Document:

Filed by Bowne Pure Compliance

 

Exhibit 4.2

CANWEST PETROLEUM CORPORATION

2006 STOCK OPTION PLAN

(as amended through September 12, 2006)

A. 1. Purposes of and Benefits Under the Plan. This 2006 Stock Option Plan (the
“Plan”) is intended to encourage stock ownership by employees, consultants, officers and directors
of CanWest Petroleum Corporation and its controlled, affiliated and subsidiary entities
(collectively, the “Corporation”), so that they may acquire or increase their proprietary interest
in the Corporation, and is intended to facilitate the Corporation’s efforts to: (i) induce
qualified persons to become employees, officers and directors (whether or not they are employees)
and consultants to the Corporation; (ii) compensate employees, officers, directors and consultants
for services to the Corporation; and (iii) encourage such persons to remain in the employ of or
associated with the Corporation and to put forth maximum efforts for the success of the
Corporation. It is further intended that options granted by the Committee pursuant to Section 6 of
this Plan shall constitute “incentive stock options” (“Incentive Stock Options”) within the meaning
of Section 422 of the Internal Revenue Code, and the regulations issued thereunder, and options
granted by the Committee pursuant to Section 7 of this Plan shall constitute “non-qualified stock
options” (“Non-qualified Stock Options”). “Options” means options granted pursuant to the
provisions of this Plan, whether Incentive Stock Options or Non-qualified Stock Options.

2. Definitions. As used in this Plan, the following words and phrases shall have the
meanings indicated:

(a) “Board” shall mean the Board of Directors of the Corporation.

(b) “Bonus” means any Common Stock bonus issued pursuant to the provisions of this Plan.

(c) “Committee” shall mean any Committee appointed by the Board to administer this Plan, if
one has been appointed. If no Committee has been appointed, the term “Committee” shall mean the
Board.

(d) “Common Stock” shall mean the Corporation’s $.001 par value common stock.

(e) “Disability” shall mean a Recipient’s inability to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected
to result in death or that has lasted or can be expected to last for a continuous period of not
less than 12 months. If the Recipient has a disability insurance policy, the term “Disability”
shall be as defined therein.

 

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(f) “Fair Market Value” per share as of a particular date shall mean the last sale price of
the Corporation’s Common Stock as reported on a national securities exchange or by NASDAQ, or if
the quotation for the last sale reported is not available for the Corporation’s Common Stock, the
average of the closing bid and asked prices of the Corporation’s Common
Stock as so reported or, if such quotations are unavailable, the value determined by the
Committee in accordance with its discretion in making a bona fide, good faith determination of fair
market value. Fair Market Value shall be determined without regard to any restriction other than a
restriction which, by its terms, never will lapse. In the case of Options and Bonuses granted at a
time when the Corporation does not have a registration statement in effect relating to the shares
issuable hereunder, the value at which the Bonus shares are issued may be determined by the
Committee at a reasonable discount from Fair Market Value to reflect the restricted nature of the
shares to be issued and the inability of the Recipient to sell those shares promptly.

(g) “Recipient” means any person granted an Option or awarded a Bonus hereunder.

(h) “Internal Revenue Code” shall mean the United States Internal Revenue Code of 1986, as
amended from time to time (codified as Title 26 of the United States Code) and any successor
legislation.

3. Administration.

(a) The Plan shall be administered by the Committee. The Committee shall have the authority
in its discretion, subject to and not inconsistent with the express provisions of the Plan, to
administer the Plan and to exercise all the powers and authorities either specifically conferred
under the Plan or necessary or advisable in the administration of the Plan, including the
authority: to grant Options and Bonuses; to determine the vesting schedule and other restrictions,
if any, relating to Options and Bonuses; to determine the purchase price of the shares of Common
Stock covered by each Option (the “Option Price”); to determine the persons to whom, and the time
or times at which, Options and Bonuses shall be granted; to determine the number of shares to be
covered by each Option or Bonus; to determine Fair Market Value per share; to interpret the Plan;
to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms
and provisions of the Option agreements (which need not be identical) entered into in connection
with Options granted under the Plan; and to make all other determinations deemed necessary or
advisable for the administration of the Plan. The Committee may delegate to one or more of its
members or to one or more agents such administrative duties as it may deem advisable, and the
Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons
to render advice with respect to any responsibility the Committee or such person may have under the
Plan.

(b) Options and Bonuses granted under the Plan shall be evidenced by duly adopted resolutions
of the Committee included in the minutes of the meeting at which they are adopted or in a unanimous
written consent.

(c) The Committee shall endeavor to administer the Plan and grant Options and Bonuses
hereunder in a manner that is compatible with the obligations of persons subject to Section 16 of
the U.S. Securities Exchange Act of 1934 (the “1934 Act”), although compliance with Section 16 is
the obligation of the Recipient, not the Corporation. Neither the Committee, the Board nor the
Corporation can assume any legal responsibility for a Recipient’s compliance with his obligations
under Section 16 of the 1934 Act.

 

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(d) No member of the Committee or the Board shall be liable for any action taken or
determination made in good faith with respect to the Plan or any Option or Bonus granted hereunder.

4. Eligibility.

(a) Subject to certain limitations hereinafter set forth, Options and Bonuses may be granted
to employees (including officers) and consultants to and directors (whether or not they are
employees) of the Corporation or its present or future divisions, affiliates and subsidiaries. In
determining the persons to whom Options or Bonuses shall be granted and the number of shares to be
covered by each Option or Bonus, the Committee shall take into account the duties of the respective
persons, their present and potential contributions to the success of the Corporation, and such
other factors as the Committee shall deem relevant to accomplish the purposes of the Plan.

(b) A Recipient shall be eligible to receive more than one grant of an Option or Bonus during
the term of the Plan, on the terms and subject to the restrictions herein set forth.

5. Stock Reserved.

(a) The stock subject to Options or Bonuses hereunder shall be shares of Common Stock. Such
shares, in whole or in part, may be authorized but unissued shares or shares that shall have been
or that may be reacquired by the Corporation. The aggregate number of shares of Common Stock as to
which Options and Bonuses may be granted from time to time under the Plan shall not exceed the
lower of (i) 30,000,000 shares or (ii) 15% of the total shares outstanding, subject to adjustment
as provided in Section 8(i) hereof.

(b) If any Option outstanding under the Plan for any reason expires or is terminated without
having been exercised in full, or if any Bonus granted is forfeited because of vesting or other
restrictions imposed at the time of grant, the shares of Common Stock allocable to the unexercised
portion of such Option or the forfeited portion of the Bonus shall become available for subsequent
grants of Options and Bonuses under the Plan.

6. Incentive Stock Options.

(a) Options granted pursuant to this Section 6 are intended to constitute Incentive Stock
Options and shall be subject to the following special terms and conditions, in addition to the
general terms and conditions specified in Section 8 hereof. Only employees of the Corporation
shall be entitled to receive Incentive Stock Options.

(b) The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is
granted) of the shares of Common Stock with respect to which Incentive Stock Options granted under
this and any other plan of the Corporation or any parent or subsidiary of the Corporation are
exercisable for the first time by a Recipient during any calendar year may not exceed the amount
set forth in Section 422(d) of the Internal Revenue Code.

 

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(c) Incentive Stock Options granted under this Plan are intended to satisfy all requirements
for incentive stock options under Section 422 of the Internal Revenue Code and the Treasury
Regulations promulgated thereunder and, notwithstanding any other provision of this Plan, the Plan
and all Incentive Stock Options granted under it shall be so construed, and all contrary provisions
shall be so limited in scope and effect and, to the extent they cannot be so limited, they shall be
void.

7. Non-qualified Stock Options. Options granted pursuant to this Section 7 are
intended to constitute Non-qualified Stock Options and shall be subject only to the general terms
and conditions specified in Section 8 hereof.

8. Terms and Conditions of Options. Each Option granted pursuant to the
Plan shall be evidenced by a written Option agreement between the Corporation and the Recipient,
which agreement shall be substantially in the form of Exhibit A hereto as modified from
time to time by the Committee in its discretion, and which shall comply with and be subject to the
following terms and conditions:

(a) Number of Shares. Each Option agreement shall state the number of shares of
Common Stock covered by the Option.

(b) Type of Option. Each Option Agreement shall specifically identify the portion, if
any, of the Option which constitutes an Incentive Stock Option and the portion, if any, which
constitutes a Non-qualified Stock Option.

(c) Option Price. Subject to adjustment as provided in Section 8 (i) hereof, each
Option agreement shall state the Option Price, which shall be determined by the Committee subject
only to the following restrictions:

(1) Each Option Agreement shall state the Option Price, which (except as otherwise set forth
in paragraphs 8(c)(2) and (3) hereof) shall not be less than 100% of the Fair Market Value per
share on the date of grant of the Option.

(2) Any Incentive Stock Option granted under the Plan to a person owning more than ten percent
of the total combined voting power of the Common Stock shall be at a price of no less than 110% of
the Fair Market Value per share on the date of grant of the Incentive Stock Option.

(3) Any Non-qualified Stock Option granted under the Plan shall be at a price determined and
specified by the Board, which price may be an amount less than the Fair Market Value per share on
the date of grant of the Non-qualified Stock Option.

(4) The date on which the Committee adopts a resolution expressly granting an Option shall be
considered the day on which such option is granted, unless a future date is specified in the
resolution.

