Document:

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                                                                    EXHIBIT 10.9

                                                              September 28, 1999

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER
SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

                        WARRANT TO PURCHASE 5,000 SHARES
                               OF COMMON STOCK OF
                          ENERGY AUCTION EXCHANGE, INC.
                         (VOID AFTER SEPTEMBER 27, 2004)

         This certifies that STEVE FITZGERALD or its assigns (the "HOLDER"), for
value received, is entitled to purchase from ENERGY AUCTION EXCHANGE, INC., a
Delaware corporation (the "COMPANY"), having a place of business at 7900 East
Union Avenue, Suite 1100, Denver, Colorado 80237, up to a maximum of five
thousand (5,000) fully paid and nonassessable shares (the "SHARES") of the
Company's common stock (the "COMMON STOCK") at a price of Seventy-Five Cents
($0.75) per share (the "STOCK PURCHASE PRICE") at any time or from time to time
up to and including 5:00 p.m. (Colorado time) on the earlier to occur of (i) the
closing of the initial public offering of the Company's Common Stock pursuant to
a registration statement under the Securities Act of 1933, as amended, or (ii)
September 27, 2004, such earlier day being referred to herein as the "EXPIRATION
DATE", upon surrender to the Company at its principal office (or at such other
location as the Company may advise the Holder in writing) this Warrant properly
endorsed with the Notice of Exercise and Investment Representation Statement
attached hereto duly filled in and signed and, if applicable, payment in cash or
by check of the aggregate Stock Purchase Price for the number of shares for
which this Warrant is being exercised determined in accordance with the
provisions hereof. The Stock Purchase Price and the number of shares purchasable
hereunder are subject to adjustment as provided in Section 3 of this Warrant.

         This Warrant is subject to the following terms and conditions:

1.       EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES.

         (a)      GENERAL. This Warrant is exercisable at the option of the
holder of record hereof, at any time or from time to time, up to the Expiration
Date for all or any part of the shares of Common Stock (but not for a fraction
of a share) which may be purchased hereunder.

         (b)      ISSUANCE OF CERTIFICATES. The Company agrees that the shares
of Common Stock purchased under this Warrant shall be and are deemed to be
issued to the Holder hereof as the record owner of such shares as of the close
of business on the date on which this Warrant shall have been surrendered,
properly endorsed, the completed, executed Notice of Exercise delivered and
payment made for such shares. Certificates for the shares of Common Stock so
purchased, together with any other securities or property to which the Holder
hereof is entitled upon such

                                       1.
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exercise, shall be delivered to the Holder hereof by the Company at the
Company's expense within a reasonable time after the rights represented by this
Warrant have been so exercised. In case of a purchase of less than all the
shares which may be purchased under this Warrant, the Company shall cancel this
Warrant and execute and deliver a new Warrant or Warrants of like tenor for the
balance of the shares purchasable under the Warrant surrendered upon such
purchase to the Holder hereof within a reasonable time. Each stock certificate
so delivered shall be in such denominations of Common Stock as may be requested
by the Holder hereof and shall be registered in the name of such Holder.

         (c)      NET ISSUE EXERCISE. Notwithstanding any provisions herein to
the contrary, if the fair market value of one share of the Company's Common
Stock is greater than the Stock Purchase Price (at the date of calculation as
set forth below), in lieu of exercising this Warrant for cash, the Holder may
elect to receive shares equal to the value (as determined below) of this Warrant
(or the portion thereof being canceled) by surrender of this Warrant at the
principal office of the Company together with the properly endorsed Notice of
Exercise and notice of such election in which event the Company shall issue to
the Holder a number of shares of Common Stock computed using the following
formula:

                           X =   Y (A-B)
                                 -------
                                    A

                  Where    X =   the number of shares of Common Stock to be
                                 issued to the Holder

                           Y =   the number of shares of Common Stock
                                 purchasable under the Warrant or, if only a
                                 portion of the Warrant is being exercised, the
                                 portion of the Warrant being canceled (at the
                                 date of such calculation)

                           A =   the fair market value of one share of the
                                 Company's Common Stock (at the date of such
                                 calculation)

                           B =   Stock Purchase Price (as adjusted to the date
                                 of such calculation)

         For purposes of the above calculation, the fair market value of one
share of Common Stock shall be determined by the Company's Board of Directors in
good faith; provided, however, that in the event the Holder exercises this
Warrant in connection with the Company's initial public offering of its Common
Stock, the fair market value per share shall be the product of (i) the per share
offering price to the public of the Company's initial public offering and (ii)
the number of shares of Common Stock being exercised; and, provided, further,
that following the Company's initial public offering of its Common Stock, the
fair market value per share shall be the average of the closing prices quoted on
any exchange or the Nasdaq Stock Market, whichever is applicable, on which the
Common Stock is listed for the ten (10) trading days prior to the date of
determination of fair market value.

2.       SHARES TO BE FULLY PAID; RESERVATION OF SHARES. The Company covenants
and agrees that all shares of Common Stock which may be issued upon the exercise
of the rights represented by this Warrant will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable and free from all
preemptive rights of any stockholder and free of all taxes,

                                       2.
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liens and charges with respect to the issue thereof. The Company further
covenants and agrees that, during the period within which the rights represented
by this Warrant may be exercised, the Company will at all times have authorized
and reserved, for the purpose of issue or transfer upon exercise of the
subscription rights evidenced by this Warrant, a sufficient number of shares of
authorized but unissued Common Stock, or other securities and property, when and
as required to provide for the exercise of the rights represented by this
Warrant. The Company will take all such action as may be necessary to assure
that such shares of Common Stock may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of any
domestic securities exchange upon which the Common Stock may be listed;
provided, however, that the Company shall not be required to effect a
registration under federal or state securities laws with respect to such
exercise. The Company will not take any action which would result in any
adjustment of the Stock Purchase Price (as set forth in Section 3 hereof) if the
total number of shares of Common Stock issuable after such action upon exercise
of all outstanding warrants, together with all shares of Common Stock then
outstanding and all shares of Common Stock then issuable upon exercise of all
options and upon the conversion of all convertible securities then outstanding,
would exceed the total number of shares of Common Stock then authorized by the
Company's Restated Certificate of Incorporation.

