Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Trans-Orient Petroleum Ltd. - Exhibit 4.2

COMMON SHARE SUBSCRIPTION AGREEMENT

	TO: 	 Austral Pacific Energy
      Ltd. (herein “Austral” or “Issuer”) 
	  	 Level 3, 40 Johnson
      Street 
	  	 Wellington Central
    
	  	 Wellington 6011
  
	  	 New Zealand 
	  	 Phone: 64 4 495 0888
      Fax: 64 4 495 0889 
	  	  
	FROM: 	  
	  	(Investor Name) 
	 	 
	RE: 	Purchase of Common (Ordinary)
      Shares of Austral at US$1.30 
	  	Reference Date: October 13,
      2006 
	  	Cut-off Time: 5:00 p.m., October 17, 2006 (New Zealand
      time) 

	INSTRUCTIONS FOR COMPLETING THIS SUBSCRIPTION 
	 

	1. 	
      Complete the information required on page 2 with respect
      to subscription amounts and registration and delivery particulars for the
      Share certificates.

	2. 	
      Complete the applicable forms (the “Forms”) at the end of
      this Subscription:

		(a) 	
      If the investor is not an individual (i.e. not a
      natural person) or it is a Portfolio Manager – Complete TSX Venture
      Exchange Registration Form 4C. (If you have previously filed this form in
      connection with another transaction or issuer on the TSX Venture Exchange
      and your information has not changed you need NOT complete another one.)
      (See Schedule A).

		(b) 	
      Subscribers resident in Canada, sign Schedule B –
      Representation Letter For Accredited Investors;

		(c) 	
      Subscribers who are US Persons or who were offered
      the Shares in the United States, who execute or deliver this Agreement in
      the United States, or who are “U.S. Persons” (as hereinafter defined) must
      be “accredited investors” within the meaning assigned in Rule 501(a) of
      Regulation D promulgated under the U.S. Securities Act, and must complete
      and sign Schedule C – Certificate of U.S. Purchaser.

	3. 	
      All investors fax or courier completed form and
      courier or wire subscription funds to the Issuer, at the above address,
      Attention: Bruce McGregor, Chief Financial Officer. All monetary amounts
      herein are in U.S. dollars . Certified cheque or bank draft should be
      payable to: “Austral Pacific Energy Ltd.”

Signed and completed documents must be received no later
than Tuesday, October 17, 2006 at 5:00 p.m. New Zealand time. Funds must follow
within 48 hours of delivery of documents. Completion will occur approximately 10
days thereafter upon American Stock Exchange (AMEX) and TSX Venture Exchange
acceptance. 

Wiring Instructions:

	Bank: 	Bank of New York 	Account Name: 	ASB Bank Limited 
	  	1 Wall Street, Floor 9 	Chips Code: 	UID271760 
	  	New York NY 10286 	Swift: 	IRVTUS3N 
	  	United States of America 	Account Number: 	8900280107
  

Please confirm payment details to the ASB Bank by authenticated
swift message (Type 103) as follows:
	For further credit to: 	Austral Pacific Energy (NZ) Limited 
	Under advice to: 	ASB Financial Markets 
	  	Corner Wellesley & Albert Streets, 
	  	Auckland 
	  	New Zealand 
	  	Swift: ASBBNZ2A 
	  	Account Number: 21099188-USD-21

- 2 -

	____________________________________________	 	Number of Units: _______________________________
	(Name of Investor – please print) 	 	  
	____________________________________________ 	 	 
	(Signature of Investor) 	 	  
	____________________________________________	 	 
	(Official Capacity or Title of Signatory, if Investor 	 	  
	is not an individual – please print) 	 	  
	____________________________________________	 	 
	(Please print name of individual whose signature 	 	  
	appears above if different than the name of the 	 	  
	name of the Investor printed above.) 	 	  
	____________________________________________	 	Aggregate Subscription Price for Units: 
	(Investor’s Address) 	 	  
	____________________________________________  	 	$ ___________________________________________
	  
	 	Payable to: Austral Pacific Energy Ltd.
    
	____________________________________________	 	
	Investor’s Telephone Number and Fax Number) 	 	  
	____________________________________________	 	 
	Investor’s E-Mail Address (optional) 	 	  
	 	 	 
	REGISTER the Units as set forth below 	 	DELIVER the Units as set forth below: 
	____________________________________________	 	____________________________________________
	Name 	 	Name 
	____________________________________________	 	____________________________________________
	Account reference, if applicable 	 	Account reference, if applicable 
	____________________________________________	 	____________________________________________
	Address 	 	Contact Name 
	 	 	____________________________________________
	____________________________________________	 	Address 
	 	 	____________________________________________
	 	 	 
	 
    	 	____________________________________________
	  	 	Telephone Number 

Consent to the Disclosure of Information under Privacy
Legislation
The Investor acknowledges that certain “Personal Information”
(information about an identifiable individual) about the Investor may be
required to be disclosed by the Issuer to the TSX Venture Exchange (the
“Exchange”) pursuant to Exchange policies and the Investor consents to the
disclosure of such Personal Information by the Issuer to the Exchange, and to
the collection, use and disclosure of such Personal Information by the Exchange
in accordance with its specified purposes.

- 3 -

OTHER INFORMATION TO BE COMPLETED BY EACH INVESTOR

	A. 	Corporate Placee or Investment
      Portfolio Manager Registration Form (Schedule A) 
		IF THE INVESTOR IS NOT AN
      INDIVIDUAL (i.e., a natural person), either [CHECK WHERE
      APPROPRIATE]: 
	  	  
	___	has previously filed with the
      Exchange a Form 4C, Corporate Placee Registration Form, and represents and
      warrants that there has been no change to any of the information in the
      Corporate Placee Registration Form previously filed with the TSX Venture
      Exchange Inc. (the “TSX Venture”) up to the date of this Agreement; or
  
	  	 
	___	hereby delivers to the Issuer a
      completed Form 4C, Corporate Placee Registration Form, in the form
      attached hereto as for filing with the TSX Venture; and 
	  	 
	B. 	Present Ownership of
      Securities 
	  	The Investor either [CHECK
      APPROPRIATE ITEM]: 
	  	 
	___	does not own directly or
      indirectly, or exercise control or direction over, any common shares in
      the capital stock of the Issuer or securities convertible into common
      shares in the capital stock of the Issuer (excluding the Shares subscribed
      for herein); or 
	  	 
	___	owns directly or indirectly, or exercise control
      or direction over, ____________________ common shares in the capital stock
      of the Issuer and options, warrants and convertible securities entitling
      the Investor to acquire an additional ____________________ common shares
      in the capital stock of the Issuer (excluding the Shares ____________________
      subscribed for herein).
	  	 
	C. 	Insider Status 
	  	The Investor either [CHECK IF
      APPROPRIATE]: 
	  	 
	___	is NOT an “Insider” of the
      Issuer as defined in the British Columbia Securities Act; 
	  	  
	___	is an “Insider” of the Issuer as
      defined in the British Columbia Securities Act, namely: “Insider” means:
    

(a) a director or senior officer of the
issuer;
(b) a director or senior officer of a person that is itself an
insider or subsidiary of the issuer; 
(c) a person that has

       
(i)        direct or indirect beneficial
ownership of; 
       
(ii)       control or direction over;
or
       (iii)      a
combination of direct or indirect beneficial ownership of and of control or
direction over securities of the issuer carrying more than 10% of the voting
rights attached to all the issuer’s outstanding voting securities, excluding,
for the purpose of the calculation of the percentage held, any securities held
by the person as underwriter in the course of a distribution, or 
(d) the
issuer itself, if it has purchased, redeemed or otherwise acquired any
securities of its own issue, for so long as it continues to hold those
securities.

	D. 	Member of “Pro Group”
  
	  	The Investor either [CHECK IF
      APPROPRIATE]: 
	 	 
	___	is NOT a Member of the
      “Pro Group” as defined in the Rules of the TSX Venture 
	 	 
	___	is a Member of the “Pro Group” as
      defined in the Rules of the TSX Venture, namely: “Pro Group” means:
  

	 	1. 	
      Subject to subparagraphs (2), (3) and (4), “Pro Group”
      shall include, either individually or as a group:

	 		(a) 	
      the member (i.e. a member of the TSX Venture under its
      requirements);

	 		(b) 	
      employees of the member;

	 		(c) 	
      partners, officers and directors of the member;

	 		(d) 	
      affiliates of the member; and

	 		(e) 	
      associates of any parties referred to in subparagraphs
      (1) through (4).

- 4 -

2. The TSX Venture may, in its
discretion, include a person or party in the Pro Group for the purposes of a
particular calculation where the TSX Venture determines that the person is not
acting at arm’s length of the member;

3. The TSX Venture may, in its
discretion, exclude a person from the Pro Group for the purposes of a particular
calculation where the TSX Venture determines that the person is acting at arm’s
length of the member;

4. The member may deem a person who
would otherwise be included in the Pro Group pursuant to subparagraph (1) to be
excluded from the Pro Group where the member determines that:

         (a) the person is an
affiliate or associate of the member acting at arm’s length of the member;

         (b) the associate or
affiliate has a separate corporate and reporting structure;

         (c) there are sufficient
controls on information flowing between the member and the associate or
affiliate; and 
         (d) the
member maintains a list of such excluded persons.

 

ACCEPTANCE: The Issuer hereby accepts the above
subscription.

AUSTRAL PACIFIC ENERGY LTD.

	Per:    
      ____________________________________	Acceptance Date:
      ________________________________
	           Authorized
      Signatory 	  

- 5 -

Purchase of US$1.30 Shares Exempt from Prospectus
Requirements

1.                            Definitions

1.1     (a)          
“Accredited Investor” means, for a Subscriber resident in Canada or the
United Sates a high net worth or high income person, specifically defined on the
relevant attachments hereto as an Investor; 

(b)         
 “AMEX” means American Stock Exchange, the U.S. stock exchange on
which Austral’s shares are traded.

(c)          
“Applicable Securities Laws” means the securities legislation having
application and the rules, policies, notices and orders issued by applicable
securities regulatory authorities, including AMEX, NZSX and the TSX Venture,
having application over this Offering and the Issuer in the Principal Canadian
Jurisdictions;

(d)           “Closing”
means a completion of an issue and sale by the Issuer and the purchase by the
Investors of the Securities pursuant to this Subscription Agreement at 10:00
a.m. on the Closing Date. Closings may occur on one or more dates as the Issuer
may determine within the requirements of Regulatory Acceptance;

(e)           “Closing
Date” means the day following Regulatory Acceptance of this subscription and
others which form part of the Offering and which is expected to occur on or
about October 7, 2006 as the Issuer may determine within the requirements of the
TSX Venture, AMEX and NZSX. On the Closing Date the Shares will be issued and
delivered to Investor or as it may direct;

(f)           “Cut-off
Time” means the date after which the Issuer need no longer accept
Subscriptions. The Cut-off Time is 5:00 p.m., October 17, 2006 (New Zealand
time).

(g)           “Exemptions”
means the exemptions from the registration and prospectus or equivalent
requirements under Applicable Securities Laws;

(h)          
“Foreign Portfolio Manager” means a person who carries on business as a
“portfolio manager” (within the meaning of that term under Applicable Securities
Laws) in an Overseas Jurisdiction and who purchases Shares as an agent for fully
managed accounts;

(i)           “fully
managed” in relation to an account, means that the Investor has the
discretion as to the account as contemplated by Applicable Securities Law;

(j)           “Investor”
means the person or persons named as Investor on the face page of this
Subscription Agreement and if more than one person is so named, means all of
them jointly and severally;

(k)          
“material” means material in relation to the Issuer and any subsidiary
considered on a consolidated basis;

(l)          
“material change” means any change in the business, operations, assets,
liabilities, ownership or capital of the Issuer and any subsidiary considered on
a consolidated basis that would reasonably be expected to have a significant
effect on the market price or value of the Issuer’s securities;

(m)           “material
fact” means any fact that significantly affects or would reasonably be
expected to have a significant effect on the market price or value of the
Issuer’s securities;

(n)          
“misrepresentation” is as generally defined under Applicable Securities
Laws;

(o)           “NZSX”
means the New Zealand Stock Exchange;

- 6 -

(p)          
“Offering” means the planned sale by the Issuer of up to US$4,600,000 of
Shares on the terms set forth in this Agreement. There is no minimum aggregate
Offering;

(q)          
“Overseas Jurisdiction” means a country other than Canada or the United
States;

(r)           “Portfolio
Manager” means an adviser who manages the investment portfolio of clients
through discretionary authority granted by one or more clients;

(s)           “Public
Record” means information which has been publicly filed by the Issuer on
SEDAR at www.SEDAR.com and on EDGAR at
www.SEC.gov/edgar.shtml under Applicable
Securities Laws;

(t)           “Principal
Canadian Jurisdictions” means British Columbia, Alberta and Ontario and
certain other jurisdictions referred to in Multilateral Instrument 45-102;

(u)          
“Regulation D” means Regulation D under the U.S. Securities Act;

(v)          
“Regulation S” means Regulation S under the U.S. Securities Act;

(w)          
“Regulatory Acceptance” means the acceptance of the transaction
contemplated hereby and the approval for listing of the Shares by the TSX
Venture, AMEX and NZSX;

(x)          
“Securities” means the Shares;

(y)          
“Share” means a common share without par value in the capital of the
Issuer;

(z)          
“Subscription Agreement” means this subscription agreement between the
Investor and the Issuer, including all Schedules incorporated by reference as it
may be amended or supplemented from time to time;

(aa)         “TSX
Venture” means the TSX Venture Exchange, the Canadian stock exchange on
which Austral’s shares are traded;

(bb)         “U.S.
Person” means a U.S. Person as defined in Regulation S; and

(cc)         “U.S.
Securities Act” means the Securities Act of 1933, as amended, of the
United States of America.

2.                       
Prospectus Exempt Subscription Commitment

2.1                    
The undersigned (the “Investor”) hereby subscribes for and agrees to purchase
from Austral Pacific Energy Ltd. (herein the “Issuer”), subject to the terms and
conditions set forth herein, that number of Shares of the Issuer set out on the
face page of this Subscription Agreement at the price of US$1.30 per Share.
Subject to the terms hereof, this Subscription will be deemed to have been made
and be effective only upon its acceptance by the Issuer.

3.                       
Closing

3.1                     The
Investor must deliver to the offices of the Issuer on or before the Cut-off
Time, this subscription agreement duly completed and executed in accordance with
the instructions on the face page of this Agreement and arrange for concurrent
wiring or delivery of certified funds. On request by the Issuer, the Investor
agrees to complete and deliver any other information as may reasonably be
required by regulatory authorities, stock exchanges and Applicable Securities
Laws to complete the transactions contemplated by this Agreement. Delivery
against payment for the Shares will be completed by the Issuer at its offices on
the Closing Date being a date following Regulatory Acceptance at which time
certificates representing the Shares will be delivered to the Investor as the
Investor shall instruct. Investor hereby waives receiving any prior notice of
Closing. Closing is targeted for on or about October 25, 2006.

- 7 -

3.2                     Once
this agreement is accepted by the Issuer, the completion of the sale of
securities contemplated by this subscription is subject only to Regulatory
Acceptance being obtained.