 

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(d) Term of Option. Each Option agreement shall state the period during and times at
which the Option shall be exercisable, in accordance with the following limitations:

(1) The date on which the Committee adopts a resolution expressly granting an Option shall be
considered the day on which such Option is granted, unless a future date is specified in the
resolution, although any such grant shall not be effective until the Recipient has executed an
Option agreement with respect to such Option.

(2) The exercise period of any Option shall not exceed ten years from the date of grant of the
Option.

(3) Incentive Stock Options granted to a person owning more than ten percent of the total
combined voting power of the Common Stock of the Corporation shall be for no more than five years.

(4) The Committee shall have the authority to accelerate or extend the exercisability of any
outstanding Option at such time and under such circumstances as it, in its sole discretion, deems
appropriate. In any event, no exercise period may be so extended to increase the term of the
Option beyond ten years from the date of the grant.

(5) The exercise period shall be subject to earlier termination as provided in Sections 8(f)
and 8(g) hereof, and, furthermore, shall be terminated upon surrender of the Option by the holder
thereof if such surrender has been authorized in advance by the Committee.

(6) Subject to the rules and regulations of any exchange with which the shares of the
Corporation are listed for trading, notwithstanding any other provisions of this Plan, if any
Options may not be exercised due to any Black-Out Period (as defined below) at any time within the
three business day period prior to the normal expiry date of such Options (the “Restricted
Options”), the expiry date of such Restricted Options shall be extended for a period of 10 business
days following the end of the Black-Out Period (or such longer period as permitted by the exchange
and approved by the Board of Directors). “Black-Out Period” means the period of time when,
pursuant to any policies of the Corporation, any securities of the Corporation may not be traded by
certain persons as designated by the Corporation, including any holder of an Option.

(e) Method of Exercise and Medium and Time of Payment.

(1) An Option may be exercised as to any or all whole shares of Common Stock as to which it
then is exercisable, provided, however, that no Option may be exercised as to less than 100 shares
(or such number of shares as to which the Option is then exercisable if such number of shares is
less than 100).

 

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(2) Each exercise of an Option granted hereunder, whether in whole or in part, shall be
effected by written notice to the Secretary of the Corporation designating the number of shares as
to which the Option is being exercised, and shall be accompanied by
payment in full of the Option Price for the number of shares so designated, together with any
written statements required by, or deemed by the Corporation’s counsel to be advisable pursuant to,
any applicable securities laws.

(3) The Option Price shall be paid in cash, or in shares of Common Stock having a Fair Market
Value equal to such Option Price, or in property or in a combination of cash, shares and property
and, subject to approval of the Committee, may be effected in whole or in part with funds received
from the Corporation at the time of exercise as a compensatory cash payment.

(4) The Committee shall have the sole and absolute discretion to determine whether or not
property other than cash or Common Stock may be used to purchase the shares of Common Stock
hereunder and, if so, to determine the value of the property received.

(5) The Recipient shall make provision for the withholding of taxes as required by Section 10
hereof.

(f) Termination.

(1) Unless otherwise provided in the Option Agreement by and between the Corporation and the
Recipient, if the Recipient ceases to be an employee, officer, director or consultant of the
Corporation (other than by reason of death, Disability or retirement), all Options theretofore
granted to such Recipient but not theretofore exercised shall terminate three months following the
date the Recipient ceased to be an employee, officer, director or consultant of the Corporation,
and shall terminate upon the date of termination of employment or other relationship if discharged
for cause.

(2) Nothing in the Plan or in any Option or Bonus granted hereunder shall confer upon an
individual any right to continue in the employ of or other relationship with the Corporation or
interfere in any way with the right of the Corporation to terminate such employment or other
relationship between the individual and the Corporation.

(g) Death, Disability or Retirement of Recipient. Unless otherwise provided in the
Option Agreement by and between the Corporation and the Recipient, if a Recipient shall die while
an employee, officer, director or consultant of the Corporation, or within ninety days after the
termination of such Recipient as an employee, officer, director or consultant, other than
termination for cause, or if the Recipient’s relationship with the Corporation shall terminate by
reason of Disability or retirement, all Options theretofore granted to such Recipient (whether or
not otherwise exercisable) unless earlier terminated in accordance with their terms, may be
exercised by the Recipient or by the Recipient’s estate or by a person who acquired the right to
exercise such Options by bequest or inheritance or otherwise by reason of the death or Disability
of the Recipient, at any time within one year after the date of death, Disability or retirement of
the Recipient; provided, however, that in the case of Incentive Stock Options such one-year period
shall be limited to three months in the case of retirement.

 

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(h) Transferability Restriction.

(1) Options granted under the Plan shall not be transferable other than by will or by the laws
of descent and distribution or pursuant to a qualified domestic relations order as defined by the
Internal Revenue Code or Title I of the Employee Retirement Income Security Act of 1974, or the
rules thereunder. Options may be exercised during the lifetime of the Recipient only by the
Recipient and thereafter only by his legal representative.

(2) Any attempted sale, pledge, assignment, hypothecation or other transfer of an Option
contrary to the provisions hereof and/or the levy of any execution, attachment or similar process
upon an Option, shall be null and void and without force or effect and shall result in a
termination of the Option.

(3) (A) As a condition to the transfer of any shares of Common Stock issued upon exercise of
an Option granted under this Plan, the Corporation may require an opinion of counsel, satisfactory
to the Corporation, to the effect that such transfer will not be in violation of the U.S.
Securities Act of 1933, as amended (the “1933 Act”) or any other applicable securities laws or that
such transfer has been registered under federal and all applicable state securities laws. (B)
Further, the Corporation shall be authorized to refrain from delivering or transferring shares of
Common Stock issued under this Plan until the Committee determines that such delivery or transfer
will not violate applicable securities laws and the Recipient has tendered to the Corporation any
federal, state or local tax owed by the Recipient as a result of exercising the Option or disposing
of any Common Stock when the Corporation has a legal liability to satisfy such tax. (C) The
Corporation shall not be liable for damages due to delay in the delivery or issuance of any stock
certificate for any reason whatsoever, including, but not limited to, a delay caused by listing
requirements of any securities exchange or any registration requirements under the 1933 Act, the
1934 Act, or under any other state, federal or provincial law, rule or regulation. (D) The
Corporation is under no obligation to take any action or incur any expense in order to register or
qualify the delivery or transfer of shares of Common Stock under applicable securities laws or to
perfect any exemption from such registration or qualification. (E) Furthermore, the Corporation
will not be liable to any Recipient for failure to deliver or transfer shares of Common Stock if
such failure is based upon the provisions of this paragraph.

(i) Effect of Certain Changes.

(1) If there is any change in the number of shares of outstanding Common Stock through the
declaration of stock dividends, or through a recapitalization resulting in stock splits or
combinations or exchanges of such shares, the number of shares of Common Stock available for
Options and the number of such shares covered by outstanding Options, and the exercise price per
share of the outstanding Options, shall be proportionately adjusted by the Committee to reflect any
increase or decrease in the number of issued shares of Common Stock; provided, however, that any
fractional shares resulting from such adjustment shall be eliminated.

 

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(2) In the event of the proposed dissolution or liquidation of the Corporation, or any
corporate separation or division, including, but not limited to, split-up, split-off or spin-off, or a merger or consolidation of the Corporation with another corporation, the
Committee may provide that the holder of each Option then exercisable shall have the right to
exercise such Option (at its then current Option Price) solely for the kind and amount of shares of
stock and other securities, property, cash or any combination thereof receivable upon such
dissolution, liquidation, corporate separation or division, or merger or consolidation by a holder
of the number of shares of Common Stock for which such Option might have been exercised immediately
prior to such dissolution, liquidation, corporate separation or division, or merger or
consolidation; or, in the alternative the Committee may provide that each Option granted under the
Plan shall terminate as of a date fixed by the Committee; provided, however, that not less than 30
days’ written notice of the date so fixed shall be given to each Recipient, who shall have the
right, during the period of 30 days preceding such termination, to exercise the Option as to all or
any part of the shares of Common Stock covered thereby, including shares as to which such Option
would not otherwise be exercisable.

(3) Paragraph 2 of this Section 8 (i) shall not apply to a merger or consolidation in which
the Corporation is the surviving corporation and shares of Common Stock are not converted into or
exchanged for stock, securities of any other corporation, cash or any other thing of value.
Notwithstanding the preceding sentence, in case of any consolidation or merger of another
corporation into the Corporation in which the Corporation is the surviving corporation and in which
there is a reclassification or change (including a change to the right to receive cash or other
property) of the shares of Common Stock (excluding a change in par value, or from no par value to
par value, or any change as a result of a subdivision or combination, but including any change in
such shares into two or more classes or series of shares), the Committee may provide that the
holder of each Option then exercisable shall have the right to exercise such Option solely for the
kind and amount of shares of stock and other securities (including those of any new direct or
indirect parent of the Corporation), property, cash or any combination thereof receivable upon such
reclassification, change, consolidation or merger by the holder of the number of shares of Common
Stock for which such Option might have been exercised.

(4) In the event of a change in the Common Stock of the Corporation as presently constituted
into the same number of shares with a different par value, the shares resulting from any such
change shall be deemed to be the Common Stock of the Corporation within the meaning of the Plan.

