Document:

EXHIBIT NO. 10.01

                          PANGEA PETROLEUM CORPORATION

                        2003 STOCK OPTION AND GRANT PLAN

Pangea  Petroleum  Corporation,  a Colorado corporation, (the "Company"), hereby
adopts  this  2003 Stock Option and Grant Plan (the "Plan") this 29th day of May
2003,  under  which  Incentive Stock Options, Non-Qualified Stock Options, Stock
Awards,  and  Common Stock in Lieu of Cash Compensation Awards ("Awards") of the
Company may be granted from time to time to employees, attorneys and consultants
of  the  Company  or its subsidiaries, if any. In addition, at the discretion of
the  board of directors, awards may from time to time be granted under this Plan
to  other  individuals  who  contribute  to  the  success  of the Company or its
subsidiaries, if any, and are not employees of the Company, all on the terms and
conditions  set  forth  herein.

SECTION  1.

                    GENERAL PURPOSE OF THE PLAN; DEFINITIONS

The  Plan  is  intended  to  aid  the  Company  in  maintaining and developing a
management  team,  attracting  qualified  officers  and  employees  capable  of
assisting  in the future success of the Company, and rewarding those individuals
who  have  contributed  to the success of the Company. It is designed to aid the
Company  in retaining the services of executives and employees and in attracting
new  personnel  when needed for future operations and growth and to provide such
personnel  with  an  incentive  to remain employees of the Company, to use their
best  efforts  to  promote the success of the Company's business, and to provide
them  with  an  opportunity  to obtain or increase a proprietary interest in the
Company.  It  is also designed to permit the Company to reward those individuals
who  are  not  employees  of  the Company but who are perceived by management as
having  contributed  to  the  success of the Company or who are important to the
continued  business  and  operations  of  the  Company.  The  above aims will be
effectuated  through the granting awards, subject to the terms and conditions of
this  Plan.

The following terms shall be defined as set forth below:

"Act" means the Securities Exchange Act of 1934, as amended from time to time.

"Administrator" is defined in Section 2(a).

"Award" or "Awards," except where referring to a particular category of grant
under the Plan, shall include Incentive Stock Options, Non-Qualified Stock
Options, Stock Awards, and Common Stock in Lieu of Cash Compensation Awards.

"Board" means the Board of Directors of the Company as constituted from time to
time.

"Change of Control" is defined in Section 13.

"Code" means the Internal Revenue Code of 1986, as amended from time to time,
and any successor Code, and related rules, regulations and interpretations.

"Committee" means the Committee of the Board referred to in Section 2.

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"Common Stock in Lieu of Cash Compensation Award" means Awards granted pursuant
to Section 7.

"Company" means Pangea Petroleum Corporation, a Colorado Corporation, and any
successor thereto.

"Effective Date" means the date on which the Plan is initially approved by the
Board of Directors as set forth in Section 14.

"Fair Market Value" on any given date means the last sale price at which Stock
is traded on such date or, if no Stock is traded on such date, the next
preceding date on which Stock was traded, as reported by Nasdaq Bulletin Board
or, if applicable, the principal stock exchange or, if applicable, any other
national stock exchange on which the Stock is traded or admitted to trading.

"Incentive Stock Option" means any Stock Option that is intended to qualify as
and is designated in writing in the related Option Award agreement as intending
to constitute an "incentive stock option" as defined in Section 422 of the Code.

"Independent Director" means a member of the Board who is not also an employee
of the Company or any Subsidiary.

"Non-Qualified Stock Option" means any Stock Option that is not an Incentive
Stock Option.

"Stock Award" means Awards granted pursuant to Section 6.

"Stock" means the Common Stock, no par value, of the Company, subject to
adjustments pursuant to Section 3.

"Stock Option" means any option to purchase shares of Stock granted pursuant to
Section 5.

"Subsidiary" means any corporation or other entity (other than the Company) in
any unbroken chain of corporations or other entities beginning with the Company
if each of the corporations or entities (other than the last corporation or
entity in the unbroken chain) owns stock or other interests possessing 50% or
more of the economic interest or the total combined voting power of all classes
of stock or other interests in one of the other corporations or entities in the
chain.

SECTION  2.

            ADMINISTRATION OF PLAN; ADMINISTRATOR AUTHORITY TO SELECT
                        PARTICIPANTS AND DETERMINE AWARDS

(a) COMMITTEE. The Plan shall be administered by he Board "Administrator". Each
member of the Committee shall be a "non-employee director" within the meaning of
Rule 16b-3(b)(3)(i) promulgated under the Act, or any successor definition under
said rule. From and after the date the Company becomes subject to Section 162(m)
of the Code with respect to compensation earned under this Plan, each member of
the Committee shall also be an "outside director" within the meaning of Section
162(m) of the Code and the regulations promulgated there under. The
interpretation and construction of the terms of the Plan by the Board or a duly
authorized committee shall be final and binding on all participants in the Plan
absent a showing of

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demonstrable error. No member of the Board or duly authorized committee shall be
liable for any action taken or determination made in good faith with respect to
the Plan.

