Document:

TO AN ASSET
PURCHASE AND SALE AGREEMENT BETWEEN SONORO ENERGY LTD. AND PETROSONIC ENERGY, INC. DATED JUNE 29, 2012.

 

FORM OF CONVERTIBLE DEBENTURE

 

THIS DEBENTURE AND THE SECURITIES
ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933, TO A NON-US PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S
UNDER THE SECURITIES ACT, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO THE BORROWER THAT REGISTRATION IS NOT REQUIRED UNDER
SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT.

 

PETROSONIC ENERGY, INC.

 

CONVERTIBLE DEBENTURE

 

	July 27, 2012	Cdn $250,000

 

Petrosonic Energy, Inc., a Nevada corporation (the “Company”),
for value received, promises to pay to the order of Sonoro Energy Ltd. (the “Holder”), the sum of Two Hundred
Fifty Thousand Dollars ($250,000) (the “Principal”), plus zero interest, pursuant to the terms and conditions
set forth herein. This Secured Convertible Debenture (the “Debenture”) is issued pursuant to the terms of the
Asset Purchase and Sale Agreement between the Company and the Holder, dated as of July 27, 2012 (the “Purchase Agreement”).

 

The Company and the Holder agree as follows:

 

		1.	Issuance of Principal and Conversion

 

		a)	The unpaid Principal of this Debenture shall be due and
payable by the Company on the second anniversary of the date hereof (the “Maturity Date”).

 

		b)	The unpaid Principal of this Debenture shall not be subject
to any interest.

 

		c)	At any time on or before the Maturity Date (the “Conversion
Date”), if the Company or any of its subsidiaries, completes a Qualified Financing (as defined below), the Holder, at
its sole discretion, may elect to have all or part of the Principal of this Debenture, converted into common shares at a price
equal to the price per share at which common shares of the Company are sold in a Qualified Financing or in the case of a convertible
debenture, the price at which common shares may be issuable upon conversion thereof (the “Conversion Price”).
A “Qualified Financing” means the first private placement of the Purchaser after the date first set forth above,
for the issuance of common shares or debentures convertible into common shares to secure gross proceeds of at least $500,000.

 

    	 

    	 

    

 

		d)	In the event that the Company or any of its subsidiaries
completes a financing with gross aggregate proceeds of not less than $1,750,000 in any form of debt or equity financing prior
to the Maturity Date, then, at the election of the Holder by delivery of a written form of notice, the Convertible Debenture shall
immediately become due and payable to the Holder.

 

		2.	Conversion

 

		2.1	Conversion Option

 

Subject to, and upon compliance with the provisions of this
Article 2, the Holder shall have the right, at such Holder’s option, at any time prior to the business day immediately
preceding the Maturity Date, to convert all or any part of the Principal Amount into common shares in the capital of the Company
as such shares exist at the close of business on the date of execution and delivery of this Debenture or, upon any subdivision
or consolidation of the Common Shares, the shares resulting therefrom or, upon the occurrence of a Capital Reorganization (as
defined below), the shares and/or other securities and/or property substituted for the Common Shares or into which Common Shares
are reclassified or changed (“Common Shares”) at the Conversion Price.

 

		2.2	Manner of Exercise of Right to Convert

 

a)        In order
to exercise the Conversion Option, the Holder shall, within the time specified in Section 0, surrender this Debenture to
the Company at its principal office in the City of Calgary accompanied by a written notice (which shall be irrevocable) in the
form of the “Notice of Election to Convert” attached to this Certificate, duly signed by the Holder or the Holder’s
executors, administrators or other legal representatives or the Holder’s attorney duly appointed by an instrument in writing
in form and execution satisfactory to the Company stating:

 

(i)          that
the Holder is exercising the right to convert the Debenture into the Common Shares issued upon the conversion of all or part of
the Principal Amount pursuant to Article 2 (the “Conversion Shares”) as provided in
this Article 2 (the “Conversion Option”);

 

(ii)         the
names (with addresses) in which the Conversion Shares are to be registered and, if there is more than one name, the number of Conversion
Shares to be registered in each of such names, provided that the Holder shall only be entitled to direct his entitlement to the
Conversion Shares in a manner permitted by applicable securities legislation; and

 

(iii)        the
address or addresses to which the certificate(s) representing the Conversion Shares are to be delivered.

