Document:

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                                                                    EXHIBIT 4.17

                          REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement ("Agreement"), dated as of December 19, 2001,
is made by and among Weatherford ER Acquireco Inc., an Alberta corporation (the
"Purchaser"), Weatherford International, Inc., a Delaware corporation
("Company"), and those certain holders listed on the signature page(s) hereto
(individually a "Holder" and collectively the "Holders"), who hereby agree as
follows:

1.       INTRODUCTION

For purposes of this Agreement, the following terms shall have the meanings
ascribed to them below.

       "Agreement"                       shall mean this Registration Rights
                                         Agreement, as amended, supplemented or
                                         otherwise modified from time to time;

       "best lawful efforts"             shall mean the efforts that a prudent
                                         business person desirous of achieving a
                                         result would use under similar
                                         circumstances to ensure that such
                                         result is achieved as expeditiously as
                                         possible;

       "Common Stock"                    shall mean the Company's common stock,
                                         par value $1.00 per share;

       "Exchange Act"                    shall mean the United States Securities
                                         Exchange Act of 1934, as amended, or
                                         any successor legislation thereto
                                         (including the rules and regulations
                                         promulgated thereunder);

       "Exchange Rights Agreement"       shall mean the Exchange Rights
                                         Agreement by and among the Company,
                                         WCL, the Purchaser and the Holders,
                                         dated as of the date hereof;

       "Exchangeable Share Provisions"   shall mean that certain portion of the
                                         Articles of Incorporation of the
                                         Purchaser setting forth the rights,
                                         privileges, restrictions and conditions
                                         attaching to the Exchangeable Shares;

       "Exchangeable Shares"             shall mean the exchangeable shares in
                                         the capital stock of the Purchaser
                                         issued to each Holder pursuant to the
                                         Share Purchase Agreement;

       "Registrable Securities"          shall mean (a) the Shares and (b) any
                                         Common Stock or other securities of the
                                         Company issued or issuable with respect
                                         to any of the Shares by way of stock
                                         dividend or stock split, or in
                                         connection with a combination of
                                         shares,
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                                         recapitalization, merger, consolidation
                                         or other reorganization or otherwise.

       "Rule 144"                        shall mean Rule 144 promulgated by the
                                         SEC under the Securities Act, or any
                                         successor to such rule;

       "Rule 145"                        shall mean Rule 145 promulgated by the
                                         SEC under the Securities Act, or any
                                         successor to such rule;

       "Rule 158"                        shall mean Rule 158 promulgated by the
                                         SEC under the Securities Act, or any
                                         successor to such rule;

       "Share Purchase Agreement"        shall mean the Share Purchase
                                         Agreement, dated December __, 2001,
                                         among the Purchaser, and the Holders;

       "SEC"                             shall mean the United States Securities
                                         and Exchange Commission, or any
                                         successor agency thereto;

       "Securities Act"                  shall mean the United States Securities
                                         Act of 1933, as amended, or any
                                         successor legislation thereto
                                         (including the rules and regulations
                                         promulgated thereunder);

       "Shares"                          means the Common Stock issuable to each
                                         Holder in accordance with the
                                         Exchangeable Share Provisions and the
                                         Exchange Rights Agreement;

       "WCL"                             shall mean Weatherford Canada Ltd., a
                                         corporation amalgamated under the laws
                                         of the Province of Alberta.

The words "hereof', "herein" and "hereunder" and words of similar import when
used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and section, subsection, schedule and
exhibit references are to this Agreement. Capitalized terms used in this
Agreement but not defined herein shall have the meanings ascribed to them in the
Share Purchase Agreement.

2.       SHELF REGISTRATION

         (a)      The holders owning of record an aggregate of 50% or more of
                  the Exchangeable Shares may at any time within two years from
                  the date of this Agreement, request registration under the
                  Securities Act of all the Registrable Securities (a "Demand
                  Request"). Within 10 days after receipt of a Demand Request,
                  the Company shall

                                      -2-
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                  give written notice of the Demand Request to all other Holders
                  of the Exchangeable Shares. Within 30 days after receipt of a
                  Demand Request, the Company will file a "shelf" registration
                  statement (the "Shelf Registration") on Form S-3 (or other
                  appropriate form) pursuant to Rule 415 under the Securities
                  Act (or any similar rule that may be adopted under that Act)
                  with respect to the registration of the original issuance of
                  the Registrable Securities to the holders of the Exchangeable
                  Shares. The Company will use its best lawful efforts to cause
                  the Shelf Registration to be declared effective as promptly as
                  is practicable after such filing and, subject to subsections
                  (c) and (d) below, will use its best lawful efforts to keep
                  the Shelf Registration effective, supplemented and amended to
                  the extent necessary to assure that it is available for the
                  original issuance of the Registrable Securities to the holders
                  of the Exchangeable Shares and that it conforms with the
                  requirements of this Agreement, the Securities Act, and the
                  policies, rules and regulations of the SEC, in each case
                  during the entire period (the "Shelf Registration Period")
                  beginning on the date such Shelf Registration shall first be
                  declared effective under the Securities Act (the "Shelf
                  Effective Date") and ending on the earlier of (i) the second
                  anniversary of the Shelf Effective Date and (ii) the date on
                  which all of the Registrable Securities have been issued to
                  the holders of the Exchangeable Shares.

         (b)      Each Holder will, within 5 business days after the date of
                  issuing a Demand Request, or within 5 business days after
                  receiving notice of a Demand Request, as the case may be,
                  furnish the Company in writing, if applicable, any of the
                  information specified in Items 507 and 508 of Regulation S-K
                  under the Securities Act, or any other information required by
                  the Securities Act or the Rules of the SEC to be included in
                  the Shelf Registration and will promptly furnish to the
                  Company any such information upon the Company's request for
                  inclusion in any new prospectus or prospectus supplement or
                  post-effective amendment.

         (c)      If during the Shelf Registration Period, the Company believes
                  that an event or events have occurred which, in the good faith
                  opinion of the Company, require the filing of a new prospectus
                  or prospectus supplement or post-effective amendment in order
                  that the prospectus not contain any misstatement of a material
                  fact or not omit to state a material fact required to be
                  stated therein or necessary to make the statements therein (in
                  the light of the circumstances under which they were made) not
                  misleading (a "Corrective Filing"), the Company shall promptly
                  so notify the Holders (a "Material Event Notice"), and the
                  Company shall prepare and file with the SEC and deliver to the
                  Holders such Corrective Filing, as promptly as practicable but
                  in any event within ten days after the date a Material Event
                  Notice is given, except that the Company may delay such filing
                  for such number of days, not to exceed 90, if the Company
                  determines that (i) the public disclosure of any of the
                  information requiring the Corrective Filing is impractical or
                  would have a material adverse effect on the Company, or (ii)
                  the filing of such Corrective Filing would have a significant
                  disruptive effect on any material transaction then pending;
                  provided that such delay shall not be longer than is
                  reasonably required, in the Company's sole judgment, to avoid
                  such material adverse effect or significant disruptive effect.
                  If any new prospectus or

                                      -3-
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                  prospectus supplement or post-effective amendment is required
                  in connection with the Shelf Registration other than a
                  Corrective Filing (any such filing, other than a Corrective
                  Filing, is herein called a "Routine Filing"), the Company will
                  so notify the Holders in writing (a "Filing Notice") and shall
                  prepare and file with the SEC and deliver to the Holders such
                  Routine Filing as promptly as practicable but in any event
                  within ten days after the date the Filing Notice is given. The
                  Holders may exchange Exchangeable Shares for Registrable
                  Securities under the Shelf Registration during the Shelf
                  Registration Period, but if the Holders have received a
                  Material Event Notice or Filing Notice, such exchanges may not
                  be made under the Shelf Registration from the time such notice
                  is received in accordance with Section 5(i) below until the
                  date on which the Corrective Filing or Routine Filing, as the
                  case may be, has been filed or if the Corrective Filing or
                  Routine Filing is a post-effective amendment, the date the
                  post-effective amendment has become effective under the
                  Securities Act, of which date the Company shall give prompt
                  notice to the Holders by the same method as the first notice
                  is given (provided such method is available and functioning).

         (d)      Notwithstanding anything to the contrary contained in this
                  Section 2, the Company shall be permitted, on written notice
                  to the Holders, to suspend the period of exchange of
                  Exchangeable Shares for Registrable Securities under the Shelf
                  Registration at any time:

                  (i)      during the period beginning ten days prior to the
                           estimated date of filing, and ending on the date
                           twenty days following, the effective date of a
                           registration statement pertaining to an underwritten
                           public offering of securities for the account of the
                           Company; provided, however, that the Company shall
                           have received written advice from the managing
                           underwriter or underwriters that issuances of
                           Registrable Securities under the Shelf Registration
                           and the subsequent sale thereof could reasonably be
                           expected to adversely affect such offering;

                  (ii)     during any period in which the Company is in
                           possession of material non-public information
                           concerning it or its business and affairs, the public
                           disclosure of which, in the good faith judgement of
                           the Company, as certified in a certificate signed by
                           the President, Chief Executive Officer or General
                           Counsel of the Company and furnished to the Holders,
                           would have a material adverse effect on the Company;
                           or

                  (iii)    during any period if the Company is engaged in any
                           material acquisition, transaction or disposition
                           transaction that would, in the good faith judgement
                           of the Company, as certified in a certificate signed
                           by the President, Chief Executive Officer or General
                           Counsel of the Company and furnished to the Holders,
                           be significantly disrupted by the issuance of
                           Registrable Securities and the subsequent sale
                           thereof.