(b) POWERS OF ADMINISTRATOR. The Administrator shall have the power and
authority to grant Awards consistent with the terms of the Plan, including the
power and authority:

(i) to select the individuals to whom Awards may from time to time be granted;

(ii) to determine the time or times of grant, and the extent, if any, of
Incentive Stock Options, Non-Qualified Stock Options, Stock Awards, and Common
Stock in Lieu of Cash Compensation Awards or any combination of the foregoing,
granted to any one or more participants;

(iii) to determine the number of shares of Stock to be covered by any Award;

(iv) to determine and modify from time to time the terms and conditions,
including restrictions, not inconsistent with the terms of the Plan, of any
Award, which terms and conditions may differ among individual Awards and
participants, and to approve the form of written instruments evidencing the
Awards;

(v) to accelerate at any time the exercisability or vesting of all or any
portion of any Award;

(vi) subject to the provisions of Section 5(a)(iii), to extend at any time the
post-termination period in which Stock Options may be exercised;

(vii) to determine at any time whether, to what extent, and under what
circumstances Stock and other amounts payable with respect to an Award shall be
deferred either automatically or at the election of the participant and whether
and to what extent the Company shall pay or credit amounts constituting deemed
interest (at rates determined by the Administrator) or dividends or deemed
dividends on such deferrals; and

(viii) at any time to adopt, alter and repeal such rules, guidelines and
practices for administration of the Plan and for its own acts and proceedings as
it shall deem advisable; to interpret the terms and provisions of the Plan and
any Award (including related written instruments); to make all determinations it
deems advisable for the administration of the Plan; to decide all disputes
arising in connection with the Plan; and to otherwise supervise the
administration of the Plan.

All decisions and interpretations of the Administrator shall be made in the
Administrator's sole and absolute discretion and shall be final and binding on
all persons, including the Company and Plan participants.

(c) DELEGATION OF AUTHORITY TO GRANT AWARDS. The Administrator may delegate to
the Chief Executive Officer and/or the President of the Company (provided that
such officer is a member of the Board of Directors) all or part of the
Administrator's authority and duties with respect to Awards, including the
granting thereof, to individuals who are not subject to the reporting and other
provisions of Section 16 of the Act or "covered employees" within the meaning of
Section 162(m) of the Code, PROVIDED, however, that the number of shares of
Stock underlying Awards made by the Chief Executive Officer and/or the President
shall not exceed, in the aggregate, twenty-five percent (25%) of the number of
shares of Stock available for issuance under the Plan.

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SECTION  3.

                  STOCK ISSUABLE UNDER THE PLAN; TERM OF PLAN;
                  RECAPITALIZATIONS; MERGERS; SUBSTITUTE AWARDS

(a) STOCK ISSUABLE. The maximum number of shares of Stock reserved and available
for issuance under the Plan initially shall be 5,000,000 shares of Stock. In
addition if any portion of an Award is forfeited, cancelled, or reacquired by
the Company, satisfied without the issuance of Stock or otherwise terminated,
the shares of Stock underlying such portion of the Award shall be added back to
the shares of Stock available for issuance under the Plan. Subject to such
overall limitation, shares of Stock may be issued up to such maximum number
pursuant to any type or types of Award. The shares available for issuance under
the Plan may be authorized but unissued shares of Stock or shares of Stock
reacquired by the Company.

(b) TERM OF PLAN. No Awards shall be made after May 29, 2013. Notwithstanding
the foregoing, Stock Options granted hereunder may, except as otherwise
expressly provided herein, be exercisable for up to ten years after the date of
grant.

(c) RECAPITALIZATIONS. Subject to the provisions of Section 12, if, through or
as a result of any merger, consolidation, sale of all or substantially all of
the assets of the Company, reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split or other similar transaction,
the outstanding shares of Stock are increased or decreased or are exchanged for
a different number or kind of shares or other securities of the Company, or
additional shares or new or different shares or other securities of the Company
or other non-cash assets are distributed with respect to such shares of Stock or
other securities, the Administrator may make an appropriate or proportionate
adjustment in (i) the maximum number of shares reserved for issuance under the
Plan, (ii) the number of Stock Options that can be granted to any one individual
participant, (iii) the number and kind of shares or other securities subject to
any then outstanding Awards under the Plan, and (iv) the price for each share
subject to any then outstanding Stock Options under the Plan, without changing
the aggregate exercise price (i.e., the exercise price multiplied by the total
number of Stock Options) as to which such Stock Options remain exercisable. The
adjustment by the Administrator shall be final, binding and conclusive. No
fractional shares of Stock shall be issued under the Plan resulting from any
such adjustment, but the Administrator in its discretion may make a cash payment
in lieu of fractional shares.

(d) SUBSTITUTE AWARDS. The Administrator may grant Awards under the Plan in
substitution for stock and stock based awards held by employees of another
corporation who become employees of the Company or a Subsidiary as the result of
a merger or consolidation of the employing corporation with the Company or a
Subsidiary or the acquisition by the Company or a Subsidiary of property or
stock of the employing corporation. The Administrator may direct that the
substitute awards be granted on such terms and conditions as the Administrator
considers appropriate in the circumstances.

SECTION 4.