(5) To the extent that the foregoing adjustments relate to stock or securities of the
Corporation, such adjustments shall be made by the Committee, whose determination in that respect
shall be final, binding and conclusive, provided that each Incentive Stock Option granted pursuant
to this Plan shall not be adjusted in a manner that causes such option to fail to continue to
qualify as an Incentive Stock Option within the meaning of Section 422 of the Internal Revenue
Code.

 

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(6) Except as expressly provided in this Section 8(i), the Recipient shall have no rights by
reason of any subdivision or consolidation of shares of stock of any class, or the payment of any
stock dividend or any other increase or decrease in the number of shares of stock of any class, or
by reason of any dissolution, liquidation, merger, or consolidation or spin-off of assets or stock
of another corporation; and any issue by the Corporation of shares of stock
of any class, or securities convertible into shares of stock of any class, shall not affect,
and no adjustment by reason thereof shall be made with respect to, the number or price of shares of
Common Stock subject to an Option. The grant of an Option pursuant to the Plan shall not affect in
any way the right or power of the Corporation to make adjustments, reclassifications,
reorganizations or changes of its capital or business structures, or to merge or consolidate, or to
dissolve, liquidate, or sell or transfer all or any part of its business or assets.

(j) No Rights as Shareholder — Non-Distributive Intent.

(1) Neither a Recipient of an Option nor such Recipient’s legal representative, heir, legatee
or distributee, shall be deemed to be the holder of, or to have any rights of a holder with respect
to, any shares subject to such Option until after the Option is exercised and the shares are
issued.

(2) No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash,
securities or other property) or distributions or other rights for which the record date is prior
to the date such stock certificate is issued, except as provided in Section 8(i) hereof.

(3) Upon exercise of an Option at a time when there is no registration statement in effect
under the 1933 Act relating to the shares issuable upon exercise, shares may be issued to the
Recipient only if the Recipient represents and warrants in writing to the Corporation that the
shares purchased are being acquired for investment and not with a view to the distribution thereof
and provides the Corporation with sufficient information to establish an exemption from the
registration requirements of the 1933 Act. A form of subscription agreement containing
representations and warranties deemed sufficient as of the date of adoption of this Plan is
attached hereto as Exhibit B.

(4) No shares shall be issued upon the exercise of an Option unless and until there shall have
been compliance with any then applicable requirements of the U.S. Securities and Exchange
Commission or any other regulatory agencies having jurisdiction over the Corporation.

(k) Other Provisions. Option Agreements authorized under the Plan may contain such
other provisions, including, without limitation, (i) the imposition of restrictions upon the
exercise, and (ii) in the case of an Incentive Stock Option, the inclusion of any condition not
inconsistent with such Option qualifying as an Incentive Stock Option, as the Committee shall deem
advisable.

9. Grant of Stock Bonuses. In addition to, or in lieu of, the grant of an Option, the
Committee may grant Bonuses.

 

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(a) At the time of grant of a Bonus, the Committee may impose a vesting period of up to ten
years, and such other restrictions which it deems appropriate. Unless otherwise directed by the
Committee at the time of grant of a Bonus, the Recipient shall be
considered a shareholder of the Corporation as to the Bonus shares which have vested in the
grantee at any time regardless of any forfeiture provisions which have not yet arisen.

(b) The grant of a Bonus and the issuance and delivery of shares of Common Stock pursuant
thereto shall be subject to approval by the Corporation’s counsel of all legal matters in
connection therewith, including compliance with the requirements of the 1933 Act, the 1934 Act,
other applicable securities laws, rules and regulations, and the requirements of any stock
exchanges upon which the Common Stock then may be listed. Any certificates prepared to evidence
Common Stock issued pursuant to a Bonus grant shall bear legends as the Corporation’s counsel may
seem necessary or advisable. Included among the foregoing requirements, but without limitation,
any Recipient of a Bonus at a time when a registration statement relating thereto is not effective
under the 1933 Act shall execute a Subscription Agreement substantially in the form of Exhibit
B.

10. Agreement by Recipient Regarding Withholding Taxes. Each Recipient agrees that
the Corporation, to the extent permitted or required by law, shall deduct a sufficient number of
shares due to the Recipient upon exercise of the Option or the grant of a Bonus to allow the
Corporation to pay federal, provincial, state and local taxes of any kind required by law to be
withheld upon the exercise of such Option or payment of such Bonus from any payment of any kind
otherwise due to the Recipient. The Corporation shall not be obligated to advise any Recipient of
the existence of any tax or the amount which the Corporation will be so required to withhold.

11. Term of Plan. Options and Bonuses may be granted under this Plan from time to
time within a period of ten years from the date the Plan is adopted by the Board.

12. Amendment and Termination of the Plan.

(a) (1) Subject to the policies, rules and regulations of any lawful authority having
jurisdiction (including any exchange with which the shares of the Corporation are listed for
trading), the Board of Directors may at any time, without further action by the shareholders,
terminate the Plan (or any one or more provision of the Plan) or amend the Plan or any Option
granted hereunder in such respects as it may consider advisable and, without limiting the
generality of the foregoing, it may do so to ensure: (A) that Options granted hereunder will comply
with any provisions respecting stock options in the income tax and other laws in force in any
country or jurisdiction of which any Option holders may from time to time be a resident or citizen;
(B) alter the terms and conditions of vesting applicable to any Options; (C) extend the term of
Options held by a person other than a person who, at the time of the extension, is an insider of
the Corporation, provided that the term does not extend beyond ten years form the date of grant
(subject to the “Blackout” extension provisions of the Plan); (D) accelerate the expiry date in
respect of Options; (E) determine the adjustment provisions pursuant to Section (i) hereof; (F)
amend the definitions contained within the Plan; (G) amend or modify the mechanics of exercise, and
consideration payable in connection with the exercise, of the Options; or
(H) amendments of a “housekeeping” nature.

 

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(2) provided, however, that any amendment that would: (A) materially increase the number of
securities issuable under the Plan to persons who are subject to Section 16(a) of the 1934 Act; or
(B) grant eligibility to a class of persons who are subject to Section 16(a) of the 1934 Act and
are not included within the terms of the Plan prior to the amendment; or (C) materially increase
the benefits accruing to persons who are subject to Section 16(a) of the 1934 Act under the Plan;
or (D) require shareholder approval under applicable state law, the rules and regulations of any
national securities exchange on which the Corporation’s securities then may be listed, the Internal
Revenue Code or any other applicable law, shall be subject to the approval of the shareholders of
the Corporation as provided in Section 13 hereof.

(3) provided further that any such increase or modification that may result from adjustments
authorized by Section 8(i) hereof or which are required for compliance with the 1934 Act, the
Internal Revenue Code, the Employee Retirement Income Security Act of 1974, their rules or other
laws or judicial order, shall not require such approval of the shareholders.

(b) Except as provided in Section 8 hereof, no suspension, termination, modification or
amendment of the Plan may adversely affect any Option previously granted, unless the written
consent of the Recipient is obtained.

13. Approval of Shareholders. The Plan shall take effect upon its adoption by the
Board but shall be subject to approval at a duly called and held meeting of stockholders in
conformance with the vote required by the Corporation’s governing documents, resolution of the
Board, any other applicable law and the rules and regulations thereunder, or the rules and
regulations of any national securities exchange upon which the Corporation’s Common Stock is listed
and traded, each to the extent applicable.

14. Termination of Right of Action. Every right of action arising out of or
in connection with the Plan by or on behalf of the Corporation or any of its subsidiaries, or by
any shareholder of the Corporation or any of its subsidiaries against any past, present or future
member of the Board, or against any employee, or by an employee (past, present or future) against
the Corporation or any of its subsidiaries, will, irrespective of the place where an action may be
brought and irrespective of the place of residence of any such shareholder, director or employee,
cease and be barred by the expiration of three years from the date of the act or omission in
respect of which such right of action is alleged to have risen.

15. Tax Litigation. The Corporation shall have the right, but not the obligation, to
contest, at its expense, any tax ruling or decision, administrative or judicial, on any issue which
is related to the Plan and which the Board believes to be important to holders of Options issued
under the Plan and to conduct any such contest or any litigation arising therefrom to a final
decision.

 

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16. Adoption.

(a) This Plan was approved by resolution of the Board of Directors of the Corporation on
January 3, 2006, and amended on August 16, 2006 and on September 12, 2006.

(b) If this Plan is not approved by the shareholders of the Corporation within 12 months of
the date the Plan was approved by the Board as required by Section 422(b)(1) of the Internal
Revenue Code, this Plan and any Options granted hereunder to Recipients shall be and remain
effective, but the reference to Incentive Stock Options herein shall be deleted and all Options
granted hereunder shall be Non-qualified Stock Options pursuant to Section 7 hereof.

