**Zulu      Energy Corp.**

**122      N. Main Street**

**Sheridan,      Wyoming 82801**

**Telephone:      (307) 751-5517**

| To: | The                holders of options (individually an **“Option                Holder”**                and collectively the **“Option                Holders”**)                to purchase shares (the **“Shares”**)                of common stock (the **“Common                Stock”**)                of Zulu Energy Corp. (the **“Company”**) |
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**“Agreement”**
**“Options”**

**“Financing”**
**“Exploration      Operations”**

**“Articles”**

| 1. | Waiver                and Agreement.                Each of the undersigned Option Holders hereby consents and agrees                to waive                such Option Holder’s right and ability to exercise any Option held by such                Option Holder until such time as the Company has amended its Articles                to                increase its authorized shares of Common Stock to at least 150,000,000                shares. |
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| 2. | Governing                Law.                THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH                THE                INTERNAL LAWS AND DECISIONS OF THE STATE OF COLORADO, WITHOUT REGARD                TO                THE CONFLICT OF LAWS PROVISIONS                THEREOF. |
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| 3. | Captions.                Section captions and headings used in this Agreement are for convenience                only, and shall not affect the construction of this                Agreement. |
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| 4. | Severability.                Whenever possible, each provision of this Agreement shall be interpreted                in such manner as to be effective and valid under applicable law,                but if                any provision of this Agreement shall be prohibited by or invalid                under                such law, such provision shall be ineffective to the extent of such                prohibition or invalidity, without invalidating the remainder of                such                provision or the remaining provisions of this                Agreement. |
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| 5. | Counterparts                and Execution of Agreement.                This Agreement may be executed in any number of counterparts and                by the                different parties hereto on separate counterparts, and each such                counterpart shall be deemed to be an original, but all such counterparts                shall together constitute one and the same agreement. The exchange                of                copies of this Agreement and of signature pages by facsimile transmission                shall constitute effective execution and delivery of this Agreement                as to                the parties and may be used in lieu of the original Agreement for                all                purposes. Signatures of the parties transmitted by facsimile shall                be                deemed to be their original signatures of all                purposes. |
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| 6. | Successors                and Assigns.                This Agreement shall be binding upon the parties hereto and their                respective successors and assigns, and shall inure to the benefit                of such                parties and their respective successors and                assigns. |
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| 7. | Enforceability.                The parties further acknowledge and agree that the enforceability                of this                Agreement as it pertains to the undersigned Option Holder shall not                be                dependent upon obtaining an executed Agreement from any other Option                Holder or any other holder of the Company’s securities. |
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| 8. | Full                Force and Effect.                Except as specifically stated in this Agreement (i) this Agreement                shall not limit, diminish or waive the obligations of the parties                under                the Options, and (ii) the parties reaffirm their obligations under                the                Options and agree that the Options remain in full                force. |
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| 9. | Information.                The Option Holder acknowledges that it has all information needed                to enter                into the agreements and make the waivers contemplated by this Agreement                and if it has requested any information from the Company it acknowledges                receiving the same. |
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**ZULU      ENERGY CORP.**

| By:    |                                  |
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|   | James              Hostetler          |
|   | Executive              Vice President |

**OPTION      HOLDER:**

| Signature                of Individual Option Holder:    |                       |
|----------------------------------------------------------|----------------------------|
| Printed                Name of Individual Option Holder: | Paul                Stroud |

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