4.                       
Investor’s Acknowledgements – Regarding Risk, Restrictions, Independent
Advice

4.1                     The
Investor represents and warrants and acknowledges and agrees with (on its own
behalf and, if applicable, on behalf of each beneficial purchaser for whom the
Investor is contracting hereunder) the Issuer that

(a)          
its decision to execute this Subscription and purchase the Securities agreed to
be purchased hereunder has not been based upon any oral or written
representation as to fact or otherwise made by or on behalf of the Issuer, and
that its decision is based entirely upon its review of information about the
Issuer in the Public Record;

(b)           no
prospectus has been filed by the Issuer with any securities commission or
similar authority in Canada or elsewhere, in connection with the issuance of the
Securities, and the issuance and the sale of the Shares is subject to such sale
being exempt from the prospectus/registration requirements under Applicable
Securities Laws and accordingly:

(i)           the
Investor is restricted from using certain of the civil remedies available under
such legislation;

(ii)          the
Investor may not receive information that might otherwise be required to be
provided to it under such legislation; and

(iii)         the Issuer
is relieved from certain obligations that would otherwise apply under such
legislation;

(c)           the
Investor (or others for whom the Investor is contracting hereunder) has been
advised to consult its own legal advisors with respect to the merits and risks
of an investment in the Securities and with respect to applicable resale
restrictions and it (or others for whom it is contracting hereunder) is solely
responsible (and the Issuer is in no way responsible) for compliance with
applicable resale restrictions;

(d)           to
the knowledge of the Investor, the sale of the Securities was not accompanied by
any public advertisement;

(e)           the
offer made by this agreement is irrevocable (subject to the right of the Issuer
to reject any Subscription prior to Closing by refunding any subscription funds)
and requires acceptance by the Issuer;

(f)           this
Subscription is not enforceable by the Investor unless it has been accepted by
the Issuer and the Investor waives any requirement on the Issuer’s behalf to
immediately communicate its acceptance for this Subscription to the
Investor;

(g)          
the Securities are speculative investments which involve a substantial degree of
risk;

(h)          
the Investor is sophisticated in financial investments, has had access to and
has received all such information concerning the Issuer that the Investor has
considered necessary in connection with the Investor’s investment decision and
the Investor will not receive an offering memorandum or similar disclosure
document;

(i)          
the subscription proceeds will be available to the Issuer on Closing and this
subscription is not conditional on any other subscription completing. The Issuer
may pay commissions in connection with this Subscription in its discretion

(j)           no
agency, governmental authority, regulatory body, stock exchange or other entity
has made any finding or determination as to the merit for investment of, nor
have any such agencies or governmental authorities made any recommendation or
endorsement with respect to, the Securities; and

- 8 -

(k)          
the Issuer will rely on the representations and warranties made herein or
otherwise provided by the Investor to the Issuer in completing the sale and
issue of the Shares to the Investor.

4.2                     The
Investor hereby agrees that with respect to any personal information provided in
this document or otherwise received by or in possession of the Issuer (“Personal
Information”), the Investor hereby consents to 

(a)           the
disclosure of any Personal Information to the TSX Venture, AMEX and NZSX and
such securities commissions as may have jurisdiction over the Issuer; and

(b)          
the further collection, use and disclosure of any Personal Information by the
aforesaid regulator authorities for the discharge of their regulatory
functions.

5.                       
Investor’s Exemption Status

5.1                     The
Investor, by its execution of this Subscription Agreement, hereby further
represents, warrants to, and covenants with, the Issuer (which representations,
warranties and covenants shall survive the Closing of the Offering) that the
Investor is purchasing the Shares as principal for its own account, it is
purchasing such Shares not for the benefit of any other person, and not with a
view to the resale or distribution of the Shares and one of the following
Exemptions applies to the Investor: 

(a)           I nsiders’
Family, Close Friends and Business Associates Exemption

The Investor is:

(i)           a
director, executive officer or control person of the Issuer, or of an affiliate
of the Issuer,

(ii)          a
spouse, parent, grandparent, brother, sister or child of a director, executive
officer or control person of the Issuer, or of an affiliate of the Issuer,

(iii)         a parent,
grandparent, brother, sister or child of the spouse of a director, executive
officer or control person of the Issuer or of an affiliate of the Issuer,

(iv)          a
close personal friend of a director, executive officer or control person of the
Issuer, or of an affiliate of the Issuer, 

(v)           a
close business associate of a director, executive officer or control person of
the Issuer, or of an affiliate of the Issuer,

(vi)          a
founder of the Issuer or a spouse, parent, grandparent, brother, sister, child,
close personal friend or close business associate of a founder of the
Issuer,

(vii)         a
parent, grandparent, brother, sister or child of a spouse of a founder of the
Issuer,

(viii)        a person of
which a majority of the voting securities are beneficially owned by, or a
majority of the directors are, persons described in paragraphs (i) to (vii),
or

(ix)           a
trust or estate of which all of the beneficiaries or a majority of the trustees
or executors are persons described in paragraphs (i) to (vii);

(NOT AVAILABLE FOR RESIDENTS IN
ONTARIO OR SASKATCHEWAN)

(b)           Minimum
Amount Exemption

- 9 -

(i)           The
aggregate acquisition cost of purchasing the Shares will not be less than
Cdn.$150,000 paid in cash at the time of purchase, and the Investor has not been
created or used solely to purchase or hold the Shares in reliance on this
Exemption;

(c)           Accredited
Investor Exemption

The Investor is an “Accredited
Investor” and the Investor has properly completed and duly executed the
Representation Letter for Accredited Investors attached to this Subscription
Agreement as Schedule B indicating the means by which the Investor is an
Accredited Investor and confirms the truth and accuracy of all statements made
by the Investor in such certificate; or

(d)          
For residents of Ontario only, the Investor is: 

(i)           a
founder of the Issuer, 

(ii)          an
affiliate of a founder of the Issuer,

(iii)         a
spouse, parent, brother, sister, grandparent or child of an executive officer,
director or founder of the Issuer, or

(iv)          a
person that is a control person of the Issuer.

5.2                    
Investors Outside of Canada

If the Investor is resident in a jurisdiction outside of Canada
it acknowledges and certifies that:

(a)           no
securities commission or similar regulatory authority has reviewed or passed on
the merits of the Shares;

(b)          
there is no government or other insurance covering the Shares;

(c)          
there are risks associated with the purchase of the Shares;

(d)          
there are restrictions on the Investor’s ability to resell the Shares and it is
the responsibility of the Investor to determine what those restrictions are and
to comply with them before selling the Shares; and

(e)           the
Issuer has advised the Investor that the Issuer is relying on an exemption from
the requirements to provide the Investor with a prospectus and to sell the
Shares through a person registered to sell the Shares under Applicable
Securities Laws and, as a consequence of acquiring securities pursuant to this
exemption, certain protections, rights and remedies provided by Applicable
Securities Laws, including statutory rights of rescission or damages, will not
be available to the Investor;

(f)           the
Investor is knowledgeable of securities legislation having application or
jurisdiction over the Investor and the Offering (other than the laws of Canada
and the United States) which would apply to this subscription;

(g)           the
Investor is purchasing the Shares pursuant to exemptions from any prospectus,
registration or similar requirements under the laws of that International
Jurisdiction and or, if such is not applicable, the Investor is permitted to
purchase the Investor’s Shares, and the Issuer has no filing obligations in the
International Jurisdiction;

(h)           no
laws in the International Jurisdiction require the Issuer to make any filings or
seek any approvals of any kind whatsoever from any regulatory authority of any
kind whatsoever in the International Jurisdiction;

- 10 -

(i)           the
Shares are being acquired for investment only and not with a view to resale and
distribution within the International Jurisdiction; and

(j)           if
it is a resident of the United Kingdom then it complies with the provisions of
§5.1 of this Subscription Agreement as if it were a resident of British Columbia
and it is a person of the described in Article 11(3) of the Financial
Services Act, 1986 (Investment Advertisements) (Exemptions) Order
1996, as amended, and is a person whose ordinary activities involve it in
acquiring, holding, managing or disposing of investments (as principal or agent)
for the purpose of its business.

5.3                     Other
General Representations Applicable to Investors

The following representations are hereby made by each Investor
subject to the provisos contained below:

(a)          
the Investor has no knowledge of a “material fact” or “material change”, as
those terms are defined in Applicable Securities Laws, in respect of the affairs
of the Issuer that has not been generally disclosed to the public;

(b)          
the Investor (and, if applicable, any beneficial purchaser for whom it is
acting) is resident in the jurisdiction set out under the heading “Name and
Address of Investor” on the execution page of this Subscription Agreement;

(c)          
the Investor has the legal capacity and competence to enter into and execute
this Subscription and to take all actions required pursuant hereto and, if the
Investor is a corporation, it is duly incorporated and validly subsisting under
the laws of its jurisdiction of incorporation and all necessary approvals by its
directors, shareholders and others have been obtained to authorize execution of
this Subscription Agreement on behalf of the Investor;

(d)          
the entering into of this Subscription Agreement and the transactions
contemplated hereby do not result in the violation of any of the terms and
provisions of any law applicable to, or the constating documents of, the
Investor or of any agreement, written or oral, to which the Investor may be a
party or by which the Investor is or may be bound;

(e)          
the Investor has duly and validly authorized, executed and delivered this
Subscription Agreement and understands it is intended to constitute a valid and
binding agreement of the Investor enforceable against the Investor;

(f)           in
connection with the Investor’s investment in the Shares, the Investor has not
relied upon the Issuer for investment, legal or tax advice, and has, in all
cases sought the advice of the Investor’s own personal investment advisor, legal
counsel and tax advisers or has waived its rights thereto and the Investor is
either experienced in or knowledgeable with regard to the affairs of the Issuer,
or either alone or with its professional advisors is capable, by reason of
knowledge and experience in financial and business matters in general, and
investments in particular, of evaluating the merits and risks of an investment
in the Shares and is able to bear the economic risk of the investment and it can
otherwise be reasonably assumed to have the capacity to protect its own interest
in connection with the investment in the Shares;

(g)           no
person has made to the Investor any written or oral representations:

(i)          
that any person will resell or repurchase the Shares; 

(ii)          that
any person will refund the purchase price for the Shares; 

(iii)         as to
the future price or value of the Shares; or

(iv)          that
the Shares will be listed and posted for trading on any stock exchange or that
application has been made to list the Shares of the Issuer on any stock
exchange;

- 11 -

No U.S. Investor Participation
Except with Accredited Investor Form (Schedule C)

(h)           The
Investor represents and warrants either:

(i)           the
Investor

(A)           is
not, and is not purchasing the Shares for the account of or benefit of, a U.S.
Person or a person in the United States;

(B)          
was not offered Shares in the United States; and

(C)           did
not execute or deliver this Agreement in the United States; OR

(ii)          the
Investor is a U.S. Person who is an "accredited investor" as defined in Rule
501(a) of Regulation D of the U.S. Securities Act; and

(iii)         in the
case of paragraph 5.3(h)(ii) above, the Investor has duly completed, executed
and delivered to the Issuer the Certificate of U.S. Purchaser attached hereto as
Schedule C, and represents, warrants and covenants to the Issuer as to the
accuracy of all matters set out therein as at the date hereof and on the Closing
Date;

(i)           Unless
the Investor completes the Certificate of U.S. Purchaser included herein as
Schedule C in connection with a purchase of the Shares made in reliance on
Regulation E, the Investor additionally represents and warrants that:

(i)          
the Investor does not have any agreement or understanding (either written or
oral) with any U.S. Person or a person in the United States respecting:

(A)          
the transfer or assignment of any rights or interests in any of the Shares;

(B)          
the division of profits, losses, fees, commissions, or any financial stake in
connection with this Subscription; or

(C)           the
voting of the Shares; and

(ii)          the
Investor has no intention to distribute either directly or indirectly any of the
Shares in the United States or to U.S. Persons; and

(iii)         the
Investor represents that the current structure of this transaction and all
transactions and activities contemplated hereunder is not a scheme to avoid the
registration requirements of the U.S. Securities Act;

(j)           The
Investor acknowledges and agrees that:

(i)          
the Shares have not been registered under the U.S. Securities Act, and may not
be offered or sold in the United States or to a U.S. Person unless an exemption
from such registration requirements is available;

(ii)          the
Issuer has no obligation or present intention of filing a registration statement
under the U.S. Securities Act in respect of the Shares; and

(iii)         the Investor
will not engage in any directed selling efforts (as defined by Regulation S
under the U.S. Securities Act) in the United States in respect of the
Shares, which would include any activities undertaken for the purpose of, or
that could reasonably be expected to have the effect of conditioning the market
in the United States for the resale of the Shares;

- 12 -

Compliance with Resale Laws

(k)          
the Investor will comply with Applicable Securities Laws and, if applicable,
Rule 904 of Regulation S concerning the resale of the Shares and all related
restrictions (and the Issuer is not in any way responsible for such compliance)
and shall speak and consult with its own legal advisors with respect to such
compliance;

Own Expense

(l)          
the Investor acknowledges and agrees that all costs and expenses incurred by the
Investor (including any fees and disbursements of any special counsel or other
advisors retained by the Investor) relating to the purchase of the Shares shall
be borne by the Investor;

International Investor

(m)           if
the Investor is resident of an International Jurisdiction (meaning herein a
country other than Canada or the United States) then:

(i)           the
Investor is knowledgeable of securities legislation having application or
jurisdiction over the Investor and the Offering (other than the laws of Canada
and the U.S.) which would apply to this subscription;

(ii)          the
Investor is purchasing the Shares pursuant to exemptions from any prospectus,
registration or similar requirements under the laws of that International
Jurisdiction and or, if such is not applicable, the Investor is permitted to
purchase the Investor’s Shares, and the Issuer has no filing obligations in the
International Jurisdiction;

(iii)         no laws in
the International Jurisdiction require the Issuer to make any filings or seek
any approvals of any kind whatsoever from any regulatory authority of any kind
whatsoever in the International Jurisdiction; and

(iv)          the
Shares are being acquired for investment only and not with a view to resale and
distribution within the International Jurisdiction.

6.                       
The Issuer’s Representations

6.1                     The
Issuer represents and warrants to the Investor that, as of the date of this
Subscription and at Closing hereunder:

(a)           the
Issuer’s Public Record is correct in all material respects and does not omit any
material information about the issuer;

(b)          
the Issuer and its subsidiaries are valid and subsisting corporations duly
incorporated and in good standing under the laws of the jurisdictions in which
they are incorporated, continued or amalgamated, and each is a “foreign private
issuer” as defined in §230.405 of Regulation C promulgated under the U.S.
Securities Act and shall remain a foreign private issuer;

(c)          
the Issuer has complied, or will comply, with Applicable Securities Laws and all
applicable corporate laws and regulations in connection with the offer, sale and
issuance of the Securities, and in connection therewith has not engaged in any
“direct selling efforts,” as such term is defined in Regulation S, or any
“general solicitation or general advertising” as described in Regulation D;

(d)          
the Issuer and its subsidiaries are the beneficial owners of the properties,
business and assets or the interests in the properties, business or assets
referred to in its Public Record and except as disclosed therein, all agreements
by which the Issuer or its subsidiaries holds an interest in a property,
business or asset are in 

- 13 -

good standing according to their terms,
and the properties are in good standing under the applicable laws of the
jurisdictions in which they are situated; 

(e)          
the financial statements contained in the Public Record accurately reflect the
financial position of the Issuer as at the date thereof, and no adverse material
changes in the financial position of the Issuer have taken place since the date
of the Issuer’s last financial statements except as filed in the Public
Record;

(f)           the
creation, issuance and sale of the Shares by the Issuer does not and will not
conflict with and does not and will not result in a breach of any of the terms,
conditions or provisions of its constating documents or any agreement or
instrument to which the Issuer is a party;

(g)          
the Securities will, at the time of issue, be duly allotted, validly issued,
fully paid and non-assessable and will be free of all liens, charges and
encumbrances and the Issuer will reserve sufficient shares in the treasury of
the Issuer to enable it to issue the Shares;

(h)          
this Subscription when accepted has been duly authorized by all necessary
corporate action on the part of the Issuer and, subject to acceptance by the
Issuer, constitutes a valid obligation of the Issuer legally binding upon it and
enforceable in accordance with its terms;

(i)           neither
the Issuer nor any of its subsidiaries is a party to any actions, suits or
proceedings which could materially affect its business or financial condition,
and to the best of the Issuer’s knowledge no such actions, suits or proceedings
have been threatened as at the date hereof, except as disclosed in the Public
Record;

(j)           no
order ceasing or suspending trading in the securities of the Issuer nor
prohibiting sale of such securities has been issued to the Issuer or its
directors, officers or promoters and to the best of the Issuer’s knowledge no
investigations or proceedings for such purposes are pending or threatened;
and

(k)           except
as set out in the Public Record or herein, no person has any right, agreement or
option, present or future, contingent or absolute, or any right capable of
becoming a right, agreement or option for the issue or allotment of any unissued
common shares of the Issuer or any other security convertible or exchangeable
for any such shares or to require the Issuer to purchase, redeem or otherwise
acquire any of the issued or outstanding shares of the Issuer.

