QuickLinks
 -- Click here to rapidly navigate through this document
Exhibit 10.7  


Vantage
Energy Services, Inc.

6435 Vanderbilt Street

Houston, Texas 77005 


and



Deutsche
Bank Securities Inc.

As representative of the underwriters

300 South Grand Avenue, 42nd Floor

Los Angeles, California 90071 


	Re:
	Initial Public Offering



Ladies
and Gentlemen: 


        The
undersigned stockholder, officer and/or director of Vantage Energy Services, Inc., a Delaware corporation (the "Company"), in
consideration of Deutsche Bank Securities Inc. (the "Underwriter") agreeing to underwrite an initial public offering
("IPO") of the Company's units ("Units"), each comprised of one share of the Company's common stock, par
value $0.001 per share ("Common Stock"), and one warrant exercisable for one share of Common Stock
("Warrant"), hereby agrees as follows (certain capitalized terms used herein are defined in  Schedule 1 hereto): 


        1.     If
the Company solicits approval of its stockholders of a Business Combination, the undersigned shall vote (i) all Insider Shares owned by such person, any Private
Placement Shares acquired by the undersigned in the Private Placement, and any shares of Common Stock acquired in the IPO in accordance with the majority of the votes cast by the holders of the IPO
shares and (ii) any shares of Common Stock acquired following the IPO, in favor of the Business Combination. 


        2.     If
a Transaction Failure occurs, the undersigned shall take all reasonable actions within such person's power to cause (i) the Trust Account to be liquidated and
distributed to the holders of the IPO shares as soon as reasonably practicable and, in any event, no later than the Termination Date, and (ii) the Company to dissolve and liquidate as soon as
practicable (the earliest date on which the conditions in clauses (i) and (ii) are both satisfied being the "Liquidation Date"). The undersigned hereby waives any and all right, title,
interest or claim of any kind in or to any liquidating distributions by the Company, except with respect to any of the IPO Shares acquired by the undersigned in connection with or following the IPO,
and any remaining net assets of the Company as a result of such liquidation, and hereby further waives any claim the undersigned may have in the future as a result of, or arising out of, any contracts
or agreements with the Company and agrees to not seek recourse against the Trust Account for any reason whatsoever. The undersigned agrees to indemnify and hold harmless the Company against any and
all loss, liability, claims, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any
litigation, whether pending or threatened, or any claim whatsoever) which the Company may become subject as a result of any claim by any vendors or other entities that are owed money by the Company
for services rendered, or contracted for, or products sold to us or the claims of any target businesses, but only to the extent such vendors, service providers or other entities have not executed
waivers or have executed waivers that are held to be invalid or unenforceable, and only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce the amount
in the Trust Fund; provided, however, that such indemnity shall be limited to the extent of the undersigned's pro rata beneficial ownership of the Company. The undersigned hereby agrees that the
Company shall be entitled to a reimbursement from the undersigned for any distribution of the Trust Account received by the undersigned in respect of such person's Insider Shares or Private Placement
Shares. 


        3.     In
order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration,
prior to presentation to any other person or entity, opportunities to acquire entities, until the earlier of the consummation by the 










Company
of a Business Combination, the liquidation of the Company or until such time as the undersigned ceases to be an officer or director of the Company, subject to any pre-existing
fiduciary or contractual obligations the undersigned might have. Each pre-existing fiduciary or contractual obligation the undersigned has is listed on Schedule 2 hereto. 


        4.     The
undersigned acknowledges and agrees that the Company will not consummate any Business Combination which involves a company which is affiliated with any of the
Insiders unless the Company obtains an opinion from an independent investment banking firm reasonably acceptable to the Underwriter that is a member of the National Association of Securities
Dealers, Inc. that the business combination is fair to the Company's stockholders from a financial perspective. 



        5.     Neither
the undersigned, any member of the Immediate Family of the undersigned, nor any Affiliate of the undersigned will be entitled to receive, and will not accept, any
compensation for services rendered to the Company prior to, or in connection with, the consummation of the Business Combination; provided that, (i) commencing on the Effective Date, Vanderbilt
Interests, LLC (the "Related Party") shall be allowed to charge the Company $7,500 per month, representing an allocable share of Related Party's
overhead, to compensate it for the Company's use of the Related Party's offices, utilities and personnel. The Related Party and the undersigned shall also be entitled to reimbursement from the Company
for their reasonable out-of-pocket expenses incurred in connection with seeking and consummating a Business Combination. 


        6.     The
undersigned agrees that none of the undersigned, any member of the Immediate Family of the undersigned or any Affiliate of the undersigned will be entitled to receive
or accept, and the undersigned, on behalf of the undersigned and the aforementioned parties, hereby waives any rights to, a finder's fee or any other compensation in the event the undersigned, any
member of the Immediate Family of the undersigned or any Affiliate of the undersigned originates a Business Combination. 


