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<br />MEMORANDUM OF COAL LEASE AGREEMENT <br />THIS MEMORANDUM OF COAL LEASE AGREEMENT, dated effective the I st day <br />of January 2001, is by and between MGP ENTERPRISES, a Colorado limited partnership, <br />whose address is 2615 Oak Drive, #8, Denver, Colorado 80215 ("MGP"), and LORENCITO <br />COAL COMPANY, LLC, a Colorado limited liability company ("Lorencito") whose address is <br />4422 Bryan Station Road, Lexington, Kentucky. <br />MGP, in consideration of the covenants and agreements contained in [ha[ certain <br />unrecorded Coal Lease Agreement (the "Agreement") dated effective the ls[ day of January <br />2001, leased and let unto Lorencito certain lands (the "Lands") as further described on Exhibit <br />"A", attached hereto and made a part hereof, for exploring, developing, mining, removing, <br />preparing and loading all of MGP's interest in the coal from the surface to the bottom of the <br />Primero seam lying in, under and upon the Lands, during the term of the Agreement and subject <br />to the limitations and conditions therein provided, along with the right to take and appropriate to <br />. its own use and purposes all the coal from the surface to the bottom of the Primero seam lying in, <br />under and upon the Lands by any and all mining methods including surface coal mining <br />methods. <br />The Lands are subject to all of the terms and conditions of the Agreement, reference to <br />which may be made for a complete statement of rights and obligations of MGP and Lorencito. <br />Should there be any discrepancy between this Memorandum of Coal Lease Agreement and the <br />Agreement, the Agreement shall control. <br />The term of the Agreement continues until December 31, 2006, and for so long thereafter <br />as Lorencito produces coal from the Lands in good and workman-like mining practices in <br />conformance with applicable laws and without default under the Agreement, or until terminated <br />as provided in the Agreement. <br />Copies of the Agreement may be found at the above indicated addresses of the parties. <br />All the terms, conditions and covenants of the Agreement shall be binding upon and shall <br />inure to the benefit of the successors and assigns, respectively, of each of the parties hereto. <br />~ ~~~I <br />