VALUE DISPUTES FOR UNCURED MATERIAL ENVIRONMENTAL DEFECTS

In determining any reduction in value of the Environmental Defect Affected
Assets due to uncured Material Environmental Defects, it is the intent of the
Parties to include, when reasonably possible, only those Assets directly and
adversely affected by the uncured Material Environmental Defect. If the Vendor
disagrees with (i) the value allocated by the Purchaser to any of the
Environmental Defect Affected Assets, (ii) the Purchaser's statement of the
value by which an Environmental Defect Affected Asset has been reduced by a
Material Environmental Defect, or (iii) the validity of a Material Environmental
Defect; or in the instance that the amount by which the value of the
Environmental Defect Affected Assets has been reduced, as allocated by the
Purchaser, is equal to or greater than one of the adjustment or termination
thresholds provided in clause 8.6 if the Vendor believes such amount, (if any)
by which the value has been reduced is less than such adjustment or termination
threshold, the Parties shall promptly meet to discuss in good faith the issue
and the following shall apply:

     (a)  if after such a meeting, the issue has not been resolved or if a Party
          does not forthwith meet to discuss the issue, the issue shall be
          referred to an Independent Expert pursuant to the provisions of
          Article 12, in which case Closing shall be delayed until after the
          decision of the Independent Expert has been rendered, subject to the
          remainder of this clause 8.7;

     (b)  if, based on the Independent Expert's decision, the cumulative amount
          by which the value of all the Environmental Defect Affected Assets has
          been reduced is equal to or less than the adjustment threshold
          provided in clause 8.6(b)(i), the Parties shall proceed to close the
          Transaction on the third (3rd) Business Day after the decision of the
          Independent Expert has been rendered and given to both Parties,
          without an adjustment to the Consideration on account of such Material
          Environmental Defects; or

                                       29
<PAGE>

     (c)  if, based on the Independent Expert's decision, the cumulative amount
          by which the value of all the Environmental Defect Affected Assets has
          been reduced is greater than the termination threshold described in
          clause 8.6(b)(ii), either Party may elect termination as provided by
          this Agreement upon written notice to the other Party delivered within
          three (3) Business Days after the decision of the Independent Expert
          has been rendered and given to both Parties, in which case the Parties
          shall thereupon be discharged from all further obligations hereunder,
          except for those arising under Article 10, provided, however, that
          failure by the Purchaser to elect in writing to terminate this
          Agreement within the time period set out in this subclause (c) above
          shall be deemed to be an election by the Purchaser to complete the
          Transaction in accordance with the reduction in price mechanism
          prescribed in subclause 8.6(b)(ii), such that the Parties shall
          proceed to Closing on the fifth (5th) Business Day after the decision
          of the Independent Expert has been rendered and given to both Parties,
          with the Consideration being adjusted by taking into account the
          findings of the Independent Expert.

                                   ARTICLE 9
                         REPRESENTATIONS AND WARRANTIES

9.1 REPRESENTATIONS AND WARRANTIES OF THE VENDOR REGARDING THE VENDOR

Each Vendor represents and warrants to the Purchaser that as of the date of this
Agreement and as at the Closing Time, and subject to the satisfaction of the
Conditions Precedent (as applicable), by reference to the facts and
circumstances then existing:

     (a)  it is a corporation duly organized and validly existing under the laws
          of the Commonwealth of Australia, is authorized to carry on business
          in the State in which the Lands are located, and now has good right,
          full power and absolute authority to sell and convey its interest in
          and to the Assets to the Purchaser according to the true intent and
          meaning of this Agreement;

     (b)  the execution, delivery and the performance of this Agreement has been
          duly and validly authorized by any and all requisite corporate,
          shareholders' and directors' actions and will not result in any
          violation of, be in conflict with or constitute a default under any
          articles, charter, bylaw or other governing document to which the
          Vendor is bound;

     (c)  the execution, delivery and performance of this Agreement, will not
          result in any violation of, be in conflict with or constitute a
          default under any term or provision of any agreement or document to
          which it is party or by which it is bound, nor under any Applicable
          Law;

                                       30
<PAGE>

     (d)  this Agreement and any other agreements delivered in connection
          herewith constitute valid and binding obligations of the Vendor
          enforceable against it in accordance with their terms subject to the
          availability of equitable remedies and to laws and regulations
          relating to bankruptcy and creditor's rights;

     (e)  other than the Approvals, no authorization or approval or other action
          by, and no notice to or filing with, any Governmental Authority or
          regulatory body exercising jurisdiction over the Assets, or the Vendor
          is required for the due execution, delivery and performance by it of
          this Agreement, other than authorizations, approvals or exemptions
          from requirement therefore, previously obtained and currently in
          force; and

     (f)  it has not incurred any obligation or liability, contingent or
          otherwise, for brokers' or finders' fees in respect of this Agreement,
          the Transaction or any matter for which the Purchaser shall have any
          obligation or liability.

9.2 REPRESENTATIONS AND WARRANTIES OF THE VENDOR REGARDING THE ASSETS

Each Vendor represents and warrants to the Purchaser that as of the date of this
Agreement and as at the Closing Time, by reference to the facts and
circumstances then existing:

     (a)  each of PL18, PL40 and PL280 has not been amended or modified and is
          in full force and effect and, to the Vendor's knowledge, no party
          thereto is in default thereunder;

     (b)  no Person has made or, to the knowledge of the Vendor, is threatening
          to make, any Claim challenging the validity or enforceability of its
          interest in each of PL18, PL40 and PL280;

     (c)  it has been paid all amounts due to it and borne all material expenses
          payable by it under each of PL18, PL40 and PL280 in accordance with
          its terms and in proportion to the Petroleum and Natural Gas Rights;

     (d)  it has not subjected PL18, PL40 or PL280 to any Encumbrance other than
          the Permitted Encumbrances and is not obligated to pay a share of any
          costs arising under each of PL18, PL40 or PL280 that is
          disproportionate to the Petroleum and Natural Gas Rights;

     (e)  subject to the Permitted Encumbrances, it has not:

          (i)  alienated or encumbered the Assets or any part or portion
               thereof, or

          (ii) committed or is aware of there having been committed any act or
               omission whereby its interest in and to the Assets or any part or
               portion thereof may be cancelled, reduced or terminated;

                                       31
<PAGE>

     (f)  subject to the Permitted Encumbrances, the Assets are free and clear
          of all Encumbrances created by, through or under it or of which it has
          knowledge;

     (g)  it has not received notice from any Third Party claiming an interest
          in and to any of the Assets adverse to the interest of the Vendor and
          it has no reason to believe that any such claim may be made;