                                   ELIGIBILITY

Awards  under  the  Plan  may  be  granted to employees, including officers, and
directors  of  the  Company or its subsidiaries, as may be existing from time to
time,  and  to  other  individuals  who

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are not employees of the Company, but performed bona fide services to the
Company, as may be deemed in the best interest of the Company by the Board or a
duly authorized committee. These individuals may be referred to as consultants,
attorneys or key persons. Such services to the Company or a subsidiary shall not
be in connection with the offer or sale of securities in a capital-raising
transaction. Such Awards shall be in the amounts, and shall have the rights and
be subject to the restrictions, as may be determined by the Board or a duly
authorized committee, all as may be within the general provisions of this Plan.

SECTION  5.

                                  STOCK OPTIONS

Any Stock Option granted under the Plan shall be in such form as the
Administrator may from time to time approve. Stock Options granted under the
Plan may be either Incentive Stock Options or Non-Qualified Stock Options.
Incentive Stock Options may be granted only to employees of the Company or any
Subsidiary that is a "subsidiary corporation" within the meaning of Section
424(f) of the Code. To the extent that any Option does not qualify as an
Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option.

(a) STOCK OPTIONS GRANTED TO ELIGIBLE PERSON. The Administrator in its
discretion may grant Stock Options to those persons eligible to receive Options
under this plan. Stock Options granted pursuant to this Section 5(a) shall be
subject to the following terms and conditions and shall contain such additional
terms and conditions, not inconsistent with the terms of the Plan, as the
Administrator shall deem desirable. If the Administrator so determines, Stock
Options may be granted in lieu of cash compensation at the participant's
election, subject to such terms and conditions as the Administrator may
establish, as well as in addition to other compensation.

(i) EXERCISE PRICE. The exercise price per share for the Stock covered by a
Stock Option granted pursuant to this Section 5(a) shall be determined by the
Administrator at the time of grant.

(ii) OPTION TERM. The term of each Stock Option shall be fixed by the
Administrator, but no Incentive Stock Option shall be exercisable more than ten
years after the date the option is granted. If an employee owns or is deemed to
own (by reason of the attribution rules of Section 424(d) of the Code) more than
10% of the combined voting power of all classes of stock of the Company or any
parent or subsidiary corporation and an Incentive Stock Option is granted to
such employee, the term of such option shall be no more than five years from the
date of grant. The term of the Option, once it is granted, may be reduced only
as provided for in this Plan and under the written provisions of the Option. In
no event may an Option be exercised after the expiration of its term.

(iii) EXERCISABILITY; RIGHTS OF A STOCKHOLDER. Stock Options shall become
exercisable at such time or times, whether or not in installments, as shall be
determined by the Administrator at or after the grant date; PROVIDED, however,
that (A) Stock Options granted in lieu of compensation shall be exercisable in
full as of the grant date unless the Administrator otherwise provides in the
Award agreement, and (B) all Stock Options must be exercised within three (3)
years of the date they become exercisable or they shall automatically expire,
and PROVIDED FURTHER that (1) no holder of a Stock Option may exercise any Stock
Options during any period in which such person is in breach of any
noncompetition agreement or

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covenant such person has with the Company as determined by the Administrator,
and (2) if any such holder fails to cure any such breach within thirty (30) days
of written notice thereof, all Stock Options held by such person shall thereupon
be forfeited. The Administrator may at any time accelerate the exercisability of
all or any portion of any Stock Option. An optionee shall have the rights of a
stockholder only as to shares acquired upon the exercise of a Stock Option and
not as to unexercised Stock Options.

(iv) METHOD OF EXERCISE. Stock Options may be exercised in whole or in part, by
giving written notice of exercise to the Company, specifying the number of
shares to be purchased. Payment of the purchase price may be made by one or more
of the following methods to the extent provided in the Option Award agreement:

(A) In cash, by certified or bank check or other instrument acceptable to the
Administrator;

(B) In the form of shares of Stock that are not then subject to restrictions
under any Company plan and that have been beneficially owned by the optionee for
at least six months, if permitted by the Administrator in its discretion. Such
surrendered shares shall be valued at Fair Market Value on the exercise date;

(C) By the optionee delivering to the Company a properly executed exercise
notice together with irrevocable instructions to a broker to promptly deliver to
the Company cash or a check payable and acceptable to the Company to pay the
purchase price; provided that in the event the optionee chooses to pay the
purchase price as so provided, the optionee and the broker shall comply with
such procedures and enter into such agreements of indemnity and other agreements
as the Administrator shall prescribe as a condition of such payment procedure;
or

(D) By the optionee delivering to the Company a promissory note if the
Administrator has expressly authorized the loan of funds to the optionee for the
purpose of enabling or assisting the optionee to effect the exercise of his
Stock Option; PROVIDED that any such promissory note shall bear interest at
market rates if the promissory note exceeds sixty (60) days. Payment instruments
will be received subject to collection.

The delivery of certificates representing the shares of Stock to be purchased
pursuant to the exercise of a Stock Option will be contingent upon receipt from
the optionee (or a purchaser acting in his stead in accordance with the
provisions of the Stock Option) by the Company of the full purchase price for
such shares and the fulfillment of any other requirements contained in the Stock
Option or applicable provisions of laws.