         (e)      The Company's filing of a report under the Exchange Act that
                  is incorporated by reference into the prospectus shall be
                  considered to be a Corrective Filing if such filing eliminates
                  the necessity of otherwise making a Corrective Filing.

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3.       REGISTRATION PROCEDURES

         (a)      Subject to Section 2, the Company will use its best lawful
                  efforts to effect the registration of the Registrable
                  Securities pursuant to this Agreement and in so doing will:

                  (i)      prepare and file with the SEC under the Securities
                           Act a registration statement with respect to the
                           Registrable Securities, and use its best lawful
                           efforts to cause such registration statement to
                           become effective and to remain effective as provided
                           herein;

                  (ii)     prepare and file with the SEC such amendments and
                           supplements, if any, to such registration statement
                           and the prospectus used in connection therewith as
                           may be necessary to (i) keep such registration
                           statement effective during the Shelf Registration
                           Period and (ii) comply with the provisions of the
                           Securities Act with respect to the issuance of all
                           securities covered by such registration statement in
                           accordance with the "plan of distribution" set forth
                           in such registration statement;

                  (iii)    furnish to each Holder such number of copies of such
                           registration statement (including exhibits), each
                           amendment and supplement thereto, the prospectus
                           included in such registration statement (including
                           each preliminary prospectus) as such Holder may
                           reasonably request in order to facilitate the
                           issuance of the Registrable Securities;

                  (iv)     notify each Holder promptly (A) when the Company is
                           informed that such registration statement or any
                           post-effective amendment to such registration
                           statement becomes effective; (B) of any request by
                           the SEC for an amendment or any supplement to such
                           registration statement or any related prospectus; (C)
                           of the issuance by the SEC of any stop order
                           suspending the effectiveness of such registration
                           statement or of any order preventing or suspending
                           the use of any related prospectus or the initiation
                           or threat of any proceeding for that purpose; (D) of
                           the suspension of the qualification of the
                           Registrable Securities for sale in any jurisdiction
                           or the initiation or threat of a proceeding for that
                           purpose; and (E) at any time when a prospectus
                           relating thereto is required to be delivered under
                           the Securities Act, when it becomes aware of the
                           happening of any event as a result of which the
                           prospectus included in such registration statement
                           (as then in effect) contains any untrue statement of
                           a material fact or omits any fact necessary to make
                           the statements therein not misleading in light of the
                           circumstances then existing, and, as promptly as
                           practicable thereafter (but subject to Sections 2(c)
                           and 2(d));

                  (v)      if at any time the SEC shall issue any stop order
                           suspending the effectiveness of such registration
                           statement, or any securities commission or other
                           regulatory authority shall issue an order suspending
                           the qualification or exemption from qualification of
                           the Registrable Securities under the securities or
                           blue sky laws of any jurisdiction, the Company

                                      -5-
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                           shall use commercially reasonable efforts to obtain
                           the withdrawal or lifting of such order at the
                           earliest possible time;

                  (vi)     upon the occurrence of any event contemplated by
                           Section 3(a)(iv)(E) above, prepare in sufficient
                           quantities a supplement or amendment to such
                           prospectus so that, as thereafter delivered to each
                           Holder, such prospectus will not contain any untrue
                           statement of a material fact or omit to state any
                           fact necessary to make the statements therein not
                           misleading in light of the circumstances then
                           existing;

                  (vii)    subject to the execution of confidentiality
                           agreements in a form reasonably satisfactory to the
                           Company, make reasonably available for inspection by
                           any Holder, the Representative Counsel (as
                           hereinafter defined) and any attorney, accountant or
                           other agent retained by any such Representative
                           Counsel, all financial and other records, pertinent
                           corporate documents and properties of the Company,
                           and cause the Company's officers, directors and
                           employees to supply all information reasonably
                           requested by any such Holder, Representative Counsel,
                           attorney, accountant or agent in connection with such
                           registration statement to the extent such information
                           is reasonably necessary in order for any such party
                           to fulfill its role with respect to the preparation
                           and completion of the registration statement; and

                  (viii)   provide the Holders and Representative Counsel a
                           reasonable opportunity to review and comment on any
                           filing to be made in connection with any such
                           registration, other than documents incorporated by
                           reference in such registration statement.

         In the case of each registration, qualification or compliance effected
by the Company pursuant to this Agreement, the Company will keep each Holder
advised in writing as to the initiation of each registration, qualification and
compliance and as to the completion thereof.

         (b)      Each Holder agrees that:

                  (i)      upon receipt of any notice from the Company of the
                           happening of any event of the kind described in
                           Section 3(a)(iv)(E), such Holder will forthwith
                           discontinue such Holder's exchange of Exchangeable
                           Shares for Registrable Securities pursuant to the
                           registration statement covering such Registrable
                           Securities until such Holder's receipt of the copies
                           of the supplemented or amended prospectus
                           contemplated by Section 3(a)(vi); and

                  (ii)     in connection with the preparation and review
                           pursuant to this Agreement of any registration
                           statement or prospectus or any amendments or
                           supplements thereto, the Holders of a majority of the
                           Registrable Securities will choose one counsel
                           ("Representative Counsel") who shall represent all of
                           the Holders at their expense and participate in the
                           registration process on their behalf and will
                           coordinate requests by Holders for information from
                           the Company and act as liaison between

                                      -6-
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                           such Holders or their individual counsel, accountants
                           and agents and the Company.

4.       REGISTRATION EXPENSES

Whether or not any registration pursuant to this Agreement shall become
effective, all expenses incident to the Company's performance of or compliance
with this Agreement, including without limitation all registration and filing
fees, National Association of Securities Dealers' fees, fees and expenses of
compliance with U.S. state securities or blue sky laws, printing and engraving
expenses and fees and disbursements of counsel for the Company, the independent
certified public accountants for the Company, underwriters (excluding discounts
and commissions) and other persons retained by the Company (all such expenses
being herein called "Registration Expenses"), will be borne by the Company;
provided, however, that each Holder shall pay (A) any underwriting discounts and
selling commissions applicable to such Registrable Securities sold by such
Holder and (B) such Holder's pro rata share of all fees and disbursements of
counsel for the Holders.

5.       MISCELLANEOUS

         (a)      Termination - This Agreement and all rights, obligations and
                  restrictions hereunder with respect to any Registrable
                  Securities will terminate (the "Termination Date") if a Demand
                  Request has not been received by the Company within two years
                  from the date of this Agreement. If a Demand Request has been
                  received by the Company within two years from the date of this
                  Agreement, then the Termination Date shall be the earliest to
                  occur of (1) two years from the Shelf Effective Date, or (2)
                  the date on which all of the Registrable Securities have been
                  issued to the holders of the Exchangeable Shares.

         (b)      Waivers - Except as otherwise provided herein, the Company may
                  not take any action herein prohibited, or omit to perform any
                  act herein required to be performed by it, unless the Company
                  has obtained the prior written consent of the Holders of all
                  Registrable Securities.

         (c)      Amendments - Except as otherwise provided herein, this
                  Agreement may be amended only with the written consent of the
                  Company, the Purchaser and the Holders of all Registrable
                  Securities.

         (d)      Subsequent Holders of Registrable Securities - This Agreement
                  shall not be assignable by the Holders; provided, however,
                  this Agreement shall not prohibit the Holders from assigning
                  their respective rights under this Agreement to transferees of
                  Exchangeable Shares who receive such Exchangeable Shares by
                  gift, by will or the laws of descent and distribution.

         (e)      Severability - Whenever possible, each provision of this
                  Agreement will be interpreted in such manner as to be
                  effective and valid under applicable law, but if any provision
                  of this Agreement is held to be prohibited by or invalid under
                  applicable law, such provision will be ineffective only to the
                  extent of such prohibition or invalidity, without invalidating
                  the remainder of this Agreement.

                                      -7-
<PAGE>

         (f)      Counterparts - This Agreement may be executed simultaneously
                  in two or more counterparts, any one of which need not contain
                  the signatures of more than one party, but all counterparts
                  taken together will constitute one and the same Agreement.

         (g)      Descriptive Headings - The descriptive headings of this
                  Agreement are inserted for convenience only and do not
                  constitute a part of this Agreement.

         (h)      Governing Law - All questions concerning the construction,
                  validity and interpretation of this Agreement and the exhibits
                  and schedules hereto will be governed by the internal law, and
                  not the law of conflicts, of the State of Texas.