     (h)  it has not received notice of default and it is not in any default
          under any obligation, agreement, document, order, writ, injunction or
          decree of any court or of any commission or administrative agency,
          which might result in impairment or loss of its interest in and to any
          of the Assets or any impairment to or restrictions on the use and
          enjoyment of any of the Assets after Closing;

     (i)  no Claim has been commenced against it or, to its knowledge, has been
          threatened against it or any Third Party, which might result in
          material impairment or loss of its interest in and to any of the
          Assets or the use and enjoyment thereof or which might otherwise
          materially and adversely affect any of the Assets (including the value
          thereof) or any rights to, and rights to enter upon, use or occupy the
          surface of any Lands; nor is it aware of any fact or circumstance that
          could reasonably be expected to give rise to such a Claim;

     (j)  all amounts due and payable to Third Parties or its Affiliates prior
          to the date hereof and pertaining to any of the Assets have been fully
          paid, including (i) all royalties, (ii) any and all ad valorem and
          property taxes, and (iii) any and all production, severance and
          similar taxes, charges and assessments based upon or measured by the
          ownership or production of the Leased Substances or any of them or the
          receipt of proceeds therefore; provided however, in the case of any
          and all amounts due and payable prior to the time it first acquired an
          interest in and to any of the Assets to which such amounts pertain,
          provided that, in respect of any of the Assets that are not operated
          by it, it makes this representation and warranty only based upon its
          knowledge;

     (k)  in respect of any of the Assets, except in connection with the AFEs,
          it has no financial commitments which are (individually) in excess of
          ten thousand Dollars ($10,000.00) or in the aggregate in excess of
          fifty thousand Dollars ($50,000.00) and which are due as of the date
          hereof or which may become due after the date hereof by virtue of
          matters occurring or arising prior to the date hereof, other than
          usual operating expenses incurred in the normal conduct of operations;

     (l)  in respect of any of the Assets that are operated by it, it holds all
          valid Permits and similar rights and privileges, and, in respect of
          any of the Assets that are operated by Third Parties, it has not
          received written notice, nor is it aware that, such Third Parties do
          not hold all valid Permits and similar rights and privileges, that are
          required under Applicable Law to operate any of the Assets as
          presently operated;

                                       32
<PAGE>

     (m)  in respect of any of the Assets that are operated by it, any and all
          of its operations on or in respect of any of the Assets have been,
          and, in respect of any of the Assets that are operated by Third
          Parties, it has not received written notice that such operations by
          Third Parties have not been, conducted in accordance, in all material
          respects, with good oil and gas industry practices and in material
          compliance with all Applicable Laws;

     (n)  the Tangibles operated by it are, and, in respect of the Tangibles
          operated by Third Parties, to its knowledge are, in good and operable
          condition, reasonable wear and tear excepted;

     (o)  it has not received and is not aware of:

          (i)  any orders or directives from any Governmental Authority having
               jurisdiction which relate to Environmental Liabilities and which
               require any work, repairs, construction or capital expenditures
               with respect to any of the Assets, where such orders or
               directives have not been complied with in all material respects;

          (ii) any demand or notice issued with respect to the breach of any
               Applicable Law or any other Claim relating to the Environment,
               Environmental Liabilities, health or safety applicable to any of
               the Assets, including respecting the use, storage, treatment,
               transportation or disposition of environmental contaminants or
               the abandonment or reclamation of any Wells, Facilities or Lands,
               which demand or notice remains outstanding on the date hereof;

          (iii) written notice that there has been any releases, deposits or
               discharges, in violation of Applicable Law, of any hazardous or
               toxic substances, contaminants or wastes into the Environment in
               respect of any of any of the Assets or the operation thereof of
               that have not been rectified in all material respects;

          (iv) any releases, deposits or discharges, in violation of Applicable
               Law, of any hazardous or toxic substances, contaminants or wastes
               into the Environment which if known to any Governmental Authority
               could reasonably be expected to lead to any order, directive,
               demand or notice described in clause9.2(o)(i), (ii) or (iii)
               above, that have not been rectified, remedied or abated in all
               material respects;

     (p)  it has no Take or Pay Obligations in respect of the Assets;

     (q)  it has not received nor delivered any written notices, nor is it aware
          of, any material breach of or material default under or alleged
          material breach of or material default under of any provisions of any
          Petroleum Tenure or any of the agreements included in the
          Miscellaneous Interests;

                                       33
<PAGE>

     (r)  subject to Permitted Encumbrances and the satisfaction by the
          Purchaser after Closing of all of the obligations accruing after
          Closing required to maintain the Petroleum Tenures in good standing,
          after Closing the Purchaser will have the right to hold and enjoy the
          Assets for the residue of their respective terms and all renewals or
          extensions thereof for the Purchaser's own use and benefit, without
          any lawful interruption of or by the Vendor or any Person claiming or
          able to claim by, through or under the Vendor;

     (s)  to its knowledge, (i) the Assets are not bound by or comprised of any
          contract or other arrangement for the sale, gathering, processing,
          treating, storage, balancing, compression, transmission,
          transportation, injection or subsurface disposal, fractionation of, or
          the provision of any similar services in respect of, any (A) Petroleum
          Substances, (B) construction, ownership and operating agreements, (C)
          agreements for the use of wellbores, or (D) agreements for the
          contract operation of any Wells or Tangibles by a Third Party or any
          custom usage of the Facilities or other Tangibles by a Third Party;
          and (ii) it is not a party to any such contract or arrangement for
          which it is liable; except for, in each case of (i) and (ii) above,
          any agreements or arrangements identified in a Schedule, including the
          Assumed Contracts, or contracts or arrangements which are terminable
          without penalty on 31 days or less notice;

     (t)  other than as identified in Schedule "B" under the heading "Leased
          Tangibles", none of the Tangibles are leased or rented;

     (u)  all material information in its possession and control that pertains
          to the Assets or the condition or operation thereof, including
          records, files and documents relating to any of the Assets, Petroleum
          Tenures, Assumed Contracts, AFEs and all other material agreements,
          instruments and other documents included in the Miscellaneous
          Interests or identified in a Schedule has been or will be made
          available for review by the Purchaser or its Representatives on or
          prior to Closing;

     (v)  to the extent that another Person was disposing of its share of
          production from or allocated to any of the Assets prior to the date
          hereof, to its knowledge;

          (i)  it has been receiving its share of the proceeds from the
               disposition of such production from or allocated to such Assets;
               and

          (ii) no Person other than the Vendor has claimed any entitlement to
               such proceeds;

