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<page> Msr Exploration Ltd. - January 13, 1995 Banque Paribas 2121 San Jacinto Street Suite 930 Dallas, Texas 75201 Attention: Robert S. Bowers, II Re: Warrant to Purchase Common Shares Gentlemen: The Purpose of This Letter Is to Confirm the Commitment of Msr Exploration, Ltd. to Issue a Warrant to Purchase Common Shares to Banque Paribas, Which Warrant Shall Include the Following Terms and Conditions: Number of Shares: 280,000. Exercise Price: US$3.375 Per Share. Warrantholder: Banque Paribas. Exercise Period: Five Years, Commencing January 13, 1995. Anti-Dilution Provisions: None. Registration Rights: One Demand Registration Right Exercisable During the Warrant Exercise Period. if You Have Any Questions, Please Feel Free to Call. Yours Very Truly, Msr Exploration, Ltd. By: /S/ Otto J. Buis Otto J. Buis Chairman and Chief Executive Officer
