Document:

exhibit10_5.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THE
      SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF
      ARE SECURITIES OF A UNITED STATES DOMESTIC ISSUER AND HAVE NOT BEEN REGISTERED
      UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”).  THE RIGHTS REPRESENTED HEREBY ARE NOT
      TRANSFERABLE.  HEDGING TRANSACTIONS INVOLVING SUCH SECURITIES MAY NOT
      BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

    

    
      	
              Number
                of Rights « »

            	
              Certificate
                Number R-« »

            

    

    

    RIGHTS
      CERTIFICATE

    OF

    GEOGLOBAL
      RESOURCES INC.

    (incorporated
      under the laws of the state of Delaware)

    

    THIS
      CERTIFIES THAT, «Registration_Name» (the
“Holder”) is entitled to receive, upon
      surrender of this
      certificate to GeoGlobal Resources Inc. (the “Corporation”) and
      for nominal consideration and without any further action by the Holder, 0.10
      of
      one Unit for each right specified above if a Registration Statement is not
      filed
      with the United States Securities and Exchange Commission prior to 5:00 p.m.
      (Toronto time) on August 18, 2007.  Capitalized terms used in this
      certificate but not defined herein have the meanings ascribed to them in the
      subscription agreement between the Holder and the Corporation dated the date
      hereof.

    

    THIS
      CERTIFICATE SHALL BECOME NULL AND VOID AND THE RIGHTS EVIDENCED HEREBY SHALL
      TERMINATE IN THE EVENT THAT A REGISTRATION STATEMENT IS FILED WITH THE UNITED
      STATES SECURITIES AND EXCHANGE COMMISSION PRIOR TO 5:00 P.M. (TORONTO TIME)
      ON
      AUGUST 18, 2007.

    

    THE
      RIGHTS REPRESENTED HEREBY ARE NOT TRANSFERABLE.

    

    The
      Holder is not entitled as such to any rights as a shareholder of the
      Corporation.

    

    In
      the
      event that Units are issued to the Holder in accordance with the terms hereof,
      the certificates representing the Underlying Securities and the Warrant Shares
      (to the extent applicable), and all certificates issued in exchange therefore
      or
      in substitution thereof, shall bear the following legend, until such time as
      the
      same is no longer required:

    

    “UNLESS
      PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT
      TRADE THE SECURITY BEFORE OCTOBER 21, 2007.”

    

    IN
      WITNESS WHEREOF the Corporation has caused this Rights certificate to
      be signed by its duly authorized officer as of this 20th day of
      June,
      2007.

    

    
      	 	 	
              GEOGLOBAL
                RESOURCES INC.

               

               

               

            
	 	 	
              Per:

            	 
	 	 	 	
              Name:                      Allan
                J. Kent

            
	 	 	 	
              Title:                      Executive
                VP and CFO

            

    

    

    
      
              

          
            	              

                                     
                                    
              

                                                      Legal*2696922.2exhibit10_6.htm

    
      
         

      

      
         

        
          

        

      

      
         

              

                  -  -      

           
    

      

    

    THE
      COMPENSATION OPTIONS AND RIGHTS EVIDENCED HEREBY ARE NOT
      TRANSFERABLE.  THE SECURITIES ISSUABLE UPON EXERCISE HEREOF ARE
      SECURITIES OF A UNITED STATES DOMESTIC ISSUER AND HAVE NOT BEEN REGISTERED
      UNDER
      THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”).  THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR
      THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR
      OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (C) OUTSIDE THE UNITED STATES
      IN ACCORDANCE WITH REGULATION S (RULE 901 THROUGH RULE 905, AND PRELIMINARY
      NOTES) UNDER THE SECURITIES ACT.  THE COMPENSATION OPTIONS AND RIGHTS
      EVIDENCED HEREBY MAY NOT BE EXERCISED BY OR ON BEHALF OF ANY U.S. PERSON UNLESS
      REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION IS
      AVAILABLE.  AS USED HEREIN, THE TERMS “UNITED STATES” AND “U.S. PERSON”
HAVE THE MEANINGS ASCRIBED TO THEM IN REGULATION S UNDER THE SECURITIES
      ACT.  HEDGING TRANSACTIONS INVOLVING SUCH SECURITIES MAY NOT BE
      CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

    

    COMPENSATION
      OPTIONS

    TO
      PURCHASE UNITS OF

    GEOGLOBAL
      RESOURCES INC.

    (incorporated
      under the laws of the
      state of Delaware)

    

    THIS
      CERTIFIES that, for value received, PRIMARY CAPITAL
      INC., 130 King Street West, Suite 2110, Toronto, Ontario  M5X
      1B1, is the registered holder (the “holder”) of
      170,400 compensation options (each, a “Compensation
      Option” and, collectively, the “Compensation
      Options”).  Each Compensation Option shall entitle the
      holder, subject to the terms and conditions set forth in this certificate or
      in
      a replacement certificate (in either case, this “Compensation Option
      Certificate”), to acquire from GeoGlobal Resources Inc. (the
“Corporation”) one (1) fully paid and non-assessable common
      share of the Corporation (a “Share”) at any time commencing on
      the date hereof and continuing up to 5:00 p.m. (Toronto time) on June 20, 2009
      (the “Time of Expiry”) on payment of
      U.S.$5.00 (the “Exercise
      Price”).