         (i)      Notices - Unless otherwise provided herein, all notices,
                  demands or other communications to be given or delivered under
                  or by reason of the provisions of this Agreement will be in
                  writing and will be deemed to have been received (1) on the
                  date delivered personally to the recipient, (2) on the fifth
                  day after being mailed by certified or registered mail, return
                  receipt requested and postage prepaid to the recipient, or (3)
                  on the date sent by facsimile or e-mail to the recipient
                  provided that the sender receives notice or confirmation of
                  error-free delivery of such fax or does not receive prompt
                  notice of delivery failure of such e-mail. Such notices,
                  demands and other communications will be sent to each of the
                  Holders at their respective addresses, facsimile numbers and
                  e-mail addresses set forth on the signature pages to this
                  Agreement or as provided by the Holders to the Company from
                  time to time, and to the Company at the address, facsimile
                  number and e-mail address indicated below:

         If to the Company or Purchaser:

         c/o Weatherford International, Inc.
         515 Post Oak Boulevard, Suite 600
         Houston, Texas 77027
         Telephone:  (713) 693-4178
         Telecopy: (713) 693-4484
         E-mail:  burt.martin@weatherford.com
         Attention:  Burt M. Martin, Vice President-Law

         with a copy to:

         Andrews & Kurth, L.L.P
         600 Travis, Suite 4200
         Houston, Texas 77002
         Telephone:  (713) 220-4200
         Telecopy: (713) 220-4285
         E-mail:  bjewell@akllp.com
         Attention: Robert V. Jewell

or to such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party.

                                      -8-
<PAGE>

         (j)      Benefit of Agreement - No person not a party to this Agreement
                  shall have rights under this Agreement as third party
                  beneficiary or otherwise.

         (k)      Entire Agreement - This Agreement is the entire agreement
                  between the Company, on the one hand, and the Holders, on the
                  other hand, with respect to registration by the Company of
                  Registrable Securities.

         (l)      Aircraft Carrier Release - The parties recognize that
                  fundamental changes in the SEC's registration procedures may
                  be made by adoption of the SEC's Aircraft Carrier Release in
                  its current or any revised form. Should that occur, or should
                  such changes otherwise occur, the parties will amend this
                  Agreement in a reasonable manner so as to approximate as
                  closely as possible the same access of the Holders to the
                  public markets for their Registrable Securities without
                  materially increasing any burden to the Company of providing
                  that access.

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         IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the date first above written.

                                            WEATHERFORD ER ACQUIRECO INC.

                                            By: /s/ Burt M. Martin
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                            WEATHERFORD INTERNATIONAL, INC.

                                            By: /s/ Burt M. Martin
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

Address:                                 HOLDERS:

c/o Ian Bruce                            /s/ A. Lynn Biluk
Peters & Co. Limited                     ---------------------------------------
2500 First Canadian Place                A. Lynn Biluk
Calgary, Alberta T2P 4N1
Telephone: (403) 261-4850
Facsimile: (403) 237-2339
E-mail: ibruce@petersco.com

c/o Ian Bruce                            /s/ Jamie E. Biluk
Peters & Co. Limited                     ---------------------------------------
2500 First Canadian Place                Jamie E. Biluk
Calgary, Alberta T2P 4N1
Telephone: (403) 261-4850
Facsimile: (403) 237-2339
E-mail: ibruce@petersco.com

c/o Ian Bruce                            /s/ N. Scott A. Biluk
Peters & Co. Limited                     ---------------------------------------
2500 First Canadian Place                N. Scott A. Biluk
Calgary, Alberta T2P 4N1
Telephone: (403) 261-4850
Facsimile: (403) 237-2339
E-mail: ibruce@petersco.com

c/o Ian Bruce                            /s/ Tracey L. Biluk
Peters & Co. Limited                     ---------------------------------------
2500 First Canadian Place                Tracey L. Biluk
Calgary, Alberta T2P 4N1
Telephone: (403) 261-4850
Facsimile: (403) 237-2339
E-mail: ibruce@petersco.com

                                      -10-<PAGE>
                                                                    EXHIBIT 4.18

                            EXCHANGE RIGHTS AGREEMENT

         THIS AGREEMENT made as of the 19th day of December, 2001

BETWEEN:

                  WEATHERFORD INTERNATIONAL, INC., a corporation existing under
                  the laws of the State of Delaware (hereinafter referred to as
                  "WII")

                  and

                  WEATHERFORD CANADA LTD., a corporation existing under the laws
                  of the Province of Alberta (hereinafter referred to as "WCL")

                  and

                  WEATHERFORD ER ACQUIRECO INC., a corporation existing under
                  the laws of Alberta (hereinafter referred to as the
                  "CORPORATION")

                  and

                  JAMIE E. BILUK, of the City of Red Deer, in the Province of
                  Alberta (hereinafter referred to as "JAMIE")

                  and

                  N. SCOTT A. BILUK, of the City of Red Deer, in the Province of
                  Alberta (hereinafter referred to as "SCOTT")

                  and

                  A. LYNN BILUK, of the City of Red Deer, in the Province of
                  Alberta (hereinafter referred to as "LYNN")

                  and

                  TRACEY L. BILUK, of the City of Red Deer, in the Province of
                  Alberta (hereinafter referred to as "TRACEY")

         WHEREAS pursuant to a Share Purchase Agreement dated as of December 19,
2001, (such agreement as it may be amended or restated is hereinafter referred
to as the "SHARE PURCHASE AGREEMENT") by and among the Corporation and Jamie,
Scott, Lynn and Tracey (Jamie, Scott, Lynn and Tracey are each individually
referred to as "Shareholder" and collectively referred to as the
"SHAREHOLDERS"), the Corporation has agreed to pay U.S.$13,750,000 (less certain
deductions) and has agreed to issue

<PAGE>

1,375,000 Exchangeable Shares of the Corporation (the "Exchangeable Shares") to
the Shareholders in exchange for all the issued and outstanding shares of ER
Amalco Inc. and EP Amalco Inc.;

         AND WHEREAS the Articles of the Corporation set forth the rights,
privileges, restrictions and conditions attaching to the Exchangeable Shares
(the "EXCHANGEABLE SHARE PROVISIONS");

         AND WHEREAS certain parties have agreed to grant to other parties
rights to acquire or to sell outstanding Exchangeable Shares.

         NOW THEREFORE in consideration of the respective covenants and
agreements provided in this Agreement and for other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged),
the parties agree as follows:

                                   ARTICLE 1
                         DEFINITIONS AND INTERPRETATION

1.1      DEFINITIONS.

         In this Agreement, the following terms shall have the following
meanings:

"AGREEMENT" means this Exchange Rights Agreement, as the same may be amended,
supplemented or restated.

"APPLICABLE LAWS" has the meaning ascribed thereto in Section 2.6 of the Support
Agreement.

"AUTOMATIC EXCHANGE RIGHTS" means the benefit of the obligation of WCL to effect
the automatic exchange of WII Common Stock for Exchangeable Shares and any other
consideration provided for in Section 4.3 hereof.

"AUTOMATIC REDEMPTION DATE" has the meaning ascribed thereto in the Exchangeable
Share Provisions.

"BOARD OF DIRECTORS" means the Board of Directors of the Corporation or the
shareholders of the Corporation to the extent the shareholders exercise the
powers of the Board of Directors pursuant to a Unanimous Shareholder Agreement.

"BUSINESS DAY" has the meaning ascribed thereto in the Exchangeable Share
Provisions.

"EXCHANGE PUT DATE" has the meaning ascribed thereto in Section 3.2 hereof.

"EXCHANGE PUT RIGHT" has the meaning ascribed thereto in Section 3.1 hereof.

"EXCHANGE RIGHT" has the meaning ascribed thereto in Section 2.1 hereof.

                                     - 2 -
<PAGE>

"EXCHANGEABLE SHARE CONSIDERATION" has the meaning ascribed thereto in the
Exchangeable Share Provisions.

"EXCHANGEABLE SHARE PRICE" has the meaning ascribed thereto in the Exchangeable
Share Provisions.

"EXCHANGEABLE SHARE PROVISIONS" has the meaning ascribed thereto in the recitals
hereto.

"EXCHANGEABLE SHARES" has the meaning set out in the recitals hereto.

"HOLDERS" means the registered holders from time to time of Exchangeable Shares,
other than WII, WCL and any other Subsidiary of WII.