7.                       
Covenants of the Issuer

7.1                    
The Issuer hereby covenants with each Investor that it will:

(a)          
offer, sell, issue and deliver the Securities pursuant to exemptions from the
prospectus filing, registration or qualification requirements of Applicable
Securities Laws and otherwise fulfil all legal requirements required to be
fulfilled by the Issuer (including without limitation, compliance with all
Applicable Securities Laws of the Principal Canadian Jurisdictions) in
connection with the Offering;

(b)          
use its best efforts to maintain its status as a “reporting issuer” not in
default in British Columbia and Alberta for a period of 12 months after the
Closing Date;

(c)           within
the required time, file with the TSX Venture, NZSX and Amex any documents,
reports and information, in the required form, required to be filed by
Applicable Securities Laws in connection with the Offering, together with any
applicable filing fees and other materials; and

(d)          
the Issuer will use reasonable commercial efforts to satisfy as expeditiously as
possible any conditions of the TSX Venture, NZSX and AMEX required to be
satisfied prior to the Regulatory Acceptance of this Offering.

- 14 -

8.                       
Resale Restrictions and Legending of Securities

8.1                    
The Investor acknowledges that any resale of the Securities will be subject to
resale restrictions contained in the Applicable Securities Laws applicable to
the Issuer, the Investor or any proposed transferee. All Investors will receive,
for the Shares acquired, a certificate bearing the following legend imprinted
thereof:

  
    “Unless permitted under securities legislation, the
      holder of the securities shall not trade the securities before [insert that
      date which is four months and a day from the Closing Date.]

    Without prior written approval of the TSX Venture Exchange
      and compliance with all applicable securities legislation, the securities
      represented by this certificate may not be sold, transferred, hypothecated
      or otherwise traded on or through the facilities of the TSX Venture Exchange
      or otherwise in Canada or to or for the benefit of a Canadian resident until
      [insert that date which is four months and a day from the Closing Date.]”

  

8.2                    
Investors who are U.S Persons or who use herein an address in the U.S. who
execute this Agreement in the United States (which the Issuer will presume
absent other evidence) will receive a certificate bearing the following legend
imprinted thereon as well as the legend referred to in §8.1:

  
    “The securities represented hereby have not been and
      will not be registered under the United States Securities Act of 1933, as
      amended (the “U.S. Securities Act”). The holder hereof, by purchasing
      such securities, agrees for the benefit of the Issuer that such securities
      may be offered, sold, pledged or otherwise transferred only (a) to the Issuer,
      (b) outside the United States in accordance with Rule 904 of Regulation
      S under the U.S. Securities Act if applicable, (c) inside the United States
      (1) pursuant to the exemption from the registration requirements under the
      U.S. Securities Act provided by Rule 144 thereunder, if available, and in
      accordance with applicable State securities laws, or (2) in a transaction
      that does not require registration under the U.S. Securities Act or any
      applicable State laws and regulations governing the offer and sale of securities,
      and the holder has prior to such sale furnished to the Issuer an opinion
      of counsel or other evidence of exemption in form and substance reasonably
      satisfactory to the Issuer. Provided that if the Issuer is a “foreign
      issuer” as that term is defined by Regulation S of the U.S. Securities
      Act at the time of sale, a new certificate bearing no restrictive legend,
      delivery of which will constitute “Good Delivery” may be obtained
      form the transfer agent, upon delivery of this certificate and a duly executed
      declaration, in form satisfactory to the Issuer and its transfer agent,
      to the effect that the sale of the securities represented hereby is being
      made in compliance with Rule 904 of Regulation S under the U.S. Securities
      Act.”

  

and that any certificate representing any Securities issued in
exchange therefor or in substitution thereof will bear the same legend,
provided, however, that if the Issuer is a “foreign issuer” as that term
is defined by Regulation S under the U.S. Securities Act at the time of sale of
any Shares, a new certificate bearing no legend may be obtained from transfer
agent upon delivery of the certificate evidencing such securities and a duly
executed declaration, in a form satisfactory to the Company and transfer agent
to the effect that the sale of the securities is being made in compliance with
Rule 904 of Regulation S under the U.S. Securities Act. The Issuer also reserves
the right to affix to the Securities the legend contained in this §8.2 or a
similar legend if such legend is required to be affixed in order to secure
Regulatory Acceptance or compliance with the U.S. Securities Act.

9.                       
Investor’s Consent to Issuer to Correct or Complete Subscription
Agreement

9.1                    
The Investor consents to the Company, or its legal counsel, completing or
correcting the Investor’s subscription agreement as may reasonably be required
to finalize it.

10.                      
General

10.1                    
Time is of the essence hereof.

- 15 -

10.2                    
Neither this Subscription Agreement nor any provision hereof shall be modified,
changed, discharged or terminated except by an instrument in writing signed by
the party against whom any waiver, change, discharge or termination is
sought.

10.3                     The
parties hereto shall execute and deliver all such further documents and
instruments and do all such acts and things as may either before or after the
execution of this Subscription Agreement be reasonably required to carry out the
full intent and meaning of this Subscription Agreement.

10.4                     This
Subscription Agreement shall be subject to, governed by and construed in
accordance with the laws of British Columbia and the laws of Canada as
applicable therein and the Investor hereby irrevocably attorns to the
jurisdiction of the Courts situate therein.

10.5                     This
Subscription Agreement may not be assigned by any party hereto.

10.6                    
The Issuer shall be entitled to rely on delivery of a facsimile copy of this
Subscription Agreement, and acceptance by the Issuer of a facsimile copy of this
Subscription Agreement shall create a legal, valid and binding agreement between
the Investor and the Issuer in accordance with its terms.

10.7                     This
Subscription Agreement may be signed by the parties in as many counterparts as
may be deemed necessary, each of which so signed shall be deemed to be an
original, and all such counterparts together shall constitute one and the same
instrument.

10.8                     This
Subscription, including, without limitation, the representations, warranties,
acknowledgements and covenants contained herein, shall survive and continue in
full force and effect and be binding upon the parties notwithstanding the
completion of the purchase of the Shares by the Investor pursuant hereto, the
completion of the issue of Shares of the Issuer and any subsequent disposition
by the Investor of the Shares;

10.9                    
The invalidity or unenforceability of any particular provision of this
Subscription shall not affect or limit the validity or enforceability of the
remaining provisions of this Subscription;

10.10                   Except
as expressly provided in this Subscription and in the agreements, instruments
and other documents contemplated or provided for herein, this Subscription
contains the entire agreement between the parties with respect to the sale of
the Securities and there are no other terms, conditions, representations or
warranties, whether expressed, implied, oral or written, by statute, by common
law, by the Issuer, by the Investor, or by anyone else;

10.11                   All
monetary amounts are in US Dollars.

SCHEDULE A

FORM 4C

CORPORATE PLACEE REGISTRATION FORM

Where subscribers to a Private Placement are not individuals,
the following information about the placee must be provided. This Form will
remain on file with the Exchange. The corporation, trust, portfolio manager or
other entity (the “Placee”) need only file it on one time basis, and it will be
referenced for all subsequent Private Placements in which it participates. If
any of the information provided in this Form changes, the Placee must notify the
Exchange prior to participating in further placements with Exchange listed
companies. If as a result of the Private Placement, the Placee becomes an
Insider of the Issuer, Insiders of the Placee are reminded that they must file a
Personal Information Form (2A) or, if applicable, Declarations, with the
Exchange. 

	1. 	 	
      Placee Information:

	 	 	
       

	  	(a) 	
      Name:
      _____________________________________________________________________________

	 	 	
       

	  	(b) 	
      Complete Address:
      ___________________________________________________________________

	 	 	 
	  	  	
      
      __________________________________________________________________________________

	 	 	
       

	  	(c) 	
      Jurisdiction of Incorporation or Creation:
      __________________________________________________

	 	 	
       

	2. 	(a) 	
      Is the Placee purchasing securities as a portfolio
      manager (Yes/No)? _____________________________

	 	 	
       

	  	(b) 	
      Is the Placee carrying on business as a portfolio manager
      outside of Canada (Yes/No)? _______________

	 	 	
       

	3. 		
      If the answer to 2(b) above was “Yes”, the undersigned
      certifies that: 

	 	 	
       

		(a) 	
      It is purchasing securities of an Issuer on behalf of
      managed accounts for which it is making the investment decision to
      purchase the securities and has full discretion to purchase or sell
      securities for such accounts without requiring the client’s express
      consent to a transaction; 

	 	 	
       

		(b) 	
      it carries on the business of managing the investment
      portfolios of clients through discretionary authority granted by those
      clients (a “portfolio manager” business) in [jurisdiction], and it is
      permitted by law to carry on a portfolio manager business in that
      jurisdiction; 

	 	 	
       

	  	(c) 	
      it was not created solely or primarily for the purpose of
      purchasing securities of the Issuer; 

	 	 	
       

		(d) 	
      the total asset value of the investment portfolios it
      manages on behalf of clients is not less than $20,000,000; and 

	 	 	
       

		(e) 	
      it has no reasonable grounds to believe, that any of the
      directors, senior officers and other insiders of the Issuer, and the
      persons that carry on investor relations activities for the Issuer has a
      beneficial interest in any of the managed accounts for which it is
      purchasing. 

	FORM 4C 	CORPORATE PLACEE REGISTRATION FORM 	Page
      1 
	(as at March 11, 2004) 	  	  
	1325230.1 	  	  

– 2 –

	4. 	
      If the answer to 2(a) above was “No”, please provide the
      names and addresses of control persons of the
Placee:

  	Name 	City 	Province or State 	Country 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

The undersigned acknowledges that it is bound by the provisions
of applicable Securities Law, including provisions concerning the filing of
insider reports and reports of acquisitions (See for example, sections 87 and
111 of the Securities Act (British Columbia) and sections 176 and 182 of
the Securities Act (Alberta).

Acknowledgement - Personal Information

“Personal Information” means any information about an
identifiable individual, and includes information contained in sections 1, 2 and
4, as applicable, of this Form.

The undersigned hereby acknowledges and agrees that it has
obtained the express written consent of each individual to:

	(a) 	
      the disclosure of Personal Information by the undersigned
      to the Exchange (as defined in Appendix 6B) pursuant to this Form;
    and

	 	 
	(b) 	
      the collection, use and disclosure of Personal
      Information by the Exchange for the purposes described in Appendix 6B or
      as otherwise identified by the Exchange, from time to
  time.

Dated at _____________________________on
____________________________________________________.

	 	 
	 	(Name of Purchaser - please print) 
	 	 
	 	 
	 	(Authorized Signature) 
	 	 
	 	 
	 	(Official Capacity - please print) 
	 	 
	 	 
	 	(please print name of individual whose
      signature appears above) 

THIS IS NOT A PUBLIC DOCUMENT

	FORM 4C 	CORPORATE PLACEE REGISTRATION FORM 	Page
      2 
	(as at March 11, 2004) 	  	  
	1325230.1 	  	  

SCHEDULE B

REPRESENTATION LETTER 

(FOR ACCREDITED INVESTORS) 

TO:                   
Austral Pacific Energy Ltd. (“Austral”)

In connection with the purchase of common shares in the capital
of Austral (“Shares”) by the undersigned subscriber or, if applicable,
the principal on whose behalf the undersigned is purchasing as agent (the
“Subscriber” for the purposes of this Schedule B), the Subscriber hereby
represents, warrants, covenants and certifies to Austral that:

	1. 	
      The Subscriber is purchasing the Shares as principal for
      its own account or is deemed to be acting as principal pursuant to
      National Instrument 45-106 entitled “Properties and Registration
      Exemptions” (“NI 45-106”);

	 	 
	2. 	
      The Subscriber is an “accredited investor” within the
      meaning of NI 45-106 by virtue of satisfying the indicated criterion as
      set out in Appendix “A” to this Representation Letter; and

	 	 
	3. 	
      Upon execution of this Schedule B by the Subscriber, this
      Schedule B shall be incorporated into and form a part of the Subscription
      Agreement.

Dated: _________________________, 2006.

	 	 	 
	 	Print name of Subscriber 
	 	 	 
	 	By: 	 
	 	 	Signature 
	 	 	 
	 	 	 
	 	 	Print name of Signatory (if different from Subscriber)
    
	 	 	 
	 	 	 
	 	 	Title 

IMPORTANT: PLEASE INITIAL APPENDIX “A” ON THE NEXT
PAGE

APPENDIX “A”

TO SCHEDULE B

Accredited Investor - (defined in NI 45-106) means:

	[   ]	(a) 	
      an individual who, either alone or with a spouse,
      beneficially owns, directly or indirectly, financial assets having an
      aggregate realizable value that before taxes, but net of any related
      liabilities, exceeds $1,000,000; 

	 	 	
       

	[   ]	(b) 	
      an individual whose net income before taxes exceeded
      $200,000 in each of the 2 most recent calendar years or whose net income
      before taxes combined with that of a spouse exceeded $300,000 in each of
      the 2 most recent calendar years and who, in either case, reasonably
      expects to exceed that net income level in the current calendar year;
    

	 	 	
       

	[   ]	(c) 	
      an individual who, either alone or with a spouse, has net
      assets of at least $5,000,000; 

	 	 	
       

	[   ]	(d) 	
      a person, other than an individual or investment fund,
      that has net assets of at least $5,000,000 as shown on its most recently
      prepared financial statements; 

	 	 	
       

	[   ]	(e) 	
      a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors; 

	 	 	
       

	[   ]	(f) 	
      a Canadian financial institution, or a Schedule III bank;
      

	 	 	
       

	[   ]	(g) 	
      the Business Development Bank of Canada incorporated
      under the Business Development Bank of Canada Act (Canada);
      

	 	 	
       

	[   ]	(h) 	
      a subsidiary of any person referred to in paragraphs (f)
      or (g), if the person owns all of the voting securities of the subsidiary,
      except the voting securities required by law to be owned by directors of
      that subsidiary; 

	 	 	
       

	[   ]	(i) 	
      a person registered under the securities legislation of a
      jurisdiction of Canada as an adviser or dealer, other than a person
      registered solely as a limited market dealer under one or both of the
      Securities Act (Ontario) or the Securities Act
      (Newfoundland and Labrador); 

	 	 	
       

	[   ]	(j) 	
      an individual registered or formerly registered under the
      securities legislation of a jurisdiction of Canada as a representative of
      a person referred to in paragraph (i); 

	 	 	
       

	[   ]	(k) 	
      the Government of Canada or a jurisdiction of Canada, or
      any crown corporation, agency or wholly owned entity of the Government of
      Canada or a jurisdiction of Canada; 

	 	 	
       

	[   ]	(l) 	
      a municipality, public board or commission in Canada and
      a metropolitan community, school board, the Comité de gestion de la taxe
      scolaire de l’île de Montréal or an intermunicipal management board in
      Québec; 

	 	 	
       

	[   ]	(m) 	
      any national, federal, state, provincial, territorial or
      municipal government of or in any foreign jurisdiction, or any agency of
      that government; 

	 	 	
       

	[   ]	(n) 	
      a pension fund that is regulated by either the Office of
      the Superintendent of Financial Institutions (Canada) or a pension
      commission or similar regulatory authority of a jurisdiction of Canada;
      

