Common use of Warrants Not Transferable Clause in Contracts

Warrants Not Transferable. The Warrant and all rights attached to it are not transferable. DATED as of the date first above written in these Terms and Conditions. ARKANOVA ENERGY CORPORATION By::___________________________________________________ Authorized Signatory APPENDIX B WARRANT EXERCISE FORM TO: ARKANOVA ENERGY CORPORATION Suite 1650 – 000 Xxxxxxx Xxxxxx Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0 The undersigned Holder of the within Warrants hereby subscribes for ___________________ common shares (the “Shares”) of ARKANOVA ENERGY CORPORATION (the “Company) pursuant to the within Warrants at US$1.00 per Share on the terms specified in the said Warrants. This subscription is accompanied by a certified cheque or bank draft payable to or to the order of the Company for the whole amount of the purchase price of the Shares. The undersigned Holder represents that, at the time of exercise of the Warrants, all of the representations and warranties contained in the Finder’s Fee Agreement between the Company and the undersigned Holder pursuant to which these Warrants were issued are true and accurate. The undersigned hereby directs that the Shares be registered as follows: NAME(S) IN FULL ADDRESS(ES) NUMBER OF SHARES TOTAL: (Please print full name in which share certificates are to be issued, stating whether Mr., Mrs. or Miss is applicable). DATED this _____ day of ______________________, 200___. In the presence of: Signature of Witness Signature of Warrant Holder Please print below your name and address in full. Name (Mr./Mrs./Miss) Address

Warrants Not Transferable. The Warrant and all rights attached to it are not transferable. DATED as of the date first above written in these Terms and Conditions. ARKANOVA ENERGY CORPORATION By::___________________________________________________ RESPECT YOUR UNIVERSE, INC. Per: Authorized Signatory APPENDIX B WARRANT EXERCISE FORM OF SUBSCRIPTION TO: ARKANOVA ENERGY CORPORATION Suite 1650 – Respect Your Universe, Inc. 000 Xxxxx Xxxxxxx Xxxxxx XxxxxxxxxXx. Portland, Xxxxxxx Xxxxxxxx X0X 0X0 OR 97227 The undersigned Holder of the within Warrants hereby subscribes for ___________________ common shares (the “Shares”) of ARKANOVA ENERGY CORPORATION Respect Your Universe, Inc. (the “Company”) pursuant to the within Warrants at US$1.00 0.25 per Share on the terms specified in the said Warrants. This subscription is accompanied by a certified cheque or bank draft payable to or to the order of the Company for the whole amount of the purchase price of the Shares. The undersigned Holder represents that, at the time of the exercise of the these Warrants, all of the representations and warranties contained in the Finder’s Fee Subscription Agreement between the Company and the undersigned Holder pursuant to which these Warrants were issued are true and accurate. The undersigned hereby directs that the Shares be registered as follows: NAME(S) IN FULL ADDRESS(ES) NUMBER OF SHARES TOTAL: (Please print full name in which share certificates are to be issued, stating whether Mr., Mrs. or Miss is applicable). DATED this ________ day of _______________________ , 200__201_. In the presence of: Signature of Witness Warrant Holder Signature of Warrant Holder Witness Please print below your name and address in full. Name (Mr./Mrs./Miss) Address

Warrants Not Transferable. The This Warrant and all rights attached to it are Certificate is not transferable. DATED as of the date first above written in these Terms and Conditions. ARKANOVA ENERGY CORPORATION By::___________________________________________________ Authorized Signatory APPENDIX B WARRANT EXERCISE SUBSCRIPTION FORM TO: ARKANOVA ENERGY MNP PETROLEUM CORPORATION Suite 1650 – Bxxxxxxxxxxxxx 0, Xxxxxxxx 000 Xxxxxxx Xxxxxx Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0 XX-0000 Xxxx Xxxxxxxxxxx Attention: Chief Financial Officer The undersigned Holder of the within Warrants Warrant Certificate hereby subscribes for ___________________ 23,717,633 common shares (the “Shares”) of ARKANOVA ENERGY MNP PETROLEUM CORPORATION (the “Company) pursuant to the within Warrants Warrant Certificate at US$1.00 $0.20 per Share on and subject to the terms specified in Terms and Conditions of the said Warrantswithin Warrant Certificate (the “Warrant Terms”). This subscription is accompanied by a certified cheque or bank draft payable to or to the order of the Company for the whole amount payment of the purchase price of the SharesShares by way of a wire transfer pursuant to instructions that have been provided by the Company. The undersigned Holder represents thatthat this subscription will not violate the terms of Section 4.5 of the Warrant Terms, and that the undersigned holder (i) at the time of exercise of the Warrants, all of the representations and warranties contained Warrants is not in the Finder’s Fee Agreement between United States; (ii) is not a "U.S. person" as defined in Regulation S under the Company United States Securities Act of 1933, as amended (the "U.S. Securities Act"), (iii) is not exercising the Warrants on behalf of a "U.S. person"; and (iv) did not execute or deliver this subscription form in the undersigned Holder pursuant to which these Warrants were issued are true and accurateUnited States. The undersigned hereby directs that the Shares hereby subscribed for be registered issued and delivered as follows: NAME(S) IN FULL ADDRESS(ES) NUMBER OF SHARES Stichting VB Vagobel Utrechseweg 323, 3818 EK, 23,717,633 Amersfoort, The Neterlands TOTAL: 23,717,633 (Please print full name in which share certificates are to be issued, stating whether Mr., Mrs. or Miss is applicable). DATED this _____ day of ______________________, 20020___. In the presence of: Signature of Witness Signature of Warrant Holder Please print below your name and address in full. Name (Mr./Mrs./Miss) Address