     (w)  to its knowledge each Well for which it was or is the operator has
          been drilled by the Vendor and, if completed, completed and operated
          by the Vendor, in all material respects, in accordance with generally
          accepted oil and gas field practices and the material requirements of
          the Applicable Laws as they existed at the relevant time;

                                       34
<PAGE>

     (x)  other than the Wells described in Schedule "A", to its knowledge there
          are no wells located on the Lands for which the Purchaser will assume
          any liability by virtue of the completion of this Transaction;

     (y)  to its knowledge each Well that has been abandoned has been plugged
          and abandoned by the Vendor, and the wellsite therefore properly
          restored, in all material respects, in accordance with generally
          accepted oil and gas field practices and the material requirements of
          the Applicable Laws as they existed at the relevant time;

     (z)  to its knowledge the Tangibles have been constructed, installed,
          maintained and operated, in all material respects, in accordance with
          generally accepted oil and gas field practices and the material
          requirements of the Applicable Laws as they existed at the relevant
          time; and

     (aa) as of the date hereof, to the Vendor's knowledge, no royalty or joint
          venture audits have been demanded or are underway pursuant to the
          Petroleum Tenures in respect of any of the Assets.

9.3              APPLICATION OF WARRANTIES

Each of the Warranties:

     (a)  is separate and independent and not limited or restricted by any other
          Warranty; and

      (b) continues in full force after Closing.

9.4              QUALIFICATIONS TO WARRANTIES

The Warranties are qualified by, and the Purchaser and any Affiliate of the
Purchaser may not make any Warranty Claim for, anything:

     (a)  fairly disclosed in this Agreement or the Disclosure Letter; or

     (b)  the Purchaser has actual knowledge of before entering in this
          Agreement.

9.5              EXCLUSION OF OTHER REPRESENTATIONS AND WARRANTIES

Except as expressly stated in the Warranties, the Vendor give no representations
or warranties whatever about anything including:

     (a)  future matters, including the future value or performance of the
          Assets; or

     (b)  the accuracy or completeness of any information provided to the
          Purchaser about the Assets.

                                       35
<PAGE>

9.6              PURCHASER'S ACKNOWLEDGMENTS

The Purchaser acknowledges and agrees that:

     (a)  the Warranties are the only representations and warranties the Vendor
          has given;

     (b)  the Warranties are the only representations and warranties the
          Purchaser has relied on in entering into this Agreement;

     (c)  before entering into this Agreement, it did not know of anything that
          was likely to result in a Warranty Claim.

9.7              NOTICE OF WARRANTY CLAIMS

     (a)  The Purchaser must give the Vendor written notice of a Warranty Claim
          or anything the Purchaser becomes aware of that is reasonably likely
          to result in a Warranty Claim (including any Third Party Claim) (a
          "WARRANTY CLAIM NOTICE").

     (b)  A Warranty Claim Notice must include reasonable details of the
          Warranty Claim (to the extent known by the Purchaser) including:

          (i)  the nature of the Warranty Claim;

          (ii) the circumstances resulting in the Warranty Claim;

          (iii) whether the Warranty Claim involves a Third Party Claim; and

          (iv) a bona fide estimate of the likely amount of the Warranty Claim
               and the basis for that estimate.

9.8              MITIGATION

Without limiting the Purchaser's obligations at law or the Vendor's rights under
clause 15.14, the Purchaser must take reasonable steps to minimise the Losses
and Liabilities incurred by it or any Affiliate of it in connection with
anything that is reasonably likely to result in a Warranty Claim.

9.9 TIME LIMITS FOR WARRANTY CLAIM NOTICES AND WARRANTY CLAIMS

The Vendor will not be liable for any Warranty Claim unless they receive a
Warranty Claim Notice for the Warranty Claim within twelve (12) months after the
Closing Date.

9.10             LOWER LIMITS FOR WARRANTY CLAIMS

The Vendor will not be liable for a Warranty Claim unless:

     (a)  the amount of the Warranty Claim is more than ten thousand Dollars
          ($10,000.00); and

                                       36
<PAGE>

     (b)  the aggregate amount of all Warranty Claims more than ten thousand
          Dollars ($10,000.00) exceeds fifty thousand Dollars ($50,000.00);

in which case the Vendor will be liable only for the excess amount.

9.11             UPPER LIMIT FOR WARRANTY CLAIMS

The Vendor's maximum, total, aggregate and combined liability for Warranty
Claims, and all other Claims under this Agreement, is limited to three million
Dollars ($3,000,000.00).

9.12             OTHER LIMITS

The Vendor will not be liable for a Warranty Claim to the extent that:

     (a)  it results from any voluntary act, omission, arrangement or
          transaction of the Purchaser or any Related Party of the Purchaser
          after Closing;

     (b)  anything causing the Warranty Claim is remediable and is remedied by
          the Vendor within ninety (90) days after the Vendor receives the
          Warranty Claim Notice for that Warranty Claim;

     (c)  anything causing the Warranty Claim entitles the Purchaser or any
          Affiliate of the Purchaser to any, and the Purchaser or such Affiliate
          of the Purchaser actually recovers any:

          (i)  tax allowance, credit, deduction, exemption, rebate, relief or
               set-off;

          (ii) compensation or indemnification under any insurance policy;

          (iii) recovery under any Third Party Claim; or

          (iv) other credit, recovery or benefit; or

     (d)  it results from any change (whether applying retrospectively or not)
          after Closing to any Applicable Law.

9.13             RECOVERY ONCE

The Purchaser and any Related Parties of the Purchaser may not recover from the
Vendor more than once for anything causing any Warranty Claim; provided that
this clause shall not be construed as a waiver by the Purchaser of a continuing
breach by the Vendor.

9.14             REIMBURSEMENT IF SUBSEQUENT RECOVERY FROM THIRD PARTIES

If the Purchaser or any Related Parties of the Purchaser receive any payment
from or on behalf of the Vendor for any Warranty Claim ("VENDOR PAYMENT") and
the Purchaser or any Related Parties of the Purchaser subsequently recover any
amount from any Third Party (including under a Third Party Claim) for anything
causing that Warranty Claim ("RECOVERED AMOUNT"), the Purchaser must promptly:

                                       37
<PAGE>

     (a)  notify the Vendor of the Recovered Amount; and

     (b)  pay the Vendor an amount equal to the lesser of:

          (i)  the Recovered Amount less any reasonable costs and expenses
               incurred by the Purchaser or any Related Parties of the Purchaser
               (as the case may be) in making that recovery; and

          (ii) the Vendor Payment.

