Turnkey Drilling Contract

ADVENTURE ENERGY-REBELL OIL

TURNKEY DRILLING CONTRACT



THIS AGREEMENT made and entered into this the 10th day of March, 2009 , by and between Adventure Energy, Inc . a Florida Corporation, of 33 6 th Street South, Suite 600, St. Petersburg, FL 33701 , hereafter referred to as "OPERATOR" and Rebell Oil of Kentucky , a Kentucky Limited Liability Company, of 396 J. Bell Rd, Edmonton, KY 42129 , hereinafter referred to as "CONTRACTOR ?.



IN CONSIDERATION of the mutual promises, conditions and agreements herein contained and the specifications and special provisions set forth in Exhibit "A" attached hereto and made a part hereof (the "Contract"), Operator engages Contractor as an independent contractor to drill the hereinafter designated wells in search of oil or gas on a Turnkey basis.



For the purposes hereof the term "Turnkey" or Turnkey Basis" means Contractor shall furnish the equipment, labor and perform services as herein provided to drill wells, as specified by Operator, to the Turnkey Depth. Subject to terms and conditions hereof, payment to Contractor at a stipulated price is provided for herein. While drilling on a Turnkey Basis Contractor shall direct, supervise and control drilling operations and assumes certain liabilities to the extent specifically provided for herein.




1. LOCATION OF WELL #1





Well name and Number:______ J.L. Blaydes Well#1 ___________________________




Parish/County:____ Metcalfe _______________ State:__ Kentucky ___ Field Name:_______




Well location and land description:_____ East Fork USGS Quadrangle 160 acres ___________



LOCATION OF WELL #2



Well name and Number:______ J.L. Blaydes Well#2 ___________________________



Parish/County:____ Metcalfe _______________ State:__ Kentucky ___ Field Name:_______



Well location and land description:_____ East Fork USGS Quadrangle 160 acres ___________

LOCATION OF WELL #3



Well name and Number:____ J.L. Blaydes Well#3 _______________________________



Parish/County:___ Metcalfe ____________ State:_ Kentucky ___ Field Name:_____________



Well location and land description:__ East Fork USGS Quadrangle 160 acres _______________






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LOCATION OF WELL #4

Well name and Number:____ J.L. Blaydes Well#4 _______________________________



Parish/County:___ Metcalfe ____________ State:_ Kentucky ___ Field Name:_____________



Well location and land description:__ East Fork USGS Quadrangle 160 acres _______________



LOCATION OF WELL #5

Well name and Number:____ J.L. Blaydes Well#5 _______________________________



Parish/County:___ Metcalfe ____________ State:_ Kentucky ___ Field Name:_____________



Well location and land description:__ East Fork USGS Quadrangle 160 acres _______________



The above is for well and Contract identification only and Contractor assumes no liability whatsoever for a proper survey or location stake on Operator's lease.



2. COMMENCEMENT DATE:



Contractor agrees to use reasonable efforts to commence operations for the drilling of the well by 25 th day March 2009 , or earlier at the request of the Operator.



3. DEPTH




Subject to provisions hereof, the wells shall be drilled to the depth specified below:



Turnkey Depth: The well shall be drilled up to 2000 feet or ____________ of the _________________ formation, or the depth at which the _____________ inch casing or liner set, whichever is the lesser depth, which will herein be referred to as the Turnkey Depth.



4. TURNKEY AMOUNT, REIMBURSABLE COSTS TO CONTRACTOR:




Contractor shall be paid as follows for the work performed hereunder.



Turnkey amount: For work performed on Turnkey Basis as herein provided the amount will be $44,500 for a well from 1001' up to 2000' and $33,000 for a well up to 1000'.



Reimbursable Costs: Operator sha ...