(v) ANNUAL LIMIT ON INCENTIVE STOCK OPTIONS. To the extent required for
"incentive stock option" treatment under Section 422 of the Code, the aggregate
Fair Market Value (determined as of the time of grant) of the shares of Stock
with respect to which Incentive Stock Options granted under this Plan and any
other plan of the Company or its parent and subsidiary corporations become
exercisable for the first time by an optionee during any calendar year shall not
exceed $100,000. To the extent that any Stock Option exceeds this limit, it
shall constitute a Non-Qualified Stock Option.

(c) NON-TRANSFERABILITY OF OPTIONS. Except as otherwise set forth in the
following sentence, no Stock Option shall be transferable by the optionee other
than by will or by the laws of descent and distribution and all Stock Options
shall be exercisable, during the optionee's lifetime, only by the optionee.
Notwithstanding the foregoing, an optionee may transfer, without

<PAGE>
consideration for the transfer, his Non-Qualified Stock Options to members of
his family, to trusts for the benefit of such family members, or to partnerships
in which such family members are the only partners, PROVIDED that the transferee
agrees in writing with the Company to be bound by all of the terms and
conditions of this Plan and the applicable option agreement.

(d) TERMINATION. Except as may otherwise be provided by the Administrator either
in  the  Award  agreement,  or subject to Section 15 below, in writing after the
Award  agreement  is  issued,  an  optionee's  rights in all Stock Options shall
automatically  terminate  sixty  (60)  days  following optionee's termination of
employment  (or  cessation  of  business  relationship) with the Company and its
Subsidiaries  for  any  reason.

SECTION 6.

                                  STOCK AWARDS

(a) NATURE OF STOCK AWARDS. A Stock Award is an Award entitling the recipient to
acquire, at par value or such other higher purchase price determined by the
Administrator, shares of Stock subject to such restrictions and conditions as
the Administrator may determine at the time of grant. Conditions may be based on
continuing employment (or other business relationship) and/or achievement of
pre-established performance goals and objectives. The terms and conditions of
each Stock Award shall be determined by the Administrator, and such terms and
conditions may differ among individual Awards and participants.

(b) RIGHTS AS A STOCKHOLDER. Upon execution of the grant of a Stock Award and
paying any applicable purchase price, a participant shall have the rights of a
stockholder with respect to the voting of the Stock, subject to such terms and
conditions as may be imposed by the Administrator.

SECTION 7.

                COMMON STOCK IN LIEU OF CASH COMPENSATION AWARDS

(a) GRANTS OF COMMON STOCK PAYABLE IN LIEU OF CASH. The Administrator may grant
shares of Stock available for issuance under the Plan to an eligible participant
in lieu of cash compensation earned by the participant with the consent of the
participant, or under a short- or long-term incentive plan of the Company (an
"Other Incentive Plan), PROVIDED, however, that the award made under the Other
Incentive Plan allows for satisfaction of such award by payment of Stock in lieu
of cash compensation. Additionally, shares of Stock may be granted if specified
performance goals established by the Administrator are met, provided that the
performance goals so established meet the requirements of Section 162(m) of the
Code and that the Administrator certifies that the performance goals have been
met. In the event of a grant of shares of Stock in lieu of cash compensation,
such grant shall be conditioned upon the participant's irrevocable election to
waive receipt of all or a portion of the cash compensation otherwise payable,
which waiver shall constitute payment in full by such participant for the shares
of Stock granted in lieu of such cash compensation. All shares of Stock granted
under this Section 7 shall be without restriction.

(b) DATE OF GRANT. Stock granted in lieu of cash compensation shall be granted
to each participant on the date the waived cash compensation would otherwise by
paid, provided, however, that with respect to a participant who is subject to
Section 16 of the Act, if such grant date is not at least six months and one day
from the date of the election, the grant shall be

<PAGE>
delayed until the date which is six months and one day from the date of the
election (or the next following business day, if such date is not a business
day) to the extent necessary to conform to the requirements for exempt purchases
under Rule 16b-3 of the Act.

(c) NUMBER OF SHARES. The number of shares of Stock granted in lieu of cash
compensation shall be determined by dividing the amount of the waived cash
compensation by the Fair Market Value of the Stock on the date the Stock is
granted. Such Stock shall be granted for the whole number of shares so
determined; the value of any fractional share shall be paid in cash.

SECTION 8.

                                 TAX WITHHOLDING

(a) PAYMENT BY PARTICIPANT. Each participant shall, no later than the date as of
which the value of an Award or of any Stock or other amounts received there
under first becomes includable in the gross income of the participant for
Federal income tax purposes, pay to the Company, or make arrangements
satisfactory to the Administrator regarding payment of, any Federal, state, or
local taxes of any kind required by law to be withheld with respect to such
income. The Company and its Subsidiaries shall, to the extent permitted by law,
have the right to deduct any such taxes from any payment of any kind otherwise
due to the participant. The Company's obligation to deliver stock certificates
to any participant is subject to and conditioned on tax obligations being
satisfied by the participant.

(b) PAYMENT IN STOCK. Subject to approval by the Administrator, a participant
may elect to have such tax withholding obligation satisfied, in whole or in
part, by (i) authorizing the Company to withhold from shares of Stock to be
issued pursuant to any Award a number of shares with an aggregate Fair Market
Value (as of the date the withholding is effected) that would satisfy the
withholding amount due, or (ii) transferring to the Company shares of Stock
owned by the participant with an aggregate Fair Market Value (as of the date the
withholding is effected) that would satisfy the withholding amount due.