[End of Plan]

 

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Exhibit A

FORM OF STOCK OPTION AGREEMENT

STOCK OPTION AGREEMENT made as of this
 _____ 
day of
 _____ 
,
 _____ 
, by and between CanWest
Petroleum Corporation, a Colorado corporation (the “Corporation”), and
 _____ 

 _____ 
(the “Recipient”).

In accordance with the Corporation’s 2006 Stock Option Plan (the “Plan”), the provisions of
which are incorporated herein by reference, the Corporation desires, in connection with the
services of the Recipient, to provide the Recipient with an opportunity to acquire shares of the
Corporation’s $.001 par value common stock (“Common Stock”) on favorable terms and thereby increase
the Recipient’s proprietary interest in the Corporation and incentive to put forth maximum efforts
for the success of the business of the Corporation. Capitalized terms used but not defined herein
are used as defined in the Plan.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein set forth and
other good and valuable consideration, the Corporation and the Recipient agree as follows:

1. Confirmation of Grant of Option. Pursuant to a determination of the Committee or,
in the absence of a Committee, by the Board of Directors of the Corporation made on
 _____ 
,

 _____ 
(the “Date of Grant”), the Corporation, subject to the terms of the Plan and of this
Agreement, confirms that the Recipient has been irrevocably granted on the Date of Grant, as a
matter of separate inducement and agreement, and in addition to and not in lieu of salary or other
compensation for services, a Stock Option (the “Option”) exercisable to purchase an aggregate of

 _____ 
shares of Common Stock on the terms and conditions herein set forth, subject to adjustment
as provided in Paragraph 8 hereof.

2. Option Price. The Option Price of shares of Common Stock covered by the Option
will be $  per share (the “Option Price”) subject to adjustment as provided in Paragraph 8
hereof.

3. Vesting and Exercise of Option. (a) Except as otherwise provided herein or in
Section 8 of the Plan, the Option [shall vest and become exercisable as follows: (insert vesting
schedule), provided, however, that no option shall vest or become exercisable unless the Recipient
is an employee of the Corporation on such vesting date/or may be exercised in whole or in part at
any time during the term of the Option.] (b) The Option may not be exercised at any one time as
to fewer than 100 shares (or such number of shares as to which the Option is then exercisable if
such number of shares is less than 100). (c) The Option may be exercised by written notice to the
Secretary of the Corporation accompanied by payment in full of the Option Price as provided in
Section 8 of the Plan.

 

 

 

4. Term of Option. The term of the Option will be through
 _____ 
,
 _____ 
, subject
to earlier termination or cancellation as provided in this Agreement. The holder of the Option
will not have any rights to dividends or any other rights of a shareholder with respect to any
shares of Common Stock subject to the Option until such shares shall have been issued (as evidenced
by the appropriate transfer agent of the Corporation) upon purchase of such shares through exercise
of the Option.

5. Transferability Restriction. The Option may not be assigned, transferred or
otherwise disposed of, or pledged or hypothecated in any way (whether by operation of law or
otherwise) except in strict compliance with Section 8 of the Plan. Any assignment, transfer,
pledge, hypothecation or other disposition of the Option or any attempt to make any levy of
execution, attachment or other process will cause the Option to terminate immediately upon the
happening of any such event; provided, however, that any such termination of the Option under the
provisions of this Paragraph 5 will not prejudice any rights or remedies which the Corporation may
have under this Agreement or otherwise.

6. Exercise Upon Termination. The Recipient’s rights to exercise this Option upon
termination of employment or cessation of service as an officer, director or consultant shall be as
set forth in Section 8(f) of the Plan.

7. Death, Disability or Retirement of Recipient. The exercisability of this Option
upon the death, Disability or retirement of the Recipient shall be as set forth in Section 8(g) of
the Plan.

8. Adjustments. The Option shall be subject to adjustment upon the occurrence of
certain events as set forth in Section 8(i) of the Plan.

9. No Registration Obligation. The Recipient understands that the Option is not
registered under the 1933 Act and, unless by separate written agreement, the Corporation has no
obligation to so register the Option or any of the shares of Common Stock subject to and issuable
upon the exercise of the Option, although it may from time to time register under the 1933 Act the
shares issuable upon exercise of Options granted pursuant to the Plan. The Recipient represents
that the Option is being acquired for the Recipient’s own account and that unless registered by the
Corporation, the shares of Common Stock issued on exercise of the Option will be acquired by the
Recipient for investment. The Recipient understands that the Option is, and the underlying
securities may be, issued to the Recipient in reliance upon exemptions from the 1933 Act, and
acknowledges and agrees that all certificates for the shares issued upon exercise of the Option may
bear the following legend unless such shares are registered under the 1933 Act prior to their
issuance:

The shares represented by this Certificate have not been registered
under the Securities Act of 1933 (the “1933 Act”), and are
“restricted securities” as that term is defined in Rule 144 under
the 1933 Act. The shares may not be offered for sale, sold or
otherwise transferred except pursuant to an effective registration
statement under the 1933 Act or pursuant to an exemption from
registration under the 1933 Act, the availability of which is to be
established to the satisfaction of the Company.

 

2

 

The Recipient further understands and agrees that the Option may be exercised only if at the
time of such exercise the underlying shares are registered and/or the Recipient and the Corporation
are able to establish the existence of an exemption from registration under the 1933 Act and
applicable state or other laws.

10. Notices. Each notice relating to this Agreement will be in writing and delivered
in person or by certified mail to the proper address. Notices to the Corporation shall be
addressed to the Corporation, attention: Karim Hirji, Chief Financial Officer, at such address as
may constitute the Corporation’s principal place of business at the time, with a copy to: Theresa
M. Mehringer, Esq., Burns, Figa & Will, P.C., 6400 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, Colorado 80111. Notices to the Recipient or other person or persons then entitled to
exercise the Option shall be addressed to the Recipient or such other person or persons at the
Recipient’s address below specified. Anyone to whom a notice may be given under this Agreement may
designate a new address by notice to that effect given pursuant to this Paragraph 10.

11. Approval of Counsel. The exercise of the Option and the issuance and delivery of
shares of Common Stock pursuant thereto shall be subject to approval by the Corporation’s counsel
of all legal matters in connection therewith, including compliance with the requirements of the
1933 Act, the Securities Exchange Act of 1934, as amended, applicable state and other securities
laws, the rules and regulations thereunder, and the requirements of any national securities
exchange(s) upon which the Common Stock then may be listed.

12. Benefits of Agreement. This Agreement will inure to the benefit of and be binding
upon each successor and assignee of the Corporation. All obligations imposed upon the Recipient
and all rights granted to the Corporation under this Agreement will be binding upon the Recipient’s
heirs, legal representatives and successors.

13. Effect of Governmental and Other Regulations. The exercise of the Option and the
Corporation’s obligation to sell and deliver shares upon the exercise of the Option are subject to
all applicable federal and state laws, rules and regulations, and to such approvals by any
regulatory or governmental agency which may, in the opinion of counsel for the Corporation, be
required.

14. Plan Governs. In the event that any provision in this Agreement conflicts with a
provision in the Plan, the provision of the Plan shall govern.

 

3

 

Executed in the name and on behalf of the Corporation by one of its duly authorized officers
and by the Recipient all as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	CANWEST PETROLEUM CORPORATION
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Date

	 	 	 	 	,	 	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 	 	 
	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Christopher H. Hopkins, Chief Executive Officer

The undersigned Recipient has read and understands the terms of this Option Agreement and the
attached Plan and hereby agrees to comply therewith.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date

	 	 	 	 	,	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Signature of Recipient
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Tax ID Number:	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Address:	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

4

 

Exhibit B

SUBSCRIPTION AGREEMENT

THE SECURITIES BEING ACQUIRED BY THE UNDERSIGNED HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933 OR ANY OTHER LAWS AND ARE OFFERED UNDER EXEMPTIONS FROM THE REGISTRATION PROVISIONS OF
SUCH LAWS. THESE SECURITIES CANNOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT
IN COMPLIANCE WITH THE RESTRICTIONS ON TRANSFER CONTAINED IN THIS STOCK SUBSCRIPTION AGREEMENT AND
APPLICABLE SECURITIES LAWS.

This Subscription Agreement is entered for the purpose of the undersigned acquiring

 _____ 
shares of the $.001 par value common stock (the “Securities”) of CanWest Petroleum
Corporation, a Colorado corporation (the “Corporation”) from the Corporation as a Bonus or pursuant
to exercise of an Option granted pursuant to the Corporation’s 2006 Stock Option Plan (the
“Plan”). All capitalized terms not otherwise defined herein shall be as defined in the Plan.

It is understood that no grant of any Bonus or exercise of any Option at a time when no
registration statement relating thereto is effective under the U.S. Securities Act of 1933, as
amended (the “1933 Act”) can be completed until the undersigned executes this Subscription
Agreement and delivers it to the Corporation, and that such grant or exercise is effective only in
accordance with the terms of the Plan and this Subscription Agreement.

In connection with the undersigned’s acquisition of the Securities, the undersigned represents
and warrants to the Corporation as follows:

1. The undersigned has been provided with, and has reviewed the Plan, and such other
information as the undersigned may have requested of the Corporation regarding its business,
operations, management, and financial condition (all of which is referred to herein as the
“Available Information”).

2. The Corporation has given the undersigned the opportunity to ask questions of and to
receive answers from persons acting on the Corporation’s behalf concerning the terms and conditions
of this transaction and the opportunity to obtain any additional information regarding the
Corporation, its business and financial condition or to verify the accuracy of the Available
Information which the Corporation possesses or can acquire without unreasonable effort or expense.

3. The Securities are being acquired by the undersigned for the undersigned’s own account and
not on behalf of any other person or entity.