9.15             REDUCTION IN CONSIDERATION

Any payment by the Vendor for a Warranty Claim will be treated as a reduction in
the Consideration.

9.16             REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

The Purchaser represents and warrants to the Vendor that as of the date of this
Agreement and as at the Closing Time, by reference to the facts and
circumstances then existing:

     (a)  the Purchaser is a corporation duly organized and validly existing
          under the laws of Australia,

     (b)  the Purchaser, is or by the Closing Time will be authorized to carry
          on business in the State in which the Lands are located, and now has
          or by the Closing Time will have good right, full power and absolute
          authority to purchase the Assets according to the true intent and
          meaning of this Agreement;

     (c)  the execution, delivery and performance of this Agreement has been
          duly and validly authorized by any and all requisite corporate,
          shareholders' and directors' actions and will not result in any
          violation of, be in conflict with or constitute a default under any
          articles, charter, bylaw or other governing document to which the
          Purchaser is bound;

     (d)  the execution, delivery and performance of this Agreement will not
          result in any violation of, be in conflict with or constitute a
          default under any term or provision of any agreement or document to
          which the Purchaser is party or by which the Purchaser is bound, nor
          under any Applicable Law;

     (e)  this Agreement has been duly executed and delivered by the Purchaser;

                                       38
<PAGE>

     (f)  this Agreement and any other agreements delivered in connection
          herewith constitute valid and binding obligations of the Purchaser
          enforceable against the Purchaser in accordance with their terms
          subject to the availability of equitable remedies and to laws and
          regulations relating to bankruptcy and creditor's rights;

     (g)  other than the Approvals, no authorization or approval or other action
          by, and no notice to or filing with, any Governmental Authority
          exercising jurisdiction over any of the Assets is required for the due
          execution, delivery and performance by the Purchaser of this
          Agreement, other than authorizations, approvals or exemptions from
          requirement therefore, previously obtained and currently in force; and

     (h)  the Purchaser has not incurred any obligation or liability, contingent
          or otherwise, for brokers' or finders' fees in respect of this
          Agreement or the transaction to be effected by it for which the Vendor
          shall have any obligation or liability.

                                   ARTICLE 10
                                CONFIDENTIALITY

10.1             CONFIDENTIAL INFORMATION

Until Closing has occurred, the Purchaser shall keep confidential all
information respecting the Assets obtained from the Vendor. Such confidential
information respecting the Assets shall be used only for the purposes of this
acquisition and disclosed only to those of its Representatives with a need to
know such information in connection with the Transaction. In addition, any
information obtained by the Purchaser as a result of such access which does not
relate to the Assets shall continue to be treated as confidential and shall not
be used by the Purchaser without the prior written consent of the Vendor, which
may be withheld in the Vendor's sole discretion. The foregoing restrictions on
disclosure and use of information shall not apply to information, to the extent
that the Purchaser can show by documentary evidence that such information is:

     (a)  publicly available through no act or omission of the Purchaser or its
          Representatives;

     (b)  subsequently obtained lawfully from a Third Party who is not bound to
          the Vendor to restrict the use or disclosure of such information;

     (c)  already in the Purchaser's possession at the time of disclosure,
          without any restriction on its disclosure; or

     (d)  required to be disclosed pursuant to Applicable Law or by the
          direction of any Governmental Authority having jurisdiction or the
          rules of any stock exchange.

Specific items of information shall not be considered to be in the public domain
merely because more general information respecting the Assets is in the public
domain.

                                       39
<PAGE>

10.2             ACCESS BY REPRESENTATIVES

The Purchaser shall be responsible to the Vendor for ensuring that its
Representatives comply with the restrictions on the use and disclosure of the
information set forth in clause 10.1, and the Purchaser shall be liable to the
Vendor for any and all damages, costs and expenses that the Vendor may suffer or
incur as a result of any unauthorized use or disclosure of such confidential
information by such Representatives of the Purchaser.

10.3             RETURN OF DOCUMENTS

Other than any of the following that are required or desirable to pursue a
potential Claim under this Agreement, if Closing does not occur and this
Agreement is terminated, the Purchaser shall ensure that all documents, working
papers and other written material obtained from the Vendor in connection with
this Agreement are returned to the Vendor forthwith. In addition, all copies of
such information, whether electronic or hard copies, and all documents prepared
by the Purchaser and its Representatives containing such information shall be
destroyed and, if requested by the Vendor, an officer of the Purchaser shall
provide a certificate, in form and content reasonably satisfactory to the
Vendor, confirming that all such documents and copies have been returned to the
Vendor or destroyed.

                                   ARTICLE 11
                          LIABILITIES AND INDEMNITIES

11.1             VENDOR'S INDEMNITIES

Except to the extent any Claim arises out of or relates to events or
circumstances which would constitute a breach of a representation, warranty or
covenant of the Purchaser under this Agreement for which the Purchaser would be
liable to indemnify the Vendor pursuant to clause11.2 and subject to the
qualifications and limitations in clauses 9.7 to 9.14 (which are to be read as
if a reference to a 'Warranty Claim' were a reference to a Claim by the
Purchaser against the Vendor (or either of them) under this clause 11.1), 11.2
and 11.3, from and after Closing, the Vendor shall be liable for and, as an
independent covenant, shall indemnify, defend and save harmless the Purchaser
and its Related Parties from and against any and all Purchaser's Losses that any
of them may suffer, sustain, pay or incur and all Claims made against the
Purchaser or any of its Related Parties, in each case, to the extent caused by
or arising out of or resulting from (i) breaches of the representations or
warranties made by the Vendor in clause 9.1 and 9.2; or (ii) breaches of
covenants made by the Vendor in this Agreement.

11.2             PURCHASER'S INDEMNITIES

     (a)  Except to the extent any Claim arises out of or relates to events or
          circumstances which constitute a breach of a representation, warranty
          or covenant of the Vendor under this Agreement for which the Vendor
          would be liable to indemnify the Purchaser pursuant to clause 11.1
          and, subject to clauses 11.1 and 11.3, from and after Closing, the
          Purchaser shall be liable for and, as an independent covenant, shall
          indemnify, defend and save harmless the Vendor and its Related Parties
          from and against any and all Vendor's Losses that any of them may
          suffer, sustain, pay or incur and all Claims made against the Vendor
          or any of its Related Parties, in each case, to the extent:

                                       40
<PAGE>

          (i)  subject to clause 9.3, caused by or arising out of or resulting
               from breaches of the representations or warranties made by the
               Purchaser in clause 9.16, for which written notice of such Losses
               and Liabilities or Claims with reasonable particulars shall have
               been provided by the Vendor to the Purchaser within twelve (12)
               months from the Closing Time;