"INSOLVENCY EVENT" means the institution by the Corporation of any proceeding to
be adjudicated a bankrupt or insolvent or to be dissolved or wound-up, or the
consent of the Corporation to the institution of bankruptcy, insolvency,
dissolution or winding-up proceedings against it, or the filing of a petition,
answer or consent seeking dissolution or winding-up under any bankruptcy,
insolvency or analogous laws, including without limitation the Companies'
Creditors Arrangement Act (Canada) and the Bankruptcy and Insolvency Act
(Canada), and the failure by the Corporation to contest in good faith any such
proceedings commenced in respect of the Corporation within thirty (30) days of
becoming aware thereof, or the consent by the Corporation to the filing of any
such petition or to the appointment of a receiver, or the making by the
Corporation of a general assignment for the benefit of creditors, or the
admission in writing by the Corporation of its inability to pay its debts
generally as they become due, or the Corporation not being permitted, pursuant
to liquidity or solvency requirements of applicable law, to redeem any
Exchangeable Shares in accordance with the terms thereof or to redeem any other
exchangeable shares of the Corporation in accordance with the terms thereof,

"LIQUIDATION AMOUNT" has the meaning ascribed thereto in the Exchangeable Share
Provisions.

"LIQUIDATION CALL RIGHT" has the meaning ascribed thereto in Section 5.1 hereof.

"LIQUIDATION CALL PURCHASE PRICE" has the meaning ascribed thereto in Section
5.1 hereof.

"LIQUIDATION DATE" has the meaning ascribed thereto in the Exchangeable Share
Provisions.

"LIQUIDATION EVENT" has the meaning ascribed thereto in Section 4.2 hereof,

"LIQUIDATION EVENT EFFECTIVE TIME" has the meaning ascribed thereto in Section
4.3 hereof.

                                     - 3 -
<PAGE>

"OFFICER'S CERTIFICATE" means, with respect to the Corporation or WCL, as the
case may be, a certificate signed by any one of the directors or officers of the
Corporation or of WCL, as the case may be.

"PERSON" includes an individual, partnership, corporation, company,
unincorporated syndicate or organization, trust, trustee, executor,
administrator and other legal representative.

"REDEMPTION CALL PURCHASE PRICE" has the meaning ascribed thereto in Section 6.1
hereof.

"REDEMPTION CALL RIGHT" has the meaning ascribed thereto in Section 6.1 hereof.

"REDEMPTION PRICE" has the meaning ascribed thereto in the Exchangeable Share
Provisions.

"REGISTRATION RIGHTS AGREEMENT" has the meaning ascribed thereto in Section 2.6
of the Support Agreement.

"RETRACTED SHARES" has the meaning ascribed thereto in the Exchangeable Share
Provisions.

"RETRACTION CALL RIGHT" has the meaning ascribed thereto in the Exchangeable
Share Provisions.

"RETRACTION REQUEST" has the meaning ascribed thereto in the Exchangeable Share
Provisions.

"SHARE PURCHASE AGREEMENT" has the meaning ascribed thereto in the recitals
hereto.

"SHAREHOLDER" and "SHAREHOLDERS" have the meanings ascribed thereto in the
recitals hereto.

"SUBSIDIARY" has the meaning ascribed thereto in the Exchangeable Share
Provisions.

"SUPPORT AGREEMENT" means that certain support agreement made as of even date
hereof between the Corporation, WCL and WII as amended, supplemented or
restated.

"TRADES" has the meaning ascribed thereto in Section 11.13 hereof.

"TRANSACTION DOCUMENTS" has the meaning ascribed thereto in Section 11.13
hereof.

"WII COMMON STOCK" means the shares of common stock in the capital of WII, with
a par value of U.S.$1.00, having voting rights of one vote per share, and any
other securities into which such shares may be changed.

"WII SUCCESSOR" has the meaning ascribed thereto in Section 9.1(a) hereof.

                                     - 4 -
<PAGE>

1.2      INTERPRETATION NOT AFFECTED BY HEADINGS, ETC.

         The division of this Agreement into Articles, Sections and other
portions and the insertion of headings are for convenience of reference only and
shall not affect the construction or interpretation of this Agreement. Unless
otherwise indicated, all references to an "Article" or "Section" followed by a
number and/or a letter refer to the specified Article or Section of this
Agreement. The terms "this Agreement", "hereof", "herein" and "hereunder" and
similar expressions refer to this Agreement and not to any particular Article,
Section or other portion hereof and include any agreement or instrument
supplementary or ancillary hereto.

1.3      NUMBER, GENDER, ETC.

         Words importing the singular number only shall include the plural and
vice versa. Words importing the use of any gender shall include all genders.

1.4      DATE FOR ANY ACTION.

         If any date on which any action is required to be taken under this
Agreement is not a Business Day, such action shall be required to be taken on
the next succeeding Business Day.

                                   ARTICLE 2
                                 EXCHANGE RIGHT

2.1      GRANT OF THE EXCHANGE RIGHT.

         The Holders shall have the right (the "EXCHANGE RIGHT"), upon the
occurrence and during the continuance of an Insolvency Event, to require WCL to
purchase from each or any Holder all or any part of the Exchangeable Shares held
by the Holder, all in accordance with the provisions of this Agreement. WCL
hereby acknowledges receipt from the Shareholders of good and valuable
consideration (and the adequacy thereof) for the grant of the Exchange Right to
the Shareholders.

2.2      PURCHASE PRICE.

         The purchase price payable by WCL for each Exchangeable Share to be
purchased by WCL under the Exchange Right shall be an amount per share equal to
the Exchangeable Share Price on the last Business Day prior to the day of
closing of the purchase and sale of such Exchangeable Share under the Exchange
Right. In connection with each exercise of the Exchange Right, WCL will provide
to the Holders an Officer's Certificate setting forth the calculation of the
Exchangeable Share Price for each Exchangeable Share. The Exchangeable Share
Price for each such Exchangeable Share so purchased may be satisfied only by WCL
delivering or causing to be delivered to the Holders, the Exchangeable Share
Consideration representing the total Exchangeable Share Price.

                                     - 5 -
<PAGE>

2.3      EXERCISE INSTRUCTIONS.

         Subject to the terms and conditions herein set forth, a Holder shall be
entitled, upon the occurrence and during the continuance of an Insolvency Event,
to exercise the Exchange Right with respect to all or any part of the
Exchangeable Shares registered in the name of such Holder on the books of the
Corporation. To cause the exercise of the Exchange Right by the Holder, the
Holder shall deliver to WCL, in person or by registered mail, at its principal
office in Nisku, Alberta, the certificates representing the Exchangeable Shares
which such Holder desires WCL to purchase, duly endorsed in blank, and
accompanied by such other documents and instruments as may be required to effect
a transfer of Exchangeable Shares under the Business Corporations Act (Alberta),
other applicable laws, if any, and the by-laws of the Corporation and such
additional documents and instruments as the Corporation may reasonably require
together with (a) a duly completed form of notice of exercise of the Exchange
Right, contained on the reverse of or attached to the Exchangeable Share
certificates, stating (i) that the Holder thereby exercises the Exchange Right
so as to require WCL to purchase from the Holder the number of Exchangeable
Shares specified therein, (ii) that such Holder has good title to and owns all
such Exchangeable Shares to be acquired by WCL free and clear of all liens,
claims and encumbrances, (iii) the names in which the certificates representing
WII Common Stock issuable in connection with the exercise of the Exchange Right
are to be issued and (iv) the names and addresses of the persons to whom the
Exchangeable Share Consideration should be delivered and (b) payment (or
evidence satisfactory to the Corporation and WCL of payment) of the taxes (if
any) payable as contemplated by Section 11.10 hereof. If only a part of the
Exchangeable Shares represented by any certificate or certificates are to be
purchased by WCL under the Exchange Right, a new certificate for the balance of
such Exchangeable Shares shall be issued to the Holder at the expense of the
Corporation.

2.4      DELIVERY OF EXCHANGEABLE SHARE CONSIDERATION; EFFECT OF EXERCISE.

         Promptly after receipt of the certificates representing the
Exchangeable Shares which the Holder desires WCL to purchase under the Exchange
Right (together with such documents and instruments of transfer and a duly
completed form of notice of exercise of the Exchange Right), duly endorsed for
transfer to WCL, WCL shall notify the Corporation of its receipt of the same,
which notice to the Corporation shall constitute exercise of the Exchange Right
by the Holder of such Exchangeable Shares, and WCL shall immediately thereafter
deliver or cause to be delivered to the Holder of such Exchangeable Shares (or
to such other persons, if any, properly designated by such Holder), the
Exchangeable Share Consideration deliverable in connection with the exercise of
the Exchange Right; provided, however, that no such delivery shall be made
unless and until the Holder requesting the same shall have paid or provided
evidence satisfactory to the Corporation and WCL of the payment of the taxes (if
any) payable as contemplated by Section 11.10 hereof. Immediately upon the
giving of notice by the Holder to WCL and the Corporation of the exercise of the
Exchange Right, as provided in this Section 2.4, the closing of the transaction
of purchase and sale contemplated by the Exchange Right shall be deemed to have
occurred, and the Holder of such Exchangeable Shares shall be deemed to have
transferred to WCL all of its right, title and interest in and

                                     - 6 -
<PAGE>

to such Exchangeable Shares and shall cease to be a Holder of such Exchangeable
Shares and shall not be entitled to exercise any of the rights of a Holder in
respect thereof, other than the right to receive its proportionate part of the
total purchase price therefor, unless such Exchangeable Share Consideration is
not delivered by WCL to the Holder, for delivery to such Holder (or to such
other persons, if any, properly designated by such Holder), within five (5)
Business Days of the date of the giving of such notice by the Holder, in which
case the rights of the Holder shall remain unaffected until such Exchangeable
Share Consideration is delivered by WCL and any cheque included therein is paid.
Concurrently with such Holder ceasing to be a holder of Exchangeable Shares, the
Holder shall be considered and deemed for all purposes to be the holder of the
WII Common Stock deliverable or delivered to it pursuant to the Exchange Right.