3.       ADJUSTMENT OF STOCK PURCHASE PRICE AND NUMBER OF SHARES. The Stock
Purchase Price and the number of shares purchasable upon the exercise of this
Warrant shall be subject to adjustment from time to time upon the occurrence of
certain events described in this Section 3. Upon each adjustment of the Stock
Purchase Price, the Holder of this Warrant shall thereafter be entitled to
purchase, at the Stock Purchase Price resulting from such adjustment, the number
of shares obtained by multiplying the Stock Purchase Price in effect immediately
prior to such adjustment by the number of shares purchasable pursuant hereto
immediately prior to such adjustment, and dividing the product thereof by the
Stock Purchase Price resulting from such adjustment.

         (a)      SUBDIVISION OR COMBINATION OF STOCK. In case the Company shall
at any time subdivide its outstanding shares of Common Stock into a greater
number of shares, the Stock Purchase Price in effect immediately prior to such
subdivision shall be proportionately reduced, and conversely, in case the
outstanding shares of Common Stock of the Company shall be combined into a
smaller number of shares, the Stock Purchase Price in effect immediately prior
to such combination shall be proportionately increased.

         (b)      DIVIDENDS IN COMMON STOCK, OTHER STOCK, PROPERTY,
RECLASSIFICATION. If at any time or from time to time the Holders of Common
Stock (or any shares of stock or other securities at the time receivable upon
the exercise of this Warrant) shall have received or become entitled to receive,
without payment therefor,

                  (i)      Common Stock or any shares of stock or other
securities which are at any time directly or indirectly convertible into or
exchangeable for Common Stock, or any rights or options to subscribe for,
purchase or otherwise acquire any of the foregoing by way of dividend or other
distribution,

                  (ii)     any cash paid or payable otherwise than as a cash
dividend, or

                                       3.
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                  (iii)    Common Stock or additional stock or other securities
or property (including cash) by way of spinoff, split-up, reclassification,
combination of shares or similar corporate rearrangement, (other than shares of
Common Stock issued as a stock split or adjustments in respect of which shall be
covered by the terms of Section 3(a) above), then and in each such case, the
Holder hereof shall, upon the exercise of this Warrant, be entitled to receive,
in addition to the number of shares of Common Stock receivable thereupon, and
without payment of any additional consideration therefor, the amount of stock
and other securities and property (including cash in the cases referred to in
clause (ii) above and this clause (iii)) which such Holder would hold on the
date of such exercise had he been the holder of record of such Common Stock as
of the date on which holders of Common Stock received or became entitled to
receive such shares or all other additional stock and other securities and
property.

         (c)      REORGANIZATION, RECLASSIFICATION, CONSOLIDATION, MERGER OR
SALE. If any recapitalization, reclassification or reorganization of the capital
stock of the Company, or any consolidation or merger of the Company with another
corporation, or the sale of all or substantially all of its assets or other
transaction shall be effected in such a way that holders of Common Stock shall
be entitled to receive stock, securities, or other assets or property, then, as
a condition of such recapitalization, reclassification, reorganization,
consolidation, merger or sale, lawful and adequate provisions shall be made by
the Company whereby the Holder hereof shall thereafter have the right to
purchase and receive (in lieu of the shares of the Common Stock of the Company
immediately theretofore purchasable and receivable upon the exercise of the
rights represented hereby) such shares of stock, securities or other assets or
property as may be issued or payable with respect to or in exchange for a number
of outstanding shares of such Common Stock equal to the number of shares of such
stock immediately theretofore purchasable and receivable upon the exercise of
the rights represented hereby; provided, however, that in the event the value of
the stock, securities or other assets or property (determined in good faith by
the Board of Directors of the Company) issuable or payable with respect to one
share of the Common Stock of the Company immediately theretofore purchasable and
receivable upon the exercise of the rights represented hereby is in excess of
the Stock Purchase Price hereof effective at the time of a merger and securities
received in such reorganization, if any, are publicly traded, then this Warrant
shall expire unless exercised prior to such recapitalization, reclassification,
reorganization, consolidation, merger or sale of assets. The Company will not
effect any such reorganization, consolidation, merger or sale of assets unless,
prior to the consummation thereof, the successor corporation (if other than the
Company) or such corporation's parent resulting from such consolidation or the
corporation purchasing such assets shall assume by written instrument, executed
and mailed or delivered to the registered Holder hereof at the last address of
such Holder appearing on the books of the Company, the obligation to deliver to
such Holder such shares of stock, securities or assets as, in accordance with
the foregoing provisions, such Holder may be entitled to purchase.

4.       CERTAIN EVENTS AND NOTICES.

         (a)      CERTAIN EVENTS. If any change in the outstanding Common Stock
of the Company or any other event occurs as to which the other provisions of
Section 3 or Section 4 are not strictly applicable or if strictly applicable
would not fairly protect the purchase rights of the Holder of the Warrant in
accordance with such provisions, then the Board of Directors of the Company
shall make an adjustment in the number and class of shares available under the

                                       4.
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Warrant, the Stock Purchase Price or the application of such provisions, so as
to protect such purchase rights as aforesaid. The adjustment shall be such as
will give the Holder of the Warrant upon exercise for the same aggregate Stock
Purchase Price the total number, class and kind of shares as he would have owned
had the Warrant been exercised prior to the event and had he continued to hold
such shares until after the event requiring adjustment.

         (b)      NOTICES OF CHANGE.