          (ii) caused by or arising out of or resulting from breaches of
               covenants made by the Purchaser in this Agreement;

          (iii) caused by or arising out of the ownership or operation of the
               Assets by the Purchaser from and after the Closing Time;

          (iv) arising out of the Vendor holding title (registered or otherwise)
               to any of the Assets after Closing in accordance with the terms
               of this Agreement, which relate to events or circumstances
               occurring after Closing; and

          (v)  caused by or arising out of or resulting from all Environmental
               Liabilities, however and by whomsoever caused, and whether such
               Environmental Liabilities occur or arise in whole or in part
               prior to, at or subsequent to the Closing Time. The Purchaser
               shall not be entitled to exercise and hereby waives any rights or
               remedies the Purchaser may now or in the future have against the
               Vendor in respect of such Environmental Liabilities, whether such
               rights and remedies are pursuant to the common law or statute or
               otherwise, including the right to name the Vendor as a third
               party to any action commenced by any Third Party against the
               Purchaser.

     (b)  From and after Closing, the Purchaser shall see to the timely
          performance of all Abandonment and Reclamation Obligations pertaining
          to the Assets. Subject to clauses 11.1 and 11.3, the Purchaser shall
          be liable to the Vendor for and shall, in addition, indemnify the
          Vendor and its Related Parties from and against, all Losses and
          Liabilities suffered, sustained, paid or incurred by any of them
          should the Purchaser fail to timely perform such obligations.

11.3             INDEMNIFICATION ACTIONS

For purposes of this clause 11.3, the term "INDEMNIFYING PERSON" when used in
connection with particular Losses and Liabilities shall mean the Person having
an obligation to indemnify another Person or Persons with respect to such Losses
and Liabilities pursuant to clauses 8.1(a), 11.1 and 11.2, and the term
"INDEMNIFIED PERSON" when used in connection with particular Losses and
Liabilities shall mean a Person having the right to be indemnified with respect
to such Losses and Liabilities pursuant to clauses 8.1, 11.1 and 11.2. All
claims for indemnification under clauses 8.1(a), 11.1 and 11.2 shall be asserted
and resolved as follows:

                                       41
<PAGE>

     (a)  to make a claim for indemnification under clauses8.1(a), 11.1 and
          11.2, an Indemnified Person shall notify the Indemnifying Person of
          its claim, including specific details of and specific basis under this
          Agreement for its claim (the "CLAIM NOTICE"). If the claim for
          indemnification is based upon a claim by a Third Party against the
          Indemnified Person (a "THIRD PARTY CLAIM"), the Indemnified Person
          shall provide its Claim Notice promptly after the Indemnified Person
          has actual knowledge of the Third Party Claim and shall enclose a copy
          of all papers (if any) served with respect to the Third Party Claim;
          provided that the failure of any Indemnified Person to give notice of
          a Third Party Claim as provided in this clause 11.3 shall not relieve
          the Indemnifying Person of its obligations under clauses8.1(a), 11.1
          and 11.2 except to the extent such failure materially prejudices the
          Indemnifying Person's ability to defend against the Third Party Claim;

     (b)  in the case of a claim for indemnification based upon a Third Party
          Claim, the Indemnifying Person shall have thirty (30) days from its
          receipt of the Claim Notice to notify the Indemnified Person whether
          it admits or denies its obligation to defend the Indemnified Person
          against such Claim under this Article. If the Indemnifying Person does
          not notify the Indemnified Person within such thirty (30) day period
          regarding whether the Indemnifying Person admits or denies its
          obligation to defend the Indemnified Person, the Losses and
          Liabilities for which the Indemnified Person is seeking indemnity
          shall be conclusively deemed a liability of the Indemnifying Person
          hereunder. The Indemnified Person is authorized, prior to and during
          such thirty (30) day period, to file any motion, answer or other
          pleading that it shall deem necessary or appropriate to protect its
          interests or those of the Indemnifying Person and that is not
          prejudicial to the Indemnifying Person;

     (c)  if the Indemnifying Person admits its obligation to indemnify the
          Indemnified Person, it shall have the right and obligation to
          diligently defend, at its sole cost and expense, the Third Party
          Claim. The Indemnifying Person shall have full control of such defence
          and proceedings, including any compromise or settlement thereof. If
          requested by the Indemnifying Person, the Indemnified Person agrees to
          cooperate in contesting any Third Party Claim which the Indemnifying
          Person elects to contest (provided, however, that the Indemnified
          Person shall not be required to bring any counterclaim or
          cross-complaint against any Person). The Indemnified Person may
          participate in, but not control, any defence or settlement of any
          Third Party Claim controlled by the Indemnifying Person pursuant to
          this subclause (c). An Indemnifying Person shall not, without the
          written consent of the Indemnified Person, such consent not to be
          unreasonably withheld, settle any Third Party Claim or consent to the
          entry of any judgment with respect thereto that (i) does not result in
          a final resolution of the Indemnified Person's liability with respect
          to the Third Party Claim (including, in the case of a settlement, an
          unconditional written release of the Indemnified Person from all
          liability in respect of such Third Party Claim) or (ii) may materially
          and adversely affect the Indemnified Person (other than as a result of
          money damages covered by the indemnity);

                                       42
<PAGE>

     (d)  if the Indemnifying Person does not admit its obligation to indemnify
          the Indemnified Person or admits its obligation but fails to
          diligently defend or settle the Third Party Claim, the Indemnified
          Person shall have the right to defend against the Third Party Claim
          (at the sole cost and expense of the Indemnifying Person, if the
          Indemnified Person is entitled to indemnification hereunder), with
          counsel of the Indemnified Person's choosing, subject to the right of
          the Indemnifying Person to admit its obligation to indemnify the
          Indemnified Person and assume the defence of the Third Party Claim at
          any time prior to settlement or final determination thereof. If the
          Indemnifying Person has not yet admitted its obligation to indemnify
          the Indemnified Person, the Indemnified Person shall send written
          notice to the Indemnifying Person of any proposed settlement and the
          Indemnifying Person shall have the option for ten (10) days following
          receipt of such notice to (i) admit in writing its obligation for
          indemnification with respect to such Third Party Claim and (ii) if its
          obligation is so admitted, assume the defence of the Third Party
          Claim, including the power to reject the proposed settlement. If the
          Indemnified Person settles any Third Party Claim over the objection of
          the Indemnifying Person after the Indemnifying Person has timely
          admitted its obligation for indemnification in writing and assumed the
          defence of the Third Party Claim, the Indemnified Person shall be
          deemed to have waived any right to indemnity therefore; and

     (e)  in the case of a claim for indemnification not based upon a Third
          Party Claim, the Indemnifying Person shall have thirty (30) days from
          its receipt of the Claim Notice to (i) cure the Losses and Liabilities
          complained of, (ii) admit its obligation to indemnify the Indemnified
          Person for such Losses and Liabilities or (iii) dispute the
          Indemnified Person's claim for such Losses and Liabilities. If the
          Indemnifying Person does not notify the Indemnified Person within such
          thirty (30) day period that it has cured the Losses and Liabilities or
          that it disputes the claim for such Losses and Liabilities, the amount
          of such Losses and Liabilities shall conclusively be deemed an
          obligation of the Indemnifying Person hereunder.