 

 

 

4. The undersigned understands that the Securities being acquired hereby have not been
registered under the 1933 Act or any state or foreign securities laws, and are, and unless
registered will continue to be, restricted securities within the meaning of Rule 144 of the General
Rules and Regulations under the 1933 Act and other statutes, and the undersigned consents to the
placement of appropriate restrictive legends on any certificates evidencing the Securities and any
certificates issued in replacement or exchange therefor and acknowledges that the Corporation will
cause its stock transfer records to note such restrictions.

5. By the undersigned’s execution below, it is acknowledged and understood that the
Corporation is relying upon the accuracy and completeness hereof in complying with certain
obligations under applicable securities laws.

6. This Agreement binds and inures to the benefit of the representatives, successors and
permitted assigns of the respective parties hereto.

7. The undersigned acknowledges that the grant of any Bonus or Option and the issuance and
delivery of shares of Common Stock pursuant thereto shall be subject to prior approval by the
Corporation’s counsel of all legal matters in connection therewith, including compliance with the
requirements of the 1933 Act and other applicable securities laws, the rules and regulations
thereunder, and the requirements of any national securities exchange(s) upon which the Common Stock
then may be listed.

8. The undersigned acknowledges and agrees that the Corporation has withheld
 _____ 

shares for the payment of taxes as a result of the grant of the Bonus or the exercise of an Option.

9. The Plan is incorporated herein by reference. In the event that any provision in this
Agreement conflicts with any provision in the Plan, the provisions of the Plan shall govern.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Date:

	 	 	 	 	,	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Signature of Recipient
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Tax ID Number:	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Address:	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

2Filed by Bowne Pure Compliance

 

Exhibit 10.9

EXECUTIVE EMPLOYMENT AGREEMENT (AMENDED AND RESTATED)

THIS AGREEMENT made as of the 22nd day of September, 2006, as amended effective August 1, 2007.

BETWEEN:

OILSANDS QUEST INC. (formerly known as Canwest Petroleum
Corporation), a corporation incorporated under the laws of the State
of Colorado, U.S.A. (hereinafter referred to as the “Corporation”)

- and -

T. MURRAY WILSON, an individual residing in the Province of Alberta
(hereinafter referred to as the “Executive”)

WHEREAS the Corporation wishes to retain the services of the Executive as its Executive
Chairman;

AND WHEREAS the Executive wishes to accept employment with the Corporation in accordance with
the terms and conditions of this Executive Employment Agreement (the “Agreement”);

AND WHEREAS the Executive and the Corporation have agreed to amend certain terms of the
Executive Employment Agreement entered into between them effective May 1st, 2006 (the
“Original Agreement”), as reflected in this agreement, such that this agreement amends and restates
the Original Agreement;

NOW THEREFORE in consideration of the employment of the Executive by the Corporation, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties agree as follows:

ARTICLE I

DEFINITIONS AND INTERPRETATION

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

	 	(a)	 	“Act” means Alberta Business Corporation Act, as amended;

 

-2-

	 	(b)	 	“Affiliated” has the meaning set out in the Act, and an “Affiliate” means one
of two or more Affiliated bodies corporate;

	 	(c)	 	“Business” means the exploration and development of North American oil sands
and oil shales and associated technology by the Corporation;

	 	(d)	 	“Cause” means, without limiting its interpretation under common law, any
willful and gross misconduct by the Executive in relation to the performance of his
duties under this Agreement, or any gross neglect by the Executive of his duties under
this Agreement;

	 	(e)	 	“Change of Control” means the occurrence of any of the following:

	 	(i)	 	the purchase or acquisition of any Shares or Convertible
Securities by a Holder which results in the Holder beneficially owning, or
exercising control or direction over, Shares or Convertible Securities such
that, assuming the conversion of Convertible Securities beneficially owned or
over which control or direction is exercised by the Holder, the Holder would
beneficially own or exercise control or direction over Shares carrying the
right to cast more than thirty percent (30%) of the votes attaching to all
Shares;

	 	(ii)	 	the amalgamation, consolidation or merger of the Corporation
with any other corporation pursuant to which the shareholders of the
Corporation immediately prior to such transaction do not own Shares of the
successor or continuing corporation which would entitle them to cast more than
thirty percent (30%) of the votes attaching to shares in the capital of the
successor or continuing corporation which might be cast to elect directors of
that corporation;

	 	(iii)	 	the sale, lease or transfer by the Corporation of all or
substantially all of the assets of the Corporation to any Person other than a
Related Corporation; or

	 	(iv)	 	approval by the shareholders of the Corporation of the
liquidation, dissolution or winding-up of the Corporation;

	 	(v)	 	provided that, notwithstanding subparagraphs (i) — (iv) above,
any amalgamation, merger or other form of business combination transaction
between the Corporation and Oil Sands Quest Inc. shall not constitute a Change
of Control.

	 	(f)	 	“Company Property” includes any materials, tools, equipment, devices, records,
files, data, tapes, computer programs, computer disks, software, communications,
letters, proposals, memoranda, lists, drawings, blueprints, correspondence,
specifications or any other documents or property belonging to the Corporation or any
Related Corporation;

 

-3-

	 	(g)	 	“Confidential Information” means any information of a confidential nature which
relates to the Business of the Corporation or any Related Corporation, including,
without limiting the generality of the foregoing: design and manufacturing information;
trade secrets; technical information; marketing strategies; sales and pricing policies;
financial information; accounting records; employee information; business, marketing
and technical plans; information relating to the Corporation’s business methods,
operations and techniques; research and development information; intellectual property;
industrial designs; computer programs; software; lists of suppliers or other supplier
information; and lists of present and prospective customer of the Corporation and other
customer information. Notwithstanding the foregoing, Confidential Information shall not
include any information which:

	 	(i)	 	is or becomes public knowledge through no fault of the
Executive (but only after the information becomes public knowledge);

	 	(ii)	 	is independently developed by the Executive outside the scope
of his duties to the Corporation; or

	 	(iii)	 	is or becomes lawfully available to the Executive from a
source other than the Corporation;

	 	(h)	 	“Convertible Securities” means any securities convertible or exchangeable into
Shares or carrying the right or obligation to acquire Shares;

	 
	 	(i)	 	“Effective Date” means the date first written above;

	 	(j)	 	“Holder” means any Person or group of Persons acting jointly or in concert, or
associated or Affiliated with any such Person, group of Persons or any of such Persons
acting jointly or in concert;

	 	(k)	 	“Monthly Base Salary” means the annual Base Salary paid to the Executive,
divided by 12;

	 	(l)	 	“Notice” means any Notice given by one party to the other party in accordance
with Article 16;

	 	(m)	 	“Notice Period” shall be twelve (12) months plus one (1) month for each
completed year of service by the Executive, calculated starting May 1, 2006, up to a
maximum aggregate of eighteen (18) months;

	 	(n)	 	“Person” includes an individual, partnership, association, body corporate,
trustee, executor, administrator or legal representative, and “Persons” means a group
of more than one Person;

	 	(o)	 	“Related Corporation” means any subsidiary, parent company, division,
Affiliate, predecessor or successor of the Corporation;

 

-4-

	 	(p)	 	“Shares” means the voting common shares of the Corporation and any other shares
of the Corporation which have the right to vote in respect of the board of directors of
the Corporation;

	 	(q)	 	“Termination Date” means the last day actively worked by the Executive for the
Corporation;

	 
	 	(r)	 	“Territory” means North America;

	 	(s)	 	“Triggering Event” means the occurrence or omission of any event or course of
events which would constitute constructive dismissal of the Executive as an employee of
the Corporation under the common law and, without limiting the generality of the
foregoing, shall include the occurrence of any of the following without the Executive’s
consent (except in connection with the termination of the Executive’s employment for
Cause or upon the death of the Executive, or Executive’s status as a director of the
Corporation, which is addressed by Section 14.1 hereof):

	 	(i)	 	a material change (other than a change which is clearly
consistent with a promotion) in the Executive’s duties, responsibilities, title
or office with the Corporation, which includes the removal of the Executive
from, or any failure to re-elect or re-appoint the Executive to, any position
or office held by the Executive from time to time, without the prior consent of
the Executive;

	 	(ii)	 	any failure by the Corporation to continue in effect any
material benefit, bonus, profit sharing, incentive, remuneration or
compensation plan, stock ownership, stock option or stock purchase plan,
pension plan or retirement plan contemplated by this Agreement without
providing alternative rights or benefits of reasonably equivalent or greater
value;

	 	(iii)	 	the Corporation relocating the Executive to any place other
than Calgary or London, England without the consent of the Executive, except
for the requirements of normal business travel; or

	 	(iv)	 	any breach by the Corporation of any provision of this
Agreement which is not rectified within a reasonable period of time after
notice of such breach has been provided by the Executive to the Corporation.

1.2 The headings in this Agreement are inserted for convenience and ease of reference only, and
shall not affect the construction or interpretation of this Agreement.

1.3 All words in this Agreement importing the singular number include the plural, and vice versa.
All words importing gender include the masculine, feminine and neuter genders.

1.4 All monetary amounts are in Canadian dollars.

 

-5-

ARTICLE II

EMPLOYMENT OF EXECUTIVE 

2.1 The Corporation agrees to employ the Executive in accordance with the terms and conditions of
this Agreement, and the Executive agrees to accept such employment.

2.2 The parties hereto agree that the relationship between the Corporation and the Executive is
that of employer and employee.