                  (i)      Immediately upon any adjustment in the number or
class of shares subject to this Warrant and of the Stock Purchase Price, the
Company shall give written notice thereof to the Holder, setting forth in
reasonable detail and certifying the calculation of such adjustment.

                  (ii)     The Company shall give written notice to the Holder
at least ten business days prior to the date on which the Company closes its
books or takes a record for determining rights to receive any dividends or
distributions.

                  (iii)    The Company shall also give written notice to the
Holder at least 20 days prior to the consummation of a reorganization,
reclassification, consolidation, merger or sale of all or substantially all of
the assets of the Company.

         Any such notice shall be signed by the Company's chief financial
officer and shall state the Stock Purchase Price resulting from such adjustment
and the increase or decrease, if any, in the number of shares purchasable at
such price upon the exercise of this Warrant or the amount of securities to be
received by the Company's stockholders, as applicable, setting forth in
reasonable detail the method of calculation and the facts upon which such
calculation is based.

5.       ISSUE TAX. The issuance of certificates for shares of Common Stock upon
the exercise of the Warrant shall be made without charge to the Holder of the
Warrant for any issue tax (other than any applicable income taxes) in respect
thereof; provided, however, that the Company shall not be required to pay any
tax which may be payable in respect of any transfer involved in the issuance and
delivery of any certificate in a name other than that of the then Holder of the
Warrant being exercised.

6.       CLOSING OF BOOKS. The Company will at no time close its transfer books
against the transfer of any warrant or of any shares of Common Stock issued or
issuable upon the exercise of any warrant in any manner which interferes with
the timely exercise of this Warrant.

7.       NO VOTING OR DIVIDEND RIGHTS; LIMITATION OF LIABILITY. Nothing
contained in this Warrant shall be construed as conferring upon the Holder
hereof the right to vote or to consent or to receive notice as a stockholder of
the Company or any other matters or any rights whatsoever as a stockholder of
the Company. No dividends or interest shall be payable or accrued in respect of
this Warrant or the interest represented hereby or the shares purchasable
hereunder until, and only to the extent that, this Warrant shall have been
exercised. No provisions hereof, in the absence of affirmative action by the
holder to purchase shares of Common Stock, and no mere enumeration herein of the
rights or privileges of the holder hereof, shall give rise to any liability of
such Holder for the Stock Purchase Price or as a stockholder of the Company,
whether such liability is asserted by the Company or by its creditors.

                                       5.
<PAGE>   6

8.       WARRANTS TRANSFERABLE. Subject to compliance with applicable federal
and state securities laws, this Warrant and all rights hereunder are
transferable, in whole or in part, without charge to the holder hereof (except
for transfer taxes), upon surrender of this Warrant properly endorsed. Each
taker and holder of this Warrant, by taking or holding the same, consents and
agrees that this Warrant, when endorsed in blank, shall be deemed negotiable,
and that the holder hereof, when this Warrant shall have been so endorsed, may
be treated by the Company, at the Company's option, and all other persons
dealing with this Warrant as the absolute owner hereof for any purpose and as
the person entitled to exercise the rights represented by this Warrant, or to
the transfer hereof on the books of the Company any notice to the contrary
notwithstanding; but until such transfer on such books, the Company may treat
the registered owner hereof as the owner for all purposes.

9.       RIGHTS AND OBLIGATIONS SURVIVE EXERCISE OF WARRANT. The rights and
obligations of the Company, of the holder of this Warrant and of the holder of
shares of Common Stock issued upon exercise of this Warrant, referred to in
Section 8 shall survive the exercise of this Warrant.

10.      MODIFICATION AND WAIVER. This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

11.      NOTICES. Any notice, request or other document required or permitted to
be given or delivered to the holder hereof or the Company shall be delivered or
shall be sent by certified mail, postage prepaid, to each such holder at its
address as shown on the books of the Company or to the Company at the address
indicated therefor in the first paragraph of this Warrant or such other address
as either may from time to time provide to the other.

12.      BINDING EFFECT ON SUCCESSORS. This Warrant shall be binding upon any
corporation succeeding the Company by merger, consolidation or acquisition of
all or substantially all of the Company's assets. All of the obligations of the
Company relating to the Common Stock issuable upon the exercise of this Warrant
shall survive the exercise and termination of this Warrant. All of the covenants
and agreements of the Company shall inure to the benefit of the successors and
assigns of the holder hereof.

13.      DESCRIPTIVE HEADINGS AND GOVERNING LAW. The description headings of the
several sections and paragraphs of this Warrant are inserted for convenience
only and do not constitute a part of this Warrant. This Warrant shall be
construed and enforced in accordance with, and the rights of the parties shall
be governed by, the laws of the State of Colorado.

14.      LOST WARRANTS. The Company represents and warrants to the Holder hereof
that upon receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction, or mutilation of this Warrant and, in the case of any
such loss, theft or destruction, upon receipt of an indemnity reasonably
satisfactory to the Company, or in the case of any such mutilation upon
surrender and cancellation of such Warrant, the Company, at its expense, will
make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen,
destroyed or mutilated Warrant.

                                       6.
<PAGE>   7

15.      FRACTIONAL SHARES. No fractional shares shall be issued upon exercise
of this Warrant. The Company shall, in lieu of issuing any fractional share, pay
the holder entitled to such fraction a sum in cash equal to such fraction
multiplied by the then effective Stock Purchase Price.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       7.
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         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed by its officer, thereunto duly authorized this 28th day of September,
1999.