	 	 	
       

	[   ]	(o) 	
      an investment fund that distributes or has distributed
      its securities only to 

	 	 	 
	 		(i)             
      a person that is or was an accredited investor at the time of the distribution;
    

- 2 -

	 	(ii) 	
      a person that acquires or acquired securities in the
      circumstances referred to in Sections 2.10 [Minimum amount
      investment], and 2.19 [Additional investment in investment
      funds] of NI 45-106; OR

	 	 	 
	 	(iii) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under Section 2.18 [Investment fund
      reinvestment] of NI 45-106;

	[   ]	(p) 	 an investment fund that distributes
        or has distributed securities under a prospectus in a jurisdiction of
        Canada for which the regulator or, in Québec, the securities regulatory
        authority, has issued a receipt; 

	 	 	 	  

	[   ]	(q) 	 a trust company or trust corporation
        registered or authorized to carry on business under the Trust and
        Loan Companies Act (Canada) or under comparable legislation in a jurisdiction
        of Canada or a foreign jurisdiction, acting on behalf of a fully managed
        account managed by the trust company or trust corporation, as the case
        may be; 

	 	 	 	  

	[   ]	(r) 	 a person acting on behalf of
        a fully managed account managed by that person, if that person 

	 	 	 	  

			(i) 	 is registered or authorized to carry on business
        as an adviser or the equivalent under the securities legislation of a
        jurisdiction of Canada or a foreign jurisdiction; and 

	 	 	 	  

			(ii) 	 in Ontario, is purchasing a security that
        is not a security of an investment fund; 

	 	 	 	  

	[   ]	(s) 	 a registered charity under the
        Income Tax Act (Canada) that, in regard to the trade, has obtained
        advice from an eligibility adviser or an adviser registered under the
        securities legislation of the jurisdiction of the registered charity to
        give advice on the securities being traded; 

	 	 	 	  

	[   ]	(t) 	 an entity organized in a foreign
        jurisdiction that is analogous to any of the entities referred to in paragraphs
        (f) to (i) or paragraph (n) in form and function; 

	 	 	 	  

	[   ]	(u) 	 an investment fund that is advised
        by a person registered as an adviser or a person that is exempt from registration
        as an adviser; OR 

	 	 	 	  

	[   ]	(v) 	 a person that is recognized or
        designated by the securities regulatory authority or, except in Ontario
        and Québec, the regulator as 

	 	 	 	  

			(i) 	 an accredited investor; or 

	 	 	 	  

			(ii) 	 an exempt purchaser in Alberta or British
        Columbia after NI 45-106 comes into force; 

and for purposes hereof:.

	(a) 	
      "Canadian financial institution"
    means

	 	 	 
		(i) 	
      an association governed by the Cooperative Credit
      Associations Act (Canada) or a central cooperative credit society for
      which an order has been made under section 473(1) of the Cooperative
      Credit Associations Act (Canada), or

	 	 	 
		(ii) 	
      a bank, loan corporation, trust company , trust
      corporation, insurance company, treasury branch, credit union, caisse
      populaire, financial services cooperative, or league that, in each case,
      is authorized by an enactment of Canada or a jurisdiction of Canada to
      carry on business in Canada or a jurisdiction of Canada;

	 	 	 
	(b) 	
      "control person" has the meaning ascribed
      to that term in securities legislation except Ontario where "control
      person" means any person that holds or is one of a combination of persons
      that hold

	 	 	 
		(i) 	
      a sufficient number of any of the securities of an issuer
      so as to affect materially the control of the issuer,
or

- 3 -

		(ii) 	
      more than 20% of the outstanding voting securities of an
      issuer except where there is evidence showing that the holding of those
      securities does not affect materially the control of that
issuer;

	 	 	 
	(c) 	
      "eligibility adviser" means a person that
      is registered as an investment dealer or in an equivalent category of
      registration under the securities legislation of the jurisdiction of a
      purchaser and authorized to give advice with respect to the type of
      security being distributed;

	 	 	 
	(d) 	
      "executive officer" means, for an issuer,
      an individual who is

	 	 	 
		(i) 	
      a chair, vice-chair or president,

	 	 	 
		(ii) 	
      a vice-president in charge of a principal business unit,
      division or function including sales, finance or production,

	 	 	 
		(iii) 	
      an officer of the issuer or any of its subsidiaries and
      who performs a policy-making function in respect of the issuer,
  or

	 	 	 
		(iv) 	
      performing a policy-making function in respect of the
      issuer;

	 	 	 
	(e) 	
      "financial assets" means (i) cash, (ii)
      securities or (iii) a contract of insurance, a deposit or an evidence of a
      deposit that is not a security for the purposes of securities
      legislation;

	 	 	 
	(f) 	
      "founder" means, in respect of an
      issuer, a person who,

	 	 	 
		(i) 	
      acting alone, in conjunction or in concert with one or
      more persons, directly or indirectly, takes the initiative in founding,
      organizing or substantially reorganizing the business of the issuer,
      and

	 	 	 
		(ii) 	
      at the time of the trade is actively involved in the
      business of the issuer;

	 	 	 
	(g) 	
      "fully managed account" means an account of
      a client for which a person makes the investment decisions if that person
      has full discretion to trade in securities for the account without
      requiring the client's express consent to a transaction;

	 	 	 
	(h) 	
      "investment fund" has the meaning ascribed
      thereto in National Instrument 81-106 - Investment Fund Continuous
      Disclosure;

	 	 	 
	(i) 	
      "person" includes

	 	 	 
		(i) 	
      an individual,

	 	 	 
		(ii) 	
      a corporation,

	 	 	 
		(iii) 	
      a partnership, trust, fund and an association, syndicate,
      organization or other organized group of persons, whether incorporated or
      not, and

	 	 	 
		(iv) 	
      an individual or other person in that person's capacity
      as a trustee, executor, administrator or personal or other legal
      representative;

	 	 	 
	(j) 	
      "related liabilities" means

	 	 	 
		(i) 	
      liabilities incurred or assumed for the purpose of
      financing the acquisition or ownership of financial assets, or

	 	 	 
		(ii) 	
      liabilities that are secured by financial
  assets.

	 	 	 
	(k) 	
      "spouse" means, an individual
who,

	 	 	 
		(i) 	
      is married to another individual and is not living
      separate and apart within the meaning of the Divorce Act (Canada),
      from the other individual,

	 	 	 
		(ii) 	
      is living with another individual in a marriage-like
      relationship, including a marriage-like relationship between individuals
      of the same gender, or

- 4 -

		(iii) 	
      in Alberta, is an individual referred to in paragraph (i)
      or (ii) immediately above or is an adult interdependent partner within the
      meaning of the Adult Interdependent Relationships Act (Alberta);
      and

	 	 	 
	(l) 	
      "subsidiary" means an issuer that is
      controlled directly or indirectly by another issuer and includes a
      subsidiary of that subsidiary;

Affiliated Entities and Control 

	1. 	
      An issuer is considered to be an affiliate of another
      issuer if one of them is a subsidiary of the other, or if each of them is
      controlled by the same person.

	 	 	 
	2. 	
      A person (first person) is considered to control another
      person (second person) if

	 	 	 
		(a) 	
      the first person, directly or indirectly, beneficially
      owns or exercises control or direction over securities of the second
      person carrying votes which, if exercised, would entitle the first person
      to elect a majority of the directors of the second person, unless the
      first person holds the voting securities only to secure an
    obligation,

	 	 	 
		(b) 	
      the second person is a partnership, other than a limited
      partnership, and the first person holds more than 50% of the interests in
      the partnership, or

	 	 	 
		(c) 	
      the second person is a limited partnership and the
      general partner of the limited partnership is the first
  person.

SCHEDULE C

CERTIFICATE OF U.S. PURCHASER

This form must be completed by United States
investors.

A “United States investor” is any person in the United States
or any “U.S. person” as defined in Regulation S under the United States
Securities Act of 1933, as amended. This will include (a) any natural person
resident in the United States; (b) any partnership or corporation organized or
incorporated under the laws of the United States; (c) any trust of which any
trustee is a U.S. person; (d) any partnership or corporation organized outside
the United States by a U.S. person principally for the purpose of investing in
securities not registered under the U.S. Securities Act of 1933, unless it is
organized or incorporated, and owned, by accredited investors who are not
natural persons, estates or trusts; (e) any estate of which any executor or
administrator is a U.S. person.

2.                              
The Investor covenants, represents and warrants to Austral Pacific Energy
Ltd. (the “Issuer”) that:

(a) it understands that the Shares have
not been and will not be registered under the U.S. Securities Act and that the
sale contemplated hereby is being made in reliance on the exemption from such
registration requirement provided by Rule 506 of Regulation D;

(b) it acknowledges that it has not
purchased the Shares as a result of any form of general solicitation or general
advertising, including advertisements, articles, notices or other communications
published in any newspaper, magazine or similar media or broadcast over radio,
or television, or any seminar or meeting whose attendees have been invited by
general solicitation or general advertising;

(c) it understands and agrees that
there may be material tax consequences to the Investor of an acquisition,
disposition or exercise of any of the Shares. The Issuer gives no opinion and
makes no representation with respect to the tax consequences to the Investor
under United States, state, local or foreign tax law of the undersigned’s
acquisition or disposition of such securities. In particular, no determination
has been made whether the Issuer will be a “passive foreign investment company”
(“PFIC”) within the meaning of Section 1291 of the United States Internal
Revenue Code;

(d) it understands and agrees that the
financial statements of the Issuer have been prepared in accordance with
Canadian generally accepted accounting principles, which differ in some respects
from United States generally accepted accounting principles, and thus may not be
comparable to financial statements of United States companies;

(e) it understands and acknowledges
that upon the issuance thereof, and until such time as the same is no longer
required under the applicable requirements of the U.S. Securities Act or
applicable state securities laws and regulations, the certificates representing
the Shares will bear a legend in substantially the following form:

“The securities represented hereby
have not been and will not be registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”). The holder hereof, by
purchasing such securities, agrees for the benefit of the Issuer that such
securities may be offered, sold, pledged or otherwise transferred only (a) to
the Issuer, (b) outside the United States in accordance with Rule 904 of
Regulation S under the U.S. Securities Act if applicable, (c) inside the United
Sates (1) pursuant to the exemption from the registration requirements under the
U.S. Securities Act provided by Rule 144 thereunder, if available, and in
accordance with applicable State securities laws, or (2) in a transaction that
does not require registration under the U.S. Securities Act or any applicable
State laws and regulations governing the offer and sale of securities, and the
holder has prior to such sale furnished to the Issuer an opinion of counsel or
other evidence of exemption in form and substance reasonably satisfactory to
Austral. Provided 

- 2 -

that if Austral is a “foreign issuer”
as that term is defined by Regulation S of the U.S. Securities Act at the time
of sale, a new certificate bearing no restrictive legend, delivery of which will
constitute “Good Delivery” may be obtained form the transfer agent, upon
delivery of this certificate and a duly executed declaration, in form
satisfactory to Austral and its transfer agent, to the effect that the sale of
the securities represented hereby is being made in compliance with Rule 904 of
Regulation S under the U.S. Securities Act.”

If the Issuer is a “foreign issuer”
within the meaning of Regulation S under the U.S. Securities Act at the time of
sale, a new certificate, which will constitute “good delivery”, will be made
available to the Investor upon provision by the Investor to the transfer agent
of a declaration (in the form attached as Appendix “A”) that the sale of the
securities represented thereby is being made in compliance with Rule 904 of
Regulation S under the U.S. Securities Act. 

(f) it consents to the Issuer making a
notation on its records or giving instruction to the registrar and transfer
agent of the Issuer in order to implement the restrictions on transfer set forth
and described herein;

(g) if an individual, it is a resident
of the state or other jurisdiction listed in its address on the signature page
of the Subscription Agreement, or if the Investor is not an individual, the
office of the Investor at which the Investor received and accepted the offer to
purchase the Issuer’s Shares is the address listed on the signature page of the
Subscription Agreement.

(h) it has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of an investment in the Shares and it is able to bear the
economic risk of loss of its entire investment;

(i) the Issuer has provided to it the
opportunity to ask questions and receive answers concerning the terms and
conditions of the offering and it has had access to such information concerning
the Issuer as it has considered necessary or appropriate in connection with its
investment decision to acquire the Shares;

(j) it is acquiring the Shares for its
own account, for investment purposes only and not with a view to any resale,
distribution or other disposition of the Shares in violation of the United
States securities laws;

(k) if it decides to offer, sell or
otherwise transfer any of the Shares, it will not offer, sell or otherwise
transfer any of such Shares directly or indirectly, unless

(i) the sale is to the Issuer;

(ii) the sale is made outside the
United States in a transaction meeting the requirements of Rule 904 of
Regulation S under the U.S. Securities Act and in compliance with applicable
local laws and regulations;

(iii) the sale is made pursuant to the
exemption from the registration requirements under the U.S. Securities Act
provided by Rule 144 thereunder and in accordance with any applicable state
securities or “Blue Sky” laws; or

(iv) the Shares are sold in a
transaction that does not require registration under the U.S. Securities Act or
any applicable state laws and regulations governing the offer and sale of
securities, and, in the case of clauses (ii) or (iv) above, it has prior to such
sale furnished to the Issuer an opinion of counsel or other evidence of
exemption in form and substance reasonably satisfactory to the Issuer;

(l) It is an “accredited investor” as
defined in Regulation D by virtue of satisfying one or more of the categories
indicated below (please place your initials on the appropriate line(s)):

- 3 -

	_______	Category 1. 	
      A bank, as defined in Section 3(a)(2) of the U.S.
      Securities Act, whether acting in its individual or fiduciary capacity; or
      

	 	  	
       

	_______	Category 2. 	
      A savings and loan association or other institution as
      defined in Section 3(a)(5)(A) of the U.S. Securities Act, whether acting
      in its individual or fiduciary capacity; or 

	 	  	
       

	_______	Category 3. 	
      A broker or dealer registered pursuant to Section 15 of
      the Securities Exchange Act of 1934; or 

	 	  	
       

	_______	Category 4. 	
      An insurance company as defined in Section 2(13) of the
      U.S. Securities Act; or 

	 	 	
       

	_______	Category 5. 	
      An investment company registered under the Investment
      Issuer Act of 1940; or 

	 	  	
       

	_______	Category 6. 	
      A business development company as defined in Section
      2(a)(48) of the Investment Issuer Act of 1940; or 

	 	  	
       

	_______	Category 7. 	
      A small business investment company licensed by the U.S.
      Small Business Administration under Section 301(c) or (d) of the
      Small Business Investment Act of 1958; or 

	 	  	
       

	_______	Category 8. 	
      A plan established and maintained by a state, its
      political subdivision or any agency or instrumentality of a state or its
      political subdivisions, for the benefit of its employees, with assets in
      excess of US$5,000,000; or 

	 	  	
       

	_______	Category 9. 	
      An employee benefit plan within the meaning of the
      Employee Retirement Income Security Act of 1974 in which the
      investment decision is made by a plan fiduciary, as defined in Section
      3(21) of such Act, which is either a bank, savings and loan association,
      insurance company or registered investment advisor, or an employee benefit
      plan with total assets in excess of US$5,000,000 or, if a self-directed
      plan, the investment decisions are made solely by persons who are
      accredited investors; or 

	 	  	
       

	_______	Category 10. 	
      A private business development company as defined in
      Section 202(a)(22) of the Investment Advisors Act of 1940; or
    

	 	  	
       

	_______	Category 11. 	
      An organization described in Section 501(c)(3) of the
      Internal Revenue Code, a corporation, a Massachusetts or
      similar business trust, or a partnership, not formed for the specific
      purpose of acquiring the Shares, with total assets in excess of
      US$5,000,000; or 

	 	  	
       

	 _______	Category 12. 	
      A director, executive officer or general partner of the
      Issuer; or 

	 	  	
       

	_______	Category 13. 	
      A natural person whose individual net worth, or joint net
      worth with that person’s spouse, at the time of this purchase exceeds
      US$1,000,000; or 

	 	  	
       

	_______	Category 14. 	
      A natural person who had an individual income in excess
      of US$200,000 in each year of the two most recent years or joint income
      with that person’s spouse in excess of US$300,000 in each of those years
      and has a reasonable expectation of reaching the same income level in the
      current year; or 

- 4 -

	_______	Category 15. 	
      A trust, with total assets in excess of US$5,000,000, not
      formed for the specific purpose of acquiring the securities offered, whose
      purchase is directed by a sophisticated person as described in SEC Rule
      506(b)(2)(ii); or 

	 	  	
       

	_______	Category 16. 	
      An entity in which each of the equity owners meets the
      requirements of one of the above categories. 

