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Pealady <br />PEABOOV ENERGY <br />Via Federal Express <br />November 10, 2010 <br />Wilton Earle & Sons <br />531 4th Ave. <br />Craig, CO 81625 -3303 <br />701 Market Street <br />St. Louls. Mlssaurl 63101-1826 <br />314.342 -3400 <br />RE: Exploration and Prospect Drilling Agreement dated July 16, 2008, Routt <br />County, CO, as Amended and Assigned ( "Amendments" and "Agreement ", <br />respectively) - LMS File 2200 -061 <br />Gentlemen: <br />This refers to specifically to Amendment to Exploration and Prospect Drilling <br />Agreement dated October 10, 2008 ( "October 2008 Amendment "). <br />Paragraph 3 of the October 2008 Amendment states that if Licensee shall use <br />drill site No. cu023 as a water monitoring well site, upon notice from Licensee <br />and payment of $500, the agreement shall be automatically extended for an <br />additional period of twenty years. Please consider this letter our official notice <br />that we will be using the subject drill site as a water monitoring well site. Our <br />initial payment of $500 is enc�i,llggsed and all future payments will be set up for <br />payment on or before July 10TAnually beginning in July of 2011) and all will <br />be adjusted for inflation in accordance with paragraph 4 of the October 2008 <br />Amendment. As a result of the election by Licensee and this notice, the <br />Agreement is extended to (3etobe&1A,.202& <br />Jw y /6i Zo ?,g . <br />As I mentioned to Leon when we met last week, we have need to drill two more <br />drill holes on the property either next year or the year after. In the meantime <br />we want to continue to discuss the surface use and subsidence agreement with <br />you. <br />Thank you and please contact me at 314 -342 -7688 should you have any <br />questions regarding this letter. <br />Yours truly, <br />George R. Wagner <br />Director Land - Southwest <br />Enclosure <br />