Document:

Al-Deera subscription agreement

    Exhibit
      10.1

    

    SUBSCRIPTION
      AGREEMENT

    AND

    LETTER
      OF INVESTMENT INTENT

    

    

    Gregory
      Lykiardopoulos, Chief Executive Officer 

    Petramerica
      Oil, Inc. 

    One
      Harbor Drive, Suite 300

    Sausalito,
      California 94965

     

    

    Dear
      Mr.
      Lykiardopoulos:

    

    The
      undersigned (the “Subscriber”) hereby agrees to subscribe to purchase upon the
      terms and conditions set forth below, 3,450,000 shares of the no par value
      common stock (the “Common Stock”) of Petramerica Oil, Inc., a U.S. Colorado
      corporation (the “Company”), for $.80 per share. The subscription price will be
      paid by wire transfer of immediately available funds to the account specified
      in
      writing by the Company. The subscription will take place as soon as practicable
      following the satisfaction or waiver of the conditions set forth in Section
      9 of
      this Agreement (other than those conditions to be satisfied at the closing)
      (such date of subscription, the “Subscription Date”). 

    

    1. General
      Representations
      - The
      Subscriber acknowledges and represents as follows:

    

    (a) The
      Subscriber has received and carefully reviewed all of the Company’s public
      filings made with the U.S. Securities and Exchange Commission (“SEC”) including
      the Company’s Current Report on Forms 8 K filed with the SEC on July 14, July 26
      and August 1, 2006; and in particular the financial statements of the Company
      contained in its July 14, 2006 Form 8 K and the Risk Factors of the Company
      set
      forth in the Company August 1, 2006 Form 8 K.

    

    (b) The
      Subscriber has been given full access to information regarding the Company,
      has
      had the opportunity to meet with Company’s officers and to review all the
      documents that Subscriber may have requested, and has utilized such access
      for
      the purpose of obtaining all information the Subscriber deems necessary for
      the
      purposes of making an informed investment decision and to verify the accuracy
      and completeness of the information provided to Subscriber;

    

    (c) The
      Subscriber understands that (i) the purchase of the Common Stock is a highly
      speculative investment in an early stage company with negligible assets and
      revenue and significant losses and such investment involves a high degree of
      risk; (ii) the Company may need additional financing in the future; (iii) the
      Company has made no statements whatever concerning the present or prospective
      value of the Common Stock; and (iv) there is an extremely limited market for
      the
      Company’s Common Stock and the current value of the Company’s Common Stock on
      the Electronic Bulletin Board does not necessarily represent the true value
      of
      the Common Stock.

     

    
      
        
        

      

      
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    (d) The
      Subscriber has obtained, to the extent he or she deems necessary, personal
      professional advice with respect to the risks inherent in an investment in
      the
      Common Stock and the suitability of such investment in light of the Subscriber’s
      personal financial condition and investment needs. Unless the Subscriber has
      otherwise advised the Company in writing, the Subscriber did not employ the
      services of a purchaser representative, as defined in Regulation D under
      the Securities Act of 1933, as amended (the “Act”), in connection with this
      investment; 

    

    (e) The
      Subscriber (i) has sufficient knowledge and experience in financial and business
      matters to be capable of evaluating the merits and risks of a prospective
      investment in the Common Stock, (ii) is experienced in making investments which
      involve a high degree of risk, (iii) is sophisticated in making investment
      decisions, and (iv) can bear the economic risk of an investment in the Common
      Stock, including the total loss of such investment;

    

    (f) The
      Subscriber acknowledges that (i) the purchase of the Common Stock is a long-term
      investment, (ii) he or she must bear the economic risk of the investment for
      an
      indefinite period of time because the Common Stock has not been registered
      under
      the Act or applicable state laws and, therefore, the Common Stock cannot be
      sold
      unless it is subsequently registered under the Act and such state laws or
      exemptions from such registration are available, (iii) there is only a limited
      public market for the Common Stock and the Subscriber may not be able to
      liquidate his or her investment in the event of an emergency, or pledge the
      Common Stock as collateral security for loans, and (iv) the transferability
      of
      the Common Stock is restricted and (A) requires conformity with the restrictions
      contained in paragraph 2 below, and (B) will be further restricted by a legend
      placed on the certificate(s) representing the Common Stock stating that the
      Common Stock has not been registered under the Act and applicable state laws
      and
      referencing the restrictions on transferability of the Common Stock.

    

    2. No
      Registration Under U.S. Securities Laws; Registration Rights 

    

    (a) The
      Subscriber has been advised that the Common Stock is not being registered under
      the Act or state securities laws pursuant to exemptions from the Act and such
      laws, and that the Company’s reliance upon such exemptions is predicated in part
      on the representations of the Subscriber contained herein. The Subscriber
      represents and warrants that the Common Stock is being purchased for the
      Subscriber’s own account and for investment without the intention of reselling
      or redistributing the same, provided that the Subscriber does not agree to
      hold
      the Common Stock for any minimum or other specific term and reserves the right
      to dispose of it at any time in accordance with or pursuant to a registration
      statement or exemption under applicable law. The Subscriber further represents
      and agrees that, if, contrary to the foregoing intentions, there should ever
      be
      a desire to dispose of or transfer any of such Common Stock in any manner,
      the
      Subscriber shall not do so without first obtaining (a) an opinion of counsel
      suitable to the Company that such proposed disposition or transfer lawfully
      may
      be made without registration pursuant to the Act, and applicable state
      securities laws or (b) such registrations (including by way of registration
      pursuant to clauses (b) and (c) of this Section 2). Notwithstanding the
      foregoing, the Subscriber may assign the Common Stock, in whole or in part,
      to
      its management, affiliates, owners or the family members of such owners or
      to
      Chart Group, L.P. without any such opinion if the Subscriber and such assignee
      can demonstrate that the assignee can make the representations in Section 4
      and
      such other representations in this Agreement reasonably necessary to demonstrate
      to the Company that such assignment may be made without registration pursuant
      to
      the Act. 

     

    
      
        
        

      

      
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    (b) At
      any
      time after the six month anniversary of the Subscription Date, the Subscriber
      may request that the Company effect the registration under the Act of all or
      part of the Common Stock (a “Demand Registration”). Within 10 days after receipt
      of any such request for a Demand Registration, the Company shall give written
      notice of such request to all other holders of common stock issued on the date
      hereof and shall include in such registration the shares of common stock of
      such
      other holders that have requested for inclusion therein within 15 days after
      the
      receipt of the notice from the Company. Subscriber shall be entitled to one
      Demand Registration. A registration will not count as one Demand Registration
      if
      the ultimate registration is not effective, whether due to a failure to file
      or
      maintain a registration or if the transaction is not consummated by the Company.
      Subscriber agrees that it will not sell, transfer, gift or hypothecate, directly
      or indirectly, under such Demand Registration any of the Common Stock until
      the
      first anniversary of the Subscription Date.