                                ENERGY AUCTION EXCHANGE,  INC.
                                a Delaware corporation

                                By: /s/ Gary R. Vickers
                                   ----------------------------------------
                                    Gary R. Vickers
                                    President and Chief Executive Officer

<PAGE>   9

                               NOTICE OF EXERCISE

                                                  Date: _________________, _____

         Energy Auction Exchange, Inc.
         7900 East Union Avenue, Suite 1100
         Denver, CO  80237

         Attn:  President

         Ladies and Gentlemen:

[ ]      The undersigned hereby elects to exercise the warrant issued to it by
         Energy Auction Exchange, Inc. (the "COMPANY") and dated September ___,
         1999 (the "WARRANT") and to purchase thereunder
         __________________________________ shares of the Common Stock of the
         Company (the "SHARES") at a purchase price of
         ___________________________________________ Dollars ($__________) per
         Share or an aggregate purchase price of
         __________________________________ Dollars ($__________) (the "PURCHASE
         PRICE").

[ ]      The undersigned hereby elects to convert _______________________
         percent (____%) of the value of the Warrant pursuant to the provisions
         of Section 1(c) of the Warrant.

         Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

                       -----------------------------------
                                     (name)

                       -----------------------------------

                       -----------------------------------
                                    (address)

         Pursuant to the terms of the Warrant the undersigned has delivered the
Purchase Price herewith in full in cash or by certified check or wire transfer.
The undersigned also makes the representations set forth on the attached
Investment Representation Letter.

                                               Very truly yours,

                                               --------------------------------

                                               By:
                                                  -----------------------------

                                               Title:
                                                     --------------------------

<PAGE>   10

                       INVESTMENT REPRESENTATION STATEMENT

TO:  ENERGY AUCTION EXCHANGE, INC.

With respect to the __________ shares of Common Stock (the "SHARES") of ENERGY
AUCTION EXCHANGE, INC. (the "COMPANY") which the undersigned ("PURCHASER") has
purchased from the Company today, the Purchaser hereby represents and warrants
as follows:

         1.       The Purchaser acknowledges that he has received no formal
prospectus or offering memorandum describing the business and operations of the
Company. He has, however, by virtue of his relationship with the Company, been
given access to all information that he believes is material to his decision to
purchase the Shares. The Purchaser has had the opportunity to ask questions of,
and receive answers from, representatives of the Company concerning its business
operations. Any questions raised by the Purchaser have been answered to his
satisfaction.

         2.       The Shares are being acquired by the Purchaser for his
account, for investment purposes only, and not with a view to the distribution
or resale thereof.

         3.       No representations or promises have been made concerning the
marketability or value of the Shares. The Purchaser understands that there is
currently no market for the transfer of the Shares. The Purchaser further
acknowledges that, because the Shares have not been registered under the
Securities Act of 1933, as amended (the "ACT"), or applicable state securities
laws and cannot be resold unless they are subsequently registered under the Act
or applicable state securities laws, or an exemption from registration is
available, the Purchaser must continue to bear the economic risk of his
investment in the Shares for an indefinite period of time. Specifically, the
Purchaser agrees that the Shares may not be transferred until the Company has
received an opinion of counsel reasonably satisfactory to it that the proposed
transfer will not violate federal or state securities laws. The Company has not
agreed or represented to the Purchaser that the Shares will be purchased or
redeemed from the Purchaser at any time in the future. The Purchaser further
understands that a notation will be made on the appropriate records of the
Company and on the stock certificate representing the Shares so that the
transfers of Shares will not be effected on those records without compliance
with the restrictions referred to above.

Date:                                    By:
     -------------------------              -----------------------------------

                                         Name:
                                              ---------------------------------

                                         Title:
                                               --------------------------------

                                       2.<PAGE>   1
                                                                   EXHIBIT 10.12

                              EMPLOYMENT AGREEMENT

         This EMPLOYMENT AGREEMENT (this "Agreement") is made as of June 1,
1999, by and between The Oil & Gas Asset Clearinghouse, Inc., a Texas
corporation (the "Company"), and Kenneth R. Olive, Jr., an individual
("Executive").

                                    RECITALS

                  WHEREAS, the execution and delivery of this Agreement by the
Company and Executive are conditions to the purchase of shares of the Company's
common stock, par value $.10 per share ("Common Stock"), by Energy Auction
Exchange, Inc., a Delaware corporation, pursuant to a Stock Purchase Agreement
dated as of June 1, 1999 (the "Stock Purchase Agreement");

                  WHEREAS, the Company desires to employ Executive as the
President and Chief Executive Officer of the Company, and Executive desires to
accept such employment on the terms and conditions hereinafter set forth;

                  WHEREAS, in the course of his employment, Executive will or
has gained knowledge of the business, affairs, and operating results of the
Company and any subsidiaries, will be or has been trained in highly specialized
skills at the expense of the Company in the operation and management of the
business of the Company and the marketing and sale of the Company's services
through the use of techniques, systems, forms and methods used and devised by
the Company, and will have or has access to lists of the Company's clients and
prospective clients and their needs, pricing and capabilities; and

                  WHEREAS, the confidential information, customer lists,
databases and trade secrets of the Company are unique and valuable to the
Company and the Company would suffer irreparable harm if Executive were to
divulge such confidential information or trade secrets to those in competition
with the Company or use such knowledge, information and business acumen in
competition with the Company.

                                    AGREEMENT

                  NOW, THEREFORE, in consideration of the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                  1. Employment. The Company shall employ Executive, and
Executive accepts employment with the Company, upon the terms and conditions set
forth in this Agreement for the period beginning on the date of this Agreement
and ending as provided in Section 4 hereof (the "Employment Period").

<PAGE>   2

                  2. Position and Duties.

                  (a) Except as set forth in this Agreement, during the
Employment Period Executive shall serve as the President and Chief Executive
Officer of the Company. Executive understands and agrees that the Company's
board of directors (the "Board") may at any time appoint a person other than
Executive as the President of the Company, and thereafter Executive shall serve
as the Chief Executive Officer of the Company during the remainder of the
Employment Period. The Board shall not require Executive to conduct his primary
business activities outside of a 50-mile radius from the Company's current
principal executive offices, other than for reasonable business travel.

