URANERZ ENERGY CORP.
AMENDMENT AGREEMENT
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>exhibit10-3.htm
<DESCRIPTION>AMENDMENT AGREEMENT
<TEXT>
<!DOCTYPE HTML PUBLIC "exhibit10-3.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Uranerz Energy Corporation - Exhibit 10.3</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B>AMENDMENT AGREEMENT #1 <BR></B></P>
<P align=justify><B>THIS AMENDMENT AGREEMENT </B>is made as of the
1<SUP>st</SUP> day of January, 2007 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify><B>BETWEEN:</B> </P></TD>
    <TD align=left width="80%" >
      <P align=justify><B>SENATE CAPITAL GROUP INC., </B>a company incorporated
      under the laws of British Columbia and having its head office at Suite
      1410 &#150; 800 West Pender Street, Vancouver, B.C., V6C 2V6; </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="80%" >(herein called &#147;Senate&#148;) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="80%" ><B>OF THE FIRST PART</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>AND</B>: </TD>
    <TD align=left width="80%" ><div align="justify"><B>Uranerz Energy Corporation</B>,
        a company having an office at Suite 1410, 800 West Pender Street, Vancouver,
        B.C., V6C 2V6; </div></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="80%" >(herein called &#147;Uranerz&#148;) </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="80%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="80%" ><B>OF THE SECOND PART</B>
  </TD></TR></TABLE>
<P align=justify><B>WHEREAS: </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">A. </TD>
    <TD>
      <P align=justify>The parties entered into an Office and Administration
      Services Agreement dated the 1<SUP>st </SUP>day of September, 2005 (the
      &#147;Agreement&#148;) whereby Senate will continue to perform office and
      administration services to the Company as defined in the Agreement;
    and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">B. </TD>
    <TD>
      <P align=justify>The parties now wish to amend the
  Agreement;</P></TD></TR></TABLE>
<P align=justify>NOW THEREFORE THIS AMENDMENT AGREEMENT WITNESSES that the
Agreement is amended as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>By the deletion of Clause #2 of the Agreement in its
      entirety and the substitution therefor of the
following:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;In consideration of Senate providing the above-mentioned services, Uranerz
agrees to pay Senate $ 15,500 CDN per month, and reimburse Senate at cost for
investor relations, and financial and legal personnel hired to provide such
services to Uranerz, plus any proportionate increase in rent and operating costs
during the Term, and plus GST, payable in advance on the 1st day of each month.
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>The parties hereby ratify and confirm the Agreement in
      all other respects.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B>IN WITNESS WHEREOF</B> the Parties hereto have duly executed
this Agreement effective as of the 1<SUP>st</SUP> day of January, 2007. </P>
<P align=justify>&nbsp;</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Senate Capital Group Inc. </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Per: <I><U>/s/ Dennis
Higgs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </I>Authorized Signatory </P>
<P style="MARGIN-LEFT: 5%" align=justify>&nbsp;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&nbsp;</P>
<P style="MARGIN-LEFT: 5%" align=justify><B>Uranerz Energy Corporation </B></P>
<P style="MARGIN-LEFT: 5%" align=justify>Per: <I><U>/s/ Benjamin
Leboe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</I>Authorized Signatory </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