    

    This
      Compensation Option Certificate also evidences one (1) right (each, a
“Right”) for each Compensation Option evidenced hereby, each
      such Right entitling the holder to receive, for nominal consideration and
      without any further action by the holder, an additional 0.10 of one Compensation
      Share for each Compensation Share purchased by the holder if the Registration
      Statement is not filed with the United States Securities and Exchange Commission
      prior to 5:00 p.m. (Toronto time) on August 18, 2007 (the “Right Expiry
      Time”), and regardless of whether such Compensation Shares are
      purchased before or after the Right Expiry Time.  The Rights shall
      expire and be of no further force and effect if the Registration Statement
      is
      filed with the United States Securities and Exchange Commission prior to the
      Right Expiry Time.

    

    The
      Compensation Options and the Rights are issued to the holder pursuant to the
      agency agreement (the “Agency Agreement”) dated June 20, 2007
      between the Corporation and the holder and Jones, Gable & Company
      Limited.  Capitalized terms used herein without definition have the
      meanings ascribed thereto in the Agency Agreement.

    

    
      For
        the
        purposes of this Compensation Option Certificate, the term
“Shares” means common stock with par value of $0.001 in the
        capital of the Corporation as constituted on the date hereof; provided that,
        in
        the event of a change, subdivision, redivision, reduction, combination or
        consolidation thereof or any other adjustment under Section 2 hereof, or
        successive such changes, subdivisions, redivisions, reductions, combinations,
        consolidations or other adjustments, then, subject to the adjustments, if
        any,
        having been made in accordance with the provisions of this Compensation Option
        Certificate, “Shares” shall thereafter
        mean the shares, other securities or other property resulting from such change,
        subdivision, redivision, reduction, combination, consolidation or other
        adjustment.

    

    

    
      	
              1.  

            	
              Exercise
                of Compensation
                Options.

            

    

    

    
      	
              (1)  

            	
              Election
                to Purchase.  The rights evidenced by this Compensation
                Option Certificate may be exercised by the holder in whole or in
                part at
                any time commencing on the date hereof and continuing up to the Time
                of
                Expiry and in accordance with the provisions hereof by delivery of
                an
                election to exercise in substantially the form attached hereto as
                Exhibit
                “1” (“Election to Exercise”), properly completed and
                executed, together with payment of the Exercise Price for the number
                of
                Compensation Shares specified in the Election to Exercise at the
                office of
                the Corporation at 605 – 1st
                Street S.W.,
                Suite 310, Calgary, Alberta  T2P 3S9, or such other address in
                Canada as may be notified in writing by the Corporation.  In the
                event that the rights evidenced by this Compensation Option Certificate
                are exercised in part, the Corporation shall, contemporaneously with
                the
                issuance of the Compensation Shares issuable on the exercise of the
                Compensation Options so exercised, issue to the holder a new Compensation
                Option Certificate on identical terms representing the balance of
                Compensation Options remaining exercisable by the
                holder.

            

    

    

    
      	
              (2)  

            	
              Exercise.  The
                Corporation shall, on the date it receives a duly executed Election
                to
                Exercise and the Exercise Price for the number of Compensation Shares
                specified in the Election to Exercise (the “Exercise
                Date”), issue that number of Shares specified in the Election
                to
                Exercise as fully paid and non-assessable common shares in the capital
                of
                the Corporation.

            

    

    

    
      	
              (3)  

            	
              Execution
                and Legends.  All Compensation Option Certificates shall be
                signed by an officer of the Corporation holding office at time of
                signing,
                or any successor or replacement person and, notwithstanding any change
                in
                any of the persons holding said offices between the time of actual
                signing
                and the delivery of the Compensation Option Certificate and
                notwithstanding that such officer signing may not have held office
                at the
                date of delivery of the Compensation Option Certificate, the Compensation
                Option Certificate so signed shall be valid and binding upon the
                Corporation and the holder shall be entitled to the benefits of this
                certificate.

            

    

    

    
      	
               

            	
              Until
                such time as the same is no longer required under applicable requirements
                of the U.S. Securities Act or applicable state securities laws, the
                Compensation Option Certificates, and all certificates issued in
                exchange
                therefore or in substitution thereof, shall bear a legend in substantially
                the form set forth below:

            

    

    

    THE
      COMPENSATION OPTIONS AND RIGHTS EVIDENCED HEREBY ARE NOT
      TRANSFERABLE.  THE SECURITIES ISSUABLE UPON EXERCISE HEREOF ARE
      SECURITIES OF A UNITED STATES DOMESTIC ISSUER AND HAVE NOT BEEN REGISTERED
      UNDER
      THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
      ACT”).  THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR
      THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR
      OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (C) OUTSIDE THE UNITED STATES
      IN ACCORDANCE WITH REGULATION S (RULE 901 THROUGH RULE 905, AND PRELIMINARY
      NOTES) UNDER THE SECURITIES ACT.  THE COMPENSATION OPTIONS AND RIGHTS
      EVIDENCED HEREBY MAY NOT BE EXERCISED BY OR ON BEHALF OF ANY U.S. PERSON UNLESS
      REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION IS
      AVAILABLE.  AS USED HEREIN, THE TERMS “UNITED STATES” AND “U.S.
      PERSON” HAVE THE MEANINGS ASCRIBED TO THEM IN REGULATION S UNDER THE SECURITIES
      ACT.  HEDGING TRANSACTIONS INVOLVING SUCH SECURITIES MAY NOT BE
      CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