SECTION 9.

                        TRANSFER, LEAVE OF ABSENCE, ETC.

For purposes of the Plan, the following events shall not be deemed a termination
of employment:

(a) a transfer to the employment of the Company from a Subsidiary or from the
Company to a Subsidiary, or from one Subsidiary to another; or

(b) an approved leave of absence for military service or sickness, or for any
other purpose approved by the Company, if the employee's right to re- employment
is guaranteed either by a statute or by contract or under the written policy
pursuant to which the leave of absence was granted or if the Administrator
otherwise so provides in writing.

SECTION 10.

                           AMENDMENTS AND TERMINATION

The Board may, at any time, amend or discontinue the Plan, and the Administrator
may, at any time, amend or cancel any outstanding Award for the purpose of
satisfying changes in law or for

<PAGE>
any other lawful purpose, but no such action shall adversely affect rights under
any outstanding Award without the holder's written consent. The Administrator
may provide substitute Awards at the same or reduced exercise or purchase price
or with no exercise or purchase price in a manner not inconsistent with the
terms of the Plan, but such price, if any, must satisfy the requirements which
would apply to the substitute or amended Award if it were then initially granted
under this Plan, but no such action shall adversely affect rights under any
outstanding Award without the holder's written consent. If and to the extent
determined by the Administrator to be required by

(a) the Code to ensure that Incentive Stock Options granted under the Plan are
qualified under Section 422 of the Code or ensure that compensation earned under
Stock Options granted under the Plan qualifies as performance-based compensation
under Section 162(m) of the Code, if and to the extent intended to so qualify,
or (b) the rules of the Nasdaq bulletin board Stock Market, Plan amendments
shall be subject to approval by the Company's stockholders entitled to vote at a
meeting of stockholders. Nothing in this Section 15 shall limit the Board's
authority to take any action permitted pursuant to Section 3(c) or 3(d).

SECTION 11.

                                 STATUS OF PLAN

Unless the Administrator shall otherwise expressly determine in writing, with
respect to the portion of any Award which has not been exercised and any
payments in cash, Stock or other consideration not received by a participant, a
participant shall have no rights greater than those of a general creditor of the
Company. In its sole discretion, the Administrator may authorize the creation of
trusts or other arrangements to meet the Company's obligations to deliver Stock
or make payments with respect to Awards hereunder, provided that the existence
of such trusts or other arrangements is consistent with the foregoing sentence.

SECTION 12.

                     CHANGE OF CONTROL AND MERGER PROVISIONS

(a) In contemplation of and subject to the consummation of a consolidation or
merger or sale of all or substantially all of the assets of the Company in which
outstanding shares of Stock are exchanged for securities, cash or other property
of an unrelated corporation or business entity or in the event of a liquidation
or dissolution of the Company or in the event of a corporate reorganization of
the Company (in each case, a "Transaction"), the Board, or the board of
directors of any corporation or other entity assuming the obligations of the
Company, may, in its discretion, take any one or more of the following actions,
as to outstanding Awards: (i) provide that such Awards shall be assumed or
equivalent awards shall be substituted, by the acquiring or succeeding
corporation or other entity (or an affiliate thereof), and/or (ii) upon written
notice to the participants, provide that all Awards will terminate immediately
prior to the consummation of the Transaction. In the event that, pursuant to
clause (ii) above, Awards will terminate immediately prior to the consummation
of the Transaction, all vested Awards, other than Options, shall be fully
settled in cash or in kind at such appropriate consideration as determined by
the Administrator in its sole discretion after taking into account any and all
consideration payable per share of Stock pursuant to the Transaction (the
"Transaction Price") and all Stock Options shall be fully settled, in cash or in
kind, in an amount equal to the difference between (A) the Transaction Price
times the number of shares of Stock subject to such outstanding Stock Options
(to the extent then exercisable at prices not in excess of the Transaction
Price) and (B)

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the aggregate exercise price of all such outstanding Stock Options. In addition,
the Board, or the board of directors of any corporation or other entity assuming
the obligations of the Company, may, in its discretion, permit each participant,
within a specified period determined by the Board prior to the consummation of
the Transaction, to exercise all outstanding Stock Options, including those that
are not then exercisable, subject to the consummation of the Transaction.

(b) Upon the occurrence of a Change of Control as defined in Section 17(c)
below, unless otherwise specified in the Award instrument, unless otherwise
determined by the Board in office immediately prior to such Change of Control or
specified in the Plan Award instrument, each Award outstanding shall be
accelerated, such that all Stock Options shall become fully exercisable and the
restricted period on all shares of Stock shall terminate immediately.