    

    (c) If
      at any
      time the Company proposes to register shares of common stock of the Company
      under the Act (except under Forms S-4 and S-8) the Company shall give prompt
      written notice to the Subscriber of its intention to register such shares and
      shall include in such registration on the same terms as the Company and other
      persons selling securities in connection with such registration the Common
      Stock
      requested by the Subscriber to be included within 15 days after the receipt
      of
      the Company’s notice (a “Piggyback Registration”). The Subscriber shall be
      entitled to withdraw all or any part of the Common Stock from a Piggyback
      Registration at any time prior to the effectiveness of such registration.

    

    (d)
       All
      expenses of the Company in connection with any Demand Registration or Piggyback
      Registration (each, a “Registration”) shall be paid by the Company. The Company
      shall defend, indemnify and hold harmless, to the fullest extent permitted
      by
      law, the Subscriber and its affiliates and each officer, director, officer,
      member, partner, employee and agent against all losses, claims, liabilities,
      damages, judgments, settlements and expenses (including but not limited to
      reasonable legal fees and expenses) arising out of or based upon any untrue
      or
      alleged untrue statement of material fact contained in any registration
      statement, prospectus or any amendment or supplement thereof or any omission
      or
      alleged omission of a material fact required to be stated therein or necessary
      to make the statements therein not misleading or any violation of any state
      of
      federal securities laws, except as the same are made in reliance and in
      conformity with information relating to the Subscriber furnished in writing
      to
      the Company by the Subscriber expressly for use therein. 

    

    (e)
       The
      Company shall use its commercially reasonable best efforts to effect any
      Registration as soon as practicable. The Company shall use its commercially
      reasonable best efforts to maintain the effectiveness of any Registration until
      the second anniversary of the Closing Date. During any Registration, the Company
      will enter into a customary underwriting agreement, if applicable, that will
      afford such protections to the Subscriber as would typically be available to
      it
      in similarly situated transactions. 

     

    
      
        
        

      

      
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    (f) The
      holders of any shares of common stock issued in respect of the Warrants (as
      defined herein) shall also have the rights to effect a Registration granted
      under this Section 2, to register such shares and the other rights granted
      under
      this Section and the holders of such shares shall be express third party
      beneficiaries of this Agreement.

    

    3. State
      of Domicile
      - The
      Subscriber represents and warrants that the Subscriber is a bona fide resident
      of, and is domiciled in, the state or country so designated on the signature
      page hereto, and that the Common Stock is being purchased solely for the
      beneficial interest of the Subscriber and not as nominee for, or on behalf
      of,
      or for the beneficial interest of, or with the intention to transfer to, any
      other person, trust, or organization. 

    

    4. Accredited
      Investor Representations
      - The
      Subscriber represents and warrants that the Subscriber is an “accredited
      investor” as that term is defined in Regulation D promulgated under the Act and
      the following description is applicable. Accordingly, please check each
      applicable category described in (a) through (c) below:

    

    _____ (a) The
      Subscriber is an individual (as opposed to a corporation, partnership, trust,
      or
      other entity) whose individual net worth, or joint net worth with the
      Subscriber’s spouse, at the time of the Subscriber’s purchase exceeds
      $1,000,000. 

    

    _____ (b) The
      Subscriber is an individual (as opposed to a corporation, partnership, trust
      or
      other entity) who had an individual income in excess of $200,000 in each of
      the
      two most recent years or joint income with the Subscriber’s spouse in excess of
      $300,000 in each of those years and has a reasonable expectation of reaching
      the
      same income level in the current year.

    

    _____ (c) At
      the
      date set forth immediately prior to the signature of the Subscriber below,
      the
      Subscriber is (check correct alternative);

    

    
      	 	
              ____

            	
              (i)

            	
              A
                bank as defined in section 3(a)(2) of the Act, or any savings and
                loan
                association or other institution as defined in section 3(a)(5)(A)
                of the
                Act whether acting in its individual or fiduciary
                capacity.

            

    

    

    
      	 	
              ____

            	
              (ii)

            	
              A
                broker or dealer registered pursuant to Section 15 of the Securities
                and
                Exchange Act of 1934.

            

    

     

    
      
        	 	
                ____

              	
                (iii)

              	
                An
                  insurance company as defined in section 2(13) of the
                  Act.

              

      

    

    

    
      	 	
              ____

            	
              (iv)

            	
              An
                investment company registered under the Investment Company Act of
                1940 or
                a Business Development Company as defined in section 2(a)(48) of
                that
                Act.

            

    

     

    
      	 	
              ____

            	
              (v)

            	
              A
                Small Business Investment Company licensed by the U.S. Small Business
                Administration under section 301(c) or (d) of the Small Business
                Investment Act of 1958.

            

    

     

     

    
      
        
        

      

      
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              ____

            	
              (vi)
                

            	
              An
                Employee Benefit Plan within the meaning of Title I of the Employee
                Retirement Income Security Act of 1974, if the investment decision
                is made
                by a plan fiduciary, as defined in section 3(21) of such Act, which
                is
                either a bank, savings and loan association, insurance company, or
                registered investment-adviser, or if the employee benefit plan has
                total
                assets in excess of $5,000,000 or, if a self-directed plan, with
                investment decisions made solely by persons that are accredited
                investors.

            

    

     

    
      
        	 	
                ____

              	
                (vii)

              	
                
                  A
                    Private Business Development Company as defined in section 202(a)(22)
                    of
                    the Investment Advisers Act of
                    1940.

                

              

      

    

     

    
      
        	 	
                _X___

              	
                (viii)

              	
                An
                  organization described in Section 501(c)(3) of the Internal Revenue
                  Code,
                  corporation, or business trust, or a partnership, not formed for
                  the
                  specific purpose of acquiring the Common Stock offered, with total
                  assets
                  in excess of $5,000,000.

              

      

      
        	 	
                ____

              	
                (ix)

              	
                A
                  director or executive officer of the
                  Company.

              

        	 	 	 	 

      

    

    
      	 	
              ____

            	
              (x)
                

            	
              A
                partnership, corporation, Massachusetts or similar trust, with total
                assets in excess of $5,000,000, not formed for the specific purpose
                of
                acquiring the Common Stock offered, whose purchase is directed by
                a
                sophisticated person as described in section 506(b)(2)(ii) in Regulation
                D
                under the Act. (A sophisticated person is a person who, immediately
                prior
                to purchasing the Common Stock offered hereby, either alone or with
                his
                purchaser representative(s) has such knowledge and experience in
                financial
                and business matters that he is capable of evaluating the merits
                and risks
                of the prospective investment).

