X0202 4 2005-08-22 0 0001165639 ALTUS EXPLORATIONS INC ATUX 0001273968 NASTAT BASSAM 5631 WINCH ST BURNABY BC A1 V5B 2J4 BRITISH COLUMBIA, CANADA 1 1 1 0 President Common shares 2005-08-22 4 S 0 40000 0.23 D 4987000 D Stock Options 0.425 2005-11-19 2014-11-19 Common 1175000 1175000 D These shares will vest as to one quarter of the shares on each anniversary of the date of grant of period of four years (i.e., November 19, 2005, November 19, 2006, November 19, 2007 and November 19, 2008). Notwithstanding the previous vesting schedule, should the Company's stock trade at over $1.01 for 10 consecutive trading days, the options shall vest immediately. /s/ Bassam Nastat 2005-08-24