ORBIT GAR ANT DRILLING INC. NOTES TO THE CONSOLID A TED FINANCIAL ST A TEMENTS (Continued) (Amounts as at March 31, 2008 and for the nine and three months ended March 31, 2008 and for the six and three months ended March 31, 2007 are unaudited) 10. OBLIGA TIONS UNDER C APIT AL LEASES March 31, June 30, 2008 2007 (unaudited) $$ V ehicle lease contract in the amount of $129,746, repayable in monthly instalments of $2,937 including interest calculated at 15%, with a purchase option of $1 at maturity on December 1, 2012 ........ 114,743 — V ehicle lease contract in the amount of $134,673, repayable in monthly instalments of $2,937 including interest calculated at 15%, with a purchase option of $1 at maturity on September 1, 2012 ........ 119,248 — 233,991 — Current portion ......................................................... (38,873) — 195,118 — F uture minimum lease payments under the capital leases including interest amounting to $86,146 in each of the next five years a re as follows: $ 2008 ........................................................................... 70,488 2009 ........................................................................... 70,488 2010 ........................................................................... 70,488 2011 ........................................................................... 70,488 2012 ........................................................................... 38,185 11. SHARE C APIT AL A uthorized, in an unlimited number of common and preferred shares: Common shares, participating and voting P referred shares, rights’ privileges, restrictions and conditions shall be provided before their issuance by a resolution of th e board of directors of the company March 31, June 30, 2008 2007 (unaudited) $$ Issued and paid 24,776,536 Common shares (June 30, 2007, 24,749,870) ............................... 23,856,436 23,816,436 Share purchase financing ................................................ (65,000) (90,000) 23,791,436 23,726,436 Issuance: On September 16, 2006, the company issued 1 common share for an amount of $1 in cash. On September 30, 2006, the company issued 2,058,719 common shares for an amount of $2,058,719 in cash. On December 31, 2006, the company issued 5,441,280 common shares for an amount of $5,441,280 in cash. On September 30, 2006, the company issued 2,500,000 common shares as part of the consideration of the acquisition of F orages Garant & F r ` eres Inc. (see Note 3). On January 31, 2007 by way of resolution, the company reduced its common shares stated capital by $988,564 in cash. On January 31, 2007, the company issued 2,012,000 common shares and received as consideration $2,012,000 in cash. F-19