**PETROL OIL AND GAS, INC.**

**GOVERNANCE AND NOMINATING COMMITTEE CHARTER**

Dated December 8, 2006

 

ROLE

 

The role of the Governance and Nominating Committee (the “Committee”) of Petrol Oil and Gas, Inc. is to assist the Board of Directors (the “Board”) of Petrol by:

 

|   | 1. | Recommending to the Board corporate governance guidelines applicable to Petrol; |
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|   | 2. | Identifying, reviewing, and evaluating individuals qualified to become members of the Board; |
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|   | 3. | Reviewing and recommending the nomination of Board members; and |
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|   | 4. | Assisting the Board with other related tasks, as assigned from time to time. |
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MEMBERSHIP

 

|   | 1. | The Committee shall consist of at least two directors. |
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|   | 2. | Committee members shall be generally acquainted with corporate governance issues and have experience in one or more of the areas of the Committee’s responsibilities. |
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|   | 3. | The members of the Committee, including the chairperson of the Committee, shall be appointed annually by the Board. Members may be replaced by the Board at any time, but shall otherwise serve until their successor has been named. |
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OPERATIONS

 

|   | 1. | The Committee shall meet at least once a year in January or February at the call of the Chair. Additional meetings may occur as any member of the Committee requests or its Chair deems advisable. |
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|   | 2. | The Committee shall be governed by the same rules regarding meetings (including meetings by conference telephone or similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board. |
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|   | 3. | The Committee is authorized and empowered to adopt its own rules of procedure not inconsistent with (a) any provision of this Charter, (b) any provision of the Bylaws of the Corporation, or (c) the laws of the State of Nevada. |
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AUTHORITY

 

|   | 1. | The Committee will have the resources and authority necessary to discharge its duties and responsibilities. |
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|   | 2. | Any communications between the Committee and legal counsel in the course of obtaining legal advice will be considered privileged communications of Petrol and the Committee will take all necessary steps to preserve the privileged nature of those communications. |
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|   | 3. | The Committee shall have the authority to form and delegate responsibilities to subcommittees as appropriate. |
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|   | 4. | The Committee shall report to the Board at its meeting following the annual meeting of stockholders. |
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