11.4             SUBROGATION

If a Party indemnifies another Party or any of its Related Parties for Losses
and Liabilities pursuant to this Agreement, the indemnifying Party shall be
subrogated to all rights of the other Party and its Related Parties to recover
such Losses and Liabilities from any Third Party.

                                       43
<PAGE>

11.5             STATUTES OF LIMITATIONS

Unless otherwise expressly specified in this Agreement, any Claim may be made
and enforceable by a Party pursuant to or based in any way upon a
representation, warranty, covenant or indemnity in this Agreement at any time
until the expiration of all applicable statutes of limitations with respect to
the matters covered thereby.

11.6             NO CONSEQUENTIAL LOSSES

Notwithstanding any other provision of this Agreement in no event shall a Party
be liable for any indirect, special, aggravated, consequential, exemplary or
punitive damages suffered, paid, sustained by the other Party or its Related
Parties, or be liable to indemnify the other Party or its Related Parties from
or against any of the foregoing, howsoever arising under or in respect of this
Agreement, including in respect of any termination thereof.

                                   ARTICLE 12
                       INDEPENDENT EXPERT DETERMINATIONS

12.1             DISPUTE RESOLUTION PROCEDURE

     (a)  Any disputed matter referred to the Independent Expert must be
          resolved in accordance with the procedures set out in this clause.

     (b)  The disputed matters must be referred to the Independent Expert by
          written submission which must include copies of relevant documentation
          relating to the dispute and reference to the relevant provisions of
          this Agreement.

     (c)  The Independent Expert must be instructed to finish his or her
          determination as soon as practicable and in any event no later than 10
          Business Days after his or her appointment (or other period agreed by
          the Vendor and the Purchaser).

     (d)  The Vendor and the Purchaser must promptly supply the Independent
          Expert with any information, assistance and cooperation requested in
          writing by the Independent Expert in connection with his or her
          determination. All correspondence between the Independent Expert and a
          Party must be copied to the other Parties.

     (e)  The Independent Expert will determine the procedures for settlement of
          the disputed matter.

     (f)  The Independent Expert shall act as an independent expert and not an
          arbitrator. The Independent Expert's decision will be conclusive,
          final and binding on the Parties (except in the case of manifest
          error).

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<PAGE>

     (g)  The costs of the Independent Accountant will be paid as determined by
          the Independent Expert, having regard to the relative position of the
          Parties on the disagreement.

                                   ARTICLE 13
                                      GST

13.1             INTERPRETATION

Words or expressions used in this clause 13 which are defined in the A New Tax
System (Goods and Services Tax) Act 1999 (Cth) (GST ACT) have the same meaning
in this clause.

13.2             GOING CONCERN AGREEMENT

     (a)  The Vendor and the Purchaser agree that the sale of the Assets under
          this Agreement constitutes the supply of a going concern for the
          purposes of the GST Act.

     (b)  Within 10 Business Days following execution of this Agreement, the
          Purchaser and the Vendor will jointly seek a private ruling from the
          relevant Governmental Authority that the supply of the Assets under
          this Agreement constitutes a supply of a going concern for GST
          purposes. The cost of obtaining such private ruling will be on account
          of the Purchaser.

13.3             VENDOR WILL CARRY ON ENTERPRISE

The Vendor undertakes that it will carry on the enterprise transferred under
this Agreement until the day that the supply is made for the purposes of the GST
Act.

13.4             PURCHASER REGISTRATION FOR GST

The Purchaser warrants that within a reasonable time following the execution of
this Agreement it will register for GST purposes and that it will be registered
for GST purposes prior to Closing. The Purchaser will provide written evidence
of its GST registration to the Vendor as soon as practicable after such
registration is obtained. If the Purchaser does not provide evidence of
registration as required, the Vendor may elect to treat the supply of the Assets
as a taxable supply and accordingly the Purchaser must pay the GST Amount
(calculated under clause 13.5) to the Vendor on the Closing Date.

13.5             GST GROSS UP

If notwithstanding clause 13.2, the applicable Governmental Authority determines
that the Vendor is liable to pay GST on a supply made under or in connection
with this Agreement:

                                       45
<PAGE>

     (a)  the Purchaser must pay to the Vendor in addition to the Consideration
          and any other consideration to be provided by the Purchaser to the
          Vendor for that supply under this Agreement ('GST exclusive
          consideration'), an amount equal to the GST exclusive consideration
          multiplied by the prevailing rate of GST ('GST Amount');

     (b)  in addition to the GST Amount, the Purchaser must pay to the Vendor an
          amount equal to any interest, fines, penalties and additional tax
          payable by the Vendor as a result of the supply of the Property being
          incorrectly treated as a supply of a going concern or otherwise
          resulting from the GST payable on the supply being paid late or the
          GST Amount being paid late;

     (c)  the GST Amount and any amount payable under clause 13.5(b) must be
          paid by the Purchaser to the Vendor within two (2) Business Days of
          the Vendor issuing a tax invoice to the Purchaser for the relevant
          taxable supply, except where the GST Amount is payable on the Closing
          Date under clause 13.4; and

     (d)  it will not be a defence to any claim against the Purchaser pursuant
          to this clause 13.5 that the Vendor did not pay the GST on the supply
          when it fell due under the GST

                Act.

13.6             REIMBURSEMENTS (NET DOWN)

If a payment to a Party under this clause 13 is a reimbursement or
indemnification, calculated by reference to a loss, cost or expense incurred by
that Party, then the payment will be reduced by the amount of any input tax
credit to which that Party, or the representative member of the GST group of
which either of the Vendor is a member, is entitled for that loss, cost or
expense.

13.7             RIGHTS

Rights under this clause 13.7 continue after the Closing Date, whether or not
other rights continue.

