CBJVCommittee Bay Joint Venture Project (Committee Bay Resources Ltd.; Canada)
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25 per share to acquire GF's undivided 55% interest in the CBJV.
If GF elects to stay in the CBJV, but fails to meet its expenditure commitments, GF's undivided 55% interest in the CBJV will be diluted to zero and it will have no further interest in the Property, except for the Diamond Royalty Agreement of August 4, 2004.
Texoil owns 80% of the outstanding common shares of CBJV with the remaining 20% owned by Bechtel Exploration Company.