Document:

Exhibit 10.16

                                PROMISSORY NOTE

                                    $87,774

                            DATE: September 30, 2007

     FOR  VALUE  RECEIVED, Spirit Exploration, Inc. ("Maker") hereby promises to
pay  to  Peter  Laipnieks ("Holder") the principal sum of eighty seven thousand,
seven  hundred and seventy four dollars ($87,774), payable on demand and without
interest.  This  Note  is  not  secured.

     The  principal  of, and any interest on, this Note are payable in such coin
or  currency  of the United States of America as at the time of payment is legal
tender for payment of public and private debts, at the address last appearing on
the  Note  Register of the Company as designated in writing by the Holder hereof
from  time  to time. Maker will pay the outstanding principal of and any and all
accrued and unpaid interest due upon this Note, less any amounts required by law
to  be  deducted  or withheld, to the record Holder of this Note pursuant to the
terms of this Note and addressed to such Holder at the last address appearing on
the  Note  Register.  The forwarding of such funds shall constitute a payment of
outstanding principal and interest hereunder and shall satisfy and discharge the
liability  for  principal  and  interest  on  this Note to the extent of the sum
represented  by  such  payment  plus  any  amounts  so  deducted  or  withheld.

This  Note  is  subject  to  the  following  additional  provisions:

1.     Assignment of Note.  This Note may be assigned in whole or in part by the
       ------------------
Holder  without  the  consent  of  the  Maker.

2.     Obligations  of the Maker Herein are Unconditional.  No provision of this
       --------------------------------------------------
Note  shall  alter  or  impair  the obligation of the Maker, which obligation is
absolute  and  unconditional,  to repay the principal amount of this Note at the
time,  place, rate, and in the coin currency, hereinabove stated.  This Note and
all  other Notes now or hereafter issued in replacement of this Note on the same
or  similar  terms  are  direct  obligations  of  the  Maker.

3.     Waiver of Demand, Presentment, Etc.  Maker hereby expressly waives demand
       ----------------------------------
and  presentment  for payment, notice of nonpayment, protest, notice of protest,
notice  of dishonor, notice of acceleration or intent to accelerate, bringing of
suit  and diligence in taking any action to collect amounts called for hereunder
and shall be directly and primarily liable for the payment of all sums owing and
to  be  owing hereunder, regardless of and without any notice, diligence, act or
omission  as  or  with  respect  to  the  collection  of  any  amount called for
hereunder.

     4.     Attorney's  Fees.  Maker  agrees  to  pay  all  costs  and expenses,
            ----------------
including  without  limitation reasonable attorney's fees, which may be incurred
by  the  Holder in collecting any amount due under this Note or in enforcing any
of  Holder's  conversion  rights  as  described  herein.

<PAGE>
     5.     Enforceability.  In case any provision of this Note is held by a
            --------------
court of competent jurisdiction to be excessive in scope or otherwise invalid or
unenforceable, such provision shall be adjusted rather than voided, if possible,
so that it is enforceable to the maximum extent possible, and the validity and
enforceability of the remaining provisions of this Note will not in any way be
affected or impaired thereby.

     6.     Entire  Agreement.  This  Note  and  the  Assignment  related hereto
            -----------------
constitutes  the  full and entire understanding between the Maker and the Holder
with  respect  to  the subject matter hereof and thereof.  Neither this Note nor
any term hereof may be amended, waived, discharged or terminated other than by a
written  instrument  signed  by  the  Maker  and  the  Holder.

     7.     Governing  Law.  This  Note  shall  be  governed by and construed in
            --------------
accordance  with  the  laws  of the state of Nevada without giving effect to
applicable  principles  of  conflict  of  law.

     8.     Headings.  Headings in this Note are for convenience only, and shall
            --------
not  be  used  in  the  construction  of  this  Note.

     IN WITNESS WHEREOF, Maker has caused this instrument to be duly executed by
an  officer  thereunto  duly  authorized,  all  as of the date first hereinabove
written.

