|             |                       |
|------------------|----------------------------|
| Date of Advance: | Additional Funds Advanced: |
|             |                       |
| 8/28/07          | $  10,000.00          |
| 8/30/07          | 10,000.00                  |
| 1/13/09          | 150,000.00                 |
| 2/23/09          | 100,000.00                 |
| 3/3/09           | 300,000.00                 |
| 4/29/09          | 100,000.00                 |
| 5/20/09          | 250,000.00                 |
| 7/20/09          | 100,000.00                 |
| 8/18/09          | 75,000.00                  |
|             | $  1,095,000.00       |

----

| Makers:                                                                                                                              |                                                    |   |  Payee:                                                                                          |            |
|------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|-----------------|
|                                                                                                                                           |                                                    |   |                                                                                                  |            |   |
| Pegasi Energy Resources Corporation, a Nevada corporation f/n/a      Maple Mountain Explorations Inc.  |                                                    |   | Teton, Ltd., a Texas limited partnershipBy: Notet Corp., a Texas corporation,its general partner |            |
|                                                                                                                                           |                                                    |   |                                                                                                  |            |   |   |
|  By:                                                                                                                                      | /s/                                                     |   |                                                                                                  |   By: | /s/ |   |
|                                                                                                                                           | Richard Lindermanis, Senior Vice President and CFO |   |                                                                                                  |            | W.L. Sudderth, Secretary |   |
|                                                                                                                                           |                                                    |   |                                                                                                  |            |   |   |

|                                                                                                                                                                                    |                                |   |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|--------|--------|--------|
|                                                                                                                                                                                    |                                |   |   |   |   |
| Pegasi Energy Resources Corporation,a Texas corporation (and wholly-ownedsubsidiary of Pegasi Energy Resources Corporation,a Nevada corporation f/n/a Maple Mountain Explorations Inc.) |                                |   |   |   |
|                                                                                                                                                                                    |                                |   |   |   |   |   |
|  By:                                                                                                                                                                               | /s/                                 |   |   |   |   |   |
|                                                                                                                                                                                    | Richard Lindermanis, Vice President |   |   |   |   |   |
|                                                                                                                                                                                    |                                |   |   |   |   |   |

|                                                                                                                               |                                |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|--------|--------|--------|
|                                                                                                                               |                                |   |   |   |   |
| Pegasi Operating Inc., a Texas corporation (and wholly-ownedsubsidiary of Pegasi Energy Resources Corporation,a Texas corporation) |                                |   |   |   |
|                                                                                                                               |                                |   |   |   |   |   |
|  By:                                                                                                                          | /s/                                 |   |   |   |   |   |
|                                                                                                                               | Richard Lindermanis, Vice President |   |   |   |   |   |
|                                                                                                                               |                                |   |   |   |   |   |

|                                                                                                                          |                                |   |   |   |
|-------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|--------|--------|--------|
|                                                                                                                          |                                |   |   |   |   |
| TR Rodessa, Inc., a Texas corporation (and wholly-ownedsubsidiary of Pegasi Energy Resources Corporation,a Texas corporation) |                                |   |   |   |
|                                                                                                                          |                                |   |   |   |   |   |
|  By:                                                                                                                     | /s/                                 |   |   |   |   |   |
|                                                                                                                          | Richard Lindermanis, Vice President |   |   |   |   |   |
|                                                                                                                          |                                |   |   |   |   |   |

|                                                                                                                           |                                |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|--------|--------|--------|
|                                                                                                                           |                                |   |   |   |   |
| 59 Disposal, Inc., a Texas corporation (and wholly-ownedsubsidiary of Pegasi Energy Resources Corporation,a Texas corporation) |                                |   |   |   |
|                                                                                                                           |                                |   |   |   |   |   |
|  By:                                                                                                                      | /s/                                 |   |   |   |   |   |
|                                                                                                                           | Richard Lindermanis, Vice President |   |   |   |   |   |
|                                                                                                                           |                                |   |   |   |   |   |