        7.     The
undersigned will, as specified in the Securities Escrow Agreement which the Company will enter into with the undersigned and an escrow agent acceptable to the
Company, escrow its, his or her Insider Shares and Private Placement Securities for the period commencing on the Effective Date and ending one year after the consummation of a Business Combination or
(ii) the date on which the Company gives the escrow agent notice that the Company is being liquidated, at which time the escrow agent will destroy such Insider Shares and Private Placement
Securities. 


        8.     The
undersigned agrees to be a director of the Company until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company.
The undersigned's biographical information furnished to the Company and the Underwriter and attached hereto as Exhibit A is true and accurate in all respects, does not omit any material
information with respect to the undersigned's background and contains all of the information required to be disclosed pursuant to Section 401 of Regulation S-K, promulgated
under the Securities Act of 1933. The undersigned's Questionnaire furnished to the Company and the Underwriter and annexed as Exhibit B hereto is true and accurate in all respects. 


        9.     The
undersigned represents and warrants to the Company and the Underwriter that: 



        (a)   The
undersigned is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to
desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; 



        (b)   The
undersigned has never been convicted of or pleaded guilty to any crime (i) involving any fraud, (ii) relating to any financial transaction or handling
of funds of another person, or (iii) pertaining to any dealings in any securities, and such person is not currently a defendant in any such criminal proceeding; and 


        (c)   The
undersigned has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license
or registration denied, suspended or revoked. 













        10.   The
undersigned has full right and power, without violating any agreement by which the undersigned is bound, to enter into this letter agreement and to serve as a member
of the Board of Directors of the Company. 


        11.   The
undersigned acknowledges and understands that the Underwriter and the Company will rely upon the agreements, representations and warranties set forth herein in
proceeding with the IPO. 


        12.   This
letter agreement shall be binding on the undersigned and such person's respective successors, heirs, personal representatives and assigns. This letter agreement
shall terminate on the earlier of (i) the Business Combination Date, or (ii) the Termination Date; provided, however, that any such
termination shall not relieve the undersigned from any liability resulting from or arising out of any breach of any agreement or covenant hereunder occurring prior to the termination of this letter
agreement. 


        13.   The
undersigned authorizes any employer, financial institution or consumer credit reporting agency to release to the Underwriter and its legal representatives or agents
(including any investigative search firm retained by the Underwriter) any information they may have about the undersigned's background and finances
("Information"). Neither the Underwriter nor its agents shall be violating the undersigned's right of privacy in any manner in requesting and obtaining
the Information, and the undersigned hereby releases them from liability for any damage whatsoever in that connection. 


        14.   This
letter agreement shall be governed by and interpreted and construed in accordance with the laws of the State of New York applicable to contracts formed and to be
performed entirely within the State of New York, without regard to the conflicts of law provisions thereof to the extent such principles and rules would require or permit the application of the laws
of another jurisdiction. The undersigned hereby agrees that any action, proceeding or claim against the undersigned arising out of or relating in any way to this Agreement shall be brought and
enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be
exclusive. The undersigned hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 


        15.   No
term or provision of this letter agreement may be amended, changed, waived, altered or modified except by written instrument executed and delivered by the party
against whom such amendment, change, waiver, alteration or modification is to be enforced. 



	 	    
 Marcelo D. Guiscardo	 	 





	ACCEPTED AND AGREED:	 
	
DEUTSCHE BANK SECURITIES INC.	

 
	

By:	

    
	

 
	Name:	 	 
	Title:	 	 
	

ACCEPTED AND AGREED:	

 
	
VANTAGE ENERGY SERVICES, INC.	

 
	

By:	

    
	

 
	Name:	 	 
	Title:	 	 











 
 

SCHEDULE 1    
    
    SUPPLEMENTAL COMMON DEFINITIONS    
    



        Unless the context shall otherwise require, the following terms shall have the following respective meanings for all purposes, and the
following definitions are equally applicable to both the singular and the plural forms of the terms defined.


        "Affiliate" shall have the meaning ascribed to it in Rule 12b-2 of the General Rules and Regulations under the
Securities Exchange Act of 1934, as amended. 


        "Business Combination" shall mean the acquisition by the Company, whether by merger, capital stock exchange, asset acquisition,
exchangeable share transaction, stock purchase or other similar type of transaction, or any combination of the foregoing, of one or more domestic or international operating businesses in the oilfield
services industry or related industries, having, collectively, a fair market value equal to at least 80% of the Company's net assets (excluding deferred underwriting discounts and commissions) at the
time of such merger, capital stock exchange, asset acquisition, exchangeable share transaction, stock purchase or other similar business combination. 