ONLY UNITED STATES INVESTORS NEED TO COMPLETE AND
SIGN

	 	 	 
	 	Date 	 
	 	 	 
	 	 	 
	 	Duly authorized signatory for
      Investor 	 
	 	 	 
	 	 	 
	 	(Print name of Investor) 	 

Appendix “A” to

Schedule C

CERTIFICATE OF U.S. PURCHASER

Form of Declaration for Removal of Legend

TO:      Registrar and transfer agent
for the Shares of Austral Pacific Energy Ltd. (“Austral”).

The undersigned (A) acknowledges that the sale of the
securities of Austral to which this declaration relates is being made in
reliance on Rule 904 of Regulation S under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”), and (B) certifies that (1) the
undersigned is not an “affiliate” of Austral (as that term is defined in Rule
405 under the U.S. Securities Act); (2) the offer of such securities was not
made to a person in the United States and either (a) at the time the buy order
was originated, the buyer was outside the United States, or the seller and any
person acting on its behalf reasonably believed that the buyer was outside the
United States, or (b) the transaction was executed on or through the facilities
of the TSX and neither the seller nor any person acting on its behalf knows that
the transaction has been prearranged with a buyer in the United States; (3)
neither the seller nor any affiliate of the seller nor any person acting on
their behalf has engaged or will engage in any directed selling efforts in the
United States in connection with the offer and sale of such securities; (4) the
sale is bona fide and not for the purpose of “washing off” the resale
restrictions imposed because the securities are “restricted securities” (as that
term is defined in Rule 144(a)(3) under the U. S. Securities Act); (5) the
seller does not intend to replace such securities with fungible unrestricted
securities; and (6) the contemplated sale is not a transaction, or part of a
series of transactions, which, although in technical compliance with Regulation
S, is part of a plan or scheme to evade the registration provisions of the U.S.
Securities Act. Terms used herein have the meanings given to them by Regulation
S under the U.S. Securities Act.

Dated _______________ 200_.

	 	X 	 
	 	 	Signature of individual (if Purchaser is an
      individual) 
	 	 	 
	 	X 	 
	 	 	Authorized signatory (if Purchaser is not an
      individual) 
	 	 	  
	 	 	 
	 	Name of Purchaser (please print) 
	 	 	 
	 	 	  
	 	Name of authorized signatory (please print)
    
	 	 	  
	 	 	 
	 	Official capacity of authorized signatory (please
      print)Filed by Automated Filing Services Inc. (604)609-0244 - Trans-Orient Petroleum Ltd. - Exhibit 4.4

SUBSCRIPTION FOR UNITS 

TO: Trans-Orient Petroleum Ltd. (the “Corporation”) 

Dated for Reference August 10, 2006

The undersigned ( the “Subscriber”) hereby irrevocably
subscribes for and agrees to purchase the number of units of the Corporation
(the “Units”) set forth below for the aggregate subscription amount set
forth below (the “Aggregate Subscription Amount”), representing a
subscription price of US$0.35 per Unit, upon and subject to the terms and
conditions set forth in “Terms and Conditions of Subscription for Units of
Trans-Orient Petroleum Corp.” attached hereto (together with the first two pages
and the attached Schedules, the “Subscription Agreement”). Each Unit
consists of one common share of the Corporation (a “Common Share”) and
one common share purchase warrant (a “Warrant”), each whole Warrant
entitling the holder to acquire one common share of the Corporation (the
“Warrant Shares”) at a price of US$0.70 per share for a period of two
years following the Closing Date (as hereinafter defined), subject to the right
of the Corporation to accelerate the expiry of the Warrants upon the occurrence
of certain stated events described herein. The Units, the Common Shares, the
Warrants and the Warrant Shares are referred to herein as the
“Securities”.

	

      ______________________________________________________
(Name
      of Subscriber – please print) 

By:
      ______________________________________________________
         (Authorized
      Signature)
      

______________________________________________________
Official
      Capacity or Title - please print)
      

______________________________________________________
(Please
      print name of individual whose signature appears above if 
different
      than the name of the subscriber printed above.)
      

______________________________________________________
(Subscriber’s
      Address)
      

______________________________________________________

______________________________________________________

      (Telephone Number)                                                          
      (E-mail Address) 

      
	 	

      Number of Units:
      ______________________________________________________

	 
	 	 
	 	

      Aggregate Subscription Amount:
      ________________________________________

	 
	 
	 
	 	 
	 	If the Subscriber is signing as agent
      for a principal and is not 

      deemed to be acting as principal
      pursuant If the Subscriber is 
signing as agent for a principal
      and is not deemed to be acting as 
principal pursuant to
      National Instrument 45-106, complete the 
following and, if
      applicable, ensure that Schedule I is completed on 
behalf of
      such principal:
      

______________________________________________________
(Name of
      Principal)
      

______________________________________________________

      (Principal’s Address)                                                          (E-mail
      Address) 

      

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 	 	 
	Register the Units as set forth below:
      

      
______________________________________________________
(Name)
      

______________________________________________________
(Account
      reference, if applicable)
      

______________________________________________________
(Address)
      

______________________________________________________

	 	Deliver the Units as set forth below:
      

      
______________________________________________________
(Name)
      

______________________________________________________
(Account
      reference, if applicable)
      

______________________________________________________
(Contact
      Name)
      

______________________________________________________
(Address)
      

______________________________________________________

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

ACCEPTANCE: The Corporation hereby accepts the
subscription as set forth above on the terms and conditions contained in this
Subscription Agreement this _____________ day of  _____________, 2006.

TRANS-ORIENT PETROLUEM LTD.

By: ______________________________________________________

- 2 -

TERMS AND CONDITIONS OF SUBSCRIPTION FOR UNITS OF
TRANS-ORIENT PETROLEUM LTD.

Terms of the Offering

1. The Subscriber acknowledges (on its own behalf and, if
applicable, on behalf of each person on whose behalf the Subscriber is
contracting) that this subscription is subject to rejection by the Corporation
in whole or in part. The parties agree that this Subscription, and all money
tendered by the Subscriber will be returned to the Subscriber, without interest
or deduction, if this Subscription is not accepted by the Corporation. The
Closing Date (as defined herein) is targeted to occur on or about August
21st, 2006 and closings may occur from time to time in tranches. This
offering may be revoked by the Issuer at any time without notice. There is no
minimum or maximum aggregate offering size.

2. The Subscriber acknowledges (on its own behalf and, if
applicable, on behalf of each person on whose behalf the Subscriber is
contracting) that the Offering will not in any way restrict the Corporation from
issuing additional securities of the Corporation at prices, on terms and in
amounts as may be determined by the Corporation, in its sole and absolute
discretion.

3. The Offering will consist of up to 5,000,000 Units, although
the Corporation may increase the size of the Offering in its sole discretion.
Each Unit will consist of one Common Share and one Warrant, each Warrant
entitling the holder to purchase a further Common Share for a period of two
years from the Closing Date, at a price of US$0.70, subject to the right of the
Corporation to accelerate the expiry as provided for below. The certificates
representing the Warrants will, among other things, include provisions for the
appropriate adjustment in the class, number and price of the Warrant Shares
issued on exercise of the Warrants upon the occurrence of certain events,
including any subdivision, consolidation or reclassification of the Common
Shares, the payment of stock dividends and the amalgamation of the
Corporation.

4. The Subscriber agrees that if the closing price of the
Common Shares of the Corporation on the OTC Bulletin Board is equal to or
greater than US$1.25 for 10 or more consecutive trading days, the Corporation
shall have the right to accelerate the expiry of the Warrants. In order to
exercise this right, the Corporation shall provide written notice to the holder
of the Warrant at the address shown on the register of Warrant holders to be
maintained by the Corporation, stating the new date that the Warrants will
expire. The Corporation shall mail the notice by prepaid, regular mail not later
than 30 calendar days before the new expiry date of the Warrants.

Representations and Warranties of the Corporation

5. The Corporation hereby represents and warrants to the
Subscriber (and acknowledges that the Subscriber is relying thereon) that:

(a) The Corporation has the full
corporate right, power and authority to execute and deliver this Subscription
Agreement and to issue each of the Securities to the Subscriber;

(b) This Subscription Agreement, when
accepted by the Corporation, will constitute a binding obligation of the
Corporation enforceable in accordance with its terms;

(c) The execution and delivery of, and
the performance of the terms of this Subscription Agreement by the Corporation,
including the issue of the Securities, does not and will not constitute a breach
of or default under the constating documents of the Corporation or any law,
regulation, order or ruling applicable to the Corporation or any agreement,
contract or indenture to which the Corporation is a party or by which it is
bound; and

(d) The Corporation is a duly
incorporated and validly subsisting corporation under the laws of its
jurisdiction of incorporation and has full corporate power and authority to
perform each of its obligations as herein contemplated.

Acknowledgements, Representations, Warranties and Covenants
of the Subscriber

6. The Subscriber acknowledges (on its own behalf and, if
applicable, on behalf of each person on whose behalf the Subscriber is
contracting) that the Offering, of which this Subscription Agreement forms a
part, is 

- 3 -

not subject to a minimum subscription level and as such, upon
acceptance by the Corporation, subscription funds are immediately available for
use by the Corporation. The Subscriber further acknowledges that the Corporation
may complete additional financings in the future which may have a dilutive
effect on existing shareholders at such time, including a Subscriber
hereunder.

7. The Subscriber (on its own behalf and, if applicable, on
behalf of each person on whose behalf the Subscriber is contracting) represents,
warrants and covenants to the Corporation that:

(a) it has been independently advised
as to the restrictions with respect to trading in the Securities imposed by
applicable securities legislation, confirms that no representation has been made
to it by or on behalf of the Corporation with respect thereto, acknowledges that
it is aware of the characteristics of the Unit, the risks relating to an
investment therein and of the fact that it may not be able to resell the
Securities except in accordance with limited exemptions under applicable
securities legislation and regulatory policy until expiry of the applicable
restriction period and compliance with the other requirements of applicable law,
and it agrees that any certificates representing the Securities may bear the
following legends indicating that the resale of such securities is
restricted;

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
[that date that is 4 months and a day after the Closing Date]

(b) it has not received or been
provided with, nor has it requested, nor does it have any need to receive, any
prospectus or offering memorandum, or any other document (other than financial
statements, interim financial statements or any other document, the content of
which is prescribed by statute or regulation) describing the business and
affairs of the Corporation which has been prepared for delivery to, and review
by, prospective purchasers in order to assist it in making an investment
decision in respect of the Units; and

(c) it has not become aware of any
advertisement in printed media of general and regular paid circulation (or other
printed public media), radio, television or telecommunications or other form of
advertisement (including electronic display) with respect to the distribution of
the Units; and

(d) it has relied solely upon
information publicly available on SEDAR relating to the Corporation and not upon
any verbal or written representation as to fact or otherwise made by or on
behalf of the Corporation and it does not have knowledge of any material fact
about the Corporation that has not been publicly disclosed; and

(e) unless it is purchasing under
subparagraph 7(f), (g), (h) or (j), it is purchasing the Units as principal for
its own account, it is purchasing such Units for investment only and not for the
benefit of any other person and not with a view to the resale or distribution of
all or any of the Units, it is resident in the jurisdiction set out as the
“Subscriber’s Address” on the face page hereof and it fully complies with one or
more of the criteria set forth below: 

(i) it is resident in Canada
and it is an “accredited investor”, as such term is defined in National
Instrument 45-106 entitled “Prospectus and Registration Exemptions” (“NI
45-106”), other than a trust company or trust corporation registered under
the laws of Prince Edward Island that is not registered or authorized under the
Trust and Loan Companies Act (Canada) or under comparable legislation in
another jurisdiction of Canada, and has concurrently executed and delivered a
Representation Letter in the form attached as Schedule I to this Subscription
Agreement, and has initialled in Appendix “A” thereto indicating that the
Subscriber satisfies one of the categories of “accredited investor” set forth in
such definition; or

(ii) it is resident in a jurisdiction
of Canada other than Ontario or Saskatchewan and is qualified for the “Family,
Friends and Business Associates” exemption under NI 45-106 and has concurrently
executed and delivered a Representation Letter in the form attached as
Schedule II to this Subscription Agreement, and has initialled therein
indicating that the Subscriber satisfies one of the categories of “family,
friends and business associates” set forth in such exemption; or

- 4 -

(iii) it has an aggregate acquisition
cost of the Units purchased by it of not less than $150,000 and it is not a
company established solely to acquire the Units, or, if it was so established,
each shareholder of the company is an individual who has contributed at least
$150,000 for the purpose of the investment by the company in the Units, and each
such person is acting for his or her account; or

(iv) if it is a resident of Canada but
not purchasing under paragraphs 7(e)(i), (ii), or (iii),it is purchasing
pursuant to an exemption from prospectus and registration requirements
(particulars of which are enclosed herewith) available to it under applicable
securities legislation and shall deliver to the Corporation such further
particulars of the exemption(s) and the Subscriber’s qualifications thereunder
as the Corporation may request; and

(f) if it is not purchasing as
principal, it is duly authorized to enter into this Subscription Agreement and
to execute all documentation in connection with the purchase on behalf of each
beneficial purchaser, each of whom is purchasing as principal for its own
account, not for the benefit of any other person, and not with a view to the
resale or distribution of all or any of the Securities, it acknowledges that the
Corporation may be required by law to disclose to certain regulatory
authorities, the identity of each beneficial purchaser of Units for whom it may
be acting, it and each beneficial purchaser is resident in the jurisdiction set
out as the “Subscriber’s Address”; and

(g) if it is acting as agent for one or
more disclosed principals, each of which principals is purchasing as a principal
for its own account for investment only and not for the benefit of any other
person and not with a view to the resale or distribution of all or any of the
Securities and each of which principals complies with one or more of the
criteria set forth in subparagraphs 7(e)(i), (e)(ii); and

(h) if it is not a resident of Canada,
it is purchasing pursuant to an exemption from prospectus and registration
requirements available to it under applicable securities legislation and shall
deliver to the Corporation such further particulars of the exemption(s), the
Subscriber’s qualifications thereunder and such evidence of compliance with all
such matters as the Corporation may request and the delivery of this
Subscription Agreement, the acceptance hereof by the Corporation and the
issuance of the Units to the Subscriber complies with all applicable laws of the
Subscriber’s jurisdiction of residence and domicile and will not cause the
Corporation or any of its officers or directors to become subject to or require
any disclosure, prospectus or other reporting requirement; and

(i) it acknowledges that:

(i) no securities commission or
similar regulatory authority has reviewed or passed on the merits of the Units;
and

(ii) there in no government or other
insurance covering the Units; and

(iii) there are risks associated with
the purchase of the Units; and

(iv) there are restrictions on the
Subscriber’s ability to resell the Securities and it is the responsibility of
the Subscriber to find out what those restrictions are and to comply with them
before selling any of the Securities; and