 

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b)        Upon
surrender of the Debenture accompanied by the “Notice of Election to Convert” in accordance with Section 0
above , the Holder or, subject to payment of all applicable stamp taxes or security transfer taxes and compliance with all
reasonable requirements of the Company, the Holder’s nominee or assignee shall be entitled to be entered in the books
of the Company as at the Conversion Date, as defined below, as the holder of the Conversion Shares, and as soon as
practicable thereafter, the Company shall deliver to the Holder or, subject as aforesaid, its nominee or assignee, a
certificate for such Conversion Shares to the address indicated in the “Notice of Election to
Convert”.

 

c)        If
the Holder elects to convert less than all of the Principal Amount thereon into Conversion Shares, the Company shall forthwith
deliver to the Holder a replacement Certificate in respect of the portion of the Principal Amount that remains unconverted. Upon
such conversion, the Principal Amount shall, subject to the issuance and delivery of the Conversion Shares to which the Holder
is then entitled, be deemed to have been repaid to the extent of the amount so converted, the Company shall have no further obligations
hereunder in respect of the amount so converted, and the Holder shall be entitled to be treated in all respects as the holder of
such Conversion Shares from and after the date of such conversion. Notwithstanding any such conversion, the Company will remain
obliged to repay, in accordance with the terms of this Debenture, any principal in respect of the Principal Amount that the Holder
does not elect to convert.

 

d)        For
the purposes of this Article 2, this Debenture shall be deemed to be surrendered for conversion on the date (the “Conversion
Date”) on which it is so surrendered in accordance with the provisions of this Article 2
and, if surrendered by mail or other means of delivery, on the date on which it is received by the Company, provided
that if this Debenture is surrendered for conversion on a day on which the register of Common Shares is closed, the Person entitled
to receive the Conversion Shares shall become the holder of record of such shares as at the date on which such register is next
reopened.

 

e)        Notwithstanding
anything herein contained, Common Shares will only be issued and registered upon conversion of this Debenture in compliance with
the securities laws of any applicable jurisdiction and, without limiting the generality of the foregoing, in the event that this
Debenture is converted prior to the expiry of any applicable hold period under applicable securities legislation, the certificates
representing the Common Shares thereby issued will bear such legend as may, in the opinion of counsel to the Company, be necessary
in order to avoid a violation of any securities laws applicable in Canada or the United States or to comply with the requirements
of any stock exchange on which the Common Shares are listed, provided that if, at any time, in the opinion of counsel to the Company,
such legends are no longer necessary in order to avoid a violation of any such laws, or the holder of any such legended certificate,
at the holder’s expense, provides the Company with evidence satisfactory in form and substance to the Company (which may
include an opinion of counsel satisfactory to the Company) to the effect that such holder is entitled to sell or otherwise transfer
such Common Shares in a transaction in which such legends are not required, such legended certificate may thereafter be surrendered
to the Company in exchange for a certificate which does not bear such legend.

 

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		2.3	Adjustment of Conversion Option

 

If, and whenever at any time after the date hereof, and prior
to the Conversion Date, there is a reclassification of the Common Shares at any time outstanding or change of the Common Shares
into other shares or into other securities, whether of the Company or of another body corporate, or other capital reorganization,
or a consolidation, amalgamation or merger of the Company with or into any other corporation or other entity (other than a consolidation,
amalgamation or merger which does not result in any reclassification of the outstanding Common Shares or a change of the Common
Shares into other shares), or a transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety
to another corporation or other entity in which the holders of Common Shares are entitled to receive shares, other securities or
other property (any of such events being called a “Capital Reorganization”), the Holder who exercises the right
to convert this Debenture into the Conversion Shares after the effective date of such Capital Reorganization will be entitled to
receive, and will accept for the same aggregate consideration in lieu of the number of Conversion Shares to which the Holder was
previously entitled upon such conversion, the aggregate number of shares, other securities or other property which the Holder would
have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, the Holder had been
the registered holder of the number of Conversion Shares into which this Debenture was convertible immediately prior to such Capital
Reorganization. The Company will take all steps necessary to ensure that, on a Capital Reorganization, the Holder will, if it exercises
the Conversion Option, receive the aggregate number of shares, other securities or other property to which it is entitled as a
result of the Capital Reorganization.