    

    
      	
               

            	
              Until
                such time as the same is no longer required under applicable requirements
                of the U.S. Securities Act or applicable state securities laws, the
                certificates representing the Shares, and all certificates issued
                in
                exchange therefore or in substitution thereof, shall bear a legend
                in
                substantially the form set forth
                below:

            

    

    

    THE
      SECURITIES REPRESENTED HEREBY ARE SECURITIES OF A UNITED STATES DOMESTIC ISSUER
      AND HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
      AS
      AMENDED (THE “SECURITIES ACT”).  THE HOLDER HEREOF, BY PURCHASING SUCH
      SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES
      MAY
      BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B)
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C)
      OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S (RULE 901 THROUGH
      RULE
      905, AND PRELIMINARY NOTES) UNDER THE SECURITIES ACT OR (D) WITHIN THE UNITED
      STATES PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
      ACT, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES
      LAWS.  DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE GOOD DELIVERY
      IN SETTLEMENT OF TRANSACTIONS.  HEDGING TRANSACTIONS INVOLVING SUCH
      SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES
      ACT.”

    

    Additionally,
      until the expiry of the applicable hold period under Canadian securities laws,
      the certificates representing the Shares, and all certificates issued in
      exchange therefore or in substitution thereof, shall bear a legend in
      substantially the form set forth below:

    

    “UNLESS
      PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT
      TRADE THE SECURITY BEFORE OCTOBER 21, 2007.”

    

    
      	
              (4)  

            	
              Certificates.  As
                promptly as practicable after the Exercise Date and, in any event,
                within
                three (3) business days of receipt of the Election to Exercise, the
                Corporation shall issue and deliver, or cause to be issued and delivered,
                to the holder, registered in such name or names as the holder may
                direct
                or if no such direction has been given, in the name of the holder,
                certificates for the number of Shares specified in the Election to
                Exercise.  To the extent permitted by law, such exercise shall
                be deemed to have been effected as of the close of business on the
                Exercise Date, and at such time the rights of the holder with respect
                to
                the number of Compensation Options which have been exercised as such
                shall
                cease, and the person or persons in whose name or names any certificate
                or
                certificates for Shares shall then be issuable upon such exercise
                shall be
                deemed to have become the holder or holders of record of the Shares
                represented thereby.

            

    

    

    
      	
              (5)  

            	
              Fractional
                Shares.  To the extent that the holder of a Compensation
                Option is entitled to receive on the exercise or partial exercise
                thereof
                a fraction of a Share, such right may only be exercised in respect
                of such
                fraction in combination with another Compensation Option or other
                Compensation Options which in the aggregate entitle the holder to
                receive
                a whole number of Shares.  If a holder is not able to, or elects
                not to, combine Compensation Options so as to be entitled to acquire
                a
                whole number of Shares, the Corporation will, in lieu of delivering
                the
                fractional Share, satisfy the right to receive such fractional interest
                by
                payment to the holder of an amount in cash equal (computed in the
                case of
                a fraction of a cent to the next lower cent) to the value of the
                right to
                acquire such fractional interest on the basis of the Current Market
                Price
                of the Shares on the date of
                exercise.

            

    

    

    
      	
              2.  

            	
              Anti-Dilution
                Protection.

            

    

    

    
      	
              (1)  

            	
              Definitions.  For
                the purposes of this Section 2,
                unless there is something in the subject matter or context inconsistent
                therewith, the words and terms defined below shall have the respective
                meanings specified therefor in this
                subsection:

            

    

    

    
      	
              (a)  

            	
              “Adjustment
                Period” means the period commencing on the date hereof and ending
                at the Time of Expiry;

            

    

    

    
      	
              (b)  

            	
              “Current
                Market Price” at any date, means the weighted average of the sale
                prices per Share at which the Shares have traded on the AMEX, or,
                if the
                Shares in respect of which a determination of current market price
                is
                being made are not listed thereon, on such stock exchange on which
                such
                shares are listed as may be selected for such purpose by the directors,
                or, if the Shares are not listed on any stock exchange, then on the
                over-the-counter market, for any 20 consecutive trading days selected
                by
                the Corporation commencing not later than 30 trading days and ending
                no
                later than 5 trading days before such date; provided, however, if
                such
                Shares are not traded during such 30 day period for at least 20
                consecutive trading days, the simple average of the following prices
                established for each of 20 consecutive trading days selected by the
                Corporation commencing not later than 30 trading days before such
                date:

            

    

    

    
      	
              (i)  

            	
              the
                average of the bid and ask prices for each day on which there was
                no
                trading, and

            

    

    

    
      	
              (ii)  

            	
              the
                closing price of the Shares for each day that there was
                trading,

            

    

    

    
      	
              (iii)  

            	
              or
                in the event that at any date the Shares are not listed on any exchange
                or
                on the over-the-counter market, the current market price shall be
                as
                determined by the directors or such firm of independent chartered
                accountants as may be selected by the directors acting reasonably
                and in
                good faith in their sole discretion; for these purposes, the weighted
                average price for any period shall be determined by dividing the
                aggregate
                sale prices during such period by the total number of Shares sold
                during
                such period;

            

    

    

    
      	
              (c)  

            	
              “director”
                means a director of the Corporation for the time being and, unless
                otherwise specified herein, a reference to action “by the directors” means
                action by the directors of the Corporation as a board or, whenever
                empowered, action by the executive committee of such board;
                and

            

    

    

    
      	
              (d)  

            	
              “trading
                day” with respect to a stock exchange or over-the-counter market
                means a day on which such stock exchange or market is open for
                business.