(v) the Corporation or its agent has
advised the Subscriber that the Corporation is relying on an exemption from the
requirements to provide the Subscriber with a prospectus and to sell the Units
through a person or company registered to sell securities under the
Securities Act of British Columbia and, as a consequence of acquiring the
Units pursuant to this exemption, certain protections, rights and remedies
provided by the Acts, including statutory rights of rescission or damages, will
not be available to the Subscriber; and 

(j) if it is a resident in the United
Kingdom, it is a person of the kind described in Article 19 of the Financial
Services Act, 2000 (Financial Promotion) Order 2001, as amended, and is a
person whose ordinary activities involve it in acquiring, holding, managing or
disposing of investments (as principal or agent) for the purposes of its
business; and

- 5 -

(k) it is aware that none of the
Securities have been nor will be registered under the United States
Securities Act of 1933, as amended (“U.S. Securities Act”) and
that these securities may not be offered or sold in the United States without
registration under the U.S. Securities Act or compliance with requirements of an
exemption from registration; and

(l) Unless the Subscriber has executed
and delivered to the Corporation herewith the certifications set forth in the
Certificate of U.S. Person attached hereto as Schedule III, the Subscriber
represents and warrants that:

(i) the Subscriber is not a “U.S.
Person” (as defined in Regulation S, the definition of which includes, but is
not limited to, a natural person resident in the United States and an estate or
trust of which any executor or administrator or trustee, respectively, is a U.S.
Person and any partnership or corporation organized or incorporated under the
laws of the United States) and is not purchasing the Units for the account or
benefit of any U.S. Person or for offering, resale or delivery for the account
or benefit of any U.S. Person or for the account or benefit of any person in any
jurisdiction set out in the name and address of the Subscriber below;

(ii) the Subscriber was outside the
United States at the time of execution and delivery of this Subscription
Agreement within the meaning of Regulation S;

(iii) no offers to sell the Units to
the Subscriber were made by any person to the Subscriber while the Subscriber
was in the United States;

(iv) the Subscriber understands that
the Corporation has no obligation or present intention of filing a registration
statement under the U.S. Securities Act in respect of the Securities;

(v) the Subscriber will not engage in
any directed selling efforts (as defined by Regulation S under the U.S.
Securities Act) in the United States in respect of the Securities, which
would include any activities undertaken for the purpose of, or that could
reasonably be expected to have the effect of conditioning the market in the
United States for the resale of the Securities;

(vi) the Subscriber acknowledges that
any person who exercises a Warrant will be required to provide to the
Corporation either:

(A) written certification that it is
not a U.S. Person and that such Warrant is not being exercised within the United
States or on behalf of, or for the account or benefit of; a U.S. Person; or

(B) with certification that it is an
“accredited investor”, as defined in Rule 501(a) of Regulation D, as of the date
of exercise; or

(C) a written opinion of counsel or
other evidence satisfactory to the Corporation to the effect that the Warrants
and the Warrant Shares have been registered under the U.S. Securities Act and
applicable state securities laws or are exempt from registration thereunder;
and

(m) it undertakes and agrees that it
will not offer or sell any of the Securities in the United States unless such
securities are registered under the U.S. Securities Act and the securities laws
of all applicable states of the United States or an exemption from such
registration requirements is available, and further that it will not resell any
of the Securities in any jurisdiction, except in accordance with the provisions
of applicable securities legislation, regulations, rules, policies and orders
and stock exchange rules; and

(n) if a corporation, partnership,
unincorporated association or other entity, it has the legal capacity to enter
into and be bound by this Subscription Agreement and further certifies that all
necessary approvals of directors, shareholders, partners or otherwise have been
given and obtained; and

(o) if an individual, it is of the full
age of majority and is legally competent to execute this Subscription Agreement
and take all action pursuant hereto; and

- 6 -

(p) this Subscription Agreement has
been duly and validly authorized, executed and delivered by and constitutes a
legal, valid, binding and enforceable obligation of the Subscriber; and

(q) in the case of a subscription by it
for Units acting as agent for a disclosed principal, it is duly authorized to
execute and deliver this Subscription Agreement and all other necessary
documentation in connection with such subscription on behalf of such principal
and this Subscription Agreement has been duly authorized, executed and delivered
by or on behalf of, and constitutes a legal, valid and binding agreement of,
such principal; and

(r) it acknowledges that no
representation has been made to it: 

(i) as to the future value or price of
the Units; 

(ii) that any person will resell or
repurchase the Units; or; 

(iii) that any person will refund the
purchase price of the Units; and

(s) it has such knowledge in financial
and business affairs as to be capable of evaluating the merits and risks of its
investment and it, or, where it is not purchasing as principal, each beneficial
purchaser, is able to bear the economic risk of loss of its investment; and

(t) it understands that the Units are
being offered for sale only on a “private placement” basis and that the sale and
delivery of the Units is conditional upon such sale being exempt from the
requirements as to the filing of a prospectus or the preparation of an offering
memorandum in prescribed form or upon the issuance of such orders, consents or
approvals as may be required to permit such sale without the requirement of
filing a prospectus or delivering an offering memorandum in prescribed form and
that certain protections, rights and remedies provided by applicable securities
legislation, in connection with the filing of a prospectus may not be available
to the Subscriber; and

(u) if required by applicable
securities legislation, regulations, rules, policies or orders or by any
securities commission, stock exchange or other regulatory authority, the
Subscriber will execute, deliver, file and otherwise assist the Corporation in
filing, such reports, undertakings and other documents with respect to the issue
of the Units as may be required, including, without limitation:

(i) in the case of a Subscriber
resident in Canada who is an accredited investor , a representation letter in
the form attached as Schedule I;

(ii) in the case of a Subscriber
resident in Canada who is not an accredited investor, a representation letter in
the form attached as Schedule II; and

(iii) in the case of a Subscriber
resident in the United States, a certificate in the form attached as Schedule
III; and

(v) the entering into of this
Subscription Agreement and the transactions contemplated hereby will not result
in a violation of any of the terms or provisions of any law applicable to the
Subscriber, or if the Subscriber is not a natural person, any of the
Subscriber’s constating documents, or any agreement to which the Subscriber is a
party or by which it is bound; and

(w) the funds representing the
Aggregate Subscription Amount which will be advanced by the Subscriber hereunder
will not represent proceeds of crime for the purposes of the Proceeds of
Crime (Money Laundering) Act (Canada) and the Subscriber acknowledges that
the Corporation may in the future be required by law to disclose the
Subscriber’s name and other information relating to this Subscription Agreement
and the Subscriber’s subscription hereunder, on a confidential basis, pursuant
to the Proceeds of Crime (Money Laundering) Act (Canada) and to the best
of the Subscriber’s knowledge (i) none of the subscription funds to be provided
by the Subscriber (A) have been or will be derived from or related to any
activity that is deemed criminal under the law of Canada, the United States of
America, or any other jurisdiction, or (B) are being tendered on behalf of a
person or entity who has not been identified to the Subscriber, and (ii) it
shall promptly notify the Corporation if the Subscriber discovers that any of
such 

- 7 -

representations ceases to be true, and
to provide the Corporation with appropriate information in connection therewith;
and

(x) the Corporation’s counsel, Lang
Michener LLP, is acting solely for the Corporation and in connection with the
Offering and the Subscriber may not rely upon either such counsel in any
respect. The Subscriber acknowledges that it has been encouraged to and should
obtain independent legal, income tax and investment advice with respect to its
subscription for Units and accordingly, has been independently advised as to the
meanings of all terms contained herein relevant to the Subscriber for the
purposes of giving representations, warranties and covenants under this
Subscription Agreement; and

(y) the information provided by the
Subscriber under the heading “Information Regarding The Subscriber” is true and
correct in all material respects and will be true and correct as of the Closing
Date; and

(z) it does not act jointly or in
concert with any other Subscriber under the Offering for the purposes of the
acquisition of the Units; and

(aa) it will not resell the Common
Shares or the Warrants, except in accordance with the provisions of applicable
securities legislation and stock exchange rules, if applicable, in the future;
and

(bb) the delivery of this subscription,
the acceptance hereof by the Corporation and the issuance of the Common Shares
and the Warrants to the Subscriber complies with all applicable laws of the
Subscriber’s jurisdiction of residence and domicile and will not cause the
Corporation or any of its officers or directors to become subject to or require
any disclosure, prospectus or other reporting requirement; and

(cc) the Corporation may complete
additional financings in the future in order to develop the business of the
Corporation and to fund its ongoing development; that there is no assurance that
such financings will be available and, if available, on reasonable terms; any
such future financings may have a dilutive effect on current securityholders,
including the Subscriber; that if such future financings are not available, the
Corporation may be unable to fund its ongoing development and the lack of
capital resources may result in the failure of its business venture; and

(dd) the Subscriber is capable of
assessing the proposed investment as a result of the Subscriber’s financial
experience or as a result of advice received from a registered person other than
the Corporation or any affiliates thereof.

Closing

8. The Subscriber agrees to deliver to the Corporation at
1407-1050 Burrard Street, Vancouver, B.C. 

V6Z 2S3, not later than 5:00 p.m. (Vancouver time) on the day
that is two business days before the Closing Date: (a) this duly completed and
executed Subscription Agreement, including all applicable Schedules hereto and
Appendices thereto; and (c) a certified cheque, or bank draft PAYABLE TO
TRANS-ORIENT PETROLEUM LTD. for the Aggregate Subscription Amount subscribed
for under this Subscription Agreement or payment of the same amount in such
other manner as is acceptable to the Corporation.

9. The sale of the Units pursuant to this Subscription
Agreement will be completed at the offices of Lang Michener LLP, the
Corporation’s counsel, in Vancouver, British Columbia at such time (the
“Closing Time”) on date as the Corporation may determine (the “Closing
Date”). At the Closing Time, the Subscriber shall deliver to the Corporation
the completed Subscription Agreement, and the Aggregate Subscription Amount
against delivery by the Corporation of the certificates representing the Common
Shares and the Warrants.

10. The Corporation shall be entitled to rely on delivery of a
facsimile copy of executed subscriptions, and acceptance by the Corporation of
such facsimile subscriptions shall be legally effective to create a valid and
binding agreement between the Subscriber and the Corporation in accordance with
the terms hereof.

Privacy Legislation

11. The Subscriber acknowledges and consents to the fact that
the Corporation is collecting the Subscriber’s (and any beneficial purchaser for
which the Subscriber is contracting hereunder) personal information 

- 8 -

(as that term is defined under applicable privacy legislation,
including, without limitation, the Personal Information Protection and
Electronic Documents Act (Canada) and any other applicable similar
replacement or supplemental provincial or federal legislation or laws in effect
from time to time) for the purpose of completing the Subscriber’s subscription.
The Subscriber acknowledges and consents to the Corporation retaining the
personal information for so long as permitted or required by applicable law or
business practices. The Subscriber further acknowledges and consents to the fact
that the Corporation may be required by Securities Laws, stock exchange rules
and/or Investment Dealers Association of Canada rules to provide regulatory
authorities any personal information provided by the Subscriber respecting
itself (and any beneficial purchaser for which the Subscriber is contracting
hereunder). The Subscriber represents and warrants that it has the authority to
provide the consents and acknowledgements set out in this paragraph on behalf of
all beneficial purchasers for which the Subscriber is contracting. In addition
to the foregoing, the Subscriber agrees and acknowledges that the Corporation
may use and disclose the Subscriber’s personal information, or that of each
beneficial purchaser for whom the Subscriber are contracting hereunder, as
follows:

(a) for internal use with respect to
managing the relationships between and contractual obligations of the
Corporation and the Subscriber or any beneficial purchaser for whom the
Subscriber is contracting hereunder;

(b) for use and disclosure to the
Corporation’s transfer agent and registrar;

(c) for use and disclosure for income
tax related purposes, including without limitation, where required by law,
disclosure to Canada Revenue Agency; 

(d) disclosure to securities regulatory
authorities and other regulatory bodies with jurisdiction with respect to
reports of trade and similar regulatory filings;

(e) disclosure to a governmental or
other authority to which the disclosure is required by court order or subpoena
compelling such disclosure and where there is no reasonable alternative to such
disclosure;

(f) disclosure to professional advisers
of the Corporation or the Underwriter in connection with the performance of
their professional services;

(g) disclosure to any person where such
disclosure is necessary for legitimate business reasons and is made with the
Subscriber’s prior written consent; 

(h) disclosure to a court determining
the rights of the parties under this Subscription Agreement; or

(i) for use and disclosure as otherwise
required or permitted by law.

12. The Subscriber further acknowledges that the Ontario
Securities Commission collects personal information in forms submitted to it by
the Corporation, including information about the Subscriber, the Subscriber’s
address and contact information, and the Subscriber’s subscription. The
Subscriber acknowledges that the Ontario Securities Commission is entitled to
collect the information under authority granted to it under Ontario securities
legislation for the purpose of administration and enforcement of the securities
legislation in Ontario. The Subscriber acknowledges that it may obtain
information regarding the collection of this information by contacting the
Administrative Assistant to the Director of Corporate Finance, Ontario
Securities Commission, Suite 1903, Box 5520, Queen Street West, Toronto, Ontario
M5H 3S8, Telephone: (416) 593-3682, Facsimile: (416) 593 8252. The Subscriber
consents to the collection of personal information by the Ontario Securities
Commission.

General

13. The Subscriber agrees that the representations, warranties
and covenants of the Subscriber herein will be true and correct both as of the
execution of this Subscription Agreement and as of the Closing Time and will
survive the completion of the issuance of the Units. The representations,
warranties and covenants of the Subscriber herein are made with the intent that
they be relied upon by the Corporation in determining the eligibility of a
purchaser of Units and the Subscriber agrees to indemnify the Corporation
against all losses, claims, costs, expenses and damages or liabilities which it
may suffer or incur which are caused or arise from an inaccuracy or breach
thereof and reliance thereon. The Subscriber undertakes to immediately notify
the Corporation at Trans-Orient Petroleum Ltd., 1407 – 1050 Burrard Street,
Vancouver, British Columbia, V6Z 2S3, Attention: Garth Johnson, 

- 9 -

(Fax Number: (604) 682-1174) of any change in any statement or
other information relating to the Subscriber set forth herein which takes place
prior to the Closing Time.

14. The Subscriber acknowledges and agrees that all costs
incurred by the Subscriber (including any fees and disbursements of any special
counsel retained by the Subscriber) relating to the sale of the Units to the
Subscriber shall be borne by the Subscriber.

15. The Subscriber acknowledges that this Subscription
Agreement is subject to rejection or allotment, in whole or in part, by the
Corporation. It is understood and agreed that this Subscription Agreement and
all monies tendered herewith shall be returned to the Subscriber, without
interest or deduction, at the address of the Subscriber set out on the face page
hereof if this Subscription Agreement is not accepted.

16. The Subscriber acknowledges that upon a subscription being
accepted by the Corporation, the Corporation will, subject to the terms and
conditions set out herein, issue to the Subscriber certificates evidencing the
Subscriber’s ownership of the Common Shares and the Warrants.

17. The terms and provisions of this Subscription Agreement
shall be binding upon and enure to the benefit of the Subscriber and the
Corporation and their respective heirs, executors, administrators, successors
and assigns; provided that, except for the assignment by a Subscriber who is
acting as nominee or agent to the beneficial owner and as otherwise herein
provided, this Subscription Agreement shall not be assignable by any party
without prior written consent of the other parties.

18. The contract arising out of this Subscription Agreement and
all documents relating thereto shall be governed by and construed in accordance
with the laws of the Province of British Columbia and the federal laws of Canada
applicable therein. The parties irrevocably attorn to the exclusive jurisdiction
of the courts of the Province of British Columbia. Time shall be of the essence
hereof.

19. Neither party to this Subscription Agreement may assign all
or part of its interest in or to this Subscription Agreement without the consent
in writing of the other party hereto.