                    SPIRIT  EXPLORATION,  INC

                    By: \s\ Terry Fields
                        ----------------------------
                        Terry Fields, Chief Executive Officer and SecretaryExhibit 10.17

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|Fr: xxxxxxxxxxxxxxxxxxxxxxxx      |                           November 19, 2007
|To: xxxxxxxxxx/Spirit Explorations|                                Confidential
 ----------------------------------                              Total Two Pages
                               ------------------
                              |   Term Sheet 1   |
                              |Asset Backed Notes|
                               ------------------

                                  Spirit Exploration
  1  Issuer                       Inc.                 US OTC- Pink Sh

                                  Asset Backed
  2  Type of Issue                Notes                Regulation S

  3  Amount of Issue              US $20,000,000-      Gross Proceeds

                                                       Face Value
  4  No. of Notes Issued          20,000               $1,000- per note

                                                       Calculated on 360-
  5  Coupon                       15% p.a.             day basis

                                                       Paid via
                                                       Supervising
  6  Coupon Payable               Semi-Annually        Trustee item 14

                                                       No extension
  7  Term of Notes                5 years              provisions apply

  8  Issue Date                   December 05 2007     Target Date

  9  Maturity Date                December 04 2012     Also Redemption Date

                                                       Mining
                                  Muluncay Project,    Enhancement
 10  Use of Proceeds (Primary)    Ecuador              Provided

                                  Muluncay Project,
 11  Security                     Ecuador              Via Trust Deed

                                  5% of Net
                                  Proceeds for         Offset Coupon and
 12  Sinking Fund Provision       Mining               Provision

 13  Trustee/Counsel              Cutler Law Group     Augusta, GA, USA

                                                       Or As Per Cutler
 14  Supervising Trustee          Cutler Law Group     Appointment

 15  Transfer Agent               Cutler Law Group     For Notes

                                  5% Flat of           Item 3 above,
 16  Underwriting Fees            Gross Proceeds       payable at closing

                                  xxxxxxxxxxxxxx       Sub-underwriter
 17  Lead Underwriters            xxxxxxxxxxxxxxxxxx   List to be Provided

                                                       Management fee
                                  xxxxxxxxxxxxxx       inclusive in
 18  Managers                     xxxxxxxxxxxxxxxxxx   Item 16

                                  Over-the-
 19  Listing                      Counter Only         Non-US Markets

                                                       Electronic
 20  Post-closing pricing agent   xxxxxxxxxxxxxxxxx    Networks

                                  As per               non-US persons
 21  Transfer Restrictions        Regulation S         only (12 months)

                                  List to be           As per usual
                                  provided by          disclosure
 22  Disclosure Documents         Issuer               guidelines

                                                       Determined by
 23  Implied Rating               AAA- (S&P)           Managers

<PAGE>
                               ------------------
                              |   Term Sheet 2   |
                              |  Common Shares   |
                               ------------------

                              Spirit Explorations,
  1  Issuer                   Inc.                  US OTC- Pink Sh

  2  Type of Issue            Common Shares         Regulation S

  3  No of Shares Issued      500,000               Ref. item 4

                              30-day Trading        Per daily closing data,
  4  Issue Price per Share    weighted average      Date of Issue

  5  Date of Issue            December 08 2007      Target

                                                    Also see item 10 of
  6  Use of Proceeds          Provided              Term Sheet-1

  7  Trustee/Counsel          Cutler Law Group      Augusta, GA, USA

  8  Receiging & Payin Agent  Cutler Law Group      For Proceeds

                                                    Portland, Oregon,
  9  Transfer Agent           Transfer Online       USA

                                                                 12 months,
 10  Transfer Restrictions    Regulation S          non-US Persons

                                                    Payable from
 11  Underwriting Fees        17.5% Flat            proceeds, at closing

                              xxxxxxxxxxxxxx        Sub-Underwriter list
 12  Lead Underwriters        xxxxxxxx              to be provided

                              xxxxxxxxxxxxxx
                              xxxxxxxxxxxxxxx       Management fee
 13  Managers                 xxxxxxxx              inclusive in Item 11

                              List to be provided   As per usual
 14  Disclosure Documents     by Issuer             disclosure guidelines

                              Prepared by
 15  Offering Circular        Managers              Short Form

                              Registration
                              Document- 4
 16  Underlying Condition     months                Re. Cutler Law Group

 17  Put Options              Not Applicable        NA

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 |Risk Buyers                              ************************
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 |Investment Assurance                     ***********QP***********
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|Approved./Code 7709/sp/eq/191107| Total 2 pages
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