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Peabody <br />PNARODY NNEROY <br />March 29, 2011 <br />Carpenter Ranch, LLC <br />c/o Willis. V. Carpenter <br />Carpenter & I latskin, P.C. <br />518 -17th Street, #1100 <br />Denver, CO 80202-4112 <br />RE: Exploration Drilling of Two Core Holes <br />Dear Mr. Carpenter: <br />701 Markel Street <br />St. Louis, Missouri 631014026 <br />314.342.3400 <br />This letter will confirm our understanding regarding Peabody Sage Creek Mining, LLC's <br />("PSCM") planned coal exploration drilling on property in Routt County, Colorado in which <br />Carpenter Ranch, LLC owns an interest in the coal and other minerals. <br />PSCIVI intends to drill two core holes on the following described property ("Property"): <br />T5N, R87W, Routt County, Colorado <br />Hole #CCU 070 in NYzNW%. of Sec. 7, and Hole #CCU 071 in NW%NW% of Sec. 8 <br />The surface of this property is owned by 20 Mile Sheep, LLC with which PSCM has an existing <br />agreement allowing for access and drilling. Our title research shows, and Carpenter Ranch has <br />confirmed, that it is an owner of the coal and other minerals in the Property. Carpenter Ranch <br />has granted consent to the proposed drilling operations by PSCM and in return for such <br />content, PSCM hereby agrees to indemnify and hold harmless Carpenter Ranch, LLC from any <br />and all liability for any damages caused by PSCM operations on the Property, whether such <br />damages be to the Property or injuries to individuals working on the Property under the <br />employ, contract, or other direction of PSCM. This indemnification is limited to the drilling <br />operations described in this letter. <br />if the above correctly reflects Carpenter Ranch, I.LC's understanding of our agreement, please <br />sign and return a copy of this letter to me via email to "gwagner@peabodyenergy.com". If <br />there are any questions, please contact me at 314-342-7688.