            

    

    

    
      	
              (2)  

            	
              Adjustments.  The
                Exercise Price and the number of Shares issuable to the holder upon
                exercise of the Compensation Options shall be subject to adjustment
                from
                time to time in the events and in the manner provided as
                follows:

            

    

    

    
      	
              (a)  

            	
              If
                at any time during the Adjustment Period the Corporation
                shall:

            

    

    

    
      	
              (i)  

            	
              fix
                a record date for the issue of, or issue, Shares to the holders of
                all or
                substantially all of the outstanding Shares by way of a stock
                dividend;

            

    

    

    
      	
              (ii)  

            	
              fix
                a record date for the distribution to, or make a distribution to,
                the
                holders of all or substantially all of the Shares payable in Shares
                or
                securities exchangeable for or convertible into
                Shares;

            

    

    

    
      	
              (iii)  

            	
              subdivide
                the outstanding Shares into a greater number of Shares;
                or

            

    

    

    
      	
              (iv)  

            	
              consolidate
                the outstanding Shares into a lesser number of
                Shares;

            

    

    

    (any
      of
      such events in subclauses (i), (ii),
(iii)
      and (iv) above being herein called a
“Common Share Reorganization”), the Exercise
      Price shall be
      adjusted on the earlier of the record date on which holders of Shares are
      determined for the purposes of the Common Share Reorganization and the effective
      date of the Common Share Reorganization to the amount determined by multiplying
      the Exercise Price in effect immediately prior to such record date or effective
      date, as the case may be, by a fraction:

    

    
      	
              (A)  

            	
              the
                numerator of which shall be the number of Shares outstanding on such
                record date or effective date before giving effect to such Common
                Share
                Reorganization; and

            

    

    

    
      	
              (B)  

            	
              the
                denominator of which shall be the number of Shares which will be
                outstanding immediately after giving effect to such Common Share
                Reorganization (including in the case of a distribution of securities
                exchangeable for or convertible into Shares the number of Shares
                that
                would be outstanding had such securities all been exchanged for or
                converted into Shares on such
                date).

            

    

    

    To
      the
      extent that any adjustment in the Exercise Price occurs pursuant to this clause
      2(2)(a) as a result of the fixing by the
      Corporation of a record date for the distribution of securities exchangeable
      for
      or convertible into Shares, the Exercise Price shall be readjusted immediately
      after the expiry of any relevant exchange or conversion right to the Exercise
      Price which would then be in effect based upon the number of Shares actually
      issued and remaining issuable after such expiry and shall be further readjusted
      in such manner upon the expiry of any further such right.

    

    
      	
              (b)  

            	
              If
                at any time during the Adjustment Period the Corporation shall fix
                a
                record date for the issue or distribution to the holders of all or
                substantially all of the outstanding Shares, of rights, options or
                warrants pursuant to which such holders are entitled, during a period
                expiring not more than forty-five (45) days after the record date
                for such
                issue (such period being the “Rights Period”), to
                subscribe for or purchase Shares or securities exchangeable for or
                convertible into Shares at a price per share (or in the case of securities
                exchangeable for or convertible into Shares at an exchange or conversion
                price per share at the date of issue of such securities) of less
                than
                ninety-five percent (95%) of the Current Market Price of the Shares
                on
                such record date (any of such events being herein called a “Rights
                Offering”), the Exercise Price shall be adjusted effective
                immediately after the record date for the Rights Offering to the
                amount
                determined by multiplying the Exercise Price in effect on such record
                date
                by a fraction:

            

    

    

    
      	
              (i)  

            	
              the
                numerator of which shall be the aggregate
                of

            

    

    

    
      	
              (A)  

            	
              the
                number of Shares outstanding on the record date for the Rights Offering;
                and

            

    

    

    
      	
              (B)  

            	
              the
                quotient determined by dividing

            

    

    

    
      	
              (I)  

            	
              either
                (a) the product of the number of Shares offered during the Rights
                Period
                pursuant to the Rights Offering and the price at which such Shares
                are
                offered, or, (b) the product of the exchange or conversion price
                of the
                securities so offered and the number of Shares for or into which
                the
                securities offered pursuant to the Rights Offering may be exchanged
                or
                converted, as the case may be, by

            

    

    

    
      	
              (II)  

            	
              the
                Current Market Price as of the record date for the Rights Offering;
                and

            

    

    

    
      	
              (ii)  

            	
              the
                denominator of which shall be the aggregate of the number of Shares
                outstanding on such record date and the number of Shares offered
                pursuant
                to the Rights Offering (including in the case of the issue or distribution
                of securities exchangeable for or convertible into Shares the number
                of
                Shares for or into which such securities may be exchanged or
                converted).

