BOARD RESOLUTION

A regular meeting of the Board of Directors of the Corporation was held on

_______________ at its principal office located at the _________________________, where
a quorum was present all throughout said meeting. During the said meeting, on motion duly
made and seconded, the following resolution was approved and adopted:

RESOLUTION NO. _____; _________

“RESOLVED, AS IT IS HEREBY RESOLVED that the Board has

approved, for the purpose obtaining a credit line facility with Seaoil Philippines,
Inc. in the total amount of _________________________ the execution of a
______________ Agreement;

“RESOLVED FURTHER, that any two (2) of the following be

authorized, for and in behalf of the Corporation, to enter into, execute and sign
and/or submit all relevant documents in connection with the above-described
purpose:

Name Position Specimen Signature

1. _________________
2. _________________
3. _________________
4. _________________

“RESOLVED FINALLY, that the same signatories as above-indicated

be authorized, for and in behalf of the Corporation, to enter into, execute and
sign and/or submit any document to effect the foregoing resolutions;

APPROVED AND SIGNED by the Members of the Board of Directors, this _____
day of _________20_____, in __________________.

_____________________ _____________________

_____________________ _____________________