 

		2.4	Rules Regarding Calculation of Conversion Option Adjustments

 

If, within five days of receipt of an Adjustment Notice,
a Holder notifies the Company in writing that it disputes the content of the Adjustment Notice, or if at any time a dispute
is made by a shareholder or other creditor of the Company with respect to adjustments provided for in Section 0, such
dispute will be conclusively determined by a firm of independent chartered accountants selected by the Holder. Such auditors
or accountants will be given access to all necessary records of the Company.

 

		2.5	Notice as to Adjustment

 

The Company shall from time to time, immediately after the
occurrence of any event which requires an adjustment or readjustment as provided in Section 0, deliver a notice in writing
(an “Adjustment Notice”) to the Holder specifying the nature of the event requiring the adjustment and the
amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation
and the facts upon which such calculation is based. Such notice and the amount of the adjustment specified therein shall, subject
to the provisions of Section 0, be conclusive and binding on all parties in interest.

 

		2.6	No Requirement to Issue Fractional Shares

 

The Company shall not be required to issue fractional Common
Shares upon the conversion of this Debenture. If any fractional interest in a Common Share would, except for the provisions of
this section, be deliverable upon the conversion of this Debenture, the Company may, at its sole option, in lieu of delivering
any certificate representing such fractional interest, satisfy such fractional interest by paying to the Holder an amount in lawful
money of the United States equal (to the nearest amount) to the corresponding fraction of the value of a Common Share on the Conversion
Date, determined by the directors of the Company acting in good faith which determination shall be conclusive, provided that the
Company shall not be required to make any payment, calculated as aforesaid, that is less than $10.00.

 

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		2.7	Company to Reserve Shares

 

The Company shall at all times while this Debenture remains
outstanding reserve and keep available out of its authorized but unissued Common Shares solely for the purpose of issue upon conversion
of this Debenture as provided in this Article 2

, and conditionally allot to the Holder who may exercise its conversion rights hereunder, such number
of the Conversion Shares as shall then be issuable upon the conversion of this Debenture. All Conversion Shares, when issued, shall
be duly and validly issued as fully paid and non-assessable.

 

		3.	Representations and Acknowledgments of the Holder

 

The Holder hereby represents, warrants, acknowledges and agrees
that:

 

		3.1	Investment

 

The Holder is acquiring this Debenture and the Common Shares
issuable upon conversion of this Debenture (together, the “Securities”) for the Holder’s own account,
and not directly or indirectly for the account of any other person. The Holder is acquiring the Securities for investment and not
with a view to distribution or resale thereof except in compliance with Securities Act of 1933 (the “Act”) and
any applicable state law regulating securities.

 

		3.2	Access to Information

 

The Holder has had the opportunity to ask questions of, and
to receive answers from, appropriate executive officers of the Company with respect to the terms and conditions of the transactions
contemplated hereby and with respect to the business, affairs, financial condition and results of operations of the Company. The
Holder has had access to such financial and other information as is necessary in order for the Holder to make a fully informed
decision as to investment in the Company, and has had the opportunity to obtain any additional information necessary to verify
any of such information to which the Holder has had access.

 

		3.3	Investor Status

 

The Holder is an “accredited investor” within the
meaning of Regulation D of the rules and regulations promulgated under the Act and has such business or financial expertise
as to be able to protect the Holder’s own interests in connection with the purchase of the Securities, or is a non-“U.S.
Person” as defined in Regulation S of the Act.

 

		3.4	Regulation S

 

For purposes of compliance with the Regulation S, if the
Holder is not a “U.S. Person,” as such term is defined in Rule 902(k) of Regulation S,1 the Holder
represents and warrants they are a person or entity that is outside the United States, and further represents and warrants as follows:

 

1         Regulation S
provides in part as follows:

 

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a)        The
Holder is not acquiring the Securities for the account or benefit of a U.S. Person.