            

    

    

    If
      by the
      terms of the rights, options, or warrants referred to in this clause 2(2)(b), there is more than one purchase,
      conversion or exchange price per Share, the aggregate price of the total number
      of additional Shares offered for subscription or purchase, or the aggregate
      conversion or exchange price of the convertible or exchangeable securities
      so
      offered, shall be calculated for purposes of the adjustment on the basis of
      the
      lowest purchase, conversion or exchange price per Share, as the case may
      be.  Any Shares owned by or held for the account of the Corporation
      shall be deemed not to be outstanding for the purpose of any such
      calculation.  To the extent that any adjustment in the Exercise Price
      occurs pursuant to this clause 2(2)(b)
      as a result of the fixing by the Corporation of a record date for the issue
      or
      distribution of rights, options or warrants referred to in this clause 2(2)(b), the Exercise Price shall be
      readjusted immediately after the expiry of any relevant exchange, conversion
      or
      exercise right to the Exercise Price which would then be in effect based upon
      the number of Shares actually issued and remaining issuable after such expiry
      and shall be further readjusted in such manner upon the expiry of any further
      such right.

    

    
      	
              (c)  

            	
              If
                at any time during the Adjustment Period the Corporation shall fix
                a
                record date for the issue or distribution to the holders of all or
                substantially all of the outstanding Shares
                of:

            

    

    

    
      	
              (i)  

            	
              shares
                of the Corporation of any class other than
                Shares;

            

    

    

    
      	
              (ii)  

            	
              rights,
                options or warrants to acquire Shares or securities exchangeable
                for or
                convertible into Shares (other than rights, options or warrants pursuant
                to which holders of Shares are entitled, during a period expiring
                not more
                than forty-five (45) days after the record date for such issue, to
                subscribe for or purchase Shares at a price per Share (or in the
                case of
                securities exchangeable for or convertible into Shares at an exchange
                or
                conversion price per share at the date of issue of such securities)
                of at
                least ninety-five percent (95%) of the Current Market Price of the
                Shares
                on such record date);

            

    

    

    
      	
              (iii)  

            	
              evidences
                of indebtedness of the Corporation;
                or

            

    

    

    
      	
              (iv)  

            	
              any
                property or assets of the
                Corporation;

            

    

    

    and
      if
      such issue or distribution does not constitute a Common Share Reorganization
      or
      a Rights Offering (any of such non-excluded events being herein called a
“Special Distribution”), the Exercise Price shall be adjusted
      effective immediately after the record date for the Special Distribution to
      the
      amount determined by multiplying the Exercise Price in effect on the record
      date
      for the Special Distribution by a fraction:

    

    
      	
              (A)  

            	
              the
                numerator of which shall be the difference
                between

            

    

    

    
      	
              (I)  

            	
              the
                product of the number of Shares outstanding on such record date and
                the
                Current Market Price on such record date,
                and

            

    

    

    
      	
              (II)  

            	
              the
                fair value, as determined by the directors of the Corporation, to
                the
                holders of the Shares of the shares, rights, options, warrants, evidences
                of indebtedness or property or assets to be issued or distributed
                in the
                Special Distribution, and

            

    

    

    
      	
              (B)  

            	
              the
                denominator of which shall be the product obtained by multiplying
                the
                number of Shares outstanding on such record date by the Current Market
                Price on such record date.

            

    

    

    Any
      Shares owned by or held for the account of the Corporation shall be deemed
      not
      to be outstanding for the purpose of such calculation.  To the extent
      that any adjustment in the Exercise Price occurs pursuant to this clause 2(2)(c) as a result of the fixing by the
      Corporation of a record date for the issue or distribution of rights, options
      or
      warrants to acquire Shares or securities exchangeable for or convertible into
      Shares referred to in this clause 2(2)(c), the Exercise Price shall be
      readjusted immediately after the expiry of any relevant exercise, exchange
      or
      conversion right to the amount which would then be in effect if the fair market
      value had been determined on the basis of the number of Shares issued and
      remaining issuable immediately after such expiry, and shall be further
      readjusted in such manner upon the expiry of any further such
      right.

    

    
      	
              (d)  

            	
              If
                at any time during the Adjustment Period there shall
                occur:

            

    

    

    
      	
              (i)  

            	
              a
                reclassification or redesignation of the Shares, any change of the
                Shares
                into other shares or securities or any other capital reorganization
                involving the Shares, other than a Common Share
                Reorganization;

            

    

    

    
      	
              (ii)  

            	
              a
                consolidation, amalgamation or merger of the Corporation with or
                into any
                other body corporate which results in a reclassification or redesignation
                of the Shares or a change of the Shares into other shares or securities;
                or

            

    

    

    
      	
              (iii)  

            	
              the
                transfer of the undertaking or assets of the Corporation as an entirety
                or
                substantially as an entirety to another corporation or
                entity;

            

    

    

    (any
      of
      such events being herein called a “Capital Reorganization”),
      after the effective date of the Capital Reorganization the holder shall be
      entitled to receive, and shall accept, for the same aggregate consideration,
      upon exercise of the Compensation Options, in lieu of the number of Shares
      to
      which the holder was theretofore entitled upon the exercise of the Compensation
      Options, the kind and aggregate number of shares and other securities or
      property resulting from the Capital Reorganization which the holder would have
      been entitled to receive as a result of the Capital Reorganization if, on the
      effective date thereof, the holder had been the registered holder of the number
      of Shares to which the holder was theretofore entitled to purchase or receive
      upon the exercise of the Compensation Options.  If necessary, as a
      result of any Capital Reorganization, appropriate adjustments shall be made
      in
      the application of the provisions of this Compensation Option Certificate with
      respect to the rights and interest thereafter of the holder to the end that
      the
      provisions of this Compensation Option Certificate shall thereafter
      correspondingly be made applicable as nearly as may reasonably be possible
      in
      relation to any shares or other securities or property thereafter deliverable
      upon the exercise of this Compensation Option Certificate.