Warrants Not Transferable. The Warrant Warrants and all rights attached to it are not transferable. DATED as of the date first above written in these Terms and Conditions. ARKANOVA ENERGY CORPORATION MABCURE INC. By::___________________________________________________ : Authorized Signatory APPENDIX B WARRANT EXERCISE FORM OF SUBSCRIPTION TO: ARKANOVA ENERGY CORPORATION Suite 1650 MABCURE INC. 0000 Xxxxx Xxxxxxxx Xxxxxx, #X00 – 000 Xxxxxxx 401 Xxxx, Xxxxxx Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0 00000 XXX The undersigned Holder of the within Warrants hereby subscribes for ___________________ common shares (the “"Shares”") of ARKANOVA ENERGY CORPORATION MABCURE INC. (the “"Company") pursuant to the within Warrants at US$1.00 1.25 per Share on the terms specified in the said Warrants. This subscription is accompanied by a certified cheque or bank draft payable to or to the order of the Company for the whole amount of the purchase price of the Shares. The undersigned Holder represents that, at the time of exercise of the Warrants, all of the representations and warranties contained in the Finder’s Fee Agreement between the Company and hereby certifies that the undersigned Holder pursuant to which these Warrants were issued are true is not a U.S. person and accurateis not subscribing for the Shares on Behalf of a U.S. person. The undersigned hereby directs that the Shares be registered as follows: NAME(S) IN FULL ADDRESS(ES) NUMBER OF SHARES TOTAL: (Please print full name in which share certificates are to be issued, stating whether Mr., Mrs. or Miss is applicable). DATED this ________ day of __________________ , _____, 200___. In the presence of: Signature of Witness Signature of Warrant Holder Please print below your name and address in full. Name (Mr./Mrs./Miss) Address

Warrants Not Transferable. The Warrant and all rights attached to it are not transferable. DATED as of the date first above written in these Terms and Conditions. ARKANOVA ENERGY CORPORATION By::_________________DEL TORO SILVER CORP. Per: __________________________________ Authorized Signatory APPENDIX B WARRANT EXERCISE FORM OF SUBSCRIPTION TO: ARKANOVA ENERGY CORPORATION Suite 1650 – Del Toro Silver Corp. 000 Xxxxxxx - 000 Xxxxxxxxx Xxxxxx Xxxxxxxxx, Xxxxxxx Xxxxxxxx Xxxxxx X0X 0X0 Attention: Xxxx XxXxxxx Fax No. (000) 000-0000 The undersigned Holder of the within Warrants hereby subscribes for ___________________ shares of common shares stock (the “Shares”) of ARKANOVA ENERGY CORPORATION Del Toro Silver Corp. (the “Company”) pursuant to the within Warrants at US$1.00 0.15 per Share on the terms specified in the said Warrants. This subscription is accompanied by a certified cheque or bank draft payable to or to the order of the Company for the whole amount of the purchase price of the Shares. The undersigned Holder represents that, at the time of the exercise of the these Warrants, all of the representations and warranties contained in subsections 6.1 and 10.3 of the Finder’s Fee Subscription Agreement between the Company and the undersigned Holder pursuant to which these Warrants were issued are true and accurate. The undersigned hereby directs that the Shares be registered as follows: NAME(S) IN FULL ADDRESS(ES) NUMBER OF SHARES TOTAL: (Please print full name in which share certificates are to be issued, stating whether Mr., Mrs. or Miss is applicable). DATED this _____ ____day of __________________, ____, 200___. In the presence of: Signature of Witness Signature of Warrant Holder Please print below your name and address in full. Name (Mr./Mrs./Miss) Address