            

    

    

    
      	 	
              ____

            	
              (xi)
                

            	
              An
                entity in which all of the equity owners are accredited investors
                under
                Rule 501(a) of Regulation D under the Act. (Each equity owner must
                submit
                a signed statement verifying that the equity owner is an accredited
                investor.)

            

    

    

    5. Obligation
      to Update
      - The
      information provided by the Subscriber is correct and complete as of the date
      hereof. The Subscriber understands the significance to the Company of the
      foregoing representations, and they are made with the intention that the Company
      will rely upon them. If there should be any material change in such information
      prior to the subscription being accepted, the Subscriber agrees to immediately
      provide the Company with such information.

     

    6. Entity
      Representations
      - The
      Subscriber, if other than an individual, makes the following additional
      representations:

    

    (a) the
      Subscriber was not organized for the specific purpose of acquiring the Common
      Stock (inapplicable if ownership in the entity is held solely by accredited
      investors); and

     

    
      
        
        

      

      
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    (b) this
      subscription has been duly authorized by all necessary actions of the board
      of
      directors, shareholders, partners, trustees, or other duly authorized acting
      body or person on the part of the Subscriber, has been duly executed by an
      authorized officer or representative of the Subscriber, and is a legal, valid,
      and binding obligation of the Subscriber enforceable in accordance with its
      terms, except to the extent that enforceability may be limited by applicable
      bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally and subject to general principles of equity (regardless of
      whether such enforcement is considered in a proceeding at law or at
      equity).

     

    7. Manner
      in which Title is to be Held
      -

    (check
      one)

     

    (a)
      _____
 Individual
      Ownership

    (b)
      _____ Community
      Property

    (c)
      _____ Joint
      Tenant with Right of Survivorship

      (both
      parties must sign)

    (d)
      _____ Partnership*
      (including limited partnership)

    (e)
      _____ Tenants
      in Common

    (f)
      __X__ Corporation**
      (including limited liability company)

    (g)
      _____ As
      Custodian, Trustee or Agent***

    (h)
      _____ Other
      (Describe) 

    

    
      	 	
              *

            	
              If
                a partnership, please include a copy of the partnership agreement
                and
                certificate authorizing investment.

            

    

    
      	 	
              **

            	
              If
                a corporation, please include certified corporate resolution or other
                document authorizing this investment, and a certificate of incumbency
                of
                officers (which can be delivered at or before the Subscription
                Date).

            

    

    
      	 	
              ***

            	
              If
                a custodian, trustee or agent, please include the trust, agency or
                other
                agreement and certificate authorizing
                investment.

            

    

    

    8. Company
      Representations
      The
      Company represents and warrants to the Subscriber as follows:

     

    
 

    
      
        
        

      

      
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    (a) The
      Company is a corporation duly incorporated, validly existing and in good
      standing under the laws of the State of Colorado. The execution and delivery
      by
      the Company of this subscription agreement and letter of investment intent
      (this
“Agreement”) and the performance of its obligations hereunder has been duly
      authorized by all necessary actions of the board of directors, shareholders,
      or
      other duly authorized acting body or person on behalf of the Company. This
      Agreement has been duly executed by the Company and is a legal, valid, and
      binding obligation of the Company enforceable in accordance with its terms,
      except to the extent that enforceability may be limited by applicable
      bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally and subject to general principles of equity (regardless of
      whether such enforcement is considered in a proceeding at law or at equity).
      

    

    (b) All
      of
      the Common Stock to be issued to the Subscriber hereunder and the shares of
      common stock to be issued in exchange for certain warrants paid as a placement
      fee in connection with the sale of the Common Stock (the “Warrants), when issued
      and delivered in accordance with the terms of this Agreement, will be duly
      authorized, validly issued, fully paid and non-assessable and will be free
      of
      any liens or encumbrances other than liens and encumbrances created by or
      imposed upon the Subscriber and free of restrictions on transfer other than
      the
      restrictions on transfer under this Agreement and applicable state and federal
      securities laws. The sale of the Common Stock is not subject to any preemptive
      rights or rights of first refusal. The Company has 20,000,000 shares of
      authorized capital stock, of which approximately 19,500,000 shares of common
      stock are issued and outstanding. Accordingly, Subscriber understands that
      the
      Common Stock subscribed for herein cannot be issued to the Subscriber until
      the
      Company’s authorized shares are increased to 100,000,000, which is scheduled to
      be approved by the Company’s stockholders on August 17, 2006, pursuant to a
      notice of special meeting and proxy statement mailed to the Company’s
      stockholders on July 31, 2006 (such approval, the “Stockholder Approval”). Other
      than the shares of common stock referred to in the previous sentence, the shares
      of common stock to be issued pursuant to an agreement entered on the date hereof
      and the shares of common stock to be issued pursuant to the Warrants, a copy
      of
      which has been provided to the Subscriber, the Company has no other shares
      of
      capital stock, except 1,000,000 shares of preferred stock described in the
      Company’s August 1, 2006 Form 8 K which are convertible into Common Stock as
      described in the Company August 1, 2006 Form 8 K and 1,800,000 shares issuable
      to two investor relations firms upon approval of the increase in authorized
      shares described above. Following the consummation of the transactions
      contemplated hereunder, the Company’s capital stock shall consist solely of
      100,000,000 authorized shares of capital stock, of which approximately
      45,000,000 shares of common stock will be issued and outstanding. Other than
      the
      Warrants to be issued on the Subscription Date, the Company has no other
      outstanding options, warrants, rights (including conversion or preemptive rights
      and rights of first refusal) or agreements of any kind for the purchase or
      acquisition from the Company of any securities. The Company, however, reserves
      the right to issue additional shares of Common Stock in the future upon such
      terms and for such purchase prices as it determines in its sole discretion.
      

    

    (c) No
      form
      of general solicitation or general advertising was used by the Company or its
      representatives in connection with the offer or sale of the Common Stock or
      the
      Warrants. Based in part upon and subject to the representations of the
      Subscriber in this Agreement, the Common Stock and the Warrants will be issued
      in compliance with all applicable federal and state securities laws and the
      offer, sale and issuance of the Common Stock and the Warrants are exempt from
      registration under the Act. Other than the filing of a Form D pursuant to
      Regulation D of the Act, which filing shall be made within 15 days of the
      Subscription Date and the filing of Form 8-K announcing the transaction, which
      filing shall be made promptly following the Subscription Date, no other filing,
      notice or registration is required in connection with the sale of the Common
      Stock or the Warrants under applicable federal and state securities laws. The
      Company has not taken and will not take any action that will cause the Common
      Stock or the Warrants to lose such exemption from registration. 

     

    
      
        
        

      

      
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    (d) The
      Company has made all filings, reports and registrations (collectively, the
      “Reports”) with the SEC as required by applicable law and all such Reports are
      in compliance in all material respects with applicable law. The Reports do
      not
      contain any untrue statement of material fact or any omission of a material
      fact
      required to be stated therein necessary to make the statements contained therein
      not misleading.