ARTICLE III

TERM OF AGREEMENT

3.1 The term of this Agreement shall be for an indefinite period commencing on the Effective Date
(the “Term”), unless earlier terminated by the Corporation or the Executive pursuant to the terms
and conditions of this Agreement.

ARTICLE IV

DUTIES OF EXECUTIVE

4.1 The Executive shall, during the Term of this Agreement:

	 	(a)	 	perform the duties and responsibilities of the Executive Chairman of the
Corporation, including all those duties and responsibilities customarily performed by a
person holding the same or an equivalent position in corporations of a similar size to
the Corporation, in a similar Business to that of the Corporation in Canada and
publicly traded in the United States securities markets, subject to the following
provisions to clarify the distinct roles of the Executive Chairman and the Chief
Executive Officer of the Corporation (the “CEO”):

	 	(i)	 	the CEO will report to the Board of Directors of the
Corporation (the “Board”) through the Executive Chairman, who shall be the
senior executive of the Corporation;

	 	(ii)	 	each of the Executive Chairman and the CEO will bring material
issues relating to the management of the Corporation to the attention of the
other and exchange with each other reasonably requested information;

	 	(iii)	 	the Executive Chairman and the CEO will cooperate with each
other and work as partners on all matters relating to the management of the
Corporation and, in particular, shall jointly share responsibilities relating
to matters involving investor relations;

	 	(iv)	 	subject to usual Board restrictions, the CEO will have primary
responsibility for exploration, operations, regulatory matters relating to
exploration, project development, communication with local press regarding
those issues, as well as community and aboriginal relations, whereas the
Executive Chairman will have primary responsibility for general corporate
strategy, strategic alliance, financing, communication
with national and international press, matters relating to securities
regulation including reserve reporting, and investor relations.

 

-6-

all in accordance with the policies, procedures and rules established by the
Corporation, provided that in light of the fact that the changes to this Agreement
from the Original Agreement reflect the consequences of a merger with the
Corporation’s subsidiary, Oil Sands Quest Inc., and because the day-to-day
interaction between the positions of Executive Chairman and the CEO have not been
worked out, although the Executive agrees with the description of his duties
vis-a-vis the CEO as recorded in sub-paragraphs (i) through (iv), inclusive, until
December 31, 2007, such terms shall be deemed to be on an interim basis and it is
agreed that the Executive is reserving his rights to elect to assert that anything
in the said sub-paragraphs is a Triggering Event as defined in paragraph 1.1(s),
above, and in the event that any of such items shall be considered by him, within
such one year period, to be a Triggering Event, then for the purposes of section
10.2, below, the Triggering Event shall be deemed to have occurred immediately
before the delivery of Notice pursuant to paragraph 10.4(a), below;

	 	(b)	 	accept such other or alternate office or offices or titles to which he may be
elected or appointed or granted by the board of directors of the Corporation, provided
that performance of the duties and responsibilities associated with such office or
offices shall be consistent with the duties provided for in Section 4.1(a).
Notwithstanding the formal title given to the Executive, and subject only to the
ordinary directions customarily given by a board of directors, the Executive shall have
the senior executive authority in the Corporation and/or any amalgamated corporation;
and

	 	(c)	 	devote the whole of his working time, attention, efforts and skill to the
performance of his employment duties and responsibilities as set out herein, and truly
and faithfully serve the best interests of the Corporation at all times.

4.2 The principal executive offices of the Corporation shall be in Calgary and the Corporation
shall have no obligation to maintain executive offices in any other city. It is understood and
agreed by the Corporation that the Executive maintains residences in Calgary and London, England
and divides his time between both locations, and that the Executive may carry out his duties and
responsibilities on behalf of the Corporation from either location as he deems appropriate, acting
reasonably.

ARTICLE V

BASE SALARY

5.1 During the Term of this Agreement, the Corporation shall pay to the Executive a salary of Three
Hundred Thousand Canadian Funds ($300,000) per annum (the “Base Salary”), less required statutory
deductions, payable in equal semi-monthly installments or otherwise as agreed by the Corporation
and the Executive. The Executive’s Base Salary will be reviewed by the board of directors of the
Corporation from time to time, and may be increased, but not decreased, at the discretion of the
board of directors.

 

-7-

5.2 The Corporation shall reimburse the Executive for all reasonable out-of-pocket expenses
incurred in the performance of his employment duties and in accordance with the applicable policies
and guidelines of the Corporation. All payments or reimbursements of expenses shall be subject to
the submission by the Executive of appropriate vouchers, bills and receipts. It is expressly
acknowledged that the Executive shall have the right, at his option, to travel business class on
any airline flight over three (3) hours and that the Corporation shall reimburse the Executive
reasonable travel expenses associated with attendances by the Executive’s partner when she
accompanies him on business travel and/or other business functions.

5.3 Effective on the first anniversary date of this Agreement, the board of directors of the
Corporation shall, in good faith, consider the establishment of an individual pension program for
the Executive so as to treat the Executive in a fashion generally equivalent with the pension
treatment provided to Chairmen and/or Chief Executive Officers of corporations with a comparable
market capitalization, taking into account the Corporation’s assets, liabilities and cash flow.

ARTICLE VI

INCENTIVE COMPENSATION

6.1 As a material inducement for the Executive to enter into this Agreement, the Corporation shall
pay the Executive a one time signing bonus of One Hundred Thousand Dollars ($100,000), less
required statutory deductions (the “Signing Bonus”), upon execution and shall pay the Executive a
further lump sum of Seventeen Thousand Dollars ($17,000) less required statutory deductions (the
“Monthly Bonus”) within 30 days of the conclusion of each of the first, second and third months of
the Executive’s term of service pursuant to this Agreement. The Signing Bonus and Monthly Bonus
shall not be regarded as part of the Base Salary payable to the Executive pursuant to Article 5.1
hereof and shall be payable in addition to the Annual Bonus stipulated in Article 6.2 hereof. In
the event that the Signing Bonus or Monthly Bonus, or any part of them, has or have been paid
pursuant to the Original Agreement, then it or they shall not be paid again pursuant to this
Agreement.

6.2 The Executive shall be eligible to receive an annual incentive bonus of up to two hundred
percent (200%) of the Base Salary (the “Annual Bonus”), on such terms as may be determined by the
Board of Directors of the Corporation acting in their sole discretion.

6.3 The Executive shall be entitled to receive a stock option agreement entitling him to purchase
four million shares of the Corporation with those options priced on the date of the execution of
this Agreement and vesting as follows:

	 	(a)	 	1,000,000 on execution of this Agreement;

	 	(b)	 	1,000,000 upon the conclusion of any amalgamation or joint venture achieved
between Canwest Petroleum Corporation and Oilsands Quest Inc.;

	 	(c)	 	1,000,000 upon 12 months completed service (calculated from a commencement date
of May 1, 2006) by the Executive pursuant to this Agreement;

 

-8-

	 	(d)	 	1,000,000 upon 24 months completed service (calculated from a commencement date
of May 1, 2006) by the Executive pursuant to this Agreement.

Said stock options shall be priced at US$6.75 per share (being fair market value as at the time
this agreement was entered into), and all such options shall have an exercise term of five (5)
years from the date of vesting. In the event that any part of the said options have been
provided pursuant to the Original Agreement, then they shall not be paid again pursuant to this
Agreement.

6.4 During the first year of the Executive’s employment, if the Corporation issues in excess of
twelve million stock options, the Executive shall receive a further thirty-three percent (33%) of
any stock options issued in excess of twelve million stock options in total on the same terms and
conditions as those stock options in excess of twelve million total stock options. After the first
year of employment, any further and additional grants of stock options shall be at the discretion
of the Board of Directors of the Corporation.

6.5 The Executive shall enter into the Corporation’s standard form stock option agreement modified
so as to give effect to the provisions of this Executive Employment Agreement. Notwithstanding
anything to the contrary in this Agreement, the Executive hereby agrees that he will not exercise
the stock options and that the Corporation will not be obliged to issue any shares thereunder, if
the exercise of the stock option or the issuance of the shares shall constitute a violation by the
Executive or the Corporation of any provision of any law or regulation or of any rule of any
governmental authority, regulatory body, automated quotation system or stock exchange. The
Corporation shall in no event be obliged, by any act of the Executive or otherwise, to issue,
register or qualify for resale any securities issuable upon exercise of the stock options pursuant
to a prospectus or similar document or to take any other affirmative action in order to cause the
exercise of the stock options or the issue or resale of the shares issuable pursuant thereto to
comply with any law or regulation or any rule of any governmental authority, regulatory body or
stock exchanges, provided that the Corporation shall notify the exchange on which the Corporation’s
shares are listed for trading and other appropriate regulatory bodies in Canada or the United
States of the existence of the stock options and the exercise thereof.

6.6 Notwithstanding subsection 6.5 hereof, the provisions of the Corporation’s stock option plan,
the provisions of any stock option agreement entered into between the Corporation (including a
Related Corporation) and the Executive, and the provisions of any other incentive plan of the
Corporation in effect at the time, the Parties agree that upon termination of the Executive
pursuant to Sections 9.1, 10.2, or 11.1 hereof, the applicable vested stock options and other
incentive interests may be exercised by the Executive until the earlier of (i) the original date of
expiry of the stock options and other incentive interests, as the case may be; and (ii) two years
after the Termination Date. All stock options and other incentive interests which remain
unexercised after this time period shall terminate, be null and void and of no further force and
effect notwithstanding the terms of the relevant agreement, stock option plan or other incentive
plans of the Corporation in effect at the time, as applicable.