Warrants Not Transferable. The This Warrant and all rights attached to it are Certificate is not transferable. DATED as of the date first above written in these Terms and Conditions. ARKANOVA ENERGY CORPORATION By::___________________________________________________ Authorized Signatory APPENDIX B WARRANT EXERCISE SUBSCRIPTION FORM TO: ARKANOVA ENERGY MNP PETROLEUM CORPORATION Suite 1650 – Bxxxxxxxxxxxxx 0, Xxxxxxxx 000 Xxxxxxx Xxxxxx Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0 XX-0000 Xxxx Xxxxxxxxxxx Attention: Chief Financial Officer The undersigned Holder of the within Warrants Warrant Certificate hereby subscribes for ___________________ 5,771,130 common shares (the “Shares”) of ARKANOVA ENERGY MNP PETROLEUM CORPORATION (the “Company) pursuant to the within Warrants Warrant Certificate at US$1.00 $0.15 per Share on and subject to the terms specified in Terms and Conditions of the said Warrantswithin Warrant Certificate (the “Warrant Terms”). This subscription is accompanied by a certified cheque or bank draft payable to or to the order of the Company for the whole amount payment of the purchase price of the SharesShares by way of a wire transfer pursuant to instructions that have been provided by the Company. The undersigned Holder represents thatthat this subscription will not violate the terms of Section 4.5 of the Warrant Terms, and that the undersigned holder (i) at the time of exercise of the Warrants, all of the representations and warranties contained Warrants is not in the Finder’s Fee Agreement between United States; (ii) is not a "U.S. person" as defined in Regulation S under the Company United States Securities Act of 1933, as amended (the "U.S. Securities Act"), (iii) is not exercising the Warrants on behalf of a "U.S. person"; and (iv) did not execute or deliver this subscription form in the undersigned Holder pursuant to which these Warrants were issued are true and accurateUnited States. The undersigned hereby directs that the Shares hereby subscribed for be registered issued and delivered as follows: NAME(S) IN FULL ADDRESS(ES) NUMBER OF SHARES Stichting VB Vagobel Utrechseweg 323, 3818 EK, 5,771,130 Amersfoort, The Netherlands TOTAL: 5,771,130 (Please print full name in which share certificates are to be issued, stating whether Mr., Mrs. or Miss is applicable). DATED this _____ _day of ______________________, 20020___. In the presence of: Signature of Witness Signature of Warrant Holder Please print below your name and address in full. Name (Mr./Mrs./Miss) Address

Warrants Not Transferable. The This Warrant and all rights attached to it are Certificate is not transferable. DATED as of the date first above written in these Terms and Conditions. ARKANOVA ENERGY CORPORATION By::___________________________________________________ Authorized Signatory APPENDIX B WARRANT EXERCISE SUBSCRIPTION FORM TO: ARKANOVA ENERGY MNP PETROLEUM CORPORATION Suite 1650 – Bxxxxxxxxxxxxx 0, Xxxxxxxx 000 Xxxxxxx Xxxxxx Xxxxxxxxx, Xxxxxxx Xxxxxxxx X0X 0X0 XX-0000 Xxxx Xxxxxxxxxxx Attention: Chief Financial Officer The undersigned Holder of the within Warrants Warrant Certificate hereby subscribes for ___________________ common shares (the “Shares”) of ARKANOVA ENERGY MNP PETROLEUM CORPORATION (the “Company) pursuant to the within Warrants Warrant Certificate at US$1.00 $0.70 per Share on and subject to the terms specified in Terms and Conditions of the said Warrantswithin Warrant Certificate (the “Warrant Terms”). This subscription is accompanied by a certified cheque or bank draft payable to or to the order of the Company for the whole amount payment of the purchase price of the SharesShares by way of a wire transfer pursuant to instructions that have been provided by the Company. The undersigned Holder represents that, that it (i) at the time of exercise of the Warrants, all of the representations and warranties contained Warrants is not in the Finder’s Fee Agreement between United States; (ii) is not a "U.S. person" as defined in Regulation S under the Company United States Securities Act of 1933, as amended (the "U.S. Securities Act"), (iii) is not exercising the Warrants on behalf of a "U.S. person"; and (iv) did not execute or deliver this subscription form in the undersigned Holder pursuant to which these Warrants were issued are true and accurateUnited States. The undersigned hereby directs that the Shares hereby subscribed for be registered issued and delivered as follows: NAME(S) IN FULL ADDRESS(ES) NUMBER OF SHARES Stichting VB Vagobel Utrechseweg 323, 3818 EK, Amersfoort, The Neterlands TOTAL: (Please print full name in which share certificates are to be issued, stating whether Mr., Mrs. or Miss is applicable). DATED this _____ _day of ______________________, 20020___. In the presence of: Signature of Witness Signature of Warrant Holder Please print below your name and address in full. Name (Mr./Mrs./Miss) Address