**Second      Amendment to**

**Management      Services Agreement with Valeska Energy Corp.**

| 1. | Texhoma                Energy, Inc (“Texhoma” or the “Company”) and Valeska Energy Corp. (“VE”)                previously entered into a three (3) month Management Services Agreement                on                May 14, 2007, effective as of May 1, 2007, and an amendment thereto                on                June 1, 2007 (the “Services                Agreement”). |
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| 2. | The                Company has requested VE to extend the terms of the Services Agreement                on                the terms and conditions set forth herein and VE has indicated an                interest                to do so. Both parties are desirous to enter into this Second Amendment                to                Management Services Agreement (this “Agreement”) to document their mutual                agreement, understanding of the tasks to be accomplished, and the                compensation to be received by VE. |
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**Amendments      to Services Agreement:**

|   | a) | Valeska                shall be issued 1,000 shares of Series A Preferred stock of the Company,                which shall have supermajority voting rights and shall be                assignable; |
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|   | b) | Valeska                shall be paid a monthly fee of $20,000 per month during the first                two                months of the Term of this Agreement, August and September 2007,                and                $20,000 per month for the remaining Term of this Agreement, payable                in                advance, plus reasonable and actual costs incurred by Valeska in                connection with such Services Agreement as well as those relating                to the                Joint Venture agreement , which amount shall be accrued if adequate                funds                are not readily available to pay the monthly fee when                due; |
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|   | c) | The                Company shall reimburse or pay Valeska as well as other designees                which                are brought on by Valeska to provide services to Texhoma for any                and all                reasonable and actual expenses in connection with lodging expenses,                car                rental expenses and/or telephone expenses paid or incurred by Mr.                Vesco in                connection with his Services to the                Company; |
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|   | d) | Valeska                shall be issued 10,000,000 restricted shares of the Company’s common                stock; and |
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|   | e) | Valeska                shall receive options to purchase 60,000,000 shares of the Company’s                common stock, which options shall be exercisable on a cashless basis,                assignable, and which options shall be valid for a period of three                years                from the date of grant at an exercise price of 110% of the Company’s then                trading price of its common stock, which shall be granted as soon                as                possible after the parties entry into this                agreement. |
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**Indemnifications**

| 4. | Subject                to the terms and conditions of this Agreement, the Company, agrees                to                indemnify, defend and hold harmless Valeska, its respective affiliates,                its respective present and former directors, officers, shareholders,                employees and agents and its respective heirs, executors, administrators,                successors and assigns (the “Indemnified Persons”), from and against any                and all claims, liabilities and losses which may be imposed on, incurred                by or asserted against any Indemnified Person, arising out of or                resulting                from, directly or indirectly to this Agreement or the transactions                contemplated herein; *provided, however*, that the Company shall                not be liable for any portion of any claims, liabilities or losses                resulting from a material breach by Valeska of its obligations under                this                Agreement or from an Indemnified Person’s gross negligence, fraud or                willful misconduct. |
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| 5. | Entering                into this Agreement will bind the Parties to strict confidentiality                obligations in relation to the project and Company                information. |
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**Miscellaneous**

| 6. | No                amendment, modification, restatement or supplement of this Agreement                shall                be valid unless the same is in writing and signed by the parties                hereto.  No waiver of any provision of this Agreement shall be                valid unless in writing and signed by the party against whom that                waiver                is sought to be enforced. |
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| 7. | This                Agreement may be executed in counterparts and by the different parties                in                separate counterparts, each of which when so executed shall be deemed                an                original and all of which taken together shall constitute one and                the same                agreement. |
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| 8. | The                captions and headings contained in this Agreement are inserted and                included solely for convenience and shall not be considered or given                any                effect in construing the provisions hereof if any question of intent                should arise. |
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| 9. | Should                any clause, sentence, paragraph, subsection, or section of this Agreement                be judicially declared to be invalid, unenforceable or void, such                decision                will not have the effect of invalidating or voiding the remainder                of this                Agreement, and the parties agree that the part or parts of this Agreement                so held to be invalid, unenforceable or void will be deemed to have                been                stricken herefrom by the parties, and the remainder will have the                same                force and effectiveness as if such stricken part or parts had never                been                included herein. |
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| 10. | This                Agreement may be executed in several counterparts, each of which                is an                original.  It shall not be necessary in making proof of this                Agreement or any counterpart hereof to produce or account for any                of the                other counterparts.  A copy of this Agreement signed by one                party and faxed to another party shall be deemed to have been executed                and                delivered by the signing party as though an original.  A                photocopy of this Agreement shall be effective as an original for                all                purposes. |
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| **TEXHOMA                ENERGY, INC.** | **Valeska                Energy Corp.** |
|-----------------------------------------|-----------------------------------------|
|                                    |                                    |
| /S/                Nafi Onat            | /S/                William M. Simmons   |
| Nafi                Onat                | William                M. Simmons       |
| Vice                President           | CEO/President                           |

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