 

b)        If
the Holder is a legal entity, it has not been formed specifically for the purpose of investing in the Company.

 

c)        The
Holder hereby represents that he, she or it has satisfied and fully observed the laws of the jurisdiction in which he, she or it
is located or domiciled, in connection with the acquisition of the Securities, including (i) the legal requirements of the Holder’s
jurisdiction for the acquisition of the Securities, (ii) any foreign exchange restrictions applicable to such acquisition, (iii)
any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, which
may be relevant to the holding, redemption, sale, or transfer of the Securities; and further, the Holder agrees to continue to
comply with such laws as long as he, she or it shall hold the Securities.

 

(continued from previous page)

	1.	“U.S. person” means: (i) any natural person resident in the United States; (ii) any partnership or corporation organized or incorporated under the laws of the United States; (iii) any estate of which any executor or administrator is a U.S. person; (iv) any trust of which any trustee is a U.S. person; (v) any agency or branch of a foreign entity located in the United States; (vi) any nondiscretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person; (vii) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and (viii) any partnership or corporation if: (A) organized or incorporated under the laws of any foreign jurisdiction; and (B) formed by a U.S. person principally for the purpose of investing in securities not registered under the Securities Act of 1933, as amended, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a)) who are not natural persons, estates or trusts.

 

	2.	The following are not “U.S. persons”: (i) any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. person by a dealer or other professional fiduciary organized, incorporated, or (if an individual) resident in the United States; (ii) any estate of which any professional fiduciary acting as executor or administrator is a U.S. person if: (A) an executor or administrator of the estate who is not a U.S. person has sole or shared investment discretion with respect to the assets of the estate; and (B) the estate is governed by foreign law; (iii) any trust of which any professional fiduciary acting as trustee is a U.S. person, if a trustee who is not a U.S. person has sole or shared investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. person; (iv) an employee benefit plan established and administered in accordance with the law of a country other than the United States and customary practices and documentation of such country; (v) any agency or branch of a U.S. person located outside the United States if: (A) the agency or branch operates for valid business reasons; and (B) the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; and (vi) the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and their agencies, affiliates and pension plans, and any other similar international organizations, their agencies, affiliates and pension plans.

 

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d)        To
the knowledge of the Holder, without having made any independent investigation, neither the Company nor any person acting for the
Company, has conducted any “directed selling efforts” in the United States as the term “directed selling efforts”
is defined in Rule 902 of Regulation S, which, in general, means any activity undertaken for the purpose of, or that could reasonably
be expected to have the effect of, conditioning the marketing in the United States for any of the Securities being offered. Such
activity includes, without limitation, the mailing of printed material to investors residing in the United States, the holding
of promotional seminars in the United States, and the placement of advertisements with radio or television stations broadcasting
in the United States or in publications with a general circulation in the United States, which discuss the offering of the Securities.
To the knowledge of the Holder, the Securities were not offered to the undersigned through, and the undersigned is not aware of,
any form of general solicitation or general advertising, including without limitation, (i) any advertisement, article, notice or
other communication published in any newspaper, magazine or similar media or broadcast over television or radio, and (ii) any seminar
or meeting whose attendees have been invited by any general solicitation or general advertising.

 

e)        The
Holder will offer, sell or otherwise transfer the Securities, only (A) pursuant to a registration statement that has been declared
effective under the Act, (B) pursuant to offers and sales that occur outside the United States within the meaning of Regulation S
in a transaction meeting the requirements of Rule 904 (or other applicable Rule) under the Act, or (C) pursuant to another available
exemption from the registration requirements of the Act, subject to the Company’s right prior to any offer, sale or transfer
pursuant to clauses (B) or (C) to require the delivery of an opinion of counsel, certificates or other information reasonably satisfactory
to the Company for the purpose of determining the availability of an exemption.

 

f)         The
Holder will not engage in hedging transactions involving the Securities unless such transactions are in compliance with the Act.