    

    
      	
              (e)  

            	
              If
                at any time during the Adjustment Period any adjustment or readjustment
                in
                the Exercise Price shall occur pursuant to the provisions of clauses
2(2)(a), (b)
                or (c) hereof, then the number
                of Shares
                purchasable upon the subsequent exercise of these Compensation Options
                shall be simultaneously adjusted or readjusted, as the case may be,
                by
                multiplying the number of Shares purchasable upon the exercise of
                the
                Compensation Options immediately prior to such adjustment or readjustment
                by a fraction which shall be the reciprocal of the fraction used
                in the
                adjustment or readjustment of the Exercise
                Price.

            

    

    

    
      	
              (3)  

            	
              Rules.  The
                following rules and procedures shall be applicable to adjustments
                made
                pursuant to subsection 2(2) of
                this Compensation Option
                Certificate.

            

    

    

    
      	
              (a)  

            	
              Subject
                to the following provisions of this subsection 2(3), any adjustment made pursuant
                to
                subsection 2(2) hereof shall be
                made successively whenever an event referred to herein shall
                occur.

            

    

    

    
      	
              (b)  

            	
              No
                adjustment in the Exercise Price shall be required unless the adjustment
                would result in a change of at least one per cent (1%) in the Exercise
                Price then in effect and no adjustment shall be made in the number
                of
                Shares purchasable or issuable on the exercise of the Compensation
                Options
                unless it would result in a change of at least one one-hundredth
                (1/100)
                of a Share; provided, however, that any adjustments which except
                for the
                provisions of this clause 2(3)(b)
                would otherwise have been required to be made shall be carried forward
                and
                taken into account in any subsequent
                adjustment.  Notwithstanding any other provision of subsection
                2(2) of this Compensation Option
                Certificate, no adjustment of the Exercise Price shall be made which
                would
                result in an increase in the Exercise Price or a decrease in the
                number of
                Shares issuable upon the exercise of the Compensation Options (except
                in
                respect of a consolidation of the outstanding
                Shares).

            

    

    

    
      	
              (c)  

            	
              If
                at any time during the Adjustment Period the Corporation shall take
                any
                action affecting the Shares, other than an action or an event described
                in
                subsection 2(2) hereof, which
                would have a material adverse effect upon the rights of the holder
                under
                this Compensation Option Certificate, the Exercise Price and/or the
                number
                of Shares purchasable under this Compensation Option Certificate
                shall be
                adjusted in such manner and at such time as the directors may determine
                to
                be equitable in the circumstances.

            

    

    

    
      	
              (d)  

            	
              No
                adjustment in the Exercise Price or in the number or kind of securities
                purchasable on the exercise of this Compensation Option shall be
                made in
                respect of any event described in Section 2 hereof if the holder is
                entitled to
                participate in such event on the same terms mutatis mutandis as
                if the holder had exercised the Compensation Options prior to or
                on the
                record date or effective date, as the case may be, of such
                event.

            

    

    

    
      	
              (e)  

            	
              If
                the Corporation sets a record date to determine holders of Shares
                for the
                purpose of entitling such holders to receive any dividend or distribution
                or any subscription or purchase rights and shall thereafter and before
                the
                distribution to such holders of any such dividend, distribution or
                subscription or purchase rights legally abandon its plan to pay or
                deliver
                such dividend, distribution or subscription or purchase rights, no
                adjustment in the Exercise Price or the number of Shares purchasable
                upon
                the exercise of the Compensation Options shall be required by reason
                of
                the setting of such record date.

            

    

    

    
      	
              (f)  

            	
              In
                any case in which this Compensation Option Certificate shall require
                that
                an adjustment shall become effective immediately after a record date
                for
                an event referred to in subsection 2(2) hereof, the Corporation
                may
                defer, until the occurrence of such
                event:

            

    

    

    
      	
              (i)  

            	
              issuing
                to the holder, to the extent that the Compensation Options are exercised
                after such record date and before the occurrence of such event, the
                additional Shares issuable upon such exercise by reason of the adjustment
                required by such event; and

            

    

    

    
      	
              (ii)  

            	
              delivering
                to the holder any distribution declared with respect to such additional
                Shares after such record date and before such
                event;

            

    

    

    provided,
      however, that the Corporation shall deliver to the holder an appropriate
      instrument evidencing the right of the holder, upon the occurrence of the event
      requiring the adjustment, to an adjustment in the Exercise Price or the number
      of Shares purchasable upon the exercise of the Compensation Options and to
      such
      distribution declared with respect to any such additional Shares issuable on
      this exercise of the Compensation Options.

    

    
      	
              (g)  

            	
              If
                a dispute shall at any time arise with respect to any adjustment
                of the
                Exercise Price or the number of Shares purchasable pursuant to this
                Compensation Option Certificate, such dispute shall be conclusively
                determined by the auditors of the Corporation or if they are unable
                or
                unwilling to act by such other firm of independent chartered accountants
                as may be selected by the
                directors.