    

    (e) The
      execution, delivery and performance of this Agreement by the Company and the
      sale of the Common Stock and the Warrants does not and will not result in any
      violation or be in conflict with or constitute, with or without the passage
      of
      time and giving of notice, either a default under (i) the certificate of
      incorporation or by-laws of the Company, (ii) any provision of any material
      mortgage, indenture, contract, agreement, instrument, judgment, decree, order
      or
      writ to which it is a party or by which it is bound or (iii) any material
      provision of federal or state statute, rule or regulation applicable to the
      Company. 

    

    9. Closing.
      

    

    (a) The
      Company shall not obligated to issue the Common Stock until the following
      conditions have been satisfied or waived, in the Company’s sole and absolute
      discretion:

     

    (i) The
      execution and delivery by the Univest Group of a consulting agreement or similar
      agreement in form and substance satisfactory to the Company; 

    

    (ii) The
      Stockholder Approval shall have been duly obtained;

    

    (iii) Chris
      Brady having accepted a position as a member of the board of directors of the
      Company, provided that he has been duly elected to such position by the Company
      and has been granted the right to indemnification and insurance as is
      customarily granted to similarly situated companies; 

    

    (iv) The
      representations and warranties of the Subscriber set forth in this Agreement
      shall be true and correct on the Closing Date with the same force and effect
      as
      if made on the Closing Date, except that such representations and warranties
      that by their terms speaks as of a specified date shall be true and correct
      as
      of that date; and

    

    (v) The
      Subscriber shall have performed or complied with in all material respects all
      covenants and agreements required to be performed or complied with by the
      Subscriber on or before the Closing Date.

     

    
      
        
        

      

      
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    (b) The
      Subscriber shall not be obligated to subscribe for the Common Stock until the
      following conditions have been satisfied or waived, in the Subscriber’s sole and
      absolute discretion:

    

    (i) The
      execution and delivery by the Company of a consulting agreement or similar
      agreement in form and substance satisfactory to the Subscriber; 

    

    (ii) The
      Stockholder Approval shall have been duly obtained;

    

    (iii) The
      Company shall have paid a placement fee (including the issuance of the Warrants)
      to the registered broker-dealer of the Chart Group L.P. on behalf of the
      recipients of the placement fee in such amounts and in such allocations as
      agreed among the parties to this Agreement;

    

    (iv) The
      representations and warranties of the Company set forth in this Agreement shall
      be true and correct on the Closing Date with the same force and effect as if
      made on the Closing Date, except that such representations and warranties that
      by their terms speaks as of a specified date shall be true and correct as of
      that date; and

    

    (v) The
      Company shall have performed or complied with in all material respects all
      covenants and agreements required to be performed or complied with by the
      Company on or before the Closing Date.

    

    10. Shareholder
      Approval.
      The
      Company shall use its best efforts, to the extent commercially reasonable,
      to
      obtain the Stockholder Approval in the time period described in Section 8(b)
      of
      this Agreement, or if not obtained on such date, at such later date as soon
      as
      practicable. 

    

    11. Share
      Certificates.
      The
      Company shall take all necessary action to record the issuance of the Common
      Stock to the Subscriber, including the delivery of share certificates to the
      Subscriber on the Subscription Date or promptly thereafter. If any such share
      certificate shall bear any restrictive legend, the Company will re-issue new
      share certificates without such restrictive legends to the Subscriber during
      the
      period that its registration statement in respect of any Registration is current
      and effective. 

    

    12. Indemnification.
      

    

    (a) From
      and
      after the date hereof, the Company shall defend, indemnify and hold harmless
      the
      Subscriber and its affiliates and each director, officer, member, partner,
      employee and agent of such person against any loss, damage, claim, liability,
      judgment or settlement of any nature or kind, including all costs and expenses
      related thereto, including without limitation, reasonable attorneys’ fees,
      arising out of, resulting from or relating to (i) the breach of any
      representation or warranty contained in Section 8 or (ii) the breach by the
      Company of any covenant or agreement contained in this Agreement.

     

    
      
        
        

      

      
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    (b) From
      and
      after the date hereof, the Subscriber shall defend, indemnify and hold harmless
      the Company and its affiliates and each director, officer, member, partner,
      employee and agent of such person against any loss, damage, claim, liability,
      judgment or settlement of any nature or kind, including all costs and expenses
      related thereto, including without limitation, reasonably attorneys’ fees,
      arising out of, resulting from or relating to (i) the breach of any
      representation or warranty of the Subscriber contained in this Agreement or
      (ii)
      the breach by the Subscriber of any covenant or agreement contained in this
      Agreement.

    

    (c) The
      representations, warranties and covenants made by each party herein shall
      survive the purchase of the Common Stock hereunder. 

    

    (d) The
      liability of the Company, on the one hand, and the Subscriber, on the other
      hand, shall not exceed the amount of the purchase price for the Common Stock
      sold hereunder.

    

    13. Governing
      Law.
      This
      Agreement shall be governed and construed in accordance with the laws of the
      State of California, without reference to the conflict of laws rules contained
      therein.

    

    14. Assignment.
      This
      Agreement may be assigned by the Subscriber, in whole or in part, to any person
      or entity to which it may assign the Common Stock in accordance with the last
      sentence of Section 2(a) of this Agreement. 

    

    15. Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original and all of which shall constitute one and the same document.
      

     

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Dated: 
      August
      ____, 2006

    

    To
      Be Completed By Each Named Investor:

    

    

    
      	
               

                

              

              Signature

            	
               

              
                

              

              Signature

            

    

    

    
      	
               

              
                
 Type
                or Print Individual or Entity Name

            	
               

              
                
 Type
                or Print Individual or Entity Name

            

    

    

    
      	
               

              
                
 City,
                State ( Zip Code) or Country

            	
               

              
                
 City,
                State and Zip Code

            

    

    

    
      	
               

              
                
 (Area
                Code/Country Code) Telephone Number

            	
               

              
                
 (Area
                Code/Country Code) Telephone
                Number

            

    

    

    
      	
               
                
                
Tax
                Identification or Social Security Number (if applicable)

            	
               

              
                
Tax
                Identification or Social Security Number (if applicable)
                

            

    

    

    
      	 	 

    

    

    
      	
              Are
                you a member of the National

              Association
                of Securities Dealers, Inc.?

               

              _____  yes     _____  no

            	
              Are
                you a member of the National

              Association
                of Securities Dealers, Inc.?

               

              _____  yes     _____  no

            

    

     

    This
      Subscription Agreement and Letter of Investment Intent is accepted as of August
      ____, 2006.

    

    

                    Petramerica
      Oil, Inc.