                  (b) Executive shall report to the Board, and Executive shall
devote his best efforts and his full business time and attention (except for
permitted vacation periods and reasonable periods of illness or other
incapacity) to the business and affairs of the Company and its subsidiaries;
provided, however, that nothing in this Agreement shall preclude Executive from
serving as a director or member of a committee of any organization involving no
conflict of interest with the interests of the Company, engaging in charitable
and community activities or managing his personal investments, if such
activities do not materially interfere with the regular performance of his
duties and responsibilities under this Agreement. Executive shall perform his
duties and responsibilities to the best of his abilities in a diligent,
trustworthy, businesslike and efficient manner.

                  (c) All funds and property received by Executive on behalf of
the Company or its affiliates shall be received and held by Executive in trust
for the Company or its affiliates, as the case may be, and Executive shall
account for and remit all such funds and property to the Company or its
affiliates, as the case may be.

                  3. Base Salary and Benefits.

                  (a) During the Employment Period, Executive's base salary
shall be $165,220 per annum or such higher rate as the Board may designate from
time to time (the "Base Salary"), which salary shall be payable in regular
installments in accordance with the Company's general payroll practices. During
the Employment Period, the Base Salary shall not be reduced below $165,220 per
annum without the prior written consent of Executive; provided, however, that
Executive agrees to consider in good faith a reduction of the Base Salary below
$165,220 per annum in the event the financial performance of the Company should
so warrant.

                   (b) Exhibit A attached hereto sets forth all of the Company's
employee benefit programs in which Executive participated immediately prior to
the execution of this Agreement and the extent of such participation (the
"Benefits"). During the Employment Period, Executive shall be entitled to
participate in all of the Company's employee benefit programs for which senior
executive employees of the Company are generally eligible; provided, however,
that during the Employment Period, Executive shall be entitled at a minimum to
receive the Benefits.

                                      -2-
<PAGE>   3

                  (c) During the Employment Period, the Company shall reimburse
Executive for all reasonable expenses incurred by him in the course of
performing his duties under this Agreement which are consistent with the
Company's policies in effect from time to time with respect to travel,
entertainment and other business expenses, subject to the Company's requirements
with respect to reporting and documentation of such expenses.

                  (d) In addition to the Base Salary, Executive shall be
eligible to receive a bonus following the end of each fiscal year during the
Employment Period. Such bonuses shall be paid upon the attainment of certain
performance goals as mutually agreeable to Executive and the Board and are
expected to be consistent with the Company's past practices with respect to
performance bonuses; provided, however, that the award of such bonuses shall
ultimately be determined by the Board based on the Company's performance.
Notwithstanding the foregoing, Executive shall be paid a minimum bonus for each
fiscal year commensurate with any such bonuses paid to other senior executive
officers of the Company for such fiscal year; provided, however, that Executive
agrees to consider in good faith a reduction in Executive's bonus in the event
the financial performance of the Company should so warrant. Each such bonus for
any fiscal year shall be paid by the end of the first quarter of the following
fiscal year.

                  (e) The Company shall have the right to withhold any and all
amounts due and payable to Executive pursuant to the terms of this Agreement and
to apply such amounts to any amounts owed by Executive to (i) the Company or
(ii) Energy Auction Exchange, Inc., a Delaware corporation, pursuant to the
terms of the Stock Purchase Agreement.

                  4. Term.

                  (a) Unless renewed by the mutual written agreement of the
Company and Executive, the Employment Period shall end on the fifth anniversary
of the date of this Agreement (the "Fifth Anniversary"); provided that (i) the
Employment Period shall terminate prior to such date upon Executive's
resignation, death, Permanent Disability (as defined below) or resignation due
to Constructive Termination (as defined below) and (ii) the Employment Period
may be terminated by the Company at any time prior to such date for Cause (as
defined below) or without Cause.

                  (b) If the Employment Period is terminated by Executive's
resignation due to Constructive Termination or by the Company without Cause,
Executive shall be entitled to receive that portion of his then current Base
Salary earned through the date of such termination, plus an additional amount
equal to two (2) times his then current Base Salary (the "Severance Payment");
provided, however, that if Executive has materially breached the provisions of
Sections 5, 6 or 7 hereof, Executive shall not be entitled to the Severance
Payment until such breach, if capable of being cured, is cured by Executive.

                  (c) If the Employment Period is terminated by the Company for
Cause or is terminated by Executive pursuant to Section 4(a)(i) above other than
by Executive's resignation due

                                      -3-
<PAGE>   4

to Constructive Termination, Executive shall be entitled to receive that portion
of his then current Base Salary earned through the date of termination.

                  (d) The amount of any Base Salary payable pursuant to Sections
4(b) or (c) hereof shall be payable in accordance with the Company's general
payroll practices, and any Severance Payment shall be payable in one lump sum
payment within 60 days following termination of the Employment Period.

                  (e) Except as otherwise required by law, all of Executive's
rights to employee benefits and bonuses hereunder (if any) accruing after the
termination of the Employment Period shall cease upon such termination.