 

g)        The
Holder represents and warrants that the undersigned is not a citizen of the United States and is not, and has no present intention
of becoming, a resident of the United States (defined as being any natural person physically present within the United States for
at least 183 days in a 12-month consecutive period or any entity who maintained an office in the United States at any time during
a 12-month consecutive period). The Holder understands that the Company may rely upon the representations and warranty of this
paragraph as a basis for an exemption from registration of the Securities under the Act, as amended, and the provisions of relevant
state securities laws. 

 

		3.5	Speculative Investment

 

The Holder’s investment in the Company represented by
the Securities is highly speculative in nature and is subject to a high degree of risk of loss in whole or in part; the amount
of such investment is within the Holder’s risk capital means and is not so great in relation to the Holder’s total
financial resources as would jeopardize the financial condition of the Holder in the event such investment were lost in whole or
in part.

 

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		3.6	Unregistered Securities

 

a)        If
the Holder converts the Convertible Debenture, the Holder must bear the economic risk of investment for an indefinite period of
time because the Securities have not been registered under the Act and therefore cannot and will not be sold unless they are subsequently
registered under the Act or an exemption from such registration is available. The Company has made no representations, warranties
or covenants whatsoever as to whether any exemption from the Act, including, without limitation, any exemption for limited sales
in routine brokers’ transactions pursuant to Rule 144 under the Act will become available.

 

b)        Transfer
of the Securities has not been registered or qualified under any applicable state law regulating securities and therefore the Securities
cannot and will not be sold unless they are subsequently registered or qualified under any such state law or an exemption therefrom
is available. The Company has made no representations, warranties or covenants whatsoever as to whether any exemption from any
such state law is or will become available.

 

		4.	Security Interest

 

		4.1	Collateral

 

a)        As
collateral security for the payment and performance in full of this Debenture, the Company hereby pledges and grants to the
Holder a security interest in and to all of the right, title and interest of the Company in, to and under the Collateral. 
As used in this Debenture, the term “Collateral” means any and all personal property of the Company or its affiliates,
in each case whether now owned by the Company or hereafter acquired, and all proceeds and products thereof and all accessions to,
substitutions and replacements for, and rents and profits of each of the foregoing, including all of the Company’s (a) Accounts,
(b) Equipment, Goods and Inventory, (c) Documents, Instruments and Chattel Paper, (d) Investment Property, and (e) General Intangibles
(as such terms are defined in the Nevada UCC).

 

b)        Holder
is hereby authorized to file one of more UCC-1 Financing Statements with the Secretary of State of the State of Nevada evidencing
and providing notice of the security interest granted pursuant to this Debenture in the Collateral. 

 

c)        Upon
the full and final discharge of all amounts owed by the Company to the Secured Party under this Debenture (the “Indebtedness”),
the Holder will execute and deliver such documents as may be reasonably necessary and requested by the Company to release the Collateral
from the security interest granted to the Holder in this Debenture.

 

d)        When
all the Indebtedness has been paid in full and discharged, this Debenture and the security interest granted to the Holder hereunder
will terminate and a UCC-3 Termination Statement shall be filed by Holder to indicate the termination of the security interest
created hereby.

 

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		4.2	Representations and Warranties of the Company

 

The Company hereby represents and warrants to the Holder
that the statements contained in the following paragraphs of this Section 0 are all true and correct immediately prior
to the execution of this Debenture.

 

a)        The
Company owns all right, title and interest in and to the Collateral, except with respect to Collateral hereafter acquired. 

 

b)        The
Company has the right to grant the security interest under this Debenture to Holder in the Collateral.

 

c)        Company
is not subject to any bankruptcy case or insolvency proceedings before any court in any jurisdiction. In the ninety (90) days preceding
the date of this Debenture, the Company has not received any threat from any third party to subject the Company to any involuntary
bankruptcy or insolvency proceeding. The Securities issuable upon conversion of the Debenture will be issued as fully paid and
non-assessable Common Shares of the Company. 

 

		4.3	Rights and Remedies Upon Event of Default

 

a)        Default.
Holder may declare the entire unpaid principal on this Debenture immediately due and payable, by a notice in writing to the Company
if the Company defaults in the payment or conversion of the Principal when due (a “Default”).