    

    

                    By:
      __________________________________

                          
      Gregory Lykiardopoulos, CEO 

     

     

    11Univest subscription agreement

    Exhibit
      10.2

    SUBSCRIPTION
      AGREEMENT

    AND
      

    LETTER
      OF INVESTMENT INTENT

    

    

    Gregory
      Lykiardopoulos, Chief Executive Officer 

    Petramerica
      Oil, Inc. 

    One
      Harbor Drive, Suite 300

    Sausalito,
      California 94965

     

    

    Dear
      Mr.
      Lykiardopoulos:

    

    The
      undersigned (the “Subscriber”) hereby agrees to subscribe to purchase upon the
      terms and conditions set forth below, 250,000 shares of the no par value common
      stock (the “Common Stock”) of Petramerica Oil, Inc., a U.S. Colorado corporation
      (the “Company”), for $.80 per share. The subscription price will be paid by wire
      transfer of immediately available funds to the account specified in writing
      by
      the Company. The subscription will take place as soon as practicable following
      the satisfaction or waiver of the conditions set forth in Section 9 of this
      Agreement (other than those conditions to be satisfied at the closing) (such
      date of subscription, the “Subscription Date”). 

    

    1. General
      Representations
      - The
      Subscriber acknowledges and represents as follows:

    

    (a) The
      Subscriber has received and carefully reviewed all of the Company’s public
      filings made with the U.S. Securities and Exchange Commission (“SEC”) including
      the Company’s Current Report on Forms 8 K filed with the SEC on July 14, July 26
      and August 1, 2006; and in particular the financial statements of the Company
      contained in its July 14, 2006 Form 8 K and the Risk Factors of the Company
      set
      forth in the Company August 1, 2006 Form 8 K.

    

    (b) The
      Subscriber has been given full access to information regarding the Company,
      has
      had the opportunity to meet with Company’s officers and to review all the
      documents that Subscriber may have requested, and has utilized such access
      for
      the purpose of obtaining all information the Subscriber deems necessary for
      the
      purposes of making an informed investment decision and to verify the accuracy
      and completeness of the information provided to Subscriber;

    

    (c) The
      Subscriber understands that (i) the purchase of the Common Stock is a highly
      speculative investment in an early stage company with negligible assets and
      revenue and significant losses and such investment involves a high degree of
      risk; (ii) the Company may need additional financing in the future; (iii) the
      Company has made no statements whatever concerning the present or prospective
      value of the Common Stock; and (iv) there is an extremely limited market for
      the
      Company’s Common Stock and the current value of the Company’s Common Stock on
      the Electronic Bulletin Board does not necessarily represent the true value
      of
      the Common Stock.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
 

    (d) The
      Subscriber has obtained, to the extent he or she deems necessary, personal
      professional advice with respect to the risks inherent in an investment in
      the
      Common Stock and the suitability of such investment in light of the Subscriber’s
      personal financial condition and investment needs. Unless the Subscriber has
      otherwise advised the Company in writing, the Subscriber did not employ the
      services of a purchaser representative, as defined in Regulation D under
      the Securities Act of 1933, as amended (the “Act”), in connection with this
      investment; 

    

    (e) The
      Subscriber (i) has sufficient knowledge and experience in financial and business
      matters to be capable of evaluating the merits and risks of a prospective
      investment in the Common Stock, (ii) is experienced in making investments which
      involve a high degree of risk, (iii) is sophisticated in making investment
      decisions, and (iv) can bear the economic risk of an investment in the Common
      Stock, including the total loss of such investment;

    

    (f) The
      Subscriber acknowledges that (i) the purchase of the Common Stock is a long-term
      investment, (ii) he or she must bear the economic risk of the investment for
      an
      indefinite period of time because the Common Stock has not been registered
      under
      the Act or applicable state laws and, therefore, the Common Stock cannot be
      sold
      unless it is subsequently registered under the Act and such state laws or
      exemptions from such registration are available, (iii) there is only a limited
      public market for the Common Stock and the Subscriber may not be able to
      liquidate his or her investment in the event of an emergency, or pledge the
      Common Stock as collateral security for loans, and (iv) the transferability
      of
      the Common Stock is restricted and (A) requires conformity with the restrictions
      contained in paragraph 2 below, and (B) will be further restricted by a legend
      placed on the certificate(s) representing the Common Stock stating that the
      Common Stock has not been registered under the Act and applicable state laws
      and
      referencing the restrictions on transferability of the Common Stock.

    

    2. No
      Registration Under U.S. Securities Laws; Registration Rights 

    

    (a) The
      Subscriber has been advised that the Common Stock is not being registered under
      the Act or state securities laws pursuant to exemptions from the Act and such
      laws, and that the Company’s reliance upon such exemptions is predicated in part
      on the representations of the Subscriber contained herein. The Subscriber
      represents and warrants that the Common Stock is being purchased for the
      Subscriber’s own account and for investment without the intention of reselling
      or redistributing the same, provided that the Subscriber does not agree to
      hold
      the Common Stock for any minimum or other specific term and reserves the right
      to dispose of it at any time in accordance with or pursuant to a registration
      statement or exemption under applicable law. The Subscriber further represents
      and agrees that, if, contrary to the foregoing intentions, there should ever
      be
      a desire to dispose of or transfer any of such Common Stock in any manner,
      the
      Subscriber shall not do so without first obtaining (a) an opinion of counsel
      suitable to the Company that such proposed disposition or transfer lawfully
      may
      be made without registration pursuant to the Act, and applicable state
      securities laws or (b) such registrations (including by way of registration
      pursuant to clauses (b) and (c) of this Section 2). Notwithstanding the
      foregoing, the Subscriber may assign the Common Stock, in whole or in part,
      to
      its management, affiliates, owners or the family members of such owners or
      to
      Chart Group, L.P. without any such opinion if the Subscriber and such assignee
      can demonstrate that the assignee can make the representations in Section 4
      and
      such other representations in this Agreement reasonably necessary to demonstrate
      to the Company that such assignment may be made without registration pursuant
      to
      the Act. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    (b) At
      any
      time after the six month anniversary of the Subscription Date, the Subscriber
      may request that the Company effect the registration under the Act of all or
      part of the Common Stock (a “Demand Registration”). Within 10 days after receipt
      of any such request for a Demand Registration, the Company shall give written
      notice of such request to all other holders of common stock issued on the date
      hereof and shall include in such registration the shares of common stock of
      such
      other holders that have requested for inclusion therein within 15 days after
      the
      receipt of the notice from the Company. Subscriber shall be entitled to one
      Demand Registration. A registration will not count as one Demand Registration
      if
      the ultimate registration is not effective, whether due to a failure to file
      or
      maintain a registration or if the transaction is not consummated by the Company.
      Subscriber agrees that it will not sell, transfer, gift or hypothecate, directly
      or indirectly, under such Demand Registration any of the Common Stock until
      the
      first anniversary of the Subscription Date.