                  (f) For purposes of this Agreement, "Cause" shall mean (i) a
breach of Executive's duty of loyalty to the Company or any of its subsidiaries
as a member of the Board or the board of any subsidiary or any act of fraud
against the Company or any of its subsidiaries, (ii) the commission by Executive
of a felony, a crime involving moral turpitude or other act causing material
harm to the Company's or any of its subsidiaries' standing and reputation, (iii)
Executive's failure or refusal to commence his reasonable best efforts, without
proper legal cause, to follow the directions of the Board after Executive has
been given written notice thereof and fifteen (15) days have elapsed within
which Executive has not executed his reasonable best efforts to follow such
directions of the Board, (iv) Executive's current illegal use of drugs, or (v)
Executive's substandard performance as described below. In the event the Company
incurs operating losses in two (2) consecutive fiscal years, the Board shall be
deemed to have initial grounds to remove Executive for substandard performance.
If the Board (excluding Executive) determines in good faith that such operating
losses of the Company are the result of Executive's substandard performance, the
Board shall give written notice thereof to Executive, and Executive shall have
thirty (30) days to prepare for a meeting with the Board, at which time
Executive may present information with respect to market conditions or any other
factors which Executive deems relevant in assessing the cause of such operating
losses, including, without limitation, evidence that Executive has followed the
directives of the Board in the performance of his duties. After due
consideration of such factors, if the Board (excluding Executive) again
determines in good faith that such operating losses of the Company are the
result of Executive's substandard performance and not the result of other
factors, Executive may be terminated by the Board for Cause. The parties hereby
acknowledge and agree that the determination of whether the criteria for Cause
has been met shall be arbitrable in accordance with the American Arbitration
Association employment dispute rules.

                  (g) For purposes of this Agreement, "Constructive Termination"
shall mean (i) the assignment to Executive by the Board of duties materially
inconsistent with the normal duties associated with the position of President
and Chief Executive Officer, or Chief Executive Officer, as the case may be
pursuant to Section 2(a) above, of the Company, (ii) the occurrence of material
acts or conduct on the part of the Board which have as their purpose forcing the
resignation of Executive or preventing him from performing his duties and
responsibilities pursuant to this Agreement, (iii) a material breach by the
Company of any provision of this Agreement which is not

                                      -4-
<PAGE>   5

cured within fifteen (15) days after written notice thereof is delivered by
Executive to the Company, or (iv) a default or decrease in the payment to
Executive of the compensation set forth in Section 3 above, except as permitted
herein.

                  (h) For purposes of this Agreement, "Permanent Disability"
shall mean the inability of Executive to effectively and efficiently perform the
essential functions of his position (with or without reasonable accommodation
from the Company) by reason of mental or physical impairment during (i) any
continuous period of one hundred twenty (120) days, or (ii) one hundred eighty
(180) days in the aggregate during any 12-month period.

                  5. Confidential Information. Executive acknowledges that the
information, observations and data obtained by him while employed by the Company
(including those obtained while employed by the Company prior to the date of
this Agreement) concerning the business, affairs or operating results of the
Company or any subsidiary, including, without limitation, customer lists,
databases, profile information, source codes, system processes, buyer and seller
lists, profiles and information, and historic property sale information and
statistics ("Confidential Information") are the property of the Company or such
subsidiary, as the case may be. Therefore, Executive agrees that he shall not
disclose to any unauthorized person or use for his own account any Confidential
Information without the prior written consent of the Board (excluding
Executive), unless and to the extent that the aforementioned matters become
generally known to and available for use by the public other than as a result of
Executive's acts or omissions to act. Executive shall deliver to the Company at
the termination of the Employment Period, or at any other time the Company may
request, all memoranda, notes, plans, records, reports, computer tapes and
software and other documents and data (and copies thereof) relating to the
Confidential Information, Work Product (as defined below) or the business of the
Company or any subsidiary which he may then possess or have under his control.

                  6. Inventions and Patents. Executive agrees that all
inventions, innovations, improvements, developments, methods, designs, analyses,
drawings, reports, and all similar or related information which relates to the
Company's or any of its subsidiaries' business, research and development or
existing or future products or services and which are conceived, developed or
made by Executive while employed by the Company or any of its subsidiaries
("Work Product") belong to the Company or such subsidiary, as the case may be.
Executive will promptly disclose such Work Product to the Board and perform all
actions reasonably requested by the Board (whether during or after the
Employment Period), at the expense of the Company, to establish and confirm such
ownership (including, without limitation, assignments, consents, powers of
attorney and other instruments).

                  7. Non-Compete, Non-Solicitation.

                  (a) Executive acknowledges that in the course of his
employment with the Company he has and will become familiar with the Company's
trade secrets and with other confidential information concerning the Company and
its subsidiaries and that his services have been

                                      -5-
<PAGE>   6

and will be of special, unique and extraordinary value to the Company and its
subsidiaries. Therefore, and in connection with Executive's sale of Common Stock
pursuant to the terms of the Stock Purchase Agreement, Executive agrees that,
during the Noncompete Period (as determined pursuant to Section 7(c) below), he
shall not directly or indirectly own, manage, control, participate in, consult
with, render services for, be employed by or in any manner engage in providing
(a) third party acquisition and/or divestiture advisory, marketing or brokerage
services with respect to oil and gas properties, (b) third party reserve
engineering transaction or other technical services in support of the
acquisition and/or divestiture of oil and gas properties, and (c) third party
sell side sealed bid, negotiated sale or brokerage services for the oil and gas
exploration and production industry, the same or similar to those provided by
Executive to the Company during the Employment Period that result in competition
with the business of the Company or its subsidiaries in the counties or parishes
set forth on Exhibit B attached hereto (the "Noncompete Area"); provided,
however, that (i) Executive may engage in the acquisition and/or divestiture of
oil and gas properties as an owner or operator for his own account, for the
account of an entity wholly-owned by Executive or for the account of an employer
engaged in the acquisition and/or divestiture of oil and gas properties as part
of such employer's ordinary course of business, and (ii) Executive may own for
investment purposes not more than one percent (1%) of the outstanding stock of
any class of a competing corporation which is publicly traded, so long as
Executive has no active participation in the business of such corporation.