 

b)        General
Remedies. In the event of an occurrence of a Default, in addition to exercising any other rights
or remedies the Holder may have under this Debenture, at law or in equity, the Holder may, at its option, and without demand first
made, exercise any one or all of the following rights and remedies: (i) collect the Collateral and its proceeds; (ii) take possession
of the Collateral wherever it may be found, using all reasonable means to do so, or require the Company to assemble the Collateral
and make it available to the Holder at a place designated by the Holder that is reasonably convenient to the Company; (iii) proceed
with the foreclosure of the security interest in the Collateral granted herein and the sale or endorsement and collection of the
proceeds of the Collateral in any manner permitted by law or provided for herein; (iv) sell, lease or otherwise dispose of the
Collateral at public or private sale, with or without having the Collateral at the place of sale; (v) institute a suit or other
action against the Company for recovery on this Debenture or to obtain possession or effect a sale of the Collateral; (vi) exercise
any rights and remedies of a Company under the Uniform Commercial Code; and/or (vii) offset, against any payment due from the Company
to the Holder, the whole or any part of any Indebtedness of the Holder to the Company.

 

c)        Sales
of Collateral. If a Default occurs and so long as it is continuing, any item of Collateral may
be sold for cash or other value at public or private sale or other disposition and the proceeds thereof collected by or for the
Holder as provided in the Uniform Commercial Code or under other applicable law. The Company agrees to promptly execute and deliver,
or promptly cause to be executed and delivered, such instruments, documents, assignments, waivers, certificates and affidavits
and supply or cause to be supplied such further information and take such further action as the Holder may reasonably require in
connection with any such sale or disposition. The Holder will have the right upon any such public sale or sales, and, to the extent
permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any
right or equity of redemption in the Company, which right or equity is hereby waived or released to the extent permitted by applicable
law.

 

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d)        Application
of Proceeds. The proceeds of all sales and collections in respect of the Collateral, the application
of which is not otherwise specifically herein provided for, will be applied as follows: (i) first, to the payment of the costs
and expenses of such sale or sales and collections and the actual attorneys’ fees and out-of-pocket expenses incurred by
the Holder relating to costs of collection; (ii) second, any surplus then remaining will be applied to the payment of all unpaid
principal under this Debenture; and (iii) third, any surplus then remaining will be paid to the Company.

 

		5.	Prepayment

 

The unpaid Principal may be prepaid by the Company in whole
or in part at any time prior to the Maturity Date without notice to the Holder and without penalty.

 

		6.	Subordination

 

a)        The
indebtedness evidenced by this Debenture shall be subordinate and subject in right of payment to the prior payment in full of
all Senior Indebtedness of the Company, as hereinafter defined, whether now outstanding or hereafter incurred, and the Holder,
by acceptance hereof, agrees to and shall be bound by the provisions of this Section 6. As used in this Debenture, the term
“Senior Indebtedness” shall mean the principal and interest on indebtedness of the Company, for money borrowed or
guaranteed, as evidenced by notes or similar instruments, including convertible financings, unless, in each case, by the terms
of the instrument creating or evidencing such indebtedness, it is provided that such indebtedness is not superior in the right
of payment to this Debenture.

 

b)        Upon
any payment or distribution of the assets of the Company of any kind or character, whether in cash, property or securities, to
creditors upon any dissolution or winding up or total or partial liquidation or reorganization of the Company, whether voluntary
or involuntary, or in bankruptcy, insolvency, receivership or other proceedings, all principal and interest due upon all Senior
Indebtedness shall first be paid in full, or payment thereof provided for, before the holder of this Debenture shall be entitled
to be paid in cash or receive any assets.

 

		7.	Miscellaneous

 

		7.1	Waiver and Amendment

 

Any provision of this Debenture may be amended, waived or modified
only upon the written consent of the Company and the Holder.

 

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		7.2	Restrictions on Transfer

 

This Debenture may only be transferred in compliance with applicable
state and federal laws. All rights and obligations of the Company and the Holder will be binding upon and benefit the successors,
assigns, heirs, and administrators of the parties.

 

		7.3	Governing Law

 

This Debenture will be governed by the laws of the State of
Nevada applicable to contracts between Nevada residents wholly to be performed in Nevada.

