Exhibit 10.3

# RESCISSION AGREEMENT
OF STOCK PURCHASE AGREEMENT

This
rescission agreement (the Rescission Agreement) is made and entered into this
14th day of June, 2007, by and among Star Energy Corporation, a Nevada
corporation (the Corporation), Volga-Neft Limited Company, a society with
limited liability organized under the laws of the Russian Federation (the
Company), and Olga Amuofyevna Dubrovskaya and Artiir Andreasouvich Dzhalovyan
(each, a Seller, collectively, the Sellers). The Corporation, the
Company, and each Seller may hereafter be referred to as a Party,
collectively, the Parties.

WHEREAS,
the Parties entered into a Stock Purchase Agreement dated October 6, 2006 (the
SPA), pursuant to which the Corporation acquired One Hundred Percent (100%) of
the Companys capital stock from the Sellers in exchange for Ten Million (10,000,000)
shares of the Corporations stock;

WHEREAS,
following consummation of the transactions described in the SPA, the Corporation advanced
working capital totaling Three Million Two Hundred Thousand Dollars ($3,200,000) to the
Company; and

WHEREAS,
the Corporation has discovered material inaccuracies in certain representations and
warranties made by the Sellers on their own behalf and on behalf of the Company in the
SPA; and

WHEREAS,
each of the Parties has determined that he, she and/or it is dissatisfied with the
transactions described in the SPA and wishes to rescind the SPA by entering into this
Rescission Agreement;

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each Party herewith agrees as follows:

1. Assent
to Rescission. Effective as of October 6, 2006, each Party           herewith
rescinds and assents to the extinguishment of the SPA and surrenders           any and
all of its, his and/or her contract rights against each other Party           under the
SPA. Each of the Corporation, the Company and the Sellers hereby           releases each
other from any and all liabilities incurred in connection with the           SPA and
further represents that it, he and/or she hereby waives any and all           rights to
make claims against any and all of the Parties in connection           therewith, any and
all of such claims being now and forever released by the           execution and delivery
of this Rescission Agreement.

2. Deliverables.
Simultaneously with the execution hereof:

| | (a)       
               the Sellers shall surrender to the Corporation the Ten Million (10,000,000)
               shares of the Corporations common stock that were issued to the Sellers by
               the Corporation pursuant to the terms of the SPA, whereupon the Corporation will
               return said shares to treasury and mark the corresponding stock certificates
               cancelled,
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| | (b)       
               the Corporation will surrender to each Seller such number of Company shares as
               were previously transferred by each Seller to the Corporation pursuant to the
               terms of the SPA; and
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| | (c)       
               the Company will execute a promissory note in favor of the Corporation in the
               amount of Four Million Two Hundred Thousand Dollars ($4,200,000), which
               promissory note shall be in substantially the same form attached as Exhibit
               A hereto (the Note) and which Note shall constitute full and
               final settlement of all monetary claims by the Corporation against the Company
               and each Seller (subject to (i) delivery by the Sellers of the stock
               certificates referenced in clause (a) hereof, (ii) the full and faithful
               repayment of the Note by the Maker (as defined in the Note); and (iii) the full
               cooperation by the Company and the Sellers in connection with any and all
               investigations by governmental or regulatory authorities in connection with this
               Rescission Agreement and related matters, including, but not limited to, the
               entering into any and all such documents, consents or other instruments deemed
               necessary by the Corporation in resolving any issues pertaining or relating to
               financing transactions conducted by the Corporation involving the pledge of any
               stock or assets of the Company as collateral security with respect thereto).
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3. Miscellaneous.

| | (a)       
               Capitalized terms used but not otherwise defined herein shall have the meanings
               attributed thereto in the SPA.
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| | (b)       
               This Rescission Agreement may be executed in separate counterparts, each of
               which will be considered one and the same agreement and each of which will be
               deemed an original. Each of the Corporation and the Company represents and
               warrants that the signatory executing this Rescission Agreement on its behalf
               has been duly and validly authorized to do so in accordance with the
               entitys corporate documents and does not contravene any applicable law.
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| | (c)       
               This Rescission Agreement and the Note together set forth all of the covenants,
               promises, agreements, conditions and understandings among the Parties. There are
               no covenants, promises, agreements or conditions, either oral or written,
               between them other than set forth or referenced therein. Any amendments to this
               Rescission Agreement shall be in writing and duly executed by each of the
               Parties hereto.
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| | (d)       
               The laws of the State of New York shall apply to the execution, construction and
               performance of this Rescission Agreement, without giving effect to its conflict
               of law rules or any principles that would trigger the application of any other
               law.
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| | (e)       
               Except as otherwise provided herein, each of the terms and conditions of the SPA
               are hereby incorporated by reference as if set forth fully herein.
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| | (f)       
               Each of the Parties represents that it, he and/or she has had the opportunity to
               consult with legal counsel in connection with Rescission Agreement and enters
               into this Rescission Agreement freely and voluntarily.
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IN
WITNESS WHEREOF, each of the Parties hereto has executed this Agreement as of the day and
year first above written.

| | STAR ENERGY CORPORATION
Patrick J. Kealy
By: Patrick J. Kealy
President and Chief Executive OfficerVOLGA-NEFT LIMITED COMPANY
 Andre J. Butajev
By: Andrej Butajev
General DirectorOLGA AMUOFYEVNA DUBROVSKAYA
 Olga Amuofyevna DubrovskayaARTIIR ANDREASOUVICH DZHALOVYAN
 Artiir Andreasouvich Dzhalovyan
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