                  (b) During the Noncompete Period, Executive shall not directly
or indirectly through another entity (i) induce or attempt to induce any
employee of the Company or of any subsidiary of the Company with whom Executive
has contact during the Employment Period to leave the employ of the Company or
such subsidiary, as the case may be, to perform the same or similar services or
functions in the Noncompete Area as such employee performed for the Company or
such subsidiary, as the case may be, (ii) hire any person who was an employee of
the Company or of any subsidiary of the Company with whom Executive has contact
during the Employment Period to perform the same or similar services or
functions in the Noncompete Area as such employee performed for the Company or
such subsidiary, as the case may be, or (iii) induce or attempt to induce any
customer, supplier, licensee or other business relation of the Company or of any
subsidiary of the Company in the Non-Compete Area with whom Executive has
contact during the Employment Period to cease doing business with the Company or
such subsidiary, as the case may be.

                  (c) The Noncompete Period shall be determined as follows:

                           (i)      If termination of the Employment Period
                                    occurs on or prior to the fourth anniversary
                                    of the date of this Agreement (the "Fourth
                                    Anniversary"), then the Noncompete Period
                                    shall begin on the date of this Agreement
                                    and shall expire on the date which is two
                                    (2) years after the date of such
                                    termination; provided, however, that in no
                                    event shall the Noncompete Period extend
                                    beyond the Fifth Anniversary pursuant to
                                    this Section 7(c)(i).

                                      -6-
<PAGE>   7

                           (ii)     If termination of the Employment Period
                                    occurs after the Fourth Anniversary, then
                                    the Noncompete Period shall begin on the
                                    date of this Agreement and shall expire on
                                    the sixth anniversary of the date of this
                                    Agreement.

                  8. Enforcement.

                  (a) If, at the time of enforcement of Sections 5, 6 or 7
hereof, a court holds that the restrictions stated herein are unreasonable under
circumstances then existing, the parties hereto agree that the maximum period,
scope or geographical area reasonable under such circumstances shall be
substituted for the stated period, scope or area. Because Executive's services
are unique and because Executive has access to Confidential Information and Work
Product, the parties hereto agree that money damages would be an inadequate
remedy for any breach of this Agreement. Therefore, in the event a breach or
threatened breach of this Agreement, the Company or its successors or assigns
may, in addition to other rights and remedies existing in their favor, apply to
any court of competent jurisdiction for specific performance and/or injunctive
or other relief in order to enforce, or prevent any violations of, the
provisions hereof (without posting a bond or other security).

                  (b) The existence of any claim, demand, action or cause of
action by Executive against the Company or any affiliate of the Company, whether
predicted upon this Agreement or otherwise, shall not constitute a defense to
the enforcement by the Company of its rights under this Agreement.

                  9. Executive Representations, Warranties and Covenants.
Executive hereby represents and warrants to the Company that (i) the execution,
delivery and performance of this Agreement by Executive does not and will not
conflict with, breach, violate or cause a default under any contract, agreement,
instrument, order, judgment or decree to which Executive is a party or by which
he is bound, (ii) Executive is not a party to or bound by any employment
agreement, noncompete agreement or confidentiality agreement with any other
person or entity and (iii) upon the execution and delivery of this Agreement by
the Company, this Agreement shall be the valid and binding obligation of
Executive, enforceable in accordance with its terms. Executive hereby agrees
that during the Employment Period Executive shall take all such actions as are
reasonably necessary for Executive to maintain his status as the designated
principal of the Company pursuant to federal and state laws, rules and
regulations and the rules and regulations of the U.S. Securities and Exchange
Commission (the "SEC") and the National Association of Securities Dealers, Inc.
(the "NASD").

                  10. Survival. Sections 2(c), 3, 4, 5, 6, 7, 8, 9 and 12 hereof
shall survive and continue in full force in accordance with their terms
notwithstanding any termination of the Employment Period.

                                      -7-
<PAGE>   8

                  11. Notices. Any notice provided for in this Agreement shall
be in writing and shall be either personally delivered, sent by facsimile, sent
by nationally recognized overnight courier service or mailed by first class
mail, return receipt requested, to the recipient at the address below indicated:

                  Notices to Executive:

                           Kenneth R. Olive, Jr.
                           2410 Pleasant Creek Drive
                           Kingwood, Texas  77345

                  Notices to the Company:

                           The Oil & Gas Asset Clearinghouse, Inc.
                           263 N. Sam Houston Parkway E.
                           Suite 100
                           Houston, Texas 77060
                           Attn:  Chairman
                           Fax:  (281) 873-0055

or such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party. Any
notice under this Agreement will be deemed to have been given when so delivered,
sent or mailed.

                  12. Further Assurances. Executive agrees that, upon
termination of this Agreement for any reason, Executive shall cooperate with the
Company, perform and all reasonable acts and execute, acknowledge and deliver
any and all documents which may be reasonably necessary for Executive or the
Company to comply with federal and state laws, rules and regulations and the
rules and the regulations of the SEC and the NASD with respect to such
termination.

                  13. Severability. Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

                  14. Complete Agreement. This Agreement, those documents
expressly referred to herein and other documents of even date herewith embody
the complete agreement and understanding among the parties and supersede and
preempt any prior understandings, agreements or representations by or among the
parties, written or oral, which may have related to the subject

                                      -8-
<PAGE>   9

matter hereof in any way. The Restated Employment Agreement dated April 28, 1998
by and between the Company and Executive is hereby terminated and of no further
force and effect.

                  15. Counterparts. This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken
together constitute one and the same agreement.

                  16. Successors and Assigns. This Agreement is intended to bind
and inure to the benefit of and be enforceable by Executive, the Company and
their respective heirs, successors and assigns, except that Executive may not
assign his rights or delegate his obligations hereunder without the prior
written consent of the Company. The obligations, or any portion thereof, of the
Company as set forth herein may be assigned to or performed through a personnel
management service or similar entity which provides personnel management and/or
staffing services to the Company; provided, however, that no such assignment to
or performance by such service or entity shall relieve the Company from primary
liability hereunder for such obligations.

                  17. Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY THE
INTERNAL LAW, AND NOT THE LAWS OF CONFLICTS, OF THE STATE OF TEXAS.