 

		7.4	Headings

 

The division of this Debenture into section, subsections, and
clauses, and the insertion of headings are for the convenience of reference only and shall not affect the construction or interpretation
hereof.

 

		7.5	Business Day

 

In the event that any day on or before which any action is required
to be taken hereunder is not a business day, then such action shall be required to be taken on or before the requisite time on
the next succeeding day that is a business day.

 

		7.6	Invalidity of Provisions

 

Each of the provisions contained in this Debenture is distinct
and severable and a declaration of invalidity or unenforceability of any such provision by a court of competent jurisdiction shall
not affect the validity or enforceability of any other provision hereof or thereof..

 

[Remainder of Page Intentionally Blank
- Signature Page Follows]

 

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IN WITNESS WHEREOF, the Company has caused this Debenture
to be issued as of the date first above written.

 

	PETROSONIC ENERGY, INC.
	 
	Per:	/s/ Art Agolli
	 	Name:  Art Agolli
	 	Title:     President

 

	Agreed and Accepted by the Holder:
	SONORO ENERGY LTD.
	 	 
	Per:	/s/ David Little
	 	Name:  David Little
	 	Title:     Authorized Director

 

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NOTICE OF ELECTION TO CONVERT

 

TO:    PETROSONIC
ENERGY, INC.

 

Principal amount to be converted ___________ US$

The undersigned registered holder of the within Debenture hereby
irrevocably elects to convert the above-noted principal amount of such Debenture into common shares (“Common Shares”)
of Petrosonic Energy, Inc. in accordance with the provisions of the within-mentioned Debenture and hereby delivers this Debenture
to the Company for such purpose and directs that the certificate for such Common Shares be registered and delivered as follows: 

	Name in Full	 	Address	 	Address for Delivery	 	Number of
 Common Shares
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

(Please print full name in which share certificates are to be
issued. If any Common Shares are to be issued to a person or persons other than the Debentureholder, the Debentureholder must pay
to the Company all exigible transfer taxes or other government charges.)

The undersigned certifies that each of the representations
and warranties made by the undersigned to the Company in connection with the undersigned’s acquisition of the Debenture remains
true and correct on the date hereof.

DATED:

 

	 
	(Print name of Debentureholder)NON-COMPETE AND NON-SOLICITATION AGREEMENT

 

THIS AGREEMENT made as of the 27,
day of July 2012.

 

BETWEEN:

 

			SONORO ENERGY LTD., a company incorporated under the laws of the Province of British Columbia
and having an office at 1000, 600-6th Ave SW, Calgary, Alberta

 

(the “Vendor”)

 

AND:

 

			PETROSONIC ENERGY, INC., a body corporate carrying on business in Nevada, U.S.A.

 

(the “Purchaser”)

 

WHEREAS the Vendor and the Purchaser
have entered into an Asset Purchase and Sale Agreement dated July 27, 2012 whereby the Vendor sold certain technology and assets
to the Purchaser (the “Asset Purchase Agreement”); and

 

WHEREAS the Vendor and Purchaser
seek to enter into a non-competition and non-solicitation agreement between them.

 

NOW THEREFORE IN CONSIDERATION OF the
mutual covenants, terms and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

 

		1.	Non-Competition

 

The Vendor acknowledges and agrees that,
for a period of five (5) years from the date hereof (the “Term”), it will not, without the written consent of
the Purchaser, compete with the Purchaser in any business activity or transaction directly relating to the Assets (as such term
is defined in the Asset Purchase Agreement) anywhere in the world save and except for in the Republic of Iraq.

 

		2.	Non-Solicitation

 

For the duration of the Term, the Vendor
acknowledges and agrees not to induce any person who is an employee, agent, salesperson, contractor, customer, supplier or dealer
of or relating to the Purchaser as of the date of this Agreement, or was so within the one (1) year period prior to the date of
this Agreement, to leave, to stop selling to, or stop buying from, the Purchaser or otherwise cease dealing with the Purchaser.