(c) "Change of Control" shall be defined as an event subsequent to the adoption
of this Plan, by any "person," as such term is used in Sections 13(d) and 14(d)
of the Act (other than the Company, any of its Subsidiaries, any "affiliate" or
"associate" (as such terms are defined in Rule 12b-2 under the Act) of the
foregoing persons, or any trustee, fiduciary or other person or entity holding
securities under any employee benefit plan or trust of the Company or any of its
Subsidiaries), together with all "affiliates" and "associates" (as such terms
are defined in Rule 12b-2 under the Act) of such person, who shall become the
"beneficial owner" (as such term is defined in Rule 13d-3 under the Act),
directly or indirectly, of securities of the Company representing 25% or more of
the combined voting power of the Company's then outstanding securities having
the right to vote in an election of the Company's Board of Directors ("Voting
Securities") (other than as a result of an acquisition of securities directly
from the Company).

Notwithstanding the foregoing, a "Change of Control" shall not be deemed to have
occurred for purposes of the foregoing clause (i) solely as the result of an
acquisition of securities by the Company which, by reducing the number of shares
of Voting Securities outstanding, increases the proportionate number of shares
of Voting Securities beneficially owned by any person (as defined in the
foregoing clause (i)) to 25% or more of the combined voting power of all then
outstanding Voting Securities; PROVIDED, however, that if such person shall
thereafter become the beneficial owner of any additional shares of Voting
Securities (other than pursuant to a stock split, stock dividend, or similar
transaction or as a result of an acquisition of securities directly from the
Company), then a "Change of Control" shall be deemed to have occurred for
purposes of the foregoing clause.

SECTION 13.

                               GENERAL PROVISIONS

(a) NO DISTRIBUTION; COMPLIANCE WITH LEGAL REQUIREMENTS. The Administrator may
require each person acquiring Stock pursuant to an Award to represent to and
agree with the Company in writing that such person is acquiring the shares
without a view to distribution thereof. No shares of Stock shall be issued
pursuant to an Award until all applicable securities law and other legal and
stock exchange or similar requirements have been satisfied. The Administrator
may require the placing of such stop orders and restrictive legends on
certificates for Stock and Awards, as it deems appropriate.

(b) DELIVERY OF STOCK CERTIFICATES. Stock certificates to be delivered to
participants under this Plan shall be deemed delivered for all purposes when the
Company or a stock transfer

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agent of the Company shall have mailed such certificates in the United States
mail, addressed to the participant, at the participant's last known address on
file with the Company.

(c) OTHER COMPENSATION ARRANGEMENTS; NO EMPLOYMENT RIGHTS. Nothing contained in
this Plan shall prevent the Board from adopting other or additional compensation
arrangements, including trusts, and such arrangements may be either generally
applicable or applicable only in specific cases. The adoption of this Plan and
the grant of Awards shall not confer upon any employee any right to continued
employment with the Company or any Subsidiary and shall not interfere in any way
with the right of the Company or any Subsidiary to terminate the employment of
any of its employees at any time.

(d) TRADING POLICY RESTRICTIONS. Sale of Stock acquired pursuant to an Option or
other Awards under the Plan shall be subject to such Company's
insider-trading-policy-related restrictions as established by the Company from
time, terms and conditions as may be established by the Administrator from time
to time, or in accordance with policies set by the Administrator, from time to
time.

SECTION  14.

                             EFFECTIVE DATE OF PLAN

The Plan shall become effective immediately on adoption by the board of
directors of the Company (the "Board")

SECTION 15.

                                  GOVERNING LAW

This Plan and all Awards and actions taken there under shall be governed by, and
construed in accordance with, the laws of the State of Colorado, applied without
regard to conflict of law principles.

<PAGE><PAGE>

Exhibit 10.1      Asset Purchase Agreement

                            ASSET PURCHASE AGREEMENT

This Agreement, made this 20 day of February, 2003, is between COi Solutions
Inc., a Nevada corporation ("Buyer"), and Alternate Energy Corp., a Nevada
corporation with its principal place of business located at Burlington, Ont
("Seller").

                                   WITNESSETH:

WHEREAS, Seller is the owner of certain Assets outlined in Exhibit "A" attached
hereto (the "Assets");

WHEREAS, Seller wishes to sell to Buyer and Buyer wishes to purchase from Seller
all of Seller's right, title and interest in the Assets;

NOW, THEREFORE, Seller and Buyer hereby agree as follows.

1. THE CLOSING.

         1.1      The Closing will take place the ___ day of February, 2003. At
                  such time the following CONDITION PRECEDENT to the Closing
                  will be satisfied:

                  1.1.1    the following approvals and consents required in
                           connection with this Agreement and to conclude duly
                           and legally the transactions contemplated herein
                           shall have been obtained and shall be in full force
                           and effect:

                           a.       The consent of the Boards of Directors of
                                    BUYER and the Company, and SELLER.
                           b.       The satisfaction of any debt of the BUYER
                                    and proof of satisfaction thereof.
                           c.       Reverse split of the Buyer's common stock as
                                    set forth in Section 2.2 below.
                           d.       Resignations of COI's current board of
                                    directors to be held in escrow by Jonathan
                                    D. Leinwand, P.A.
                           e.       Signed escrow agreement between the Buyer,
                                    Seller and Escrow Agent.
                           f.       Any other consent so required by law.
                           g.       The Company will give the Closing Notice
                                    promptly after such approvals and consents
                                    have been obtained.