    

    (c) If
      at any
      time the Company proposes to register shares of common stock of the Company
      under the Act (except under Forms S-4 and S-8) the Company shall give prompt
      written notice to the Subscriber of its intention to register such shares and
      shall include in such registration on the same terms as the Company and other
      persons selling securities in connection with such registration the Common
      Stock
      requested by the Subscriber to be included within 15 days after the receipt
      of
      the Company’s notice (a “Piggyback Registration”). The Subscriber shall be
      entitled to withdraw all or any part of the Common Stock from a Piggyback
      Registration at any time prior to the effectiveness of such registration.

    

    (d)
       All
      expenses of the Company in connection with any Demand Registration or Piggyback
      Registration (each, a “Registration”) shall be paid by the Company. The Company
      shall defend, indemnify and hold harmless, to the fullest extent permitted
      by
      law, the Subscriber and its affiliates and each officer, director, officer,
      member, partner, employee and agent against all losses, claims, liabilities,
      damages, judgments, settlements and expenses (including but not limited to
      reasonable legal fees and expenses) arising out of or based upon any untrue
      or
      alleged untrue statement of material fact contained in any registration
      statement, prospectus or any amendment or supplement thereof or any omission
      or
      alleged omission of a material fact required to be stated therein or necessary
      to make the statements therein not misleading or any violation of any state
      of
      federal securities laws, except as the same are made in reliance and in
      conformity with information relating to the Subscriber furnished in writing
      to
      the Company by the Subscriber expressly for use therein. 

    

    (e)
       The
      Company shall use its commercially reasonable best efforts to effect any
      Registration as soon as practicable. The Company shall use its commercially
      reasonable best efforts to maintain the effectiveness of any Registration until
      the second anniversary of the Closing Date. During any Registration, the Company
      will enter into a customary underwriting agreement, if applicable, that will
      afford such protections to the Subscriber as would typically be available to
      it
      in similarly situated transactions. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
 

    (f) The
      holders of any shares of common stock issued in respect of the Warrants (as
      defined herein) shall also have the rights to effect a Registration granted
      under this Section 2, to register such shares and the other rights granted
      under
      this Section and the holders of such shares shall be express third party
      beneficiaries of this Agreement.

    

    3. State
      of Domicile
      - The
      Subscriber represents and warrants that the Subscriber is a bona fide resident
      of, and is domiciled in, the state or country so designated on the signature
      page hereto, and that the Common Stock is being purchased solely for the
      beneficial interest of the Subscriber and not as nominee for, or on behalf
      of,
      or for the beneficial interest of, or with the intention to transfer to, any
      other person, trust, or organization. 

    

    4. Accredited
      Investor Representations
      - The
      Subscriber represents and warrants that the Subscriber is an “accredited
      investor” as that term is defined in Regulation D promulgated under the Act and
      the following description is applicable. Accordingly, please check each
      applicable category described in (a) through (c) below:

    

    _____ (a) The
      Subscriber is an individual (as opposed to a corporation, partnership, trust,
      or
      other entity) whose individual net worth, or joint net worth with the
      Subscriber’s spouse, at the time of the Subscriber’s purchase exceeds
      $1,000,000. 

    

    _____ (b) The
      Subscriber is an individual (as opposed to a corporation, partnership, trust
      or
      other entity) who had an individual income in excess of $200,000 in each of
      the
      two most recent years or joint income with the Subscriber’s spouse in excess of
      $300,000 in each of those years and has a reasonable expectation of reaching
      the
      same income level in the current year.

    

    _____ (c) At
      the
      date set forth immediately prior to the signature of the Subscriber below,
      the
      Subscriber is (check correct alternative);

    

    
      	 	
              ____

            	
              (i)

            	
              A
                bank as defined in section 3(a)(2) of the Act, or any savings and
                loan
                association or other institution as defined in section 3(a)(5)(A)
                of the
                Act whether acting in its individual or fiduciary
                capacity.

            

    

    

    
      	 	
              ____

            	
              (ii)

            	
              A
                broker or dealer registered pursuant to Section 15 of the Securities
                and
                Exchange Act of 1934.

            

    

     

    
      
        	 	
                ____

              	
                (iii)

              	
                An
                  insurance company as defined in section 2(13) of the
                  Act.

              

        	 	 	 	 

      

    

    
      	 	
              ____

            	
              (iv)

            	
              An
                investment company registered under the Investment Company Act of
                1940 or
                a Business Development Company as defined in section 2(a)(48) of
                that
                Act.

            

    

     

    
      	 	
              ____

            	
              (v)

            	
              A
                Small Business Investment Company licensed by the U.S. Small Business
                Administration under section 301(c) or (d) of the Small Business
                Investment Act of 1958.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
 

    
      	 	
              ____

            	
              (vi)
                

            	
              An
                Employee Benefit Plan within the meaning of Title I of the Employee
                Retirement Income Security Act of 1974, if the investment decision
                is made
                by a plan fiduciary, as defined in section 3(21) of such Act, which
                is
                either a bank, savings and loan association, insurance company, or
                registered investment-adviser, or if the employee benefit plan has
                total
                assets in excess of $5,000,000 or, if a self-directed plan, with
                investment decisions made solely by persons that are accredited
                investors.

            

    

    

    
      	 	
              ____

            	
              (vii)

            	
              A
                Private Business Development Company as defined in section 202(a)(22)
                of
                the Investment Advisers Act of
                1940.

            

    

    

    
      	 	
              X___

            	
              (viii)

            	
              An
                organization described in Section 501(c)(3) of the Internal Revenue
                Code,
                corporation, or business trust, or a partnership, not formed for
                the
                specific purpose of acquiring the Common Stock offered, with total
                assets
                in excess of $5,000,000.

            

    

     

    
      
        	 	
                ____

              	
                (ix)

              	
                A
                  director or executive officer of the
                  Company.

              

      
 

    
      	 	
              ____

            	
              (x)
                

            	
              A
                partnership, corporation, Massachusetts or similar trust, with total
                assets in excess of $5,000,000, not formed for the specific purpose
                of
                acquiring the Common Stock offered, whose purchase is directed by
                a
                sophisticated person as described in section 506(b)(2)(ii) in Regulation
                D
                under the Act. (A sophisticated person is a person who, immediately
                prior
                to purchasing the Common Stock offered hereby, either alone or with
                his
                purchaser representative(s) has such knowledge and experience in
                financial
                and business matters that he is capable of evaluating the merits
                and risks
                of the prospective investment).

