Document:

September 22, 2005

Platinum Energy Resources, Inc.
152 West 57th Street, 54th Floor
New York, New York 10019

Casimir Capital LP
489 Fifth Avenue
New York, New York 10017

Re:   Initial Public Offering

Gentlemen:

      This letter supersedes and replaces the letter addressed to the parties
named above dated as of June 3, 2005. The undersigned stockholder, officer and
director of Platinum Energy Resources, Inc. ("Company"), in consideration of
Casimir Capital LP ("Casimir") entering into a letter of intent, dated May 4,
2005 (the "Letter of Intent"), to underwrite an initial public offering of the
securities of the Company ("IPO") and embarking on the IPO process, hereby
agrees as follows (certain capitalized terms used herein are defined in
paragraph 11 hereof):

      1. If the Company solicits approval of its stockholders of a Business
Combination, the undersigned will vote all Insider Shares owned by the
undersigned in accordance with the majority of the votes cast by the holders of
the IPO Shares. In addition, the undersigned hereby waives his right to exercise
conversion rights with respect to any shares of the Company's Common Stock owned
by the undersigned, directly or indirectly, and agrees that he will not seek
conversion with respect to such shares in connection with any vote to approve a
Business Combination (as is more fully described in the Company's prospectus
relating to the IPO).

      2. In the event that the Company fails to consummate a Business
Combination within 18 months from the effective date ("Effective Date") of the
registration statement relating to the IPO (or 24 months under the circumstances
described in the prospectus relating to the IPO), the undersigned will (i) cause
the Trust Fund (as defined in the Letter of Intent) to be liquidated and
distributed to the holders of the IPO Shares and (ii) take all reasonable
actions within the undersigned's power to cause the Company to liquidate as soon
as reasonably practicable. In such event, the undersigned hereby waives any and
all right, title, interest or claim of any kind in or to any liquidating
distributions by the Company, including, without limitation, any distribution of
the Trust Fund (as defined in the Letter of Intent) as a result of such
liquidation with respect to his Insider Shares ("Claim") and hereby further
waives any Claim the undersigned may have in the future as a result of, or
arising out of, any contracts or agreements with the Company and will not seek
recourse against the Trust Fund for any reason whatsoever. The undersigned
agrees to indemnify and hold harmless the Company, pro rata with Mark Nordlicht,
the Company's Chairman of the Board, based on the number of Insider Shares held
by each such individual, against any and all loss, liability, claims, damage and
expense whatsoever (including, but not limited to, any and all legal or other
expenses reasonably incurred in investigating, preparing or defending against
any litigation, whether pending or threatened, or any claim whatsoever) which
the Company may become subject as a result of any claim by any vendor that is
owed money by the Company for services rendered or products sold or contracted
for but only to the extent necessary to ensure that such loss, liability, claim,
damage or expense does not reduce the amount in the Trust Fund (as defined in
the Letter of Intent).

                                       1
<PAGE>

      3. In order to minimize potential conflicts of interest which may arise
from multiple affiliations, the undersigned agrees to present to the Company for
its consideration, prior to the undersigned's exploitation of that opportunity
in any way or the presentation to any other person or entity, any suitable
opportunity to acquire an operating business in the oil and gas E&P industry or
any real property or related assets, until the earlier of the consummation by
the Company of a Business Combination, the liquidation of the Company or until
such time as the undersigned ceases to be an officer or director of the Company,
but subject, in each case, to any pre-existing fiduciary and/or contractual
obligations the undersigned might have.

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

      5. Neither the undersigned, any member of the family of the undersigned,
nor any Affiliate of the undersigned will be entitled to receive and will not
accept any compensation for services rendered to the Company prior to the
consummation of the Business Combination; provided that the undersigned shall be
entitled to reimbursement from the Company for his out-of-pocket expenses
incurred in connection with seeking and consummating a Business Combination.

      6. The undersigned agrees that neither the undersigned, any member of the
family of the undersigned, or any Affiliate of the undersigned will be entitled
to receive or accept, and the undersigned, on behalf of the undersigned and the
aforementioned parties, hereby waives any rights to, a finder's fee or any other
compensation in the event the undersigned, any member of the family of the
undersigned or any Affiliate of the undersigned originates a Business
Combination.

      7. The undersigned will escrow his Insider Shares for the three year
period commencing on the Effective Date, subject to the terms of a Stock Escrow
Agreement which the Company will enter into with the undersigned and an escrow
agent acceptable to the Company.

