Specimen Warrant Certificate



 Exhibit 4.3 
 [Face of Certificate – UNITED REFINING ENERGY CORP.] 
 (SEE REVERSE SIDE FOR LEGEND) 
 W 
 WARRANTS 
 (THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 5:00 P.M., NEW YORK CITY TIME,                     , 2011
OR EARLIER UPON REDEMPTION) 
 UNITED REFINING ENERGY CORP. 
 CUSIP 911360113 
 WARRANT 
 THIS CERTIFIES THAT, for
value received 
 is the registered holder of 
 a Warrant or
Warrants expiring at 5:00 p.m., New York City time, on                     , 2011 (or at 5:00 p.m., New York City time on
                    , 2012 in the event stockholders of the Company approve a proposal to extend the Company’s corporate life from 24 months to
30 months) or earlier upon redemption (the “Warrant”) to purchase one fully paid and non-assessable share of Common Stock, par value $.0001 per share (the “Shares”), of UNITED REFINING ENERGY CORP., a Delaware corporation (the
“Company”), for each Warrant evidenced by this Warrant Certificate. The Warrant entitles the holder thereof to purchase from the Company, commencing on the later of (i) the Company’s completion of a business combination with a
target business or (ii)                     , 2008, such number of Shares of the Company at the price of $14.00 per share (the
“Warrant Price”), upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of the Continental Stock Transfer & Trust Company (the “Warrant Agent”), 17 Battery Place, New York,
New York 10004 (such payment to be made by check made payable to the Warrant Agent), but only subject to the conditions set forth herein and in the Warrant Agreement between the Company and the Warrant Agent (the “Warrant Agreement”). In
no event shall the registered holder of this Warrant be entitled to receive a net-cash settlement, shares of common stock or other consideration in lieu of physical settlement in Shares of the Company. The Warrant Agreement provides that, upon the
occurrence of certain events, the Warrant Price and the number of Warrant Shares purchasable hereunder, set forth on the face hereof, may, subject to certain conditions, be adjusted. The term Warrant Price as used in this Warrant Certificate refers
to the price per Share at 








 
which Shares may be purchased at the time the Warrant is exercised. A holder may exercise the Warrants only if a current registration statement under the
Securities Act of 1933 relating to its Shares is then effective. Although the Company has undertaken and intends to use its best efforts to guarantee an effective registration statement, there is no guarantee the holder will be able to exercise the
Warrant, in which case the Warrant may expire worthless. 
 No fraction of a Share will be issued upon any exercise of a Warrant. If, upon exercise of a
Warrant, a holder would be entitled to receive a fractional interest in a Share, the Company will, upon exercise, round up to the nearest whole number the number of Shares to be issued to the Warrant holder. 
 Upon any exercise of the Warrant for less than the total number of full Shares provided for herein, there shall be issued to the registered holder hereof or his assignee
a new Warrant Certificate covering the number of Shares for which the Warrant has not been exercised. 
 Warrant Certificates, when surrendered at the office
or agency of the Warrant Agent by the registered holder hereof in person or by attorney duly authorized in writing, may be exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service
charge, for another Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants. 
 Upon due
presentment for registration of transfer of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be
issued to the transferee in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any applicable tax or other governmental charge. 
 The Company and the Warrant Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership
or other writing hereon made by anyone) for the purpose of any exercise hereof, of any distribution to the registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 This Warrant may expire on the date first above written if it is not exercised prior to such date by the registered holder pursuant to the terms of the
Warrant Agreement or if it is not redeemed by the Company prior to such date. 
 This Warrant does not entitle the registered holder to any of the rights of
a stockholder of the Company. 
 The Company reserves the right to call the Warrant at any time prior to its exercise, with a notice of call in writing to the
holders of record of the Warrants, giving 30 days’ notice 








 
of such call at any time after the Warrant becomes exercisable if the last sale price of the Shares has been at least $28.50 per share on each of 20 trading
days within a 30 trading day period ending on the third business day prior to the date on which notice of such call is given. The call price of the Warrants is to be $.01 per Warrant. Any Warrant either not exercised or tendered back to the Company
by the end of the date specified in the notice of call shall be canceled on the books of the Company and have no further value except for the $.01 call price. 
 All the covenants and provisions of this Warrant by or for the benefit of the Company or the holder hereof shall bind and inure to the benefit of their respective successors and assigns. 
 COUNTERSIGNED: 
 CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 WARRANT AGENT 
 BY: 
 AUTHORIZED OFFICER 
 DATED: 
 (Signature) 
 CHIEF EXECUTIVE OFFICER 
 (Seal) 
 (Signature) 
 SECRETARY 
 [Reverse of Certificate] 
 SUBSCRIPTION FORM 
 To Be Executed by the Registered Holder
in Order to Exercise Warrants 
 The undersigned Registered Holder irrevocably elects to exercise
             Warrants represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable upon the exercise of such Warrants, and requests that Certificates
for such shares shall be issued in the name of 








	
	  

	(PLEASE TYPE OR PRINT NAME AND ADDRESS)
	  
  

	  
  

	  
  


 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER) 
  

			
	and be delivered to	 	  

		 	(PLEASE PRINT OR TYPE NAME AND ADDRESS)

 and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new
Warrant Certificate for the balance of such Warrants be registered in the name of, and delivered to, the Registered Holder at the address stated below: 
 Dated: 
  

	
	  
	(SIGNATURE)
	
	  
	(ADDRESS)
	
	  
	
	  
	(TAX IDENTIFICATION NUMBER)

 ASSIGNMENT 
 To Be Executed by the Registered Holder in Order to Assign Warrants 
 For Value Received,
                     hereby sell, assign, and transfer unto 
  

			
	  
	  	

 (PLEASE TYPE OR PRINT NAME AND ADDRESS) 

			
	  
  
	  	
	  
  
	  	
	  
  
	  	

 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER) 








			
	and be delivered to	 	  

		 	(PLEASE PRINT OR TYPE NAME AND ADDRESS)

 of the Warrants represented by this Warrant Certificate, and hereby irrevocably constitute and appoint
                                        
                             Attorney to transfer this Warrant Certificate on the books of the Company,
with full power of substitution in the premises. 
 Dated: 
  

	
	  
	(SIGNATURE)

 THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE NAME WRITTEN UPON THE FACE OF THIS
WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK
EXCHANGE OR CHICAGO STOCK EXCHANGE.