2.5      EXERCISE OF EXCHANGE RIGHT SUBSEQUENT TO RETRACTION.

         In the event that a Holder has exercised its right under Article 6 of
the Exchangeable Share Provisions to require the Corporation to redeem all or
any Retracted Shares and is notified by the Corporation pursuant to Section 6(f)
of the Exchangeable Share Provisions that the Corporation will not be permitted
as a result of liquidity or solvency requirements of applicable law to redeem
all such Retracted Shares, and provided that WCL shall not have exercised the
Retraction Call Right with respect to the Retracted Shares and that the Holder
has not revoked the retraction request delivered by the Holder to the
Corporation pursuant to Section 6(a) of the Exchangeable Share Provisions, the
Retraction Request will constitute and will be deemed to constitute notice from
the Holder to WCL of exercise of the Exchange Right with respect to those
Retracted Shares which the Corporation is unable to redeem. In any such event,
the Corporation hereby agrees with WCL and the Holders to immediately notify WCL
of such prohibition against the Corporation redeeming all of the Retracted
Shares and immediately to forward or cause to be forwarded to WCL all relevant
materials delivered by the Holders to the Corporation (including without
limitation a copy of the Retraction Request delivered pursuant to Section 6(a)
of the Exchangeable Share Provisions) in connection with such proposed
redemption of the Retracted Shares and WCL will thereupon exercise the Exchange
Right with respect to the Retracted Shares that the Corporation is not permitted
to redeem and WCL will purchase such shares in accordance with the provisions of
this Article 2.

2.6      NOTICE OF INSOLVENCY EVENT.

         Forthwith following the occurrence of an Insolvency Event or any event
which with the giving of notice or the passage of time or both would be an
Insolvency Event, the Corporation and WCL shall give written notice thereof to
the Holders, which notice shall contain a brief statement of the right of the
Holders with respect to the Exchange Right.

2.7      WII COMMON STOCK.

         WII and WCL hereby represent, warrant and covenant that the WII Common
Stock deliverable as described herein will be duly authorized and validly issued
as fully

                                     - 7 -
<PAGE>

paid and non-assessable and shall be free and clear of any lien, claim or
encumbrance subject to and conditional upon compliance with applicable
securities laws.

                                   ARTICLE 3
                               EXCHANGE PUT RIGHT

3.1      GRANT OF THE EXCHANGE PUT RIGHT.

         Upon and subject to the terms and conditions contained herein, a Holder
shall have the right (the "EXCHANGE PUT RIGHT") at any time to require WCL to
purchase all or any part of the Exchangeable Shares of the Holder.

3.2      EXERCISE OF THE EXCHANGE PUT RIGHT.

         The Exchange Put Right provided in Section 3.1 hereof may be exercised
at any time by notice in writing in the form of Schedule A annexed hereto given
by the Holder to and received by WCL (the date of such receipt, the "EXCHANGE
PUT DATE") and accompanied by presentation and surrender of the certificates
representing such Exchangeable Shares, together with such documents and
instruments as may be required to effect a transfer of the Exchangeable Shares
under the applicable law and the by-laws of the Corporation and such additional
documents and instruments as WCL may reasonably require, at the principal office
in Nisku, Alberta of WCL, or at such other office or offices as WCL may
determine from time to time. Such notice shall stipulate the number of
Exchangeable Shares in respect of which the Exchange Put Right is exercised
(which may not exceed the numbers of shares represented by certificates
surrendered to WCL), shall be irrevocable unless the exchange is not completed
in accordance herewith and shall constitute the Holder's authorization to WCL
(and such other persons aforesaid) to effect the exchange on behalf of the
Holder.

3.3      COMPLETION OF PURCHASE AND SALE.

         The completion of the sale and purchase referred to in Section 3.2
hereof shall be required to occur, and WCL shall be required to take all actions
on its part necessary to permit it to occur, not later than the close of
business on the tenth (10th) Business Day following the Exchange Put Date. If
only a part of the Exchangeable Shares represented by any certificate are to be
sold and purchased pursuant to the exercise of the Exchange Put Right, a new
certificate for the balance of such Exchangeable Shares shall be issued to the
Holder at the expense of the Corporation.

3.4      REPRESENTATION, WARRANTY AND COVENANT OF SHAREHOLDER.

         The surrender by the Holder of Exchangeable Shares under Section 3.2
hereof shall constitute the representation, warranty and covenant of the Holder
to WCL that the Exchangeable Shares are sold to WCL free and clear of any lien,
encumbrance, security interest or adverse claim or interest.

                                     - 8 -
<PAGE>

3.5      PURCHASE PRICE.

         The purchase price payable by WCL for each Exchangeable Share to be
purchased by WCL under the Exchange Put Right shall be an amount per share equal
to the Exchangeable Share Price on the last Business Day prior to the day of
closing of the purchase and sale of such Exchangeable Share under the Exchange
Put Right. In connection with each exercise of the Exchange Put Right, WCL will
provide to the Holder an Officer's Certificate setting forth the calculation of
the Exchangeable Share Price for each Exchangeable Share. The Exchangeable Share
Price for each such Exchangeable Share so purchased may be satisfied only by WCL
delivering or causing to be delivered to the Holder the Exchangeable Share
Consideration representing the total Exchangeable Share Price.

3.6      WII COMMON STOCK.

         WII and WCL hereby represent, warrant and covenant that the WII Common
Stock deliverable as described herein will be duly authorized and validly issued
as fully paid and non-assessable and shall be free and clear of any lien, claim
or encumbrance subject to and conditional upon compliance with applicable
securities laws.

3.7      RIGHTS OF HOLDERS.

         On or after the close of business on the Exchange Put Date, the Holder
of the Exchangeable Shares in respect of which the Exchange Put Right is
exercised shall not be entitled to exercise any of the rights of a Holder in
respect thereof, other than the right to receive the total applicable
Exchangeable Share Price, unless upon presentation and surrender of certificates
in accordance with the foregoing provisions, payment of the Exchangeable Share
Consideration shall not be made, in which case the rights of such Holder shall
remain unaffected until such payment has been made. On and after the close of
business on the Exchange Put Date provided that presentation and surrender of
certificates and payment of the Exchangeable Share Consideration has been made
in accordance with the foregoing provisions, the Holder of the Exchangeable
Shares so purchased by WCL shall thereafter be considered and deemed for all
purposes to be the holder of the WII Common Stock deliverable or delivered to
it.

                                   ARTICLE 4
                    AUTOMATIC EXCHANGE ON LIQUIDATION OF WII

4.1      NOTICE OF LIQUIDATION, DISSOLUTION OR WINDING-UP OF WII.

         WII will give WCL written notice of any of the following events at the
time set forth below:

         (a)   in the event of any determination by the board of directors of
               WII to institute voluntary liquidation, dissolution or winding-up
               proceedings with respect to WII or to effect any other
               distribution of assets of WII among its stockholders for the
               purpose of winding-up its affairs, at least twenty-one

                                     - 9 -
<PAGE>

               (21) days prior to the proposed effective date of such
               liquidation, dissolution, winding-up or other distribution; and

         (b)   immediately, upon the earlier of (i) receipt by WII of notice of,
               and (ii) WII otherwise becoming aware of, any threatened or
               instituted claim, suit, petition or other proceedings with
               respect to the involuntary liquidation, dissolution or winding-up
               of WII or to effect any other distribution of assets of WII among
               its stockholders for the purpose of winding-up its affairs.

4.2      AUTOMATIC EXCHANGE RIGHT.

         Immediately following receipt by WCL from WII of notice of any event (a
"LIQUIDATION EVENT") contemplated by Section 4.1 hereof, WCL will give notice
thereof to the Holders. Such notice to be provided by WCL shall include a brief
description of the automatic exchange of Exchangeable Shares for WII Common
Stock provided for in Section 4.3 hereof (the "AUTOMATIC EXCHANGE RIGHTS").