      8. The undersigned agrees to be the Chief Executive Officer, Secretary and
a member of the Board of Directors of the Company until the earlier of the
consummation by the Company of a Business Combination or the liquidation of the
Company. The undersigned's biographical information furnished to the Company and
Casimir and attached hereto as Exhibit A is true and accurate in all respects,
does not omit any material information with respect to the undersigned's
background and contains all of the information required to be disclosed pursuant
to Section 401 of Regulation S-K, promulgated under the Securities Act of 1933.
The undersigned's Questionnaire furnished to the Company and Casimir is true and
accurate in all respects. The undersigned further represents and warrants to the
Company and Casimir that:

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

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

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

                                       2
<PAGE>

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

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

      11. As used herein: (i) a "Business Combination" shall mean an
acquisition, by merger, capital stock exchange, asset or stock acquisition,
reorganization or otherwise and as otherwise described in the registration
statement relating to the IPO, of an operating business or real property assets
in the hospitality and related industries selected by the Company; (ii)
"Insiders" shall mean all officers, directors and stockholders of the Company
immediately prior to the IPO; (iii) "Insider Shares" shall mean all of the
shares of Common Stock of the Company owned by an Insider prior to the IPO; and
(iv) "IPO Shares" shall mean the shares of Common Stock issued in the Company's
IPO.

      12. This letter agreement shall be governed by and construed and enforced
in accordance with the laws of the State of New York, without giving effect to
conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction. The undersigned hereby agrees that any
action, proceeding or claim against the undersigned arising out of or relating
in any way to this Agreement shall be brought and enforced in the courts of the
State of New York or the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The undersigned hereby waives any objection to such
exclusive jurisdiction and that such courts represent an inconvenience forum.

                                        Name: Barry Kostiner
                                              ----------------------------------

                                              /s/ Barry Kostiner
                                        ----------------------------------------
                                                   Signature

                                       3
<PAGE>

                                    EXHIBIT A

Barry Kostiner has been our chief executive officer, secretary and a member of
our board of directors since inception. Mr. Kostiner has been involved in energy
trading and structuring since 1992. Mr. Kostiner has negotiated structured
transactions and built trading desks in electricity, natural gas options and
physical gas. Since March 2003, he has been a principal of Ellipse Energy LLC, a
consulting and private equity firm. From March 2001 to January 2003, he was a
managing director at Allegheny Energy, a energy trading and generation asset
management company. At Allegheny, as a managing director, he was responsible for
the physical gas trading desk that controlled fuel supply and risk management
for 2,800 MW of natural gas fired generation, with an acquisition value of over
$2 billion. He also was involved in initiating the coal trading group, the E&P
asset acquisition and European trading businesses. From January 1999 until March
2001, he was a vice president at Merrill Lynch in its energy trading group which
was subsequently sold to Allegheny Energy. From October 1995 until January 1999,
he was an associate at Goldman Sachs in its energy origination group. Mr.
Kostiner was a founding employee involved in business development, strategy and
management for the joint venture between Goldman Sachs and Constellation Energy.
He received a BS in Electrical Engineering and MS in applied mathematics from
MIT. His master's thesis jointly supervised by Harvard's Kennedy School of
Government was on mathematics applied to deregulated electricity markets.September 22, 2005

Platinum Energy Resources, Inc.
152 West 57th Street, 54th Floor
New York, New York 10019

Casimir Capital LP
489 Fifth Avenue
New York, New York 10017

Re:   Initial Public Offering

Gentlemen:

      This letter supersedes and replaces the letter addressed to the parties
named above dated as of June 3, 2005. The undersigned stockholder, officer and
Director of Platinum Energy Resources, Inc. ("Company"), in consideration of
Casimir Capital LP ("Casimir") entering into a letter of intent, dated May 4,
2005 (the "Letter of Intent"), to underwrite an initial public offering of the
securities of the Company ("IPO") and embarking on the IPO process, hereby
agrees as follows (certain capitalized terms used herein are defined in
paragraph 11 hereof):

      1. If the Company solicits approval of its stockholders of a Business
Combination, the undersigned will vote all Insider Shares owned by the
undersigned in accordance with the majority of the votes cast by the holders of
the IPO Shares. In addition, the undersigned hereby waives his right to exercise
conversion rights with respect to any shares of the Company's Common Stock owned
by the undersigned, directly or indirectly, and agrees that he will not seek
conversion with respect to such shares in connection with any vote to approve a
Business Combination (as is more fully described in the Company's prospectus
relating to the IPO).