 

    	 

    	 

    

 

		3.	Agreement to Modification of Restrictive Covenants

 

While the restrictions are considered by
Vendor and the Purchaser to be reasonable in all of the circumstances as of the date of this Agreement, it is hereby agreed that
if any one or more of such restrictions shall be judged to be void as going beyond what is reasonable in all of the circumstances
for the protection of the interest of the Purchaser, but would be valid if part of the wording thereof were deleted or the period
thereof reduced or the range of activities covered thereby reduced in scope, the said reduction shall be deemed to apply with such
modifications as may be necessary to make them valid and effective and any such modification shall not thereby affect the validity
of any other restriction contained in this Agreement.

 

		4.	Independent Legal Advice

 

Vendor agrees it has have been advised
by the Purchaser that it should obtain independent legal advice in connection with the terms of this agreement. Vendor confirms
that it has either obtained such advice or chosen not to do so and that it fully understands the terms and conditions set out herein
and agrees to be bound by them.

 

		5.	Notices

 

Any notice required or permitted
to be made or given under this Agreement to either party shall be in writing and shall be sufficiently given if delivered personally,
by facsimile, by email, or if sent by prepaid registered mail to the intended recipient of such notice at their respective addresses
set forth below or to such other address as may, from time to time, be designated by notice given in the manner provided in this
Section 5:

 

in the case of the Purchaser:

 

Petrosonic Energy, Inc.

57 Valley Woods Way NW

Calgary, AB, T3B 6A5

Attention:        Art
Agolli

Fax No.:          (403)
441 6919

 

with a copy to:

 

Merani Reimer LLP

Barristers & Solicitors

Suite 204, 205-9th Avenue S.E.

Calgary, Alberta, T2G 0R3

Attention:        Ashif
S. Merani

Fax No:           (403)
398-0220

Tel:      (403) 261-7006

Email: ashif@meranireimer.com

 

    	2

    	 

    

 

in the case of the Vendor:

 

Sonoro Energy Ltd.

Suite 1000, 600 – 6th Avenue S.W.

Calgary, Alberta T2P 0S5

Attention:        David
A. Little, CFO

Fax No.:          1
(888) 774-3858

Tel:                  (403)
262-3252

Email:              dlittle@sonoroenergy.com

 

with a copy to:

 

Goodmans

Suite 1900, 355 Burrard Street

Vancouver, BC V6C 2G8

Attention:       Mr. David
Redford

Fax No.:         (604)
682-7131

 

Any notice shall be deemed to be given
at the time of delivery or sending by email or facsimile and the tenth (10th) day after mailing, as applicable. Any
notice or other communication delivered by had shall be deemed to have been received when it is delivered to the recipient personally
or to the applicable address noted herein.

 

		6.	Governing Law

 

This Agreement shall be governed by and
construed in accordance with the laws of the Province of Alberta.

 

		7.	Legal Advice

 

The Purchaser acknowledges that it has
been afforded the opportunity to obtain independent legal advice with respect to this Agreement, and the Asset Purchase and Sale
Agreement delivered contemporaneously herewith and confirms that he is acting of his own free will and not under duress or any
undue influence.

 

		8.	Assignment

 

This Agreement may not be assigned by either
party without the prior written consent of the other party.

 

		9.	Amendment

 

This Agreement may be amended only in writing
signed by the parties.

 

    	3

    	 

    

 

		10.	Headings

 

All headings in this Agreement are for
convenience only and shall not be used of the interpretation of this Agreement.

 

		11.	Counterparts

 

This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same
instrument.

 

		12.	Further Assurances

 

Each of the parties, upon the request
of any other party, shall do, execute, acknowledge and deliver or cause to be done, executed, acknowledged or delivered all such
further acts, deeds, documents and assurances as may be reasonably necessary or desirable to effect complete consummation of the
transactions contemplated by this Agreement.

 

IN WITNESS WHEREOF
the parties hereto have executed these presents under their respective seals and hands of their proper offices authorized in that
behalf, as applicable.

 

	PETROSONIC ENERGY, INC.	 	SONORO ENERGY LTD.
	 	 	 
	 	 	 
	Per:	/s/ Art Agolli	 	Per:	David Little
	 	Authorized Signatory	 	 	Authorized Signatory

  

    	4

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