 

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ARTICLE VII

BENEFITS

7.1 The Executive shall be entitled to participate in all of the employment benefits provided by
the Corporation for its senior executive employees (the “Benefits”), subject to the terms and
conditions of the applicable benefit plans established by the Corporation, as may be reasonably
amended by the Corporation from time to time.

ARTICLE VIII

VACATION

8.1 The Executive shall be entitled to an annual paid vacation of six (6) weeks. Vacation may be
taken in such a manner and at such times as the Executive and the Corporation mutually agree.

ARTICLE IX

TERMINATION BY CORPORATION

9.1 Subject to Section 9.3 and Section 9.5, the Corporation shall be entitled to terminate this
Agreement and the Executive’s employment at any time, for any reason, upon written Notice to the
Executive, in which case the Executive shall be entitled to receive the following compensation from
the Corporation, subject to the conditions set out in Section 9.2:

	 	(a)	 	a lump sum payment equal to the Monthly Base Salary as at the Termination Date,
multiplied by the number of months in the Notice Period;

	 	(b)	 	a further lump sum payment equal to the value of the Executive’s benefits
(which value shall be deemed to be the monthly cost to Employer excluding GST or
similar taxes), multiplied by the number of months in the Notice Period;

	 	(c)	 	a further lump sum payment equal to the Executive’s average Annual Bonus during
the last three (3) calendar years preceding the Termination Date (or, if the Executive
has been employed for less than three (3) calendar years, then for the period of
employment preceding termination), divided by twelve (12) and multiplied by the number
of months in the Notice Period; and

	 	(d)	 	accelerated vesting of all unvested stock options granted to the Executive
pursuant to the Article 6.3 hereof;

Payment of the amount set out in this Section 9.1 and the accelerated vesting of stock options
shall represent full and final settlement of any claims by the Executive against the Corporation or
any Related Corporation, arising out of or in any way connected to the Executive’s employment, or
the termination of such employment, whether at common law or under the provision of any statute or
regulation, or pursuant to the terms of any agreement between the parties.

9.2 Payment of the amounts set out in Section 9.1 shall be subject to the following Terms and
conditions:

 

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	 	(a)	 	the execution by the Executive of a release in favour of the Corporation and
any Related Corporations;

	 
	 	(b)	 	any withholdings required by law to be made by the Corporation; and

	 	(c)	 	the Executive’s right to receive the payments referred to in Section 9.1 shall
not be subject to any duty to mitigate, nor affected by any actual mitigation by the
Executive.

9.3 The Corporation shall be entitled to terminate this Agreement and the Executive’s employment
with the Corporation at any time, without notice, pay in lieu of notice or any other form of
severance or termination pay, for Cause.

9.4 Notwithstanding any other term or provision of this Article 9, upon termination of the
Executive’s employment by the Corporation for any reason, the Executive shall receive any Base
Salary and Benefits earned up to the Termination Date.

9.5 Notwithstanding Section 9.1, in the event that the Executive’s employment is terminated by the
Corporation for any reason during the three (3) month period immediately following the Effective
Date, the Corporation shall not be required to provide any compensation to the Executive other than
the Signing Bonus and any Base Salary and Benefits earned by the Executive up to the Termination
Date.

ARTICLE X

TERMINATION BY EXECUTIVE

10.1 The Executive may terminate this Agreement and voluntarily resign from his employment with the
Corporation by providing ninety (90) days’ prior written Notice to the Corporation. Upon voluntary
resignation by the Executive pursuant to this Section 10.1, the Executive shall not be entitled to
receive any notice or pay in lieu of notice, or any other form of severance or termination pay
pursuant to this or any other agreement between the parties.

10.2 Subject to Section 10.6 and the conditions set out in Section 10.4, the Executive may
terminate his employment with the Corporation within ninety (90) days of the occurrence of either
of the following events, and receive the payments set out in Section 10.3:

	 	(a)	 	a Change of Control; or

	 
	 	(b)	 	a Triggering Event.

10.3 Upon the occurrence of either of the events set out in Section 10.2, and subject to the
conditions set out in Section 10.4, the Executive shall be entitled to receive the following
compensation from the Corporation:

	 	(a)	 	a lump sum payment equal to the Monthly Base Salary as at the Termination Date,
multiplied by the number of months in the Notice Period times 1.5;

 

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	 	(b)	 	a further lump sum payment equal to the value of the Executive’s benefits
(which value shall be deemed to be the monthly cost to Employer excluding GST or
similar taxes), multiplied by the number of months in the Notice Period times 1.5;

	 	(c)	 	a further lump sum payment equal to the Executive’s average Annual Bonus during
the last three (3) calendar years preceding the Termination Date (or, if the Executive
has been employed for less than three (3) calendar years, then for the period of
employment preceding termination), divided by twelve (12) and multiplied by the number
of months in the Notice Period times 1.5; and

	 	(d)	 	the accelerated vesting of all stock options and other unvested incentive
compensation granted to the Executive and a period of ninety (90) days from the
Termination Date in which to exercise any unexercised stock options.

Payment of the amounts set out in this Section 10.3 and the accelerated vesting of stock options
and any other incentive compensation shall represent full and final settlement of any claims by the
Executive against the Corporation or any Related Corporation, arising out of or in any way
connected to the Executive’s employment, or the termination of such employment, whether at common
law or under the provision of any statute or regulation, or pursuant to the terms of any agreement
between the parties.

10.4 Payment of the amounts set out in Section 10.3 shall be subject to the following terms and
conditions:

	 	(a)	 	receipt by the Corporation of Notice from the Executive, within ninety (90)
days of the occurrence of the Change of Control or the Triggering Event referred to in
Section 10.2, setting out the basis on which the Executive believes that a Change of
Control or a Triggering Event has occurred;

	 	(b)	 	the execution by the Executive of a release in favour of the Corporation and
any Related Corporations;

	 	(c)	 	the tendering by the Executive of his resignation from any position he may hold
as an officer or a director of the Corporation and any Related Corporations;

	 
	 	(d)	 	any withholdings required by law to be made by the Corporation; and

	 	(e)	 	the Executive’s right to receive the payments referred to in Section 10.3 shall
not be subject to any duty to mitigate, nor affected by any actual mitigation by the
Executive.

10.5 Notwithstanding any other term or provision of this Article 10, upon termination of the
Executive’s employment by the Executive for any reason, the Executive shall receive any Base Salary
and Benefits earned up to the Termination Date.

10.6 Notwithstanding Section 10.2, in the event that the Executive terminates his employment with
the Corporation as the result of a Change of Control or a Triggering Event during the three (3)
month period immediately following the Effective Date, the Corporation shall not be required
to provide any compensation to the Executive other than the Signing Bonus and any Base Salary and
Benefits earned by the Executive up to the Termination Date.

 

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ARTICLE XI

TERMINATION UPON DEATH 

11.1 This Agreement shall automatically terminate upon the death of the Executive, in which case
the Executive’s estate shall be entitled to receive all Base Salary, pro-rated Annual Bonus and any
other incentive compensation earned by the Executive up to the Termination Date.

ARTICLE XII

CONFIDENTIAL INFORMATION AND NON-COMPETITION 

12.1 The Executive acknowledges and agrees that in performing the duties and responsibilities of
his employment pursuant to this Agreement, he will occupy a position of high fiduciary trust and
confidence with the Corporation, pursuant to which he will develop and acquire wide experience and
knowledge with respect to all aspects of the business carried on by the Corporation and its Related
Corporations, and the manner in which such business is conducted. It is the express intent and
agreement of the Executive and the Corporation that such knowledge and experience shall be used
solely and exclusively in furtherance of the business interests of the Corporation and its Related
Corporations, and not in any manner detrimental to them. The Executive therefore agrees that, so
long as he is employed by the Corporation pursuant to this Agreement, he shall not engage in any
business activity that competes, whether directly or indirectly, with the business of the
Corporation or its Related Corporations. It shall not be a violation of this Section 12.1 for the
Executive to be involved as an investor or shareholder in securities issued by corporations that do
not compete directly or indirectly with the business of the Corporation, or where such investment
constitutes not more than five percent (5%) of the outstanding securities of a business or
corporation whose shares are traded on a national securities exchange.

12.2 The Executive further acknowledges and agrees that in performing the duties and
responsibilities of his employment pursuant to this Agreement, he will become knowledgeable with
respect to a wide variety of Confidential Information which is the sole and exclusive property of
the Corporation or its Related Corporations, the disclosure or misuse of which would cause
irreparable harm to the Corporation or its Related Corporations. The Executive therefore agrees
that during the Term of this Agreement, and following the termination of the Executive’s employment
for any reason, he shall treat confidentially all Confidential Information belonging to the
Corporation or its Related Corporations, and shall not use or disclose the Confidential Information
for any purpose other than the bona fide performance of his duties under this Agreement, except
with the prior written consent of the board of directors of the Corporation, or as required by law.

12.3 The Executive further acknowledges and agrees that pursuant to the terms of this Agreement, he
will acquire Company Property which is and shall remain the sole and exclusive property of the
Corporation. Upon termination of the Executive’s employment and this Agreement for any reason, the
Executive shall return to the Corporation all Company Property, together with any copies or
reproductions thereof, which may have come into the Executive’s
possession during the course of or pursuant to this Agreement, and shall delete or destroy all
computer files on his personal computer which may contain any Confidential Information belonging to
the Corporation, or its Related Corporations.