            

    

    

    
      	
              (4)  

            	
              Taking
                of Actions.  As a condition precedent to the taking of any
                action which would require an adjustment pursuant to subsection 2(2) hereof, the Corporation
                shall
                take any action which may, in the opinion of counsel, be necessary
                in
                order that the Corporation may validly and legally issue as fully
                paid and
                non-assessable shares all of the Unit Shares which the holder is
                entitled
                to receive in accordance with the provisions of this Compensation
                Option
                Certificate.

            

    

    

    
      	
              (5)  

            	
              Notice.  At
                least twenty-one (21) days prior to any record date or effective
                date, as
                the case may be, for any event which requires or might require an
                adjustment in any of the rights of the holder under this Compensation
                Option Certificate, including the Exercise Price and the number of
                Shares
                which are purchasable under this Compensation Option Certificate,
                the
                Corporation shall deliver to the holder a certificate of the Corporation
                specifying the particulars of such event and, if determinable, the
                required adjustment and the calculation of such adjustment.  In
                case any adjustment for which a notice under this subsection 2(5) has been given is not then
                determinable, the Corporation shall promptly after such adjustment
                is
                determinable deliver to the holder a certificate providing the calculation
                of such adjustment.  The Corporation hereby covenants and agrees
                that the register of transfers and share transfer books for the Shares
                will be open, and that the Corporation will not take any action which
                might deprive the holder of the opportunity of exercising the rights
                of
                subscription contained in this Compensation Option Certificate, during
                such twenty-one (21) day period.

            

    

    

    
      	
              3.  

            	
              Covenants
                of the Corporation.

            

    

    

    
      The
        Corporation covenants that it will at all times while any Compensation Options
        remain outstanding, maintain its corporate existence and carry on and conduct
        its business in a proper and business-like manner and cause to be kept in
        proper
        books of account in accordance with generally accepted accounting practice.
         The Corporation represents that it is authorized to create and issue the
        Compensation Options, the Rights and the Shares issuable upon exercise of
        the
        Compensation Options.  The Corporation will at all times keep available,
        and reserve, out of its authorized Shares, solely for the purpose of issue
        upon
        the exercise of the Compensation Options, such number of Shares as are then
        issuable upon the exercise of the Compensation Options.  The
        Corporation covenants that it will cause the Shares from time to time subscribed
        and paid for pursuant to the exercise of the Compensation Options in the
        manner
        herein provided and the certificates representing such Shares to be duly
        issued
        and delivered in accordance with the Compensation Options and the terms hereof.
         The Corporation covenants that all Shares that shall be issued upon
        exercise of the right to purchase provided for herein and, upon payment of
        the
        Exercise Price, shall be issued as fully paid and non-assessable.  The
        Corporation covenants that it will use its commercially reasonable efforts
        to
        maintain the trading of the Shares on the AMEX while any Compensation Options
        remain outstanding.  The Corporation covenants that it will use its
        commercially reasonable efforts to maintain its status as a reporting issuer
        or
        equivalent not in default, and not be in default in any material respect
        of the
        applicable requirements of, the applicable securities laws of the provinces
        of
        British Columbia, Alberta, Ontario and Québec and shall continue to have a class
        of equity securities registered under Section 12(b) under the United States
        Securities Exchange Act of 1934, as amended, and
        file all required periodic and other reports and schedules pursuant thereto
        so
        long as any Compensation Options remain outstanding.  The Corporation
        covenants that if, in the opinion of outside counsel, any instrument is required
        to be filed with, or any permission, order or ruling is required to be obtained
        from any securities administrator, regulatory agency or governmental authority
        in Canada or the United States or any other step is required under any Canadian
        federal or provincial law before the Shares underlying the Compensation Options
        may be issued or delivered, the Corporation will use its commercially reasonable
        efforts to file such instrument, obtain such permission, order or ruling
        or take
        all such other actions, at its expense, as are required.  The Corporation
        covenants that it will perform all its covenants and carry out all of the
        acts
        or things to be done by it as provided in this Compensation Option
        Certificate.  The Corporation hereby represents and warrants that this
        Compensation Option Certificate is a valid and enforceable obligation of
        the
        Corporation, enforceable in accordance with the provisions hereof.  The
        Corporation has entered into a registration rights agreement dated June 20,
        2007
        with the holder and Jones, Gable & Company Limited, containing certain
        covenants and agreements of the Corporation for the benefit of the holder,
        among
        others, to, among other things, file with and, thereafter, use its best efforts
        to have declared effective by the United States Securities and Exchange
        Commission, the Registration Statement under the U.S. Securities Act with
        respect to the Shares issuable on the exercise of the Compensation Options,
        among other securities.

    

    

    4.           United
      States Restrictions.

    

    The
      Compensation Options and the Shares issuable upon exercise of the Compensation
      Options have not been registered under the U.S. Securities Act or any state
      securities laws and the Compensation Options may not be exercised in the United
      States or by or on behalf of a U.S. Person (as defined in Regulation S under
      the
      U.S. Securities Act).

    

    5.           Transferability.

    

    The
      Compensation Options evidenced hereby are non-assignable, non-transferable
      and
      non-negotiable and may not be exercised by or for the benefit of any person
      other than the holder.  The holder further acknowledges that the
      Shares issuable upon exercise of the Compensation Options may be offered, sold
      or otherwise transferred only in compliance with all applicable securities
      laws.