20. This Subscription Agreement represents the entire agreement
of the parties hereto relating to the subject matter hereof and there are no
representations, covenants or other agreements relating to the subject matter
hereof except as stated or referred to herein. Neither this Subscription
Agreement nor any provision hereof shall be modified, changed, discharged or
terminated except by an instrument in writing signed by the party against whom
any waiver, change, discharge or termination is sought. 

21. The covenants, representations and warranties contained
herein shall survive the closing of the transactions contemplated hereby.

22. In this Subscription Agreement (including attachments),
references to “$” or “US$” are to United States dollars.

SCHEDULE I

REPRESENTATION LETTER

(FOR ACCREDITED INVESTORS)

TO: Trans-Orient Petroleum Ltd. (the “Corporation”)

In connection with the purchase of units in the capital of the
Corporation (“Units”) by the undersigned subscriber or, if applicable,
the principal on whose behalf the undersigned is purchasing as agent (the
“Subscriber” for the purposes of this Schedule I), the Subscriber hereby
represents, warrants, covenants and certifies to the Corporation that:

	1. 	The Subscriber is purchasing the Units as principal for its own
      account or is deemed to be acting as principal pursuant to National
      Instrument 45-106 entitled “Properties and Registration Exemptions”
      (“NI 45-106”); 
	 	 
	2. 	The Subscriber is an “accredited investor” within the meaning of NI
      45-106 by virtue of satisfying the indicated criterion as set out in
      Appendix “A” to this Representation Letter; and 
	 	 
	3. 	Upon execution of this Schedule I by the Subscriber, this Schedule I
      shall be incorporated into and form a part of the Subscription Agreement.
    

Dated: _________________________, 2006.

	 	___________________________________________________
	 	Print name of
      Subscriber 
	 	 	 
	 	By: 	______________________________________________________
	 	 	Signature 
	 	 	 
	 	 	______________________________________________________
	 	 	Print name of Signatory (if different from
      Subscriber) 
	 	 	 
	 	 	______________________________________________________
	 	 	Title 

IMPORTANT: EACH INVESTOR PLEASE INITIAL APPENDIX “A” ON THE
NEXT PAGE NEXT TO 
THE CORRECT CATEGORY OF EXEMPTION APPLICABLE TO IT

APPENDIX “A” 
TO SCHEDULE 1

Accredited Investor - (defined in NI 45-106) means:

	[    ]	(a) an individual who, either alone or with a
      spouse, beneficially owns, directly or indirectly, financial assets having
      an aggregate realizable value that before taxes, but net of any related
      liabilities, exceeds $1,000,000; 
	 	 
	[    ]	(b) an individual whose net income before taxes
      exceeded $200,000 in each of the 2 most recent calendar years or whose net
      income before taxes combined with that of a spouse exceeded $300,000 in
      each of the 2 most recent calendar years and who, in either case,
      reasonably expects to exceed that net income level in the current calendar
      year; 
	 	 
	[    ]	(c) an individual who, either alone or with a
      spouse, has net assets of at least $5,000,000; 
	 	 
	[    ]	(d) a person, other than an individual or
      investment fund, that has net assets of at least $5,000,000 as shown on
      its most recently prepared financial statements; 
	 	 
	[    ]	(e) a person in respect of which all of the
      owners of interests, direct, indirect or beneficial, except the voting
      securities required by law to be owned by directors, are persons that are
      accredited investors; 
	 	 
	[    ]	(f) a Canadian financial institution, or a
      Schedule III bank; 
	 	 
	[    ]	(g) the Business Development Bank of Canada
      incorporated under the Business Development Bank of Canada Act
      (Canada); 
	 	 
	[    ]	(h) a subsidiary of any person referred to in
      paragraphs (f) or (g), if the person owns all of the voting securities of
      the subsidiary, except the voting securities required by law to be owned
      by directors of that subsidiary; 
	 	 
	[    ]	(i) a person registered under the securities
      legislation of a jurisdiction of Canada as an adviser or dealer, other
      than a person registered solely as a limited market dealer under one or
      both of the Securities Act (Ontario) or the Securities
      Act (Newfoundland and Labrador); 
	 	 
	[    ]	(j) an individual registered or formerly
      registered under the securities legislation of a jurisdiction of Canada as
      a representative of a person referred to in paragraph (i); 
	 	 
	[    ]	(k) the Government of Canada or a jurisdiction
      of Canada, or any crown corporation, agency or wholly owned entity of the
      Government of Canada or a jurisdiction of Canada; 
	 	 
	[    ]	(l) a municipality, public board or commission
      in Canada and a metropolitan community, school board, the Comité de
      gestion de la taxe scolaire de l’île de Montréal or an intermunicipal
      management board in Québec; 
	 	 
	[    ]	(m) any national, federal, state, provincial,
      territorial or municipal government of or in any foreign jurisdiction, or
      any agency of that government; 
		 
	[    ]	(n) a pension fund that is regulated by either
      the Office of the Superintendent of Financial Institutions (Canada) or a
      pension commission or similar regulatory authority of a jurisdiction of
      Canada; 
	 	 
	[    ]	(o) an investment fund that distributes or has
      distributed its securities only to 
	 	 
	[    ]	(i) a person that is or was an accredited
      investor at the time of the distribution; 

 - 2 -

	 		(ii) a person that acquires or acquired
      securities in the circumstances referred to in Sections 2.10 [Minimum
      amount investment], and 2.19 [Additional investment in investment
      funds] of NI 45-106; OR 
	 	 	 
	 		(iii) a person described in paragraph (i) or
      (ii) that acquires or acquired securities under Section 2.18
      [Investment fund reinvestment] of NI 45-106; 
	 	 	 
	[    ]	(p) an investment fund
      that distributes or has distributed securities under a prospectus in a
      jurisdiction of Canada for which the regulator or, in Québec, the
      securities regulatory authority, has issued a receipt; 
	 	 	 
	[    ]	(q) a trust company or
      trust corporation registered or authorized to carry on business under the
      Trust and Loan Companies Act (Canada) or under comparable
      legislation in a jurisdiction of Canada or a foreign jurisdiction, acting
      on behalf of a fully managed account managed by the trust company or trust
      corporation, as the case may be; 
	 	 	 
	[    ]	(r) a person acting on
      behalf of a fully managed account managed by that person, if that person
    
	 	 	 
	 		(i) is registered or authorized to carry on
      business as an adviser or the equivalent under the securities legislation
      of a jurisdiction of Canada or a foreign jurisdiction; and 
	 	 	 
	 		(ii) in Ontario, is purchasing a security that
      is not a security of an investment fund; 
	 	 	 
	[    ]	(s) a registered charity
      under the Income Tax Act (Canada) that, in regard to the trade, has
      obtained advice from an eligibility adviser or an adviser registered under
      the securities legislation of the jurisdiction of the registered charity
      to give advice on the securities being traded; 
	 	 	 
	[    ]	(t) an entity organized in
      a foreign jurisdiction that is analogous to any of the entities referred
      to in paragraphs (f) to (i) or paragraph (n) in form and function; 
	 	 	 
	[    ]	(u) an investment fund
      that is advised by a person registered as an adviser or a person that is
      exempt from registration as an adviser; or 
	 	 	 
	[    ]	(v) a person that is
      recognized or designated by the securities regulatory authority or, except
      in Ontario and Québec, the regulator as 
	 	 	 
	 		(i) an accredited investor; or 
	 	 	 
	 		(ii) an exempt purchaser in Alberta or British
      Columbia after NI 45-106 comes into force; 

For the purposes hereof:

(a) “Canadian financial institution” means

(i) an association governed by the
Cooperative Credit Associations Act (Canada) or a central cooperative
credit society for which an order has been made under section 473(1) of the
Cooperative Credit Associations Act (Canada), or

(ii) a bank, loan corporation, trust
company , trust corporation, insurance company, treasury branch, credit union,
caisse populaire, financial services cooperative, or league that, in each case,
is authorized by an enactment of Canada or a jurisdiction of Canada to carry on
business in Canada or a jurisdiction of Canada;

(b) “control person” has the meaning ascribed to that
term in securities legislation except Ontario where “control person”
means any person that holds or is one of a combination of persons that hold

- 3 -

(i) a sufficient number of any of the
securities of an issuer so as to affect materially the control of the issuer,
or

(ii) more than 20% of the outstanding
voting securities of an issuer except where there is evidence showing that the
holding of those securities does not affect materially the control of that
issuer;

(c) “eligibility adviser” means a person that is
registered as an investment dealer or in an equivalent category of registration
under the securities legislation of the jurisdiction of a purchaser and
authorized to give advice with respect to the type of security being
distributed;

(d) “executive officer” means, for an issuer, an
individual who is

(i) a chair, vice-chair or
president,

(ii) a vice-president in charge of a
principal business unit, division or function including sales, finance or
production,

(iii) an officer of the issuer or any
of its subsidiaries and who performs a policy-making function in respect of the
issuer, or

(iv) performing a policy-making
function in respect of the issuer;

(e) “financial assets” means (i) cash, (ii) securities
or (iii) a contract of insurance, a deposit or an evidence of a deposit that is
not a security for the purposes of securities legislation;

(f) “founder” means, in respect of an issuer, a person
who,

(i) acting alone, in conjunction or in
concert with one or more persons, directly or indirectly, takes the initiative
in founding, organizing or substantially reorganizing the business of the
issuer, and

(ii) at the time of the trade is
actively involved in the business of the issuer;

(g) “fully managed account” means an account of a client
for which a person makes the investment decisions if that person has full
discretion to trade in securities for the account without requiring the client's
express consent to a transaction;

(h) “investment fund” has the meaning ascribed thereto
in National Instrument 81-106 - Investment Fund Continuous Disclosure;

(i) “person” includes 

(i) an individual,

(ii) a corporation,

(iii) a partnership, trust, fund and an
association, syndicate, organization or other organized group of persons,
whether incorporated or not, and

(iv) an individual or other person in
that person's capacity as a trustee, executor, administrator or personal or
other legal representative; 

(j) “related liabilities” means 

(i) liabilities incurred or assumed for
the purpose of financing the acquisition or ownership of financial assets,
or

- 4 -

(ii) liabilities that are secured by
financial assets.

(k) “spouse” means, an individual who, 

(i) is married to another individual
and is not living separate and apart within the meaning of the Divorce
Act (Canada), from the other individual, 

(ii) is living with another individual
in a marriage-like relationship, including a marriage-like relationship between
individuals of the same gender, or

(iii) in Alberta, is an individual
referred to in paragraph (i) or (ii) immediately above or is an adult
interdependent partner within the meaning of the Adult Interdependent
Relationships Act (Alberta); and

(l) “subsidiary” means an issuer that is controlled
directly or indirectly by another issuer and includes a subsidiary of that
subsidiary;

Affiliated Entities and Control 

1. An issuer is considered to be an affiliate of another issuer
if one of them is a subsidiary of the other, or if each of them is controlled by
the same person.

2. A person (first person) is considered to control another
person (second person) if

(a) the first person, directly or
indirectly, beneficially owns or exercises control or direction over securities
of the second person carrying votes which, if exercised, would entitle the first
person to elect a majority of the directors of the second person, unless the
first person holds the voting securities only to secure an obligation,

(b) the second person is a partnership,
other than a limited partnership, and the first person holds more than 50% of
the interests in the partnership, or

(c) the second person is a limited
partnership and the general partner of the limited partnership is the first
person.

All monetary references are in Canadian Dollars

- 5 -

SCHEDULE II

REPRESENTATION LETTER

(FOR FAMILY, FRIENDS AND BUSINESS ASSOCIATES)

TO: Trans-Orient Petroluem Ltd. (the “Corporation”)

In connection with the purchase of units of the Corporation
(“Units”) by the undersigned subscriber, or if applicable, the principal
on whose behalf the undersigned is purchasing as agent (the “Subscriber”
for the purposes of this Schedule II), the Subscriber hereby represents,
warrants, covenants and ratifies to the Corporation that:

	1. 	 	The Subscriber is resident in or is subject to
      the laws of a Province of Canada other than Ontario; 
	 	 	 
	2. 	 	The Subscriber is purchasing the Units as
      principal for its own account; 
	 	 	 
	3. 	 	It is (please initial): 
	 	 	 
	_____	(a) 	a founder, director, executive officer or
      control person of the Corporation, or of an affiliate of the Corporation;
      or 
	 	 	 
	_____	(b)	a spouse, parent, grandparent, brother, sister
      or child of a founder, director, executive officer or control person of
      the Corporation, or of an affiliate of the Corporation; or 
	 	 	 
	_____	(c) 	a parent, grandparent, brother, sister or child
      of the spouse of a director, senior officer or control person of the
      Corporation or of an affiliate of the Corporation; or 
	 	 	 
	_____	(d) 	a close personal friend of a founder, director,
      executive officer or control person of the Corporation, or of an affiliate
      of the Corporation, the details of whose relationship is as follows; or
  
	 	 	 
	 	 	__________________________________________________________________________________________________________________________
	  	 	Length of Relationship 
	 	 	 
	 	 	__________________________________________________________________________________________________________________________
	  	 	Details of Relationship 
	 	 	 
	_____	(e) 	a close business associate of a founder,
      director, executive officer or control person of the Corporation, or of an
      affiliate of the Corporation, the details of whose relationship is as
      follows; or 
	 	 	 
	 	 	__________________________________________________________________________________________________________________________
	  	 	Length of Relationship 
	 	 	 
	 	 	__________________________________________________________________________________________________________________________
	  	 	Prior Business Dealings 
	 	 	 
	 	 	__________________________________________________________________________________________________________________________
	  	 	Details of Relationship 
	 	 	 
	_____	(f) 	a person or company of which a majority of the
      voting securities are beneficially owned by, or a majority of the
      directors are, persons or companies described in paragraphs (a) to (e)
      (and in the case of paragraphs (d) or (e), the following information is
      provided): 
	 	 	 
	 	 	__________________________________________________________________________________________________________________________
	  	 	Length of Relationship 
	 	 	 
	 	 	__________________________________________________________________________________________________________________________
	  	 	Prior Business Dealings (if applicable)
  

- 6 -

	 	 	__________________________________________________________________________________________________________________________
	  	 	Details of Relationship 
	 	 	 
	____	(g) 	a trust or estate of which all of the beneficiaries
      or a majority of the trustees are persons or companies described in paragraphs
      (a) to (e) (and in the case of paragraphs (d) or (e), the following information
      is provided): 
	 	 	 
	 	 	__________________________________________________________________________________________________________________________
	  	 	Length of Relationship 
	 	 	 
	 	 	__________________________________________________________________________________________________________________________
	  	 	Prior Business Dealings (if applicable) 
	 	 	 
	 	 	__________________________________________________________________________________________________________________________
	  	 	Details of Relationship 
	 	 	 
	4. 	 	The Subscriber represents and warrants that it
      is not resident in Saskatchewan. 
	 	 	 
	5.	 	For the purposes hereof, words and phrases used in this representation
      letter and which are defined in NI 45-106 shall have the meaning ascribed
      thereto in NI 45-106.
	 	 	 
	6.	 	Upon execution of this Schedule II by the Subscriber, this
      Schedule II shall be incorporated into and form a part of the Subscription
      Agreement.

Dated: _______________________, 2006.

	 	_________________________________________________________
	 	Print name of
      Subscriber 
	 	 	 
	 	By: 	_________________________________________________________
	 	 	Signature 
	 	 	 
	 	 	_________________________________________________________
	 	 	Print name of Signatory (if different from
      Subscriber) 
	 	 	 
	 	 	_________________________________________________________
	 	 	Title 

SCHEDULE III

CERTIFICATE OF U.S. PERSON

This form must be completed by United States
Subscribers.