4.3      EXERCISE OF AUTOMATIC EXCHANGE RIGHTS.

         In order that the Holders will be able to participate on a pro rata
basis with the holders of WII Common Stock in the distribution of assets of WII
in connection with a Liquidation Event, immediately prior to the effective time
(the "LIQUIDATION EVENT EFFECTIVE TIME") of a Liquidation Event all of the then
outstanding Exchangeable Shares shall be automatically exchanged for WII Common
Stock. To effect such automatic exchange WCL shall be deemed to have purchased
each Exchangeable Share outstanding immediately prior to the Liquidation Event
Effective Time, and held by the Holders, and each Holder shall be deemed to have
sold the Exchangeable Shares held by it at such time, free and clear of any
lien, claim or encumbrance, for a purchase price per share equal to the
Exchangeable Share Price applicable at such time. In connection with such
automatic exchange, WCL will provide to the Holders an Officer's Certificate
setting forth the calculation of the purchase price for each Exchangeable Share.

4.4      DELIVERY OF WII COMMON STOCK.

         The closing of the transaction contemplated by Section 4.3 hereof shall
be deemed to have occurred immediately prior to the Liquidation Event Effective
Time, and each Holder shall be deemed to have transferred to WCL all of the
Holder's right, title and interest in the Exchangeable Shares and shall cease to
be a Holder of such Exchangeable Shares and WCL shall deliver to the Holder the
Exchangeable Share Consideration deliverable upon the automatic exchange of
Exchangeable Shares. Concurrently with such Holder ceasing to be a holder of
Exchangeable Shares, the Holder shall be considered and deemed for all purposes
to be the Holder of the WII Common Stock deliverable or delivered to it pursuant
to the automatic exchange of Exchangeable Shares for WII Common Stock and the
certificates held by the Holder previously representing the Exchangeable Shares
exchanged by the Holder with WCL pursuant to such automatic exchange shall
thereafter be deemed to represent the WII Common Stock

                                     - 10 -
<PAGE>

delivered to the Holder by WCL pursuant to such transaction. Upon the request of
a Holder and the surrender by the Holder of Exchangeable Share certificates
deemed to represent WII Common Stock, duly endorsed in blank and accompanied by
such instruments of transfer as WCL may reasonably require, WCL shall deliver or
cause to be delivered to the Holder certificates representing the WII Common
Stock of which the Holder is the holder.

                                   ARTICLE 5
                           WCL LIQUIDATION CALL RIGHT

5.1      LIQUIDATION CALL RIGHT.

         WCL shall have the overriding right (the "LIQUIDATION CALL RIGHT"), in
the event of and notwithstanding the proposed liquidation, dissolution or
winding-up of the Corporation pursuant to Article 5 of the Exchangeable Share
Provisions, to purchase from all but not less than all of the Holders on the
Liquidation Date all but not less than all of the Exchangeable Shares held by
each such Holder on payment by WCL to the Holder of the Exchangeable Share Price
applicable on the last Business Day prior to the Liquidation Date (the
"LIQUIDATION CALL PURCHASE PRICE"). In the event of the exercise of the
Liquidation Call Right by WCL, each Holder shall be obligated to sell all the
Exchangeable Shares held by the Holder to WCL on the Liquidation Date on payment
by WCL to the Holder of the Liquidation Call Purchase Price for each such
Exchangeable Share.

5.2      NOTIFICATION.

         To exercise the Liquidation Call Right, WCL must notify the Corporation
of WCL's intention to exercise such right at least thirty (30) days before the
Liquidation Date in the case of a voluntary liquidation, dissolution or
winding-up of the Corporation and at least five (5) Business Days before the
Liquidation Date in the case of an involuntary liquidation, dissolution or
winding-up of the Corporation. The Corporation will notify the Holders as to
whether or not WCL has exercised the Liquidation Call Right forthwith after the
expiry of the date by which the same may be exercised by WCL. If WCL exercises
the Liquidation Call Right, on the Liquidation Date, WCL will purchase and the
Holders will sell all of the Exchangeable Shares then outstanding for a price
per share equal to the Liquidation Call Purchase Price.

5.3      METHOD OF DISTRIBUTION.

         For the purposes of completing the purchase of the Exchangeable Shares
pursuant to the Liquidation Call Right, WCL shall deliver to each Holder, on or
before the Liquidation Date, the Exchangeable Share Consideration representing
the total Liquidation Call Purchase Price. In connection with payment of the
Liquidation Call Purchase Price, WCL shall be entitled to liquidate some of the
WII Common Stock that would otherwise be deliverable to the particular Holder in
order to fund any statutory withholding tax obligation. Provided that such
Exchangeable Share Consideration has been so delivered to such Holder, on and
after the Liquidation Date the rights of each

                                     - 11 -
<PAGE>

Holder of Exchangeable Shares will be limited to receiving such Holder's
proportionate part of the total Liquidation Call Purchase Price payable by WCL
without interest upon presentation and surrender by the holder of certificates
representing the Exchangeable Shares held by such Holder and the Holder shall on
and after the Liquidation Date be considered and deemed for all purposes to be
the holder of the WII Common Stock delivered to such Holder. Upon surrender to
WCL of a certificate or certificates representing Exchangeable Shares, together
with such other documents and instruments as may be required to effect a
transfer of Exchangeable Shares under the Business Corporations Act (Alberta)
and the bylaws of the Corporation and such additional documents and instruments
or as the Corporation may reasonably require, the Holder of such surrendered
certificate or certificates shall be entitled to receive in exchange therefor,
and WCL shall deliver to such Holder, the Exchangeable Share Consideration to
which the Holder is entitled. If WCL does not exercise the Liquidation Call
Right in the manner described above, on the Liquidation Date the Holders will be
entitled to receive in exchange for their Exchangeable Shares the Liquidation
Amount otherwise payable by the Corporation in connection with the liquidation,
dissolution or winding-up of the Corporation pursuant to Article 5 of the
Exchangeable Share Provisions.

                                   ARTICLE 6
                           WCL REDEMPTION CALL RIGHT

6.1      REDEMPTION CALL RIGHT.

         WCL shall have the overriding right (the "REDEMPTION CALL RIGHT"),
notwithstanding the proposed redemption of the Exchangeable Shares pursuant to
Article 7 of the Exchangeable Share Provisions, to purchase from all but not
less than all of the Holders on the Automatic Redemption Date all but not less
than all of the Exchangeable Shares held by each such Holder on payment by WCL
to the Holder of the Exchangeable Share Price applicable on the last Business
Day prior to the Automatic Redemption Date (the "REDEMPTION CALL PURCHASE
Price"). In the event of the exercise of the Redemption Call Right by WCL, each
Holder shall be obligated to sell all the Exchangeable Shares held by the Holder
to WCL on the Automatic Redemption Date on payment by WCL to the Holder of the
Redemption Call Purchase Price for each such Exchangeable Share.

6.2      NOTIFICATION.

         To exercise the Redemption Call Right, WCL must notify the Corporation
of WCL's intention to exercise such right at least forty-five (45) days before
the Automatic Redemption Date. The Corporation will notify the Holders as to
whether or not WCL has exercised the Redemption Call Right forthwith after the
date by which the same may be exercised by WCL. If WCL exercises the Redemption
Call Right, on the Automatic Redemption Date WCL will purchase and the Holders
will sell all of the Exchangeable Shares then outstanding for a price per share
equal to the Redemption Call Purchase Price.

                                     - 12 -
<PAGE>

6.3      DELIVERY OF REDEMPTION CALL PURCHASE PRICE.

         For the purposes of completing the purchase of the Exchangeable Shares
pursuant to the Redemption Call Right, WCL shall deliver to each Holder, on or
before the Automatic Redemption Date, the Exchangeable Share Consideration
representing the total Redemption Call Purchase Price. In connection with
payment of the Redemption Call Purchase Price, WCL shall be entitled to
liquidate some of the WII Common Stock that would otherwise be deliverable to
the particular Holder in order to fund any statutory withholding tax obligation.
Provided WCL has complied with the immediately preceding sentence, on and after
the Automatic Redemption Date, the rights of each Holder will be limited to
receiving such Holder's proportionate part of the total Redemption Call Purchase
Price payable by WCL upon presentation and surrender by the Holder of
certificates representing the Exchangeable Shares held by such Holder and the
Holder shall on and after the Automatic Redemption Date be considered and deemed
for all purposes to be the holder of the WII Common Stock delivered to such
Holder. Upon surrender of a certificate or certificates representing
Exchangeable Shares, together with such other documents and instruments as may
be required to effect a transfer of Exchangeable Shares under the Business
Corporations Act (Alberta) and the bylaws of the Corporation and such additional
documents and instruments as the Corporation may reasonably require, the Holder
of such surrendered certificate or certificates shall be entitled to receive in
exchange therefor, and WCL shall deliver to such Holder, the Exchangeable Share
Consideration to which the Holder is entitled. If WCL does not exercise the
Redemption Call Right in the manner described above, on the Automatic Redemption
Date, the Holders will be entitled to receive in exchange therefor the
Redemption Price otherwise payable by the Corporation in connection with the
redemption of the Exchangeable Shares pursuant to Article 7 of the Exchangeable
Share Provisions.