            

    

    

    
      	 	
              ____

            	
              (xi)
                

            	
              An
                entity in which all of the equity owners are accredited investors
                under
                Rule 501(a) of Regulation D under the Act. (Each equity owner must
                submit
                a signed statement verifying that the equity owner is an accredited
                investor.)

            

    

    

    5. Obligation
      to Update
      - The
      information provided by the Subscriber is correct and complete as of the date
      hereof. The Subscriber understands the significance to the Company of the
      foregoing representations, and they are made with the intention that the Company
      will rely upon them. If there should be any material change in such information
      prior to the subscription being accepted, the Subscriber agrees to immediately
      provide the Company with such information.

    

    6. Entity
      Representations
      - The
      Subscriber, if other than an individual, makes the following additional
      representations:

    

    (a) the
      Subscriber was not organized for the specific purpose of acquiring the Common
      Stock (inapplicable if ownership in the entity is held solely by accredited
      investors); and

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    (b) this
      subscription has been duly authorized by all necessary actions of the board
      of
      directors, shareholders, partners, trustees, or other duly authorized acting
      body or person on the part of the Subscriber, has been duly executed by an
      authorized officer or representative of the Subscriber, and is a legal, valid,
      and binding obligation of the Subscriber enforceable in accordance with its
      terms, except to the extent that enforceability may be limited by applicable
      bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally and subject to general principles of equity (regardless of
      whether such enforcement is considered in a proceeding at law or at
      equity).

     

    7. Manner
      in which Title is to be Held
      -

    (check
      one)

     

    (a)
      _____
 Individual
      Ownership

    (b)
      _____ Community
      Property

    (c)
      _____ Joint
      Tenant with Right of Survivorship

      (both
      parties must sign)

    (d)
      _____ Partnership*
      (including limited partnership)

    (e)
      _____ Tenants
      in Common

    (f)
      __X__ Corporation**
      (including limited liability company)

    (g)
      _____ As
      Custodian, Trustee or Agent***

    (h)
      _____ Other
      (Describe) 

    

    
      	 	
              *

            	
              If
                a partnership, please include a copy of the partnership agreement
                and
                certificate authorizing investment.

            

    

    
      	 	
              **

            	
              If
                a corporation, please include certified corporate resolution or other
                document authorizing this investment, and a certificate of incumbency
                of
                officers (which can be delivered at or before the Subscription
                Date).

            

    

    
      	 	
              ***

            	
              If
                a custodian, trustee or agent, please include the trust, agency or
                other
                agreement and certificate authorizing
                investment.

            

    

    

    8. Company
      Representations
      The
      Company represents and warrants to the Subscriber as follows:

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    (a) The
      Company is a corporation duly incorporated, validly existing and in good
      standing under the laws of the State of Colorado. The execution and delivery
      by
      the Company of this subscription agreement and letter of investment intent
      (this
“Agreement”) and the performance of its obligations hereunder has been duly
      authorized by all necessary actions of the board of directors, shareholders,
      or
      other duly authorized acting body or person on behalf of the Company. This
      Agreement has been duly executed by the Company and is a legal, valid, and
      binding obligation of the Company enforceable in accordance with its terms,
      except to the extent that enforceability may be limited by applicable
      bankruptcy, insolvency or similar laws affecting the enforcement of creditors’
rights generally and subject to general principles of equity (regardless of
      whether such enforcement is considered in a proceeding at law or at equity).
      

    

    (b) All
      of
      the Common Stock to be issued to the Subscriber hereunder and the shares of
      common stock to be issued in exchange for certain warrants paid as a placement
      fee in connection with the sale of the Common Stock (the “Warrants), when issued
      and delivered in accordance with the terms of this Agreement, will be duly
      authorized, validly issued, fully paid and non-assessable and will be free
      of
      any liens or encumbrances other than liens and encumbrances created by or
      imposed upon the Subscriber and free of restrictions on transfer other than
      the
      restrictions on transfer under this Agreement and applicable state and federal
      securities laws. The sale of the Common Stock is not subject to any preemptive
      rights or rights of first refusal. The Company has 20,000,000 shares of
      authorized capital stock, of which approximately 19,500,000 shares of common
      stock are issued and outstanding. Accordingly, Subscriber understands that
      the
      Common Stock subscribed for herein cannot be issued to the Subscriber until
      the
      Company’s authorized shares are increased to 100,000,000, which is scheduled to
      be approved by the Company’s stockholders on August 17, 2006, pursuant to a
      notice of special meeting and proxy statement mailed to the Company’s
      stockholders on July 31, 2006 (such approval, the “Stockholder Approval”). Other
      than the shares of common stock referred to in the previous sentence, the shares
      of common stock to be issued pursuant to an agreement entered on the date hereof
      and the shares of common stock to be issued pursuant to the Warrants, a copy
      of
      which has been provided to the Subscriber, the Company has no other shares
      of
      capital stock, except 1,000,000 shares of preferred stock described in the
      Company’s August 1, 2006 Form 8 K which are convertible into Common Stock as
      described in the Company August 1, 2006 Form 8 K and 1,800,000 shares issuable
      to two investor relations firms upon approval of the increase in authorized
      shares described above. Following the consummation of the transactions
      contemplated hereunder, the Company’s capital stock shall consist solely of
      100,000,000 authorized shares of capital stock, of which approximately
      45,000,000 shares of common stock will be issued and outstanding. Other than
      the
      Warrants to be issued on the Subscription Date, the Company has no other
      outstanding options, warrants, rights (including conversion or preemptive rights
      and rights of first refusal) or agreements of any kind for the purchase or
      acquisition from the Company of any securities. The Company, however, reserves
      the right to issue additional shares of Common Stock in the future upon such
      terms and for such purchase prices as it determines in its sole discretion.
      

    

    (c) No
      form
      of general solicitation or general advertising was used by the Company or its
      representatives in connection with the offer or sale of the Common Stock or
      the
      Warrants. Based in part upon and subject to the representations of the
      Subscriber in this Agreement, the Common Stock and the Warrants will be issued
      in compliance with all applicable federal and state securities laws and the
      offer, sale and issuance of the Common Stock and the Warrants are exempt from
      registration under the Act. Other than the filing of a Form D pursuant to
      Regulation D of the Act, which filing shall be made within 15 days of the
      Subscription Date and the filing of Form 8-K announcing the transaction, which
      filing shall be made promptly following the Subscription Date, no other filing,
      notice or registration is required in connection with the sale of the Common
      Stock or the Warrants under applicable federal and state securities laws. The
      Company has not taken and will not take any action that will cause the Common
      Stock or the Warrants to lose such exemption from registration. 

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
 

    (d) The
      Company has made all filings, reports and registrations (collectively, the
      “Reports”) with the SEC as required by applicable law and all such Reports are
      in compliance in all material respects with applicable law. The Reports do
      not
      contain any untrue statement of material fact or any omission of a material
      fact
      required to be stated therein necessary to make the statements contained therein
      not misleading.