13.8             ADJUSTMENTS

If an adjustment event occurs in relation to a taxable supply made under or in
connection with this Agreement then the consideration payable in respect of the
supply shall also be adjusted as follows:

     (a)  if the adjustment event gives rise to an increase in the GST payable
          by the Vendor in relation to the supply, a payment equal to that
          increase will be made by the Purchaser to the Vendor; and

     (b)  if the adjustment event gives rise to a decrease in the GST payable by
          the Vendor in relation to the supply, a payment equal to that decrease
          will be made by the Vendor to the Purchaser.

                                       46
<PAGE>

Any payment that is required under this clause 13.8 will be made within five (5)
Business Days of the issuing of an adjustment note or an amended tax invoice, as
the case may be, by the Vendor. If the adjustment event gives rise to an
adjustment, the Vendor must issue an adjustment note to the Purchaser as soon as
the Vendor become aware of the adjustment event.

13.9             PETROLEUM RENT RESOURCES TAX

If the Petroleum Tenures transferred to the Purchaser are subject to PRRT and
constitute Project Interests, then the Vendor agrees:

     (a)  at no cost of the Purchaser, that it will provide the Purchaser with
          all information relating to the four (4) year period prior to the
          Closing Time; and

     (b)  at the cost of the Purchaser, that it will use its reasonable
          endeavours to provide the Purchaser with all information relating to
          any time prior to the four (4) year period priorto the Closing Time;

in each case reasonably required by the Purchaser to allow it to calculate its
Starting Base for the Petroleum Tenures, excluding information which may be
subject to confidentiality obligations to a Third Party or the subject of legal
professional privilege. Such information may include, but is not limited to,
accounts (financial and management), tax returns, invoices, transaction
listings, royalty returns and other contractual information relating to the
period prior to Closing. The Vendor also agrees, at the cost of the Purchaser,
to use its reasonable endeavours to assist the Purchaser to obtain such
information that is not in the possession of the Vendor.

                                   ARTICLE 14
                                   STAMP DUTY

14.1             STAMP DUTY

Any stamp duty, duties or other taxes of a similar nature (including fines,
penalties and interest and any increase in stamp duty which becomes payable as a
result of the sale of the Assets not being a sale of a going concern) in
connection with this Agreement or a transaction contemplated by this Agreement,
must be paid by the Purchaser. The Purchaser must promptly attend to stamping of
this agreement and all related documentation including all forms of transfer.

                                   ARTICLE 15
                                 MISCELLANEOUS

15.1             FURTHER ASSURANCES

At Closing and thereafter as may be necessary or desirable, and without further
consideration, the Parties shall execute, acknowledge and deliver such other
instruments and shall take such other action as may be reasonably necessary to
carry out their respective obligations under this Agreement. Until the Purchaser
is novated, with respect to the interest of the Vendor in and to the Assets,
into the Petroleum Tenures and any other agreements and documents to which the
Assets are subject, the Vendor shall act as the Purchaser's agent as the
Purchaser reasonably and lawfully directs. The Purchaser shall be liable to the
Vendor and shall, in addition, indemnify the Vendor from and against, all of the
Vendor's Losses arising in connection with all acts or omissions of the Vendor
in its capacity as agent of the Purchaser to the extent such acts and omissions
were expressly or impliedly authorized by the Purchaser.

                                       47
<PAGE>

15.2             ACCESS TO RECORDS

For a period of not less thanseven (7)years after the Closing Time, the
Purchaser shall allow the Vendor and its Representatives, to have access to the
premises of the Purchaser during normal business hours of the Purchaser in order
to inspect and take copies, at the Vendor's sole cost, of such information
delivered by the Vendor to the Purchaser in accordance with this Agreement, if
reasonably required by the Vendor, in connection with any joint venture audit,
any potential or threatened legal or administrative proceeding by or against the
Vendor in relation to the Assets, or to enable the Vendor to comply with a law
or the requirement of any Governmental Authority. Nothing herein shall prevent
the Vendor from making and retaining copies of any such documents at any time,
provided that, if during such seven (7) year period the Purchaser intends to
destroy any such information, the Purchaser shall provide the Vendor with notice
of such intended destruction and shall provide the Vendor a reasonable
opportunity (not to be less than ninety (90) days from the date of such notice)
to copy, at the Vendor's sole cost, any such information which the Purchaser
intends to destroy. The Vendor shall keep all such information and documents
confidential.

15.3             JOINT AND SEVERAL LIABILITY

All obligations and liabilities of each Party comprising the "Vendor" (being BPL
and DAPL), in respect of all covenants, representations, warranties, liabilities
and obligations in this Agreement, shall be joint and several.

15.4             GOVERNING LAW

This Agreement shall be construed in accordance with the laws of the State of
Queenslandand the Commonwealth laws of Australia applicable therein, without
reference to any provision thereof which would refer the choice of law to the
law of another jurisdiction. Subject to clause 12.1, the Parties irrevocably
submit to the non-exclusive jurisdiction of the courts of the State of
Queensland in respect of all matters under or relating to this Agreement or the
Transaction.

15.5             TRANSFER OF OPERATORSHIP

The Vendor shall do all such commercially reasonable things as the Purchaser may
request in order to assist the Purchaser to become the operator of those of the
Assets which the Purchaser desires to operate and which the Vendor operates as
of the Closing Time.

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<PAGE>

15.6             COSTS AND EXPENSES

Unless otherwise provided for in this Agreement, all fees, costs and expenses
incurred in connection with the Transaction shall be paid by the Party incurring
such cost or expense.

15.7             TIME OF ESSENCE

Time shall be of the essence in this Agreement.

15.8             NOTICES

The address for notices of each of the Parties shall be as follows:

--------------------------------------------------------------------------------

PURCHASER:                               BPL:
--------------------------------------------------------------------------------
Chelsea Oil Australia Pty Ltd            Brisbane Petroleum Ltd.
c/o Torys LLP
Suite 800                                Brisbane, Queensland
400-3rd  Avenue S.W.                     65 Burswood Road
Calgary, Alberta                         Burswood
T2P 4H2                                  Western Australia
Attention: Janan Paskaran                Attention: Lindsay Colless
Fax: (403) 776-3800                      Fax: 08 9227 8178

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DAPL:                                    ACOR:

Delbaere Associates Pty. Limited         Australian-Canadian Oil Royalties Ltd.
23 Wallangra Road                        c/o Torys LLP
Dover Heights                            Suite 800
NSW 2030                                 400-3rd Avenue S.W.
Attention: Mauri Delbaere                Calgary, Alberta
Fax: 612 9388-1323                       T2P 4H2
                                         Attention: Janan Paskaran
                                         Fax: (403) 776-3800
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Each Party may from time to time change its address for service herein by giving
written notice to the other Parties. Any notice, required or contemplated
hereunder, may be given by personal service or by facsimile transmission. Any
notice given by personal service or by facsimile transmission to a Party hereto
shall be deemed to be given on the date of such delivery; provided that if such
delivery occurs on a day that is not a Business Day, delivery will be deemed to
have occurred on the next Business Day thereafter.

