2012-09-19_PERMIT FILE - X201222311 (3)

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In consideration of the covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1. Definitions As used herein the terms "Agreement," "Effective Date," .. Nick R. Hughes," "Oxbow ", "Party," "Parties" and "Survey Activities" shall have the meanings specified above, and the following terms shall have the following meanings: " Business Day means a day, other than a Saturday or a Sunday, on which commercial banks in Colorado are open for business for all banking functions. " Exploration Access Road means a temporary light use road for access to Survey Activities, an Exploration Drillhole Pad, Ground 'Water Well Monitoring Site or other exploration activity allowed under this Agreement. " Exploration Drillhole Pad means an area of disturbance of approximately 0.5 acre that will be used to contain exploration drilling equipment and supplies during the exploration drilling activities at that site. " Exploration Permits means coal exploration permits obtained by Oxbow from the BLM and the CDRMS covering all or part of the Properties. " Ground Water Well Monitoring Site means an exploration drillhole that has been completed as a water well to allow the collection of water samples and monitoring of water levels for a period of time (minimum 1 year) that will allow the BLM and CDRMS to determine current water quality. " Properties " means the lands in Delta County, Colorado described on Exhibit A , attached hereto, and made a part hereby. " Surface Water Monitor Site means selected sites above and below the proposed exploration drillhole locations along drainage channels to monitor water quality along those drainages during exploration and reclamation activities. 2. Surface Use by Oxbow Oxbow (which for purposes of this section shall include Oxbow's contractors, wholly -owned subsidiaries, agents and employees) shall have the right to enter upon and use the surface of the Properties for the purpose of conducting the Survey Activities and coal exploration drilling operations thereupon, including, but not limited to: completing environmental studies and aerial surveys of the surface of the Properties to allow for construction of drill pads; conducting coal exploration drilling from Exploration Drillhole Pads constructed by Oxbow, and completing or plugging and abandoning such drilling sites; and constructing, maintaining, improving, repairing, replacing, extending and expanding locations for such Exploration Drillhole Pads, access roads, and appurtenances on, over, and through the Properties as described and approved by the BLM and CDRMS in the Exploration application text as shown in Exhibit "C ". In order to confirm and ratify Oxbow's rights with respect to these 41488959 0 den