    

    (e) The
      execution, delivery and performance of this Agreement by the Company and the
      sale of the Common Stock and the Warrants does not and will not result in any
      violation or be in conflict with or constitute, with or without the passage
      of
      time and giving of notice, either a default under (i) the certificate of
      incorporation or by-laws of the Company, (ii) any provision of any material
      mortgage, indenture, contract, agreement, instrument, judgment, decree, order
      or
      writ to which it is a party or by which it is bound or (iii) any material
      provision of federal or state statute, rule or regulation applicable to the
      Company. 

    

    9. Closing.
      

    

    (a) The
      Company shall not obligated to issue the Common Stock until the following
      conditions have been satisfied or waived, in the Company’s sole and absolute
      discretion:

     

    (i) The
      execution and delivery by the Univest Group of a consulting agreement or similar
      agreement in form and substance satisfactory to the Company; 

    

    (ii) The
      Stockholder Approval shall have been duly obtained;

    

    (iii) Chris
      Brady having accepted a position as a member of the board of directors of the
      Company, provided that he has been duly elected to such position by the Company
      and has been granted the right to indemnification and insurance as is
      customarily granted to similarly situated companies; 

    

    (iv) The
      representations and warranties of the Subscriber set forth in this Agreement
      shall be true and correct on the Closing Date with the same force and effect
      as
      if made on the Closing Date, except that such representations and warranties
      that by their terms speaks as of a specified date shall be true and correct
      as
      of that date; and

    

    (v) The
      Subscriber shall have performed or complied with in all material respects all
      covenants and agreements required to be performed or complied with by the
      Subscriber on or before the Closing Date.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    (b) The
      Subscriber shall not be obligated to subscribe for the Common Stock until the
      following conditions have been satisfied or waived, in the Subscriber’s sole and
      absolute discretion:

    

    (i) The
      execution and delivery by the Company of a consulting agreement or similar
      agreement in form and substance satisfactory to the Subscriber; 

    

    (ii) The
      Stockholder Approval shall have been duly obtained;

    

    (iii) The
      Company shall have paid a placement fee (including the issuance of the Warrants)
      to the registered broker-dealer of the Chart Group L.P. on behalf of the
      recipients of the placement fee in such amounts and in such allocations as
      agreed among the parties to this Agreement;

    

    (iv) The
      representations and warranties of the Company set forth in this Agreement shall
      be true and correct on the Closing Date with the same force and effect as if
      made on the Closing Date, except that such representations and warranties that
      by their terms speaks as of a specified date shall be true and correct as of
      that date; and

    

    (v) The
      Company shall have performed or complied with in all material respects all
      covenants and agreements required to be performed or complied with by the
      Company on or before the Closing Date.

    

    10. Shareholder
      Approval.
      The
      Company shall use its best efforts, to the extent commercially reasonable,
      to
      obtain the Stockholder Approval in the time period described in Section 8(b)
      of
      this Agreement, or if not obtained on such date, at such later date as soon
      as
      practicable. 

    

    11. Share
      Certificates.
      The
      Company shall take all necessary action to record the issuance of the Common
      Stock to the Subscriber, including the delivery of share certificates to the
      Subscriber on the Subscription Date or promptly thereafter. If any such share
      certificate shall bear any restrictive legend, the Company will re-issue new
      share certificates without such restrictive legends to the Subscriber during
      the
      period that its registration statement in respect of any Registration is current
      and effective. 

    

    12. Indemnification.
      

    

    (a) From
      and
      after the date hereof, the Company shall defend, indemnify and hold harmless
      the
      Subscriber and its affiliates and each director, officer, member, partner,
      employee and agent of such person against any loss, damage, claim, liability,
      judgment or settlement of any nature or kind, including all costs and expenses
      related thereto, including without limitation, reasonable attorneys’ fees,
      arising out of, resulting from or relating to (i) the breach of any
      representation or warranty contained in Section 8 or (ii) the breach by the
      Company of any covenant or agreement contained in this Agreement.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
 

    (b) From
      and
      after the date hereof, the Subscriber shall defend, indemnify and hold harmless
      the Company and its affiliates and each director, officer, member, partner,
      employee and agent of such person against any loss, damage, claim, liability,
      judgment or settlement of any nature or kind, including all costs and expenses
      related thereto, including without limitation, reasonably attorneys’ fees,
      arising out of, resulting from or relating to (i) the breach of any
      representation or warranty of the Subscriber contained in this Agreement or
      (ii)
      the breach by the Subscriber of any covenant or agreement contained in this
      Agreement.

    

    (c) The
      representations, warranties and covenants made by each party herein shall
      survive the purchase of the Common Stock hereunder. 

    

    (d) The
      liability of the Company, on the one hand, and the Subscriber, on the other
      hand, shall not exceed the amount of the purchase price for the Common Stock
      sold hereunder.

    

    13. Governing
      Law.
      This
      Agreement shall be governed and construed in accordance with the laws of the
      State of California, without reference to the conflict of laws rules contained
      therein.

    

    14. Assignment.
      This
      Agreement may be assigned by the Subscriber, in whole or in part, to any person
      or entity to which it may assign the Common Stock in accordance with the last
      sentence of Section 2(a) of this Agreement. 

    

    15. Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original and all of which shall constitute one and the same document.
      

    
      
         

         

        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

     

    Dated: 
      August
      ____, 2006

    

    To
      Be Completed By Each Named Investor:

    

    

    
      	
               

              
                
Signature

            	
                 

              
                
 Signature

            

    

    

    
      	
               

              
                
 Type
                or Print Individual or Entity Name

            	
               

              
                
 Type
                or Print Individual or Entity Name

            

    

    

    
      	
               

              
                
 City,
                State ( Zip Code) or Country

            	
               

              
                
 City,
                State and Zip Code

            

    

    

    
      	
               

              
                
 (Area
                Code/Country Code) Telephone Number

            	
               

              
                
 (Area
                Code/Country Code) Telephone Number

            

    

    

    
      	
               
                
                
Tax
                Identification or Social Security Number (if applicable)

            	
               

              
                
 Tax
                Identification or Social Security Number (if applicable)
                

            

    

    

    
      	 	 

    

    

    
      	
              Are
                you a member of the National

              Association
                of Securities Dealers, Inc.?

               

              _____  yes     _____  no

            	
              Are
                you a member of the National

              Association
                of Securities Dealers, Inc.?

               

              _____  yes     _____  no

            

    

     

    This
      Subscription Agreement and Letter of Investment Intent is accepted as of August
      ____, 2006.

    

    

                        Petramerica
      Oil, Inc.

    

    

                        By:
      _____________________________________

                               
      Gregory Lykiardopoulos, CEO 

     

     

     

    11

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