                  18. Amendment and Waiver. The provisions of this Agreement may
be amended or waived only with the prior written consent of the Company and
Executive, and no course of conduct or failure or delay in enforcing the
provisions of this Agreement shall affect the validity, binding effect or
enforceability of this Agreement.

                  19. Headings. The headings of the sections of this Agreement
are inserted for convenience only and shall not be deemed to constitute a part
of this Agreement.

                  20. Construction. The parties hereto have participated jointly
in the negotiation and drafting of this Agreement. In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement.

                                    * * * * *

                                      -9-
<PAGE>   10

                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first written above.

                                   THE OIL & GAS ASSET CLEARINGHOUSE, INC.

                                   /s/
                                   -------------------------------
                                   By:
                                       ---------------------------
                                   Its:
                                        --------------------------

                                   /s/ Kenneth R. Olive, Jr.
                                   -------------------------------
                                   Kenneth R. Olive, Jr.

                                      -10-
<PAGE>   11

                                    EXHIBIT A

                   EMPLOYEE BENEFIT PROGRAMS AND PARTICIPATION

                                       A-1

<PAGE>   12

                                    EXHIBIT B

                                 NONCOMPETE AREA

                                 TEXAS COUNTIES

<TABLE>
<S>                 <C>                       <C>                <C>
Anderson            Colorado                  Hale               Lipscomb
Andrews             Comanche                  Hamilton           Live Oak
Angelina            Concho                    Hansford           Loving
Aransas             Cooke                     Hardeman           Lubbock
Archer              Cottle                    Hardin             Lynn
Armstrong           Crane                     Harris             Madison
Atascosa            Crockett                  Harrison           Marion
Austin              Culberson                 Haskell            Martin
Bandera             Dallas                    Hemphill           Matagorda
Bastrop             Dawson                    Hidalgo            Maverick
Baylor              Denton                    Hockley            McCullock
Bee                 De Witt                   Hood               McLennan
Bell                Dimmitt                   Houston            McMullen
Bexar               Donley                    Howard             Menard
Blanco              Duval                     Hunt               Midland
Borden              Eastland                  Hutchinson         Milam
Bowie               Ector                     Irion              Mills
Brazoria            Edwards                   Jack               Montague
Brazos              Falls                     Jackson            Montgomery
Briscoe             Fayette                   Jasper             Moore
Brooks              Fisher                    Jefferson          Morris
Brown               Foard                     Jim Hogg           Motley
Burleson            Fort Bend                 Jim Wells          Nacogdoches
Caldwell            Franklin                  Jones              Navarro
Calhoun             Freestone                 Kaufman            Newton
Callahan            Frio                      Kendall            Nolan
Cameron             Gaines                    Kenedy             Nueces
Camp                Galveston                 Kent               Ochiltree
Carson              Garza                     Kimble             Orange
Cass                Glasscock                 King               Palo Pinto
Chambers            Gollad                    Kieberg            Panola
Cherokee            Gonzales                  Lamb               Parker
Clay                Gray                      Lavaca             Pecos
Cockran             Grayson                   Lee                Polk
Coke                Gregg                     Leon               Potter
Coleman             Grimes                    Liberty            Rains
Collingsworth       Guadalupe                 Limestone          Reagan
</TABLE>

                                       B-1

<PAGE>   13

<TABLE>
<S>                 <C>
Real                Wichita
Red River           Wilbarger
Reeves              Willacy
Refugio             Williamson
Roberts             Wilson
Robertson           Winkler
Rockwall            Wise
Runnels             Wood
Rusk                Yoakum
Sabine              Zapata
San Augustine       Zavala
San Jacinto
San Patricio
Schleicher
Scurry
Shackelford
Shelby
Sherman
Smith
Starr
Stephens
Sterling
Stonewall
Sutton
Tarrant
Taylor
Terrell
Terry
Throckmorton
Titus
Travis
Tyler
Upshur
Upton
Val Verde
Van Zandt
Victoria
Waller
Ward
Washington
Webb
Wharton
Wheeler
</TABLE>

                                       B-2

<PAGE>   14

                                OKLAHOMA COUNTIES

<TABLE>
<S>                 <C>
Adair               Noble
Alfalfa             Nowata
Atoka               Okfuskee
Beaver              Oklahoma
Beckham             Okmulgee
Blaine              Osage
Bryan               Pawnee
Caddo               Payne
Canadian            Pittsburg
Carter              Pontotoc
Cleveland           Pottawatomie
Coal                Pushmataha
Comanche            Roger Mills
Cotton              Rogers
Craig               Seminole
Creek               Stephens
Custer              Texas
Dewey               Tulsa
Ellis               Washington
Garfield            Woodward
Garvin
Grady
Greer
Harper
Haskell
Hughes
Jefferson
Johnson
Kay
Kingfisher
Kiowa
LeFlore
Lincoln
Logan
Love
McClain
McIntosh
Major
Marshall
Muskogee
</TABLE>

                                       B-3

<PAGE>   15

                               LOUISIANA PARISHES

<TABLE>
<S>                           <C>
Acadia                        Tangipahoa
Allen                         Tensas
Ascension                     Terrebonne
Assumption                    Union
Avoyelles                     Vermillion
Bienville                     Washington
Bossier                       West Baton Rouge
Caddo                         West Feliciana
Calcasieu
Caldwell
Cameron
Claiborne
DeSoto
East Baton Rouge
East Feliciana
Evangeline
Franklin
Iberia
Iberville
Jackson
Jefferson Davis
Lafayette
Lafourche
Lincoln
Livingston
Orleans
Quachita
Plaquemines
Pointe Coupee
Red River
Richland
Sabine
Saint Bernard
Saint Charles
Saint Helena
Saint James
Saint John the Baptist
Saint Landry
Saint Martin
Saint Mary
</TABLE>

                                      B-4

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