<PAGE>

2. SALE OF THE ASSETS.

         2.1      Seller hereby sells, transfers and assigns to Buyer, and Buyer
                  hereby purchases from Seller, all of Seller's right, title and
                  interest in and to the Assets and all materials and rights
                  pertaining thereto. The list of Assets is attached hereto as
                  Exhibit "A".

         2.2      The total purchase price shall be 104 million Common Shares of
                  the Buyer (One Hundred Four Million). Such shares shall carry
                  a restrictive legend and will be issued pursuant to an
                  exemption from registration under the Securities Act of 1933;
                  such shares will be issued subsequent to a 2.2 to 1 reverse
                  split of the Buyer's stock (reducing the number of shares from
                  13, 180,296 to 5,991,044).

3. COVENANTS OF SELLER.

         3.1      SELLER will not use or disclose to third-parties any trade
                  secrets or other proprietary or confidential information
                  pertaining to any aspect of the Business.

         3.2      SELLER acknowledges that violation of any of the provisions of
                  this Section 3 will cause irreparable loss and harm to the
                  BUYER which cannot be reasonably or adequately compensated by
                  damages in an action at law. Accordingly, in the event of a
                  breach or threatened breach by SELLER of any of the provisions
                  of this Section 3, BUYER shall be entitled to injunctive and
                  other equitable relief to prevent or cure any breach or
                  threatened breach thereof, and SELLER agrees that it will not
                  be a defense to any request for such relief that the BUYER has
                  an adequate remedy at law. Notwithstanding the foregoing,
                  BUYER shall have other legal remedies as may be appropriate
                  under the circumstance including, INTER ALIA, recovery of
                  damages occasioned by such breach. For purposes of any
                  proceeding under or with respect to this Section 3, SELLER,
                  and BUYER submit to the jurisdiction of the courts of the
                  State of Florida and of Broward or Miami-Dade County located
                  in the State of Florida; and each agrees not to raise and
                  waives any objection to or defense based on the venue of any
                  such court or FORUM NON CONVENIENS.

         3.3      A court of competent jurisdiction, if it determines any of the
                  provisions of this Section 3 to be unreasonable in scope, time
                  or geography, is hereby authorized by SELLER, the Company and
                  BUYER to enforce the same in such narrower scope, shorter time
                  or lesser geography as such court determines to be reasonable
                  under all the circumstances.

4. REPRESENTATIONS AND WARRANTIES OF SELLER.

         4.1      SELLER represents and warrants to the BUYER as follows.

                  (a)      The SELLER has the power and authority to execute,
                           deliver and perform this Agreement and any other
                           agreement or document executed by them under or in
                           connection with this Agreement; and the SELLER has
                           taken all necessary action to authorize the
                           execution, delivery and performance of this Agreement
                           and any such other agreement or document. This
                           Agreement constitutes, and any such other agreement
                           or document when executed will constitute, the legal,
                           valid and binding obligations of SELLER enforceable
                           against SELLER in accordance with their respective
                           terms.

<PAGE>

                  (b)      Neither the execution nor delivery of this Agreement
                           nor the transactions contemplated herein, nor
                           compliance with the terms and conditions of this
                           Agreement will:

                           (i)      contravene any provision of law or any
                                    statute, decree, rule or regulation binding
                                    upon SELLER or contravene any judgment,
                                    decree, franchise, order or permit
                                    applicable to SELLER; or

                           (ii)     conflict with or result in any breach of any
                                    terms, covenants, conditions or provisions
                                    of, or constitute a default (with or without
                                    the giving of notice or passage of time or
                                    both) under any agreement or other
                                    instrument to which SELLER is a party or by
                                    which SELLER is bound.

                  (c)      No authorization, consent or approval of, or
                           exemption by, any governmental, judicial or public
                           body or authority of or in any state is required to
                           authorize, or is required in connection with (i) the
                           execution, delivery and performance by SELLER of this
                           Agreement, or (ii) any of the transactions
                           contemplated by this Agreement, or (iii) any of the
                           certificates, instruments or other agreements
                           executed by SELLER in connection with this Agreement,
                           or (iv) the taking of any action by BUYER.

                           (e)      SELLER is the sole owner of the Assets and
                                    of all rights in and to the Assets; and
                                    SELLER may sell the Assets to BUYER pursuant
                                    to this Agreement without the consent or
                                    approval of any other person, corporation,
                                    partnership, governmental authority or other
                                    entity; SELLER has not sold, transferred or
                                    assigned any of its rights in or to any of
                                    the Assets; the Assets are free and clear of
                                    any liens, claims, encumbrances and
                                    restrictions of any kind except for the
                                    approvals noted above.

                           (f)      Seller is the sole owner of all of the
                                    rights in and to the Assets; Other than the
                                    Leases outlined in Exhibit "B" and attached
                                    hereto, the Assets are not subject to any
                                    lien or other encumbrance or claim or to any
                                    option or other right in favor of a third
                                    party; except for the provisions of this
                                    Agreement, there are no monies owing or
                                    obligations outstanding with respect to the
                                    Assets; and no consent or approval by or
                                    notice to any third party is required in
                                    connection with the sale of the Assets to
                                    Buyer pursuant to this Agreement.

                           (g)      Except for those rights sold to Buyer under
                                    this Agreement, Seller does not own or have
                                    any rights in or to any patent, copyright,
                                    trademark, service mark or other right
                                    pertaining to any of the Assets.