        "Business Combination Date" shall mean the date upon which a Business Combination is consummated. 



        "Effective Date" shall mean the date upon which the Registration Statement is declared effective under the Securities Act of 1933, as
amended, by the SEC. 


        "Immediate Family" shall mean, with respect to any person, such person's spouse, lineal descendents, father, mother, brothers or sisters
(including any such relatives by adoption or marriage). 


        "Insiders" shall mean all of the officers, directors and stockholders of the Company immediately prior to the Company's IPO. 



        "Insider Shares" shall mean all shares of Common Stock of the Company owned by an Insider immediately prior to the Private Placement and
the Company's IPO. For the avoidance of doubt,
Insider Shares shall not include any Private Placement Shares and any IPO Shares purchased by Insiders in connection with or subsequent to the Company's IPO. 


        "IPO Shares" shall mean all shares of Common Stock issued by the Company in its IPO, regardless of whether such shares were issued to an
Insider or otherwise. 


        "Private Placement" shall mean the private placement by the Company of 375,000 units of securities and 3,000,000 warrants to purchase
Common Stock prior to the IPO. 


        "Private Placement Shares" shall mean the shares of Common Stock included in the units issued in the Private Placement. 


        "Private Placement Securities" shall mean the units, each consisting of one share of Common Stock and one warrant, and the warrants issued
in the Private Placement. 


        "Prospectus" shall mean the final prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, and
included in the Registration Statement. 


        "Registration Statement" shall mean the registration statement filed by the Company on Form S-1 with the SEC, and any
amendment or supplement thereto, in connection with the Company's IPO. 


        "SEC" shall mean the United States Securities and Exchange Commission. 



        "Termination Date" shall mean the date that is 90 calendar days immediately following the Transaction Failure Date. 


        "Transaction Failure" shall mean the failure to consummate a Business Combination within 18 months of the Effective Date (or
24 months after the Effective Date, if a letter of intent, agreement in principle or definitive agreement has been executed within 18 months after the Effective Date and 










the
Business Combination relating thereto has not yet been consummated within such 18-month period). 


        "Transaction Failure Date" shall mean the 18-month anniversary of the Effective Date (or the 24 month anniversary of
the Effective Date, if a letter of intent, agreement in principle or definitive agreement has been executed within 18 months after the Effective Date and the Business Combination relating
thereto has not yet been consummated within such 18-month period). 



        "Trust Account" shall mean that certain trust account established by Deutsche Bank Trust Company Americas, maintained by Continental Stock
Transfer & Trust Company, acting as trustee, and in which the Company deposited the "funds to be held in trust," as described in the Prospectus. 









 
 

SCHEDULE 2    
    
    PRE-EXISTING FIDUCIARY OR CONTRACTUAL OBLIGATIONS    
    



Mr. Guiscardo
is a principal of a fabrication entity headquartered in Argentina that provides equipment to companies in the energy industry. Currently, Mr. Guiscardo owes a fiduciary
duty to the fabrication entity and is obligated to present business opportunities to such entity. 









 
 

EXHIBIT A    
    
    BIOGRAPHY    
    



Marcelo D. Guiscardo has served as a Director since our inception. Mr. Guiscardo served as president of Pioneer Natural Resources, Inc.'s
Argentine subsidiary from January 2005 until May 2006, when he was instrumental in proposing and implementing the sale of the company. From March 2000 until January 2005,
he was Vice President—E&P Services for Pride International, Inc. From September 1999 until joining Pride, he was President of GDM Business Development, a private company
providing consulting services to the energy industry. From November 1993 until September 1999, Mr. Guiscardo held two executive officer positions with and was a Director of YPF
Sociedad Anonima (now part of Repsol YPF S.A.), an international integrated energy company. Mr. Guiscardo was YPF's Vice President of Business Development in 1998 and 1999. Prior to that, he
was YPF's Vice President of Exploration and Production. From 1979 to 1993 he filled a variety of positions for Exxon Company USA and Exxon International (now ExxonMobil) that culminated in having E&P
responsibilities over the Middle East (Abu Dhabi, Egypt, Saudi Arabia and Yemen), France, Thailand and Cote d'Ivoir. Mr. Guiscardo graduated in May 1979 as B.S. in Civil Engineering from
Rutgers College of Engineering in New Brunswick, New Jersey. 









 
 

EXHIBIT B    
    
    QUESTIONNAIRE    
    











QuickLinks


SCHEDULE 1 SUPPLEMENTAL COMMON DEFINITIONS


SCHEDULE 2 PRE-EXISTING FIDUCIARY OR CONTRACTUAL OBLIGATIONS


EXHIBIT A BIOGRAPHY


EXHIBIT B QUESTIONNAIRE