                                       49
<PAGE>

15.9             ENTIRE AGREEMENT

The provisions contained in any and all documents and agreements collateral
hereto shall at all times be read subject to the provisions of this Agreement
and, in the event of conflict, the provisions of this Agreement shall prevail.
No amendments shall be made to this Agreement unless in writing, executed by the
Parties. This Agreement supersedes all other agreements, documents, writings and
verbal understandings among the Parties relating to the subject matter hereof
and this Agreement expresses the entire agreement of the Parties with respect to
the subject matter hereof.

15.10            ASSIGNMENT AND ENUREMENT

     (a)  Subject to subclause (b), this Agreement may not be assigned by a
          Party without the prior written consent of the other Party, which
          consent may be unreasonably and arbitrarily withheld.

     (b)  Notwithstanding subclause (a), after Closing, either Party may assign
          this Agreement to an Affiliate, provided that the assigning Party
          remains bound by this Agreement notwithstanding such assignment.

     (c)  This Agreement shall be binding upon and shall enure to the benefit of
          the Parties and their respective administrators, trustees, receivers,
          successors and permitted assigns.

15.11            ANNOUNCEMENTS

Except as may be required by Applicable Law or the rules of any stock exchange,
neither Party will make any press release or other public disclosure of this
Agreement or the Transaction without the prior consent of the other Party, not
to be unreasonably withheld or delayed. The Parties will consult with each other
on public disclosure with a view to joint disclosure where practicable or where
required by Applicable Law or stock exchange rules.

15.12            NO MERGER

The covenants, representations, warranties and indemnities contained in this
Agreement shall be deemed to be restated in any and all other documents
conveying the interests of the Vendor in and to the Assets to the Purchaser,
subject to any and all time and other limitations contained in this Agreement.
There shall not be any merger of any covenant, representation, warranty or
indemnity in such assignments, conveyances, transfers and other documents
notwithstanding any rule of law, equity or statute to the contrary and such
rules are hereby waived.

15.13            SEVERABILITY

If any provision of this Agreement is held to be invalid, illegal or
unenforceable, the invalidity, illegality or unenforceability will not affect
any other provision of this Agreement and this Agreement will be construed as if
the invalid, illegal or unenforceable provision had never been contained herein
unless the deletion of the provision would result in such material change to
cause the completion of the Transaction to be unreasonable.

                                       50
<PAGE>

15.14            WAIVER

No failure on the part of either Party in exercising any right or remedy
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or remedy preclude any other or further exercise
thereof or the exercise of any right or remedy in law or in equity or by statute
or otherwise conferred. No waiver of any provision of this Agreement, including
this clause, shall be effective otherwise than by an instrument in writing dated
subsequent to the date hereof, executed by a duly authorized representative of
the Party making such waiver.

15.15            WAIVER OF SOVEREIGN IMMUNITY

Each Party consents generally to the issue of any process in connection with
court or arbitration proceedings and to the giving of any type of relief or
remedy against it, including the making, enforcement or execution against any of
its property or assets (regardless of its or their use or intended use) of any
order, judgment or arbitration award. Notwithstanding the foregoing sentence, to
the extent that a Party hereto or any of its property or assets is or are
entitled in any jurisdiction to any sovereign immunity from service of process
or of other documents relating to court or arbitration proceedings, or to any
sovereign immunity from jurisdiction, suit, judgment or arbitration award,
execution, attachment (whether before judgment or arbitration award, in aid of
execution or otherwise) or other legal process, this is irrevocably waived to
the fullest extent permitted by the law of that jurisdiction. Each Party hereto
also irrevocably agrees not to claim any such immunity for itself or its
property or assets.

15.16            AMENDMENT

This Agreement shall not be varied in its terms or amended by oral agreement or
by representations or otherwise other than by an instrument in writing dated
subsequent to the date hereof, executed by a duly authorized representative of
each Party.

15.17            COUNTERPART EXECUTION

This Agreement may be executed in counterpart and all executed counterparts
together shall constitute one agreement. Signature pages from separate
counterparts may be faxed and delivered by electronic means and may be combined
to form a single counterpart. This Agreement shall not be binding upon any Party
unless and until executed by all Parties.

                                       51
<PAGE>

IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first
above written.

EXECUTED by BRISBANE PETROLEUM
LTD ACN 009 065 043 in accordance with
Section 127 of the Corporations Act 2001

/s/ Kin T. Tshin                            /s/ Mauri Delbaere
-----------------------------------------   ------------------------------------
Signature of director                       Signature of director/company
                                            secretary
                                            (Please delete as applicable)

Kin T. Tshin                                Mauri Delbaere
-----------------------------------------   ------------------------------------
Name of director (print)                    Name of director/company secretary
                                            (print)

EXECUTED by DELBAERE ASSOCIATES PTY. LIMITED
ACN 003 197 939 in accordance with Section 127
of the Corporations Act 2001

/s/ Donna Delbaere                          /s/ Mauri Delbaere
-----------------------------------------   ------------------------------------
Signature of director                       Signature of director/company
                                            secretary
                                            (Please delete as applicable)

Donna Delbaere                              Mauri Delbaere
-----------------------------------------   ------------------------------------
Name of director (print)                    Name of director/company secretary
                                            (print)

EXECUTED by CHELSEA OIL AUSTRALIA PTY LTD in
accordance with Section 127 of the Corporations
Act 2001

/s/ Evan Chadwick                           /s/ Jesse Meidl
-----------------------------------------   ------------------------------------
Signature of director                       Signature of director/company
                                            secretary
                                            (Please delete as applicable)

Evan Chadwick                               Jesse Meidl
-----------------------------------------   ------------------------------------
Name of director (print)                    Name of director/company secretary
                                            (print)

SIGNED for AUSTRALIAN-CANADIAN OIL ROYALTIES
LTD.(for the sole purpose of the issuance of
the Consideration Shares) by an authorised
officer in the presence of                  /s/ Andre Sakhai
                                            ------------------------------------
                                            Signature of officer

/s/ Robert Kamon                            /s/ Andre Sakhai
-----------------------------------------   ------------------------------------
Signature of witness                        Name of officer (print)

Robert Kamon                                President
-----------------------------------------   ------------------------------------
Name of witness (print)                     Office held

                                       52

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