                                   ARTICLE 7
                            WCL RETRACTION CALL RIGHT

7.1      RETRACTION CALL RIGHT.

         WCL shall have the overriding right, notwithstanding the proposed
redemption of a Holder's Exchangeable Shares by the Corporation pursuant to
Article 6 of the Exchangeable Share Provisions, to purchase directly from the
Holder all but not less than all of the Retracted Shares in accordance with
Section 6(c) of the Exchangeable Share Provisions.

7.2      ACKNOWLEDGEMENT OF RETRACTION CALL RIGHT.

         The Holders acknowledge the overriding Retraction Call Right of WCL to
purchase all but not less than all the Retracted Shares directly from the Holder
pursuant to Section 6(c) of the Exchangeable Share Provisions.

                                     - 13 -
<PAGE>

                                   ARTICLE 8
                               WITHHOLDING RIGHTS

8.1      RIGHT TO WITHHOLD.

         WCL and the Corporation shall be entitled to deduct and withhold from
any consideration otherwise payable under this Agreement to any Holder such
amounts as WCL or the Corporation is required or permitted to deduct and
withhold with respect to such payment under the Income Tax Act (Canada) (the
"ITA"), the United States Internal Revenue Code of 1986 or any provision of
provincial, state, local or foreign tax law, in each case as amended or
succeeded. To the extent that amounts are so withheld, such withheld amounts
shall be treated for all purposes as having been paid to such Holder in respect
of which such deduction and withholding was made, provided that such withheld
amounts are actually remitted to the appropriate taxing authority. To the extent
that the amount so required or permitted to be deducted and withheld from any
payment to a Holder exceeds the cash portion of the consideration otherwise
payable to the Holder, WCL and the Corporation are hereby authorized to sell or
otherwise dispose of such portion of the consideration as is necessary to
provide sufficient funds to WCL or the Corporation, as the case may be, to
enable it to comply with such deduction and withholding requirement and WCL or
the Corporation shall notify the Holder thereof and remit to such Holder any
unapplied balance of the net proceeds of such sale.

8.2      SECTION 116 CLEARANCE CERTIFICATE FOR NON-RESIDENT SHAREHOLDERS.

         For greater clarification and without limiting the generality of
Section 8.1 hereof, each Holder that is a non-resident of Canada for purposes of
section 116 of the ITA and to whom the Exchangeable Shares are "taxable Canadian
property" and not "excluded property" for purposes of the ITA shall, prior to a
disposition of such shares to the Corporation or WCL, deliver a section 116
clearance certificate to the Corporation or WCL, as applicable, failing which
the Corporation or WCL will withhold that portion of the proceeds of disposition
otherwise deliverable to such Holder sufficient to remit the amount required to
the Receiver General for Canada pursuant to the provisions of section 116 of the
ITA, and for this purpose may sell or otherwise convert to cash any non-cash
property that would otherwise be distributed to such Holder.

                                   ARTICLE 9
                                PARENT SUCCESSORS

9.1      CERTAIN REQUIREMENTS IN RESPECT OF REORGANIZATIONS, ETC.

         WII shall not consummate any transaction (whether by way of
reconstruction, reorganization, consolidation, merger, transfer, sale, lease or
otherwise) whereby all or substantially all of its undertaking, property and
assets would become the property of any other Person or, in the case of a
merger, of the continuing corporation resulting therefrom unless:

         (a)   such other Person or continuing corporation (the "WII SUCCESSOR")
               (i) by operation of law, becomes bound by the terms and
               provisions of this

                                     - 14 -
<PAGE>

               Agreement or, (ii) if not so bound, executes, prior to or
               contemporaneously with the consummation of such transaction, an
               agreement supplemental hereto and such other instruments (if any)
               as are reasonably necessary or advisable to evidence the
               assumption by the WII Successor of liability for all moneys
               payable and property deliverable hereunder and the covenant of
               such WII Successor to pay and deliver or cause to be delivered
               the same and its agreement to observe and perform all the
               covenants and obligations of WII under this Agreement, unless the
               board of directors of WII, in its sole discretion acting
               reasonably, determines that the Corporation will not require that
               the WII Successor assume the liabilities and obligations of WII
               under this Agreement as a condition to such transaction; and

         (b)   such transaction shall be upon such terms and conditions as
               substantially to preserve and not to impair in any material
               respect any of the rights, duties, powers and authorities of the
               other parties hereunder or the Holders.

9.2      VESTING OF POWERS IN SUCCESSOR.

         Whenever the conditions of Section 9.1 hereof have been duly observed
and performed, the WII Successor and the Corporation shall execute and deliver
the supplemental agreement provided for in Section 9.1(a) hereof and thereupon
the WII Successor shall possess and from time to time may exercise each and
every right and power of WII under this Agreement in the name of WII or
otherwise and any act or proceeding by any provision of this Agreement required
to be done or performed by the board of directors of WII or any officers of WII
may be done and performed with like force and effect by the directors or
officers of such WII Successor.

9.3      WHOLLY-OWNED SUBSIDIARIES.

         Nothing herein shall be construed as preventing the amalgamation or
merger of any wholly-owned subsidiary of WII with or into WII or the winding-up,
liquidation or dissolution of any wholly-owned subsidiary of WII provided that
all of the assets of such subsidiary are transferred to WII or another
wholly-owned subsidiary of WII. For greater certainty, any such transactions are
expressly permitted by this Article 9.

                                   ARTICLE 10
                     AMENDMENTS AND SUPPLEMENTAL AGREEMENTS

10.1     AMENDMENTS, MODIFICATIONS, ETC.

         This Agreement may not be amended or modified except by an agreement in
writing executed by the Corporation, WII, WCL and approved by the Holders in
accordance with Section 9(b) of the Exchangeable Share Provisions.

                                     - 15 -
<PAGE>

10.2     MEETING TO CONSIDER AMENDMENTS.

         The Corporation, at the request of WCL, shall call a meeting or
meetings of the Holders for the purpose of considering any proposed amendment or
modification requiring approval pursuant hereto. Any such meeting or meetings
shall be called and held in accordance with the by-laws of the Corporation, the
Exchangeable Share Provisions and all applicable laws.

10.3     CHANGES IN CAPITAL OF WII AND THE CORPORATION.

         At all times after the occurrence of any event described in Section 2.7
or Section 2.8 of the Support Agreement, as a result of which either WII Common
Stock or Exchangeable Shares or both are in any way changed, this Agreement
shall forthwith be amended and modified as necessary in order that it shall
apply with full force and effect, mutatis mutandis, to all new securities into
which WII Common Stock or Exchangeable Shares or both are so changed and the
parties hereto shall execute and deliver a supplemental agreement giving effect
to and evidencing such necessary amendments and modifications.

                                   ARTICLE 11
                                     GENERAL

11.1     CALL RIGHTS.

         The Liquidation Call Right, the Redemption Call Right, the Retraction
Call Right, the Exchange Right, the Exchange Put Right and the Automatic
Exchange Rights are hereby agreed, acknowledged and confirmed. WII also hereby
confirms and grants to the Corporation and WCL the rights of the Holders to be
issued WII Common Stock upon any exchange, redemption, or retraction of the
Exchangeable Shares in accordance with the terms of this Agreement or the
Exchangeable Share Provisions.

11.2     TERM.

         This Agreement shall continue until the earliest to occur of the
following events:

         (a)   no outstanding Exchangeable Shares are held by a Holder; and

         (b)   each of the Corporation, WCL and WII elects in writing to
               terminate this Agreement and such termination is approved by the
               Holders in accordance with Section 9(b) of the Exchangeable Share
               Provisions.

11.3     SEVERABILITY.

         If any provision of this Agreement is held to be invalid, illegal or
unenforceable, the validity, legality or enforceability of the remainder of this
Agreement shall not in any way be affected or impaired thereby and this
Agreement shall be carried out as nearly as possible in accordance with its
original terms and conditions.

                                     - 16 -
<PAGE>

11.4     ENUREMENT.

         This Agreement shall be binding upon and enure to the benefit of the
parties hereto and their respective successors and permitted assigns and to the
benefit of the Holders. The Holders agree and acknowledge that the transfer of
the Exchangeable Shares (other than to WCL and any other Subsidiary of WII) is
subject to the assignee becoming a party to this Agreement.