      2. In the event that the Company fails to consummate a Business
Combination within 18 months from the effective date ("Effective Date") of the
registration statement relating to the IPO (or 24 months under the circumstances
described in the prospectus relating to the IPO), the undersigned will take all
reasonable actions within the undersigned's power to cause the Company to
liquidate as soon as reasonably practicable. In such event, the undersigned
hereby waives any and all right, title, interest or claim of any kind in or to
any liquidating distributions by the Company, including, without limitation, any
distribution of the Trust Fund (as defined in the Letter of Intent) as a result
of such liquidation with respect to his Insider Shares ("Claim") and hereby
further waives any Claim the undersigned may have in the future as a result of,
or arising out of, any contracts or agreements with the Company and will not
seek recourse against the Trust Fund for any reason whatsoever.

      3. In order to minimize potential conflicts of interest which may arise
from multiple affiliations, the undersigned agrees to present to the Company for
its consideration, prior to the undersigned's exploitation of that opportunity
in any way or the presentation to any other person or entity, any suitable
opportunity to acquire an operating business in the oil and gas E&P industry or
any real property or related assets, until the earlier of the consummation by
the Company of a Business Combination, the liquidation of the Company or until
such time as the undersigned ceases to be an officer or director of the Company,
but subject, in each case, to any pre-existing fiduciary and/or contractual
obligations the undersigned might have.

                                       1
<PAGE>

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

      5. Neither the undersigned, any member of the family of the undersigned,
nor any Affiliate of the undersigned will be entitled to receive and will not
accept any compensation for services rendered to the Company prior to the
consummation of the Business Combination; provided that the undersigned shall be
entitled to reimbursement from the Company for his out-of-pocket expenses
incurred in connection with seeking and consummating a Business Combination.

      6. The undersigned agrees that neither the undersigned, any member of the
family of the undersigned, or any Affiliate of the undersigned will be entitled
to receive or accept, and the undersigned, on behalf of the undersigned and the
aforementioned parties, hereby waives any rights to, a finder's fee or any other
compensation in the event the undersigned, any member of the family of the
undersigned or any Affiliate of the undersigned originates a Business
Combination.

      7. The undersigned will escrow his Insider Shares for the three year
period commencing on the Effective Date, subject to the terms of a Stock Escrow
Agreement which the Company will enter into with the undersigned and an escrow
agent acceptable to the Company.

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

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

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

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

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

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

                                       2
<PAGE>

      11. As used herein: (i) a "Business Combination" shall mean an
acquisition, by merger, capital stock exchange, asset or stock acquisition,
reorganization or otherwise and as otherwise described in the registration
statement relating to the IPO, of an operating business or real property assets
in the hospitality and related industries selected by the Company; (ii)
"Insiders" shall mean all officers, directors and stockholders of the Company
immediately prior to the IPO; (iii) "Insider Shares" shall mean all of the
shares of Common Stock of the Company owned by an Insider prior to the IPO; and
(iv) "IPO Shares" shall mean the shares of Common Stock issued in the Company's
IPO.

      12. This letter agreement shall be governed by and construed and enforced
in accordance with the laws of the State of New York, without giving effect to
conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction. The undersigned hereby agrees that any
action, proceeding or claim against the undersigned arising out of or relating
in any way to this Agreement shall be brought and enforced in the courts of the
State of New York or the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The undersigned hereby waives any objection to such
exclusive jurisdiction and that such courts represent an inconvenience forum.

                                        Name: William C. Glass
                                              ----------------------------------

                                              /s/ William C. Glass
                                        ----------------------------------------
                                                    Signature

                                       3
<PAGE>

                                    EXHIBIT A

      William C. Glass has been President and a member of our board of directors
since inception. Mr. Glass has worked in the energy industry and energy
financial derivatives markets since 1996. From July 2000 to December 2003, Mr.
Glass was Vice president of Marubeni Energy Incorporated's North American
Natural gas division. He was responsible for all natural gas transactions,
transportation, marketing, trading, and operations. From February 1997 to July
2000, Mr. Glass was a senior trader at Southern Company Energy marketing. His
responsibilities included managing the financial gas daily desk as well as
trading gulf coast, northeast, and mid west financial products. From October
1995 to February 1997, Mr. Glass worked at Enron as part of the risk management
team. Mr. Glass holds a bachelor's in Finance and Accounting from Texas A&M
University.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]