A “United States Subscriber” is any person in the United States
or any “U.S. person” as defined in Regulation S under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”). This will
include (a) any natural person resident in the United States; (b) any
partnership or corporation organized or incorporated under the laws of the
United States; (c) any trust of which any trustee is a U.S. person; (d) any
partnership or corporation organized outside the United States by a U.S. person
principally for the purpose of investing in securities not registered under the
U.S. Securities Act of 1933, unless it is organized or incorporated, and owned,
by accredited investors who are not natural persons, estates or trusts; (e) any
estate of which any executor or administrator is a U.S. person.

The Subscriber covenants, represents and warrants Trans-Orient
Petroleum Ltd. (the “Corporation”) that:

(a) it understands that the Units, the
Common Shares, the Warrants and the Warrant Common Shares (collectively, the
“Securities”) have not been and will not be registered under the U.S. Securities
Act and that the sale contemplated hereby is being made in reliance on the
exemption from such registration requirement provided by Rule 506 of Regulation
D and accordingly, the Units, the Common Shares, the Warrants and the Warrant
Shares will, upon issuance, be “restricted securities” within the meaning of
Rule 144(a)(3) of the U.S. Securities Act;

(b) it acknowledges that it has not
purchased the Securities as a result of any form of general solicitation or
general advertising, as such terms are used in Regulation D, including
advertisements, articles, notices or other communications published in any
newspaper, magazine or similar media or broadcast over radio, or television, or
any seminar or meeting whose attendees have been invited by general solicitation
or general advertising;

(c) it understands and agrees that
there may be material tax consequences to the Subscriber of an acquisition,
disposition or exercise of any of the Securities and acknowledges that it is
solely responsible for determining the tax consequences to its investment in the
Securities. The Issuer gives no opinion and makes no representation with respect
to the tax consequences to the Subscriber under United States, state, local or
foreign tax law of the undersigned’s acquisition or disposition of such
securities. In particular, no determination has been made whether the
Corporation will be a “passive foreign investment company” (“PFIC”) within the
meaning of Section 1291 of the United States Internal Revenue Code;

(d) it understands and agrees that the
financial statements of the Corporation have been prepared in accordance with
Canadian generally accepted accounting principles, which differ in some respects
from United States generally accepted accounting principles, and thus may not be
comparable to financial statements of United States companies;

(e) it understands and acknowledges
that upon the issuance thereof, and until such time as the same is no longer
required under the applicable requirements of the U.S. Securities Act or
applicable state securities laws and regulations, the certificates representing
the Securities will bear a legend in substantially the following form:

“THE SECURITIES REPRESENTED HEREBY
[IF A WARRANT, INSERT: AND THE SECURITIES ISSUED UPON THE EXERCISE OF
THIS WARRANT] HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR ANY STATE SECURITIES
LAWS, AND MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE
CORPORATION (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF
REGULATION S UNDER THE U.S. SECURITIES ACT, (C) IN COMPLIANCE WITH THE 

- 2 -

EXEMPTION FROM REGISTRATION UNDER THE
U.S. SECURITIES ACT PROVIDED BY RULE 144 OR 144A THEREUNDER, IF AVAILABLE, AND
IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION
THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY
APPLICABLE STATE LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES
AND IT HAS, IN THE CASE OF EACH OF (C) AND (D), PRIOR TO SUCH TRANSFER FURNISHED
TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND
SUBSTANCE SATISFACTORY TO THE CORPORATION.”

In addition to the foregoing legend,
the Common Shares and any Warrant Shares will bear the following legend:

“THE PRESENCE OF THIS LEGEND MAY
IMPAIR THE ABILITY OF THE HOLDER HEREOF TO EFFECT “GOOD DELIVERY” OF THE
SECURITIES REPRESENTED HEREBY ON A CANADIAN STOCK EXCHANGE. A CERTIFICATE
WITHOUT A LEGEND MAY BE OBTAINED FROM THE REGISTRAR AND TRANSFER AGENT OF THE
CORPORATION IN CONNECTION WITH A SALE OF THE SECURITIES REPRESENTED HEREBY AT A
TIME WHEN THE CORPORATION IS A “FOREIGN ISSUER” AS DEFINED IN REGULATION S UNDER
THE U.S. SECURITIES ACT, UPON DELIVERY OF THIS CERTIFICATE, AN EXECUTED
DECLARATION AND, IF REQUESTED BY THE CORPORATION OR THE TRANSFER AGENT, AN
OPINION OF COUNSEL OF RECOGNIZED STANDING, EACH IN FORM SATISFACTORY TO THE
TRANSFER AGENT OF THE CORPORATION AND THE CORPORATION, TO THE EFFECT THAT SUCH
SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE WITH RULE
904 OF REGULATION S UNDER THE U.S. SECURITIES ACT.”;

If the securities are being sold
outside the United States in compliance with the requirements of Rule 904 of
Regulation S at a time when the Corporation is a “foreign issuer” as defined in
Regulation S at the time of sale, the legends set forth above may be removed by
providing an executed declaration to the registrar and transfer agent of the
Corporation, in substantially the forms set forth as Appendix A to Schedule V
hereto (or in such other forms as the Corporation may prescribe from time to
time) and, if requested by the Corporation or the transfer agent, an opinion of
counsel of recognized standing in form and substance satisfactory to the
Corporation and the transfer agent to the effect that such sale is being made in
compliance with Rule 904 of Regulation S; and provided, further, that, if any
Common Shares, Warrants or Warrant Shares, if any, are being sold otherwise than
in accordance with Regulation S and other than to the Corporation, the legend
may be removed by delivery to the registrar and transfer agent and the
Corporation of an opinion of counsel, of recognized standing reasonably
satisfactory to the Corporation, that such legend is no longer required under
applicable requirements of the U.S. Securities Act or state securities laws.

(f) it consents to the Corporation
making a notation on its records or giving instruction to the registrar and
transfer agent of the Corporation in order to implement the restrictions on
transfer set forth and described herein;

(g) if an individual, it is a resident
of the state or other jurisdiction listed in its address on the signature page
of the Subscription Agreement, or if the Subscriber is not an individual, the
office of the Subscriber at which the Subscriber received and accepted the offer
to purchase the Units is the address listed on the signature page of the
Subscription Agreement.

(h) it has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of an investment in the Securities and it is able to bear the
economic risk of loss of its entire investment;

- 3 -

(i) the Corporation has provided to it
the opportunity to ask questions and receive answers concerning the terms and
conditions of the offering and it has had access to such information concerning
the Corporation as it has considered necessary or appropriate in connection with
its investment decision to acquire the Securities;

(j) it is acquiring the Securities for
its own account, for investment purposes only and not with a view to any resale,
distribution or other disposition of the Securities in violation of the United
States securities laws;

(k) if it decides to offer, sell or
otherwise transfer any of the Securities, it will not offer, sell or otherwise
transfer any of such Securities directly or indirectly, unless

(i) the sale is to the
Corporation;

(ii) the sale is made outside the
United States in a transaction meeting the requirements of Rule 904 of
Regulation S under the U.S. Securities Act and in compliance with applicable
local laws and regulations;

(iii) the sale is made pursuant to the
exemption from the registration requirements under the U.S. Securities Act
provided by Rule 144 thereunder and in accordance with any applicable state
securities or “Blue Sky” laws; or

(iv) the Securities are sold in a
transaction that does not require registration under the U.S. Securities Act or
any applicable state laws and regulations governing the offer and sale of
securities, 

and, in the case of clauses (iii) or
(iv) above, it has prior to such sale furnished to the Corporation an opinion of
counsel or other evidence of exemption in form and substance reasonably
satisfactory to the Corporation;

(l) it understands and agrees that the
Warrants may not be exercised in the United States or by or on behalf of a U.S.
Person or a person in the United States unless registered under the U.S.
Securities Act and any applicable state securities laws or unless an exemption
from such registration requirements is available and that certificates
representing the Warrants will bear a legend to the following effect in addition
to the legend stated in clause (e) of above

“THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE. THIS WARRANT MAY NOT BE EXERCISED IN THE UNITED
STATES OR BY OR ON BEHALF OF A PERSON IN THE UNITED STATES OR A U.S. PERSON
UNLESS THE WARRANT AND THE UNDERLYING SECURITIES HAVE BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE
OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. THE TERMS
"UNITED STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN THEM UNDER REGULATION
S PROMULGATED PURSUANT TO THE U.S. SECURITIES ACT”

(m) it understands that any person who
exercises any Warrants to acquire Warrant Shares will be required to provide to
the Corporation one of the following:

a. (A) a written certification that
the holder (I) at the time of the exercise of the Warrants is not in the United
States; (II) is not a U.S. Person and is not exercising the Warrants on behalf
of a U.S. Person; and (III) did not execute or deliver the exercise form for the
Warrants in the United States; and (B) if requested by the Corporation or the
Corporation’s transfer agent, an opinion of counsel of recognized standing, in
form and substance satisfactory to the Corporation's transfer agent and 

- 4 -

the Corporation, to the effect that an
exclusion from the registration requirements of the U.S. Securities Act is
available for the issue of the Warrant Shares;

b. (A) a written certification that
the holder (I) purchased Units directly from the Corporation for its own account
pursuant to a written subscription agreement for the purchase of the Units; (II)
is exercising the Warrants solely for its own account; (III) was an Accredited
Investor, both on the date the Units were purchased from the Corporation and on
the date of the exercise of the Warrants; and (B) if requested by the
Corporation or the Corporation’s transfer agent, an opinion of counsel of
recognized standing, in form and substance satisfactory to the Corporation's
transfer agent and the Corporation, to the effect that an exemption from the
registration requirements of the U.S. Securities Act and applicable state
securities laws is available for the issue of the Warrant Shares; or

c. a written opinion of counsel of
recognized standing in form and substance satisfactory to the Corporation to the
effect that an exemption from the registration requirements of the U.S.
Securities Act and applicable state securities laws is available for the issue
of the Warrant Shares.

(n) it understands that the Corporation
is under no obligation to remain a “foreign issuer” (as defined in Regulation S)
and may not be a “foreign issuer” at a time when the Subscriber wishes to
transfer the Units, the Common Shares, the Warrants or Warrant Shares, in
any;

(o) it understands that the Corporation
is not obligated to file and has no present intention of filing with the U.S.
Securities and Exchange Commission or with any state securities administrator
any registration statement in respect of resales of the Securities in the United
States; and

(p) it is an “accredited investor” as
defined in Regulation D by virtue of satisfying one or more of the categories
indicated below (please place your initials on the appropriate line(s)):

	 	_____________	Category 1. 	A bank, as defined in Section 3(a)(2) of the U.S. Securities
      Act, whether acting in its individual or fiduciary capacity; or 
	 	 	  	  
	 	_____________	Category 2. 	A savings and loan association or other institution as defined
      in Section 3(a)(5)(A) of the U.S. Securities Act, whether acting in its
      individual or fiduciary capacity; or 
	 	 	  	  
	 	_____________	Category 3. 	A broker or dealer registered pursuant to Section 15 of the
      Securities Exchange Act of 1934; or 
	 	 	  	  
	 	_____________	Category 4. 	An insurance company as defined in Section 2(13) of the U.S.
      Securities Act; or 
	 	 	  	  
	 	_____________	Category 5. 	An investment company registered under the Investment Issuer
      Act of 1940; or 
	 	 	  	  
	 	_____________	Category 6. 	A business development company as defined in Section 2(a)(48)
      of the Investment Issuer Act of 1940; or 
	 	 	  	  
	 	_____________	Category 7. 	A small business investment company licensed by the U.S. Small
      Business Administration under Section 301(c) or (d) of the Small
      Business Investment Act of 1958; or 
	 	 	  	  
	 	_____________	Category 8. 	A plan established and maintained by a state, its political
      subdivision or any agency or instrumentality of a state or its political
      subdivisions, for the benefit of its employees, with assets in excess of
      US$5,000,000; or 

- 5 -

		_____________	Category 9. 	An employee benefit plan within the meaning of the Employee
      Retirement Income Security Act of 1974 in which the investment decision
      is made by a plan fiduciary, as defined in Section 3(21) of such Act, which
      is either a bank, savings and loan association, insurance company or registered
      investment advisor, or an employee benefit plan with total assets in excess
      of US$5,000,000 or, if a self-directed plan, the investment decisions are
      made solely by persons who are accredited investors; or 
	 	 	  	  
		_____________	Category 10. 	A private business development company as defined in Section
      202(a)(22) of the Investment Advisors Act of 1940; or 
	 	 	  	  
		_____________	Category 11. 	An organization described in Section 501(c)(3) of the Internal
      Revenue Code, a corporation, a Massachusetts or similar business
      trust, or a partnership, not formed for the specific purpose of acquiring
      the Units, with total assets in excess of US$5,000,000; or 
	 	 	 	 
	 	_____________	Category 12. 	A director, executive officer or general partner of the Corporation;
      or 
	 	 	  	  
		_____________	Category 13. 	A natural person whose individual net worth, or joint net worth
      with that person’s spouse, at the time of this purchase exceeds US$1,000,000;
      or 
	 	 	  	  
		_____________	Category 14. 	A natural person who had an individual income in excess of
      US$200,000 in each year of the two most recent years or joint income with
      that person’s spouse in excess of US$300,000 in each of those years
      and has a reasonable expectation of reaching the same income level in the
      current year; or 
	 	 	  	  
		_____________	Category 15. 	A trust, with total assets in excess of US$5,000,000, not formed
      for the specific purpose of acquiring the securities offered, whose purchase
      is directed by a sophisticated person as described in SEC Rule 506(b)(2)(ii);
      or 
	 	 	  	  
		_____________	Category 16. 	An entity in which each of the equity owners meets the requirements
      of one of the above categories. 

 

                     ONLY
  UNITED STATES SUBSCRIBERS NEED TO COMPLETE AND SIGN

                    __________________________________________________

                      Date

                    __________________________________________________

                      Duly
  authorized signatory for Subscriber

                    __________________________________________________

                      (Print
  name of Subscriber)

Appendix “A” to Schedule V

CERTIFICATE OF U.S. PERSON

Form of Declaration for Removal of Legend

TO: Registrar and transfer agent for the shares of
TRANS-ORIENT PETROLEUM LTD. (the “Corporation”).

The undersigned (A) acknowledges that the sale of the
securities of the Corporation to which this declaration relates is being made in
reliance on Rule 904 of Regulation S under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”), and (B) certifies that (1) the
undersigned is not an “affiliate” of the Corporation (as that term is defined in
Rule 405 under the U.S. Securities Act); (2) the offer of such securities was
not made to a person in the United States and either (a) at the time the buy
order was originated, the buyer was outside the United States, or the seller and
any person acting on its behalf reasonably believed that the buyer was outside
the United States, or (b) the transaction was executed on or through the
facilities of the TSX and neither the seller nor any person acting on its behalf
knows that the transaction has been prearranged with a buyer in the United
States; (3) neither the seller nor any affiliate of the seller nor any person
acting on their behalf has engaged or will engage in any directed selling
efforts in the United States in connection with the offer and sale of such
securities; (4) the sale is bona fide and not for the purpose of “washing off”
the resale restrictions imposed because the securities are “restricted
securities” (as that term is defined in Rule 144(a)(3) under the U. S.
Securities Act); (5) the seller does not intend to replace such securities with
fungible unrestricted securities; and (6) the contemplated sale is not a
transaction, or part of a series of transactions, which, although in technical
compliance with Regulation S, is part of a plan or scheme to evade the
registration provisions of the U. S. Securities Act. Terms used herein have the
meanings given to them by Regulation S under the U.S. Securities Act.

Dated _______________200_.

	 	 
	 	X __________________________________________________
	 	Signature of individual (if Purchaser is an
      individual) 
	 	 
	 	X __________________________________________________
	 	Authorized signatory (if Purchaser is not an
      individual) 
	 	 
	 	__________________________________________________
	 	Name of Purchaser (please print) 
	 	 
	 	__________________________________________________
	 	Name of authorized signatory (please print)
    
	 	 
	 	__________________________________________________
	 	Official capacity of authorized signatory (please
      print)

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