                           (h)      None of the Assets violate any patent,
                                    copyright, trademark, service mark or other
                                    right, contains any libelous or defamatory
                                    material or any material which Seller was
                                    not duly authorized to use, or misuses or
                                    misappropriates any trade secret or
                                    confidential information.

                           (i)      There is no litigation or legal claim
                                    pending or threatened with respect to the
                                    Assets.

                           (j)      The representations and warranties of Seller
                                    under this Section 4 will survive execution
                                    of this Agreement. Seller will indemnify
                                    Buyer against any liability and will hold
                                    Buyer harmless from and pay any loss,
                                    damage, cost and expense (including, without
                                    limitation, legal fees, court costs and the
                                    cost of appellate proceedings) which Buyer
                                    incurs arising out of a breach of any of
                                    said representations and warranties or any
                                    claim against Buyer alleging facts which, if
                                    true, would result in a breach of any said
                                    representations and warranties.

                           (k)      Prior to the Closing, the Seller will
                                    continue to conduct its business in
                                    accordance with the Seller's normal and past
                                    practices including the timely payment of
                                    all accounts payable.

         4.2      Knowledge by BUYER of any event, circumstance or fact will not
                  vitiate or otherwise impair any of the warranties of SELLER or
                  any of the rights and remedies available to BUYER with respect
                  to such warranties.

<PAGE>

5. BUYER'S WARRANTY. Buyer represents and warrants to Seller that the execution,
delivery and performance of this Agreement has been duly authorized by Buyer's
Board of Directors.

6. INDEMNITIES.

         6.1      The representations and warranties of the SELLER and BUYER
                  will be deemed made on execution of this Agreement and at the
                  Closing, and all of those representations and warranties and
                  all of the covenants and obligations of the parties under this
                  Agreement will survive the Closing.

         6.2      BUYER will hold the SELLER harmless from and pay any loss,
                  damage, cost or expense (including, without limitation, legal
                  fees and court costs) which SELLER incurs by reason of any
                  representation or warranty or withholding of any pertinent
                  facts or other information of BUYER being incorrect or by
                  reason of any breach by BUYER of any of its covenants or
                  obligations under this Agreement.

         6.3      SELLER will hold BUYER harmless from and pay any loss, damage,
                  cost or expense (including, without limitation, legal fees and
                  court costs) which BUYER incurs by reason of any
                  representation or warranty of SELLER being incorrect or by
                  reason of any breach by SELLER of any of its covenants or
                  obligations under this Agreement.

7. ADDITIONAL COVENANTS OF THE SELLER.

         7.1      Prior to the Closing, the SELLER will continue to conduct its
                  business in accordance with the SELLER"S normal and past
                  practices.

         7.2      Prior to the Closing, the SELLER will not do any of the
                  following without BUYER's prior written consent:

                  7.2.1    issue any shares, or issue any rights or privileges
                           to acquire any shares or other securities of the
                           Seller, or issue any other securities;

                  7.2.2    change the nature of its business;

                  7.2.3    declare or pay any dividend or make any other
                           distribution or payment in respect of any of its
                           shares or purchase or redeem any of its shares;

                  7.2.4    merge or consolidate with any corporation or other
                           entity or liquidate or dissolve;

                  7.2.5    adopt or agree to adopt any plan providing for its
                           reorganization;

                  7.2.6    make any loan or other extension of credit or issue
                           any guaranty or otherwise incur any contingent
                           liability except for extensions of credit not
                           exceeding thirty (30) days to trade creditors in
                           accordance with past practices and in the normal
                           course of business;

                  7.2.7    sell, pledge, transfer, assign or grant a security
                           interest in any of its assets, property, contracts or
                           rights;

                  7.2.8    enter into or terminate any contract;

                  7.2.9    employ anyone or terminate anyone's employment;

                  7.2.10   pay any compensation other than the current monthly
                           payroll, raise or agree to raise anyone's
                           compensation, or pay or agree to pay any bonus or
                           other special compensation.

<PAGE>

8. MISCELLANEOUS.

                  (a)      Seller will execute such additional documents as
                           Buyer may reasonably request to vest or confirm the
                           vesting in Buyer of all of the Assets and title
                           thereto.

9. AMENDMENT. This Agreement may be amended only by an instrument in writing
signed by Seller and Buyer.

10. GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law of the state of Florida.

11. SECTION HEADINGS. Section headings are for convenient reference only and
shall not affect the meaning or have any bearing on the interpretation of any
provision of this Agreement.

12. SEVERABILITY. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced by any rule of law or public policy, all
other terms and provisions of this Agreement will nevertheless remain in full
force and effect so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner adverse to any party hereto.
Upon any such determination that any term or other provision is invalid, illegal
or incapable of being enforced, the parties hereto will negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as
closely as possible in an acceptable manner to the end that the transactions
contemplated by this Agreement are consummated to the extent possible.

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

BUYER                                        SELLER

COI SOLUTIONS, INC.                          ALTERNATE ENERGY CORP.

/s/ Gary Evans                               /s/ Blaine Froats
--------------------------------             ----------------------------------
Gary Evans                                   Blaine Froats
Director                                     President

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