11.5     NOTICES.

         All notices, demands and requests required or permitted to be given
under the provisions of this Agreement shall be deemed duly given if mailed by
registered mail, postage prepaid, return receipt requested, or by Federal
Express or similar overnight delivery service, or if delivered personally, at
the following addresses pending the designation of another address in accordance
with the provisions hereof:

         (a)      If to WII, the Corporation and/or WCL:

                  Weatherford International, Inc.
                  Suite 600, 515 Post Oak Blvd.
                  Houston, Texas   77027
                  Attention: Burt Martin

                  With a copy to:

                  Fraser Milner Casgrain LLP
                  2900 Manulife Place
                  10180 - 101 Street
                  Edmonton, Alberta   T5J 3V5
                  Attention: Richard Miller

         (b)      If to Jamie, Scott, Lynn and/or Tracey:

                  c/o Peters & Co. Limited
                  2500 First Canadian Centre
                  350 - 7th Avenue SW
                  Calgary, Alberta  T2P 4N1
                  Attention: Ian Bruce

                  With a copy to:

                  Johnston Ming Manning
                  3rd Floor, Royal Bank Building
                  4943 - 50th Street
                  Red Deer, Alberta  T4N 1Y1
                  Attention: David Manning

                                     - 17 -
<PAGE>

11.6     NOTICE OF SHAREHOLDERS.

         Any and all notices to be given and any documents to be sent to any
Holder may be given or sent to the address of such Holder shown on the register
of holders of Exchangeable Shares in any manner permitted by the Exchangeable
Share Provisions and shall be deemed to be received (if given or sent in such
manner) at the time specified in such Exchangeable Share Provisions, the
provisions of which Exchangeable Share Provisions shall apply mutatis mutandis
to notices or documents as aforesaid sent to such Holders.

11.7     COUNTERPARTS.

         This Agreement may be executed in counterparts, each of which shall be
deemed an original, but all of which taken together shall constitute one and the
same instrument. A counterpart delivered by facsimile is hereby deemed to be as
effective as a counterpart delivered in original form.

11.8     JURISDICTION.

         This agreement shall be construed and enforced in accordance with the
laws of the Province of Alberta and the laws of Canada applicable therein.

11.9     ATTORNMENT.

         Each of the parties hereto agrees that any action or proceeding arising
out of or relating to this Agreement may be instituted in the courts of the
Province of Alberta, waives any objection which it may have now or hereafter to
the venue of any such action or proceeding, irrevocably submits to the
jurisdiction of the said courts in any such action or proceeding, agrees to be
bound by any judgment of the said courts and agrees not to seek and hereby
waives, any review of the merits of any such judgment by the courts of any other
jurisdiction and hereby appoints the Corporation at its registered office in the
Province of Alberta as attorney for service of process.

11.10    STAMP OR OTHER TRANSFER TAXES

         Upon any sale of Exchangeable Shares to WCL pursuant to the provisions
of this Agreement, the share certificate or certificates representing WII Common
Stock to be delivered in connection with the payment of the total purchase price
therefor shall be issued in the name of the Holder of the Exchangeable Shares so
sold or in such names as such Holder may otherwise direct in writing without
charge to the Holder of the Exchangeable Shares so sold; provided, however, that
such Holder (a) shall pay (and neither WCL nor the Corporation shall be required
to pay) any documentary, stamp, transfer or other taxes that may be payable in
respect of any transfer involved in the issuance or delivery of such shares to a
person other than such Holder or (b) shall have evidenced to the satisfaction of
WCL and the Corporation that such taxes, if any, have been paid.

                                     - 18 -
<PAGE>

11.11 DELIVERY OF WII COMMON STOCK

         (a)   For greater certainty, whenever the Exchangeable Share Provisions
               or this Agreement require the Corporation or WCL to deliver, or
               cause to be delivered, WII Common Stock, the Corporation or WCL
               shall deliver such WII Common Stock to the appropriate Holder, or
               such Holder's legal representative.

         (b)   Notwithstanding anything else herein contained, any obligation of
               a party in this Agreement to deliver, or cause to be delivered,
               WII Common Stock, or any other security, shall be subject to and
               conditional upon compliance with applicable securities laws.

11.12    ISSUANCE OF WII COMMON STOCK.

         WII hereby represents, warrants and covenants that it has irrevocably
reserved for issuance and will at all times keep available, free from
pre-emptive and other rights, out of its authorized and unissued capital stock
such number of WII Common Stock (a) as is equal to the sum of (i) the number of
Exchangeable Shares issued and outstanding from time to time and (ii) the number
of Exchangeable Shares issuable upon the exercise of all rights to acquire
Exchangeable Shares outstanding from time to time and (b) as are now and may
hereafter be required to enable and permit WCL and the Corporation to meet their
respective obligations hereunder and under the Exchangeable Share Provisions.

11.13    RULING

         Nothing in this Agreement shall be construed as requiring WCL or the
Corporation to deliver WII Common Stock in contravention of any applicable laws.
The Corporation shall promptly after the date hereof prepare and file an
application for and use commercially reasonable efforts to obtain a ruling from
the Alberta Securities Commission pursuant to subsection 116(1) of the
Securities Act (Alberta) exempting certain trades (the "TRADES") contemplated by
the Exchangeable Share Provisions and this Agreement, (the "TRANSACTION
DOCUMENTS") from the prospectus and registration requirements of Alberta
securities laws and providing first trade relief in respect of the sale of WII
Common Stock, received upon an exchange of the Exchangeable Shares, such that
the WII Common Stock may be resold into the United States by the Holders in
accordance with the Registration Rights Agreement.

11.14    FURTHER STEPS

         The parties hereto covenant and agree to take all commercially
reasonable steps within their power as may be necessary or desirable to
facilitate the Trades in the United States and Alberta, including, without
limitation, the filing of any document or the taking of any proceeding or
obtaining of any order, ruling or consent from any governmental or regulatory
authority under any Canadian or United States federal, provincial or state law
or regulation, provided that the parties have determined on advice of counsel
that such order, ruling or consent may be available. The parties acknowledge
that nothing herein shall give rise to an obligation on the part of WII, WCL, or
the Corporation to prepare or

                                     - 19 -
<PAGE>

file a prospectus to qualify any WII Common Stock issuable under the Transaction
Documents for issuance to Holders.

                                     - 20 -
<PAGE>

         IN WITNESS WHEREOF, the parties hereby have caused this Agreement to be
duly executed as of the date first above written.

                                      WEATHERFORD INTERNATIONAL, INC.

                                      Per: /s/ BURT M. MARTIN
                                          ----------------------------------
                                          Burt M. Martin

                                      WEATHERFORD CANADA LTD.

                                      Per: /s/ BURT M. MARTIN
                                          ----------------------------------
                                          Burt M. Martin

                                      WEATHERFORD ER ACQUIRECO INC.

                                      Per: /s/ BURT M. MARTIN
                                          ----------------------------------
                                          Burt M. Martin

                                      /s/ JAMIE E. BILUK
---------------------------------     --------------------------------------
Witness                               JAMIE E. BILUK

                                      /s/ N. SCOTT A. BILUK
---------------------------------     --------------------------------------
Witness                               N. SCOTT A. BILUK

                                      /s/ A. LYNN BILUK
---------------------------------     --------------------------------------
Witness                               A. LYNN BILUK

                                      /s/ TRACEY L. BILUK
---------------------------------     --------------------------------------
Witness                               TRACEY L. BILUK

                                     - 21 -

<PAGE>

                                   SCHEDULE A
                             NOTICE OF EXCHANGE PUT

To:      Weatherford ER Acquireco Inc. (the "Corporation")
         and Weatherford Canada Ltd. ("WCL")

         This notice is given pursuant to Article 3 of the attached Exchange
Rights Agreement and all capitalized words and expressions have the meanings set
forth in the Exchange Rights Agreement.

         The undersigned hereby notifies the parties described above that the
undersigned desires to have WCL purchase and exchange in accordance with Article
3 of the Exchange Rights Agreement:

o    all share(s) represented by this certificate; or

o    ___________ share(s) only.

         The undersigned hereby notifies the parties described above that the
Exchange Put Date shall be ____________________________________.

NOTE:    The Exchange Put Date must be a Business Day and must not be less
         than ten (10) Business Days after the date upon which this notice is
         received by the parties described above. In the event that no such
         Business Day is specified above, the Exchange Put Date shall be deemed
         to be the tenth (10th) Business Day after the date on which this notice
         is received by the parties described above.

         The undersigned hereby represents and warrants to WCL that the
undersigned has good title to, and owns, the share(s) represented by this
certificate to be acquired by WCL free and clear of all liens, claims and
encumbrances.

-----------------      --------------------------      ------------------------
    (Date)             (Signature of Shareholder)      (Guarantee of Signature)

[ ]  Please check box if the legal or beneficial owner of the Exchangeable
     Shares is a non-resident of Canada.

[ ]  Please check box if the securities and any cheque(s) or other non-cash
     assets resulting from the purchase and exchange of the Exchangeable Shares
     are to be held for pick-up by the Holder at the principal office of the
     Corporation in Nisku, Alberta failing which the securities and any
     cheque(s) or other non-cash assets will be delivered to the last address of
     the Holder as it appears on the register by such means as the Corporation
     deems appropriate.

<PAGE>

NOTE:    This panel must be completed and this notice, together with such
         additional documents as WCL may require, must be deposited with WCL at
         its registered office in Nisku, Alberta. The securities and any
         cheque(s) or other non-cash assets resulting from the purchase and
         exchange of the Exchangeable Shares will be issued and registered in,
         and made payable to, or transferred into, respectively, the name of the
         shareholder as specified above.

                                     - 23 -

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