Document:

Exhibit 10.5

    
      

    

    EXHIBIT
      10.5

    

    ASSIGNMENT
      AGREEMENT-EAST WADI ARABA CONCESSION

    

    THIS
      AGREEMENT
      is dated
      as of December 9, 2005 by and between Mogul Energy Ltd., a corporation organized
      and existing under the laws of the Province of British Columbia Canada
      (“Mogul”)
      and
      TransPacific Petroleum Corp., a corporation organized and existing under the
      laws of the Province of British Columbia, Canada (“Transpacific”).

    

    WHEREAS,
      Mogul,
      Dover Investments Limited a corporation organized and existing under the laws
      of
      the Province of Ontario, Canada (“Dover”),
      Transpacific and Dr. Ghareeb Awad, an individual residing in the City of
      Richmond British Columbia, Canada entered into a binding farm-out agreement
      dated as of August 6, 2005 (the “Dover
      Farm-Out Agreement”)
      a copy
      of which is attached hereto as Exhibit
      A;

    

    WHEREAS,
      Mogul
      and Transpacific have entered into a binding joint venture agreement dated
      as of
      August 7, 2005 (the “Transpacific
      Joint Venture Agreement”),
      a
      copy of which is attached hereto as Exhibit
      B,
      pursuant
      to which Transpacific and Mogul have set forth their respective rights and
      obligations under the Dover Farm-Out Agreement and with respect to the EWA
      Concession as set forth herein;

    

    WHEREAS,
      Mogul
      and Mogul Energy International, Inc., a corporation organized and existing
      under
      the laws of the state of Delaware, USA (“MEI”)
      entered into a farm-out agreement dated September 29, 2005 (the “MEI
      Farm-Out Agreement”),
      a
      copy of which is attached hereto as Exhibit
      C;

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    WHEREAS,
      the
      parties hereto deem it to be in their respective best interest to supplement
      the
      Transpacific Joint Venture Agreement so as to acknowledge the MEI Farm-Out
      Agreement and MEI as an Associated Company (as that term is used in the
      Transpacific Joint Venture Agreement).

    

    NOW,
      THEREFORE,
      the
      parties hereto, in consideration of the mutual covenants set forth herein and
      other and good consideration the receipt and sufficiency of which is hereby
      acknowledged, agree as follows:

    

    1.    Subject
      to MEI’s acceptance of the terms of this supplement and of the Transpacific
      Joint Venture Agreement as amended and supplemented hereby, MEI shall be deemed
      an Associated Company of Mogul solely for purposes of the Transpacific Joint
      Venture Agreement.

    

    2.    The
      parties hereto acknowledge that the interests of the Mogul, Dover Transpacific
      and MEI in and to the EWA concession for all purposes contemplated by the
      Transpacific Joint Venture Agreement shall be as follows:

    

    
      	
              Mogul:

            	 	
              40%
                working interest

            
	 	 	 
	
              MEI:

            	 	
              20%
                working interest

            
	 	 	 
	
              Transpacific:

            	 	
              25%
                carried working interest

            
	 	 	 
	
              Dover:

            	 	
              15%
                carried working interest.

            

    

    

    3.    Except
      as
      set forth in 4below, MEI will be responsible for the payment of one-third (1/3),
      and Mogul will be responsible for the payment of two-thirds (2/3) of, all
      expenses, costs of drilling and completion of all exploratory and development
      wells, all production facilities, and Cairo and field offices.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    4.    In
      the
      event that the Letter of Guarantee and drilling of two wells, as contemplated
      by
      the Transpacific Joint Venture Agreement is not delivered, within the
      agreed-upon time frame, the Transpacific Joint Venture Agreement and this
      agreement shall terminate and , Mogul and MEI will assign their entire 60%
      interest in EWA to TransPacific, who will assume all the obligations under
      Dover’s August 06, 2005 farm-out agreement. Consequently, none of the parties
      hereto shall have any further obligation or liability to each
      other.

    

    5.    Except
      as
      supplemented and amended hereby the provisions of the Transpacific Joint Venture
      Agreement remain in full force and effect.

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto caused this Agreement to be duly executed and accepted as of
      the
      dates set forth below.

     

    
      
        	
                Mogul
                  Energy Ltd.

              	 	
                Dated:
                  December 9, 2005

              
	 	 	 
	 	 	 
	
                By: 
                  

              	
                /s/
                  Parvez Tyab

              	 	 
	
                Parvez
                  Tyab, President

              	 	 
	 	 	 
	 	 	 
	
                TransPacific
                  Petroleum Corp.

              	 	
                Dated:
                  December 9, 2005

              
	 	 	 
	 	 	 
	
                By: 
                  

              	
                /s/
                  Ghareeb Awad

              	 	 
	
                Dr.
                  Ghareeb Awad, President

              	 	 

      

       

       

      Acceptance
        by Mogul Energy International, Inc.

       

      The
        foregoing is agreed and accepted as of this 9th day of December,
        2005.

      

      
        	
                Mogul
                  Energy International, Inc.

