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