 

-13-

12.4 The Executive acknowledges and agrees that the Corporation would suffer irreparable harm in
the event that any Confidential Information or other knowledge and experience acquired by the
Executive in relation to the business of the Corporation were disclosed to a competitor of the
Corporation or used for a competitive purpose for a reasonable period of time following the
termination of his employment. Accordingly, the Executive agrees that in the event his employment
with the Corporation is terminated for Cause by the Corporation, or in the event that the Executive
voluntarily resigns his employment with the Corporation, neither he nor any employee or agent of
the Executive shall, for a period of four (4) months from the Termination Date:

	 	(a)	 	be engaged, either directly or indirectly in any manner including, without
limitation, as an officer, director, shareholder, owner, partner, member, joint
venturer, employee, independent contractor, consultant, advisor or sales
representative, in any business or enterprise which competes with the business of the
Corporation or any Related Corporation, as such business was conducted as of the
Termination Date, with the exception that the Executive may be involved as an investor
or shareholder in securities issued by corporations that do not compete directly or
indirectly with the business of the Corporation, or where such investment constitutes
not more than five percent (5%) of the outstanding securities of a business or
corporation whose shares are traded on a national securities exchange;

	 	(b)	 	solicit, entice or attempt to solicit or entice, either directly or indirectly,
any customer or prospective customer of the Corporation or any Related Corporation as
at the Termination Date, to become a customer of any business or enterprise which
competes with the Corporation or any Related Corporation for any business as such
business was conducted by the Corporation or any Related Corporation as at the
Termination Date; or

	 	(c)	 	solicit or entice, or attempt to solicit or entice, either directly or
indirectly, any employee of the Corporation or any Related Corporation as at the
Termination Date, to become employed by or connected with any business or enterprise
which competes with the Corporation or any Related Corporation for any business as such
business was conducted by the Corporation or any Related Corporation as at the
Termination Date.

The restrictions set out in this Section 12.4 shall apply only within the Territory or to any
business that directly relates to the Territory.

12.5 In the event that the Executive’s employment is terminated by the Executive as the result of a
Change of Control or a Triggering Event in accordance with Section 10.2, or by the Corporation for
any reason other than Cause, the restrictions set out in Section 12.4 shall apply for the shorter
of the duration of the Notice Period or, in the event the Agreement is terminated
during the three (3) month period immediately following the Effective Date, the duration of that
three (3) month period.

 

-14-

12.6 The Executive acknowledges and agrees that the Corporation will suffer harm in the event that
the Executive breaches any of the obligations under this Article 12, and that monetary damages
would be difficult to quantify and may be inadequate to compensate the Corporation for such a
breach. Accordingly, the Executive agrees that in the event of a breach or a threatened breach by
the Executive of any of the provisions of this Article 12, the Corporation shall be entitled to
seek, in addition to any other rights, remedies or damages available to the Corporation at law or
in equity, an interim and permanent injunction, in order to prevent or restrain any such breach or
threatened breach by the Executive.

12.7 The Executive hereby agrees that all restrictions contained in this Article 12 are reasonable
and necessary to protect the legitimate proprietary interests of the Corporation, and will not
unduly restrict his ability to secure comparable alternative employment following the termination
of his employment for any reason. If any covenant or provision of this Article 12 is determined to
be void or unenforceable in whole or in part, for any reason, it shall be deemed not to affect or
impair the validity of any other covenant or provision of this Agreement, which shall remain in
full force and effect.

ARTICLE XIII

INDEMNIFICATION AND INSURANCE

13.1 Subject to the requirements of the Act, and subject to any other limitations imposed by
Colorado or other law to which the Corporation is subject, the Corporation shall indemnify and save
harmless the Executive from and against any and all personal liability which he incurs as a result
of performing his employment duties on behalf of the Corporation, including the payment of
reasonable legal fees incurred by the Executive, with the exception of the following:

	 	(a)	 	any liability arising from the Executive’s gross negligence, fraud or other act
of willful misfeasance;

	 
	 	(b)	 	any liability that the Corporation is prohibited by law from assuming; and

	 	(c)	 	any liability of the Employee to the Corporation arising from this Agreement or
the Employee’s employment with the Corporation.

13.2 Commencing with the hiring of the Executive, the Executive shall be authorized to obtain, and
the Corporation shall thereafter maintain, a directors’ and officers’ insurance policy in such
amounts as may be customary for corporations of a similar size and business and risk profile as the
Corporation in Canada, and the Executive shall be entitled to the benefit of such policy of
insurance during the Term of this Agreement and for so long after termination of the Agreement for
any reason as may agreed to by the parties acting reasonably, for the purpose of providing
continued insurance coverage for the benefit of the Executive for all acts or omissions covered by
Section 13.1 that occur prior to the Termination Date.

13.3 The provisions of this Article 13 shall remain in full force and effect notwithstanding the
termination of this Agreement for any reason.

 

-15-

ARTICLE XIV

BOARD REPRESENTATION

14.1 Throughout the course of his employment with the Corporation, the Executive shall be entitled
to maintain a seat on the Board of Directors of the Corporation. If the Executive is not permitted
to hold such a Board seat, the Executive will be regarded as terminated by the Corporation pursuant
to Article IX hereof “without cause”.

14.2 The Corporation shall appoint Mr. Gordon Tallman (or a suitable alternative proposed by the
Executive and approved by the board of directors of the Corporation), of the City of Calgary, in
the Province of Alberta, as a member of the board of directors of the Corporation as soon as
reasonably practicable after the Effective Date hereof, and six months from the Effective Date the
board of directors of the Corporation shall permit the Executive to nominate a further individual
to the board of directors, and the existing board of directors shall give good faith consideration
to the appointment of said individual to the board of directors of the Corporation. Subsequent to
the appointment of the aforesaid directors, the board of directors of the Corporation shall
continue to nominate those directors for so long as those directors are willing to remain as
directors of the Corporation subject to the procedures set forth in the Nominating Committee
Charter of the Corporation and any vote of the shareholders of the Corporation.

ARTICLE XV

PRESS RELEASES

15.1 During the course of his employment, the Executive shall be entitled to review and approve any
and all press releases issued by the Corporation, to the extent that such press releases reflect
any material event with respect to the Corporation.

ARTICLE XVI

NOTICES

16.1 Any Notice required to be given hereunder may be provided by personal delivery, by registered
mail or by facsimile to the parties hereto at the following addresses:

To the Corporation:

Suite 206, 475 Howe Street

Vancouver, British Columbia V6C 2B3

Attention:           Mr. Thornton Donaldson

Fax:                       604-606-7980

To the Executive:

#402 The Grandview

228 - 26 Avenue S.W.

Calgary, Alberta T2S 3C6

 

-16-

Any Notice, direction or other instrument shall, if delivered, be deemed to have been given and
received on the business day on which it was so delivered, and if not a business day, then on the
business day next following the day of delivery, and, if mailed, shall be deemed to have been given
and received on the fifth day following the day on which it was so mailed, and, if sent by
facsimile transmission, shall be deemed to have been given and received on the next business day
following the day it was sent.

16.2 Either party may change its address for Notice in the aforesaid manner.

ARTICLE XVII

GENERAL

17.1 This Agreement shall be construed and enforced in accordance with the laws of the Province of
Alberta, and the parties hereby attorn to the jurisdiction of the Alberta Courts. Should any
provision in this Agreement fail to comply with the requirements of the Alberta Employment
Standards Code or the Alberta Human Rights, Citizenship and Multiculturalism Act, as amended, or
any other applicable legislation, the Agreement shall be interpreted and construed in accordance
with those statutory requirements.

17.2 This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof, and supersedes and replaces any and all prior agreements, undertakings,
representations or negotiations pertaining to the subject matter of this Agreement, specifically
including the Original Employment Agreement. The parties agree that they have not relied upon any
verbal statements, representations, warranties or undertakings in order to enter into this
Agreement.

17.3 This Agreement may not be amended or modified in any way except by written instrument signed
by the parties hereto.

17.4 This Agreement shall enure to the benefit of and be binding upon the parties hereto, together
with their personal representatives, successors and permitted assigns.

17.5 This Agreement is a personal services agreement and may not be assigned by either party
without the prior written consent of the other party.

17.6 The waiver by either party of any breach of the provisions of this Agreement shall not operate
or be construed as a waiver by that party of any other breach of the same or any other provision of
this Agreement.

 

-17-

17.7 Should any provision in this Agreement be found to be invalid, illegal or unenforceable, the
validity, legality or enforceability of the remaining provisions of the Agreement shall not be
affected or impaired thereby in any way.

IN WITNESS WHEREOF the parties hereto acknowledge and agree that they have read and understand the
terms of this Agreement, and that they have had an opportunity to seek independent legal advice
prior to entering into this Agreement, and that they have executed this Agreement with full force
and effect from the date first written above.

	 	 	 	 	 
	 	 	OILSANDS QUEST INC.
	 
	 	 	 	 
	 

	 	Per:	 	 
	 

	 	 	 	 
	 

	 	 	 	Director
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	T. MURRAY WILSON
	 

	 	 	 	Executive

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