              	 	 
	 	 	 
	 	 	 
	
                By: 
                  

              	
                /s/
                  Naeem Tyab

              	 	 
	
                Naeem
                  Tyab, President

              	 	 

      

    

     

     

     3Exhibit 10.6

    
      

    

    EXHIBIT
      10.6

    

    ASSIGNMENT
      AGREEMENT

    

    THIS
      AGREEMENT
      is dated
      as of December 9, 2005 by and between Mogul Energy Ltd., a corporation organized
      and existing under the laws of the Province of British Columbia Canada
      (“Mogul”)
      and
      TransPacific Petroleum Corp., a corporation organized and existing under the
      laws of the Province of British Columbia, Canada (“TransPacific”).
      

    

    WHEREAS,
      Mogul
      and TransPacific had entered into a binding agreement dated April 14, 2005
      (the
“Binding
      Agreement”),
      a
      copy of which is attached hereto as Exhibit
      A,
      for the
      exploration, development and production of hydrocarbons in the area covered
      by
      the Lease (the “Contract
      Area”)
      and for
      the acquisition of additional crown and free-hold lands in the proximity of
      the
      Contract Area; and

    

    WHEREAS,
      Mogul
      and Avir Enterprises Ltd. (“Avir”)
      entered into an Option dated April 16, 2005 (the “Option”),
      a
      copy of the Agreement is attached as Exhibit
      B
      hereto,
      for Mogul to Acquire P&NG Rights of Aivr’s Saskatchewan P&NG Lease PN
      46794 (the “Lease”),
      , a
      copy of the Lease is attached hereto as Exhibit
      C;

    

    WHEREAS,
      by
      Transfer Agreement dated June 2, 2005 (the “Transfer
      Agreement”),
      a
      copy of which is attached hereto as Exhibit
      D,
      Avir
      transferred to Transpacific as to 25% and Mogul as to 75%, 100% of its interest
      in the Lease; and 

    

    WHEREAS,
      Mogul
      and Mogul Energy International, Inc., a corporation organized and existing
      under
      the laws of the state of Delaware, USA (“MEI”)
      entered into a farm-out agreement dated November 8, 2005 (the “MEI
      Farm-Out Agreement”),
      a
      copy of which is attached hereto as Exhibit
      E; 

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
      the
      parties hereto deem it to be in their respective best interest to supplement
      the
      Binding Agreement so as to acknowledge the MEI Farm-in Agreement and to amend
      the Binding Agreement to reflect MEI’s assigned interest in the Lease.

    

    NOW,
      THEREFORE,
      the
      parties hereto, in consideration of the mutual covenants set forth herein and
      other and good consideration the receipt and sufficiency of which is hereby
      acknowledged, agree as follows:

     

    1.    Subject
      to MEI’s acceptance of the terms of this Assignment and of the Binding Agreement
      as amended and supplemented hereby, MEI shall be deemed a party to the Binding
      Agreement as contemplated by Section 11 thereof, provided that:

    

    2.    MEI
      agrees that, in return for its earning of a 50% interest in the project, MEI
      will be responsible for the payment of one hundred (100%) percent of all
      expenses, costs of drilling, testing and completion or abandonment of the
      Fairlight 5-2-11-32 W1M exploratory well, all production facilities, field
      offices, the acquisition of the crown and freehold lands and seismic in the
      general area. 

    

    3.    Consequently,
      the parties hereto acknowledge that the interests of the Mogul, Transpacific
      and
      MEI in and to the Lease for all purposes contemplated by the Binding Agreement
      shall become as follows:

    

    
      	
              MEI:

            	 	
              50%
                working interest; 

            
	 	 	 
	
              Mogul:

            	 	
              25%
                carried working interest; and

            
	 	 	 
	
              Transpacific:

            	 	
              25%
                carried working interest

            

    

    

    4.    Upon
      the
      completion and equipping or abandonment of the Fairlight 5-2 11-32 W1M
      exploratory well, the acquisition of the crown and freehold lands and seismic,
      MEI, Transpacific and Mogul will each be responsible for any further investments
      in accordance with their respective Participation Interests. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    5.    Except
      as
      supplemented and amended hereby the provisions of the Transpacific Joint Venture
      Agreement remain in full force and effect.

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto caused this Agreement to be duly executed and accepted as of
      the
      dates set forth below.

    

    

    
      	
              Mogul
                Energy Ltd.

            	 	
              Dated:
                December 9, 2005

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              By: 
                

            	
              /s/
                Parvez Tyab

            	 	 
	
              Parvez
                Tyab, President

            	 	 
	 	 	 	 
	 	 	 	 
	
              TransPacific
                Petroleum Corp.

            	 	
              Dated:
                December 9, 2005

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              By: 
                

            	
              /s/
                Ghareeb Awad

            	 	 
	
              Dr.
                Ghareeb Awad, President

            	 	 

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Acceptance
      by Mogul Energy International, Inc.

    

    The
      foregoing is agreed and accepted as of this 9th day of November,
      2005.

    

    

    
      	
              Mogul
                Energy International, Inc.

            	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              By: 
                

            	
              /s/
                Naeem Tyab

            	 	 
	
              Naeem
                Tyab, President

            	 	 

    

     

     

    3

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