    

    6.           Replacement.

    

    Upon
      receipt of evidence satisfactory to the Corporation of the loss, theft,
      destruction or mutilation of this Compensation Option Certificate and, if
      requested by the Corporation, upon delivery of a bond of indemnity satisfactory
      to the Corporation (or, in the case of mutilation, upon surrender of this
      Compensation Option Certificate), the Corporation will issue to the holder
      a
      replacement certificate (containing the same terms and conditions as this
      Compensation Option Certificate).

    

    7.           Expiry
      Date.

    

    Unless
      exercised prior thereto in accordance with the terms hereof, the Compensation
      Options shall expire and all rights to purchase Shares hereunder (excluding,
      for
      greater certainty, the Rights which shall expire at the Right Expiry Time)
      shall
      cease and become null and void at 5:00 p.m. (Toronto time) on June 20,
      2009.

    

    8.           Time.

    

    Time
      shall be of the essence of this Compensation Option Certificate.

    

    9.           Governing
      Law.

    

    The
      laws
      of the Province of Ontario and the laws of Canada applicable therein shall
      govern the Compensation Options.

    

    10.           Successor.

    

    The
      Corporation shall not enter into any transaction whereby all or substantially
      all of its undertaking, property and assets would become the property of any
      other corporation (herein called a “successor corporation”)
      whether by way of reorganization, reconstruction, consolidation, amalgamation,
      merger, transfer, sale, disposition or otherwise, unless prior to or
      contemporaneously with the consummation of such transaction the Corporation
      and
      the successor corporation shall have executed such instruments and done such
      things as, in the opinion of counsel to the holder, are necessary or advisable
      to establish that upon the consummation of such transaction:

    

    
      	
              (a)  

            	
              the
                successor corporation will have assumed all the covenants and obligations
                of the Corporation under this Compensation Option Certificate,
                and

            

    

    

    
      	
              (b)  

            	
              the
                Compensation Options will be a valid and binding obligation of the
                successor corporation entitling the holder, as against the successor
                corporation, to all the rights of the holder under this Compensation
                Option Certificate.

            

    

    

    Whenever
      the conditions of this Section 10 shall have been duly observed and performed,
      the successor corporation shall possess, and from time to time may exercise,
      each and every right and power of the Corporation under this Compensation Option
      Certificate in the name of the Corporation or otherwise and any act or
      proceeding by any provision hereof required to be done or performed by any
      director or officer of the Corporation may be done and performed with like
      force
      and effect by the like directors or officers of the successor
      corporation.

    

    11.           General.

    

    This
      Compensation Option Certificate is not valid for any purpose whatsoever unless
      and until it has been signed by or on behalf of the Corporation.  The
      holding of the Compensation Options evidenced by this Compensation Option
      Certificate shall not constitute the holder a shareholder of the Corporation
      or
      entitle the holder to any right or interest in respect thereof except as
      expressly provided in this Compensation Option Certificate.

    

    IN
      WITNESS WHEREOF the Corporation has caused this Compensation Option
      Certificate to be signed by its duly authorized officer.

    

    DATED
      as of the 20th
      day of June, 2007.

    

    
      	
              GEOGLOBAL
                RESOURCES INC.

               

               

               

            
	
              Per:

            	
              /s/
                Allan J. Kent

            
	 	
              Name:                      Allan
                J. Kent

            
	 	
              Title:                      Executive
                VP and CFO

            

    

    

    
      
              

          
            	              

                                     
                                    
              

                                                      Legal*2761812.2
                                                    
            

          
      

                  
      

           
    

         

      

      
         

        
          

        

      

      
         

              

                  -  -      

           
    

      

    

    EXHIBIT
      1

    ELECTION
      TO EXERCISE

    

    TO:           GEOGLOBAL
      RESOURCES INC.

    

    The
      undersigned hereby irrevocably elects to exercise the number of Compensation
      Options of GeoGlobal Resources Inc. set out below for the number of Shares
      (or
      other property or securities subject thereto) as set forth below:

    

    
      	
              (a)

            	
              Number
                of Compensation Options to be Exercised:

               

            	 	 
	
              (b)

            	
              Number
                of Shares to be Acquired:

               

            	 	 
	
              (c)

            	
              Exercise
                Price per Compensation Option:

               

            	 	
              U.S.$5.00

            
	
              (d)

            	
              Aggregate
                Purchase Price [(b) multiplied by (c)]:

            	 	
              $

            

    

    

    and
      hereby tenders a certified cheque, bank draft or cash for such aggregate
      purchase price, and directs that the Shares be registered and certificates
      therefor be issued as directed below.

    

    The
      undersigned represents that it is not in the United States or a “U.S. person”
(as defined in Regulation S under the United States Securities Act of
      1933, as amended), is not exercising this Compensation Option on behalf of
      a U.S. person and did not execute or deliver this Election to Exercise in the
      United States.

    

    DATED
      this                                           day
      of                                           ,
      200                      .

    

    
      	 
	
              Per:

            	 
	 	 

    

    

    Direction
      as to Registration

    

    
      	
              Name
                of Registered Holder:

            	 	 
	 	 	 
	
              Address
                of Registered Holder:

            	 	 
	 	 	 

    

    

    
      
              

                  
      

           
      

          
            	              

                                     
                                    
              

                                                      Legal*2761812.2

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