Document:

NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE
SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED
BY THE HOLDER), IN A GENERALLY
ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS
SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE
FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

    

    
      
        	 
      	
                Right
      to Purchase ________ shares
      of Common Stock of Glen Rose Petroleum Corporation (subject to adjustment
      as provided herein)

              

      

    

    

    FORM
OF COMMON STOCK PURCHASE WARRANT

    

    
      	
              No.
      2010-A-001

            	
              Issue
      Date: February ___,
      2010

            

    

    

    GLEN ROSE
PETROLEUM CORPORATION, a corporation organized under the laws of the State of
Delaware (the “Company”), hereby certifies
that, for value received, Iroquois Capital Opportunity Fund, LP a _____ limited
partnership, maintaining an address at 641 Lexington Avenue, 26th Floor,
New York, NY 10022, Fax Number: 212-207-3452 or its assigns (the “Holder”), is entitled, subject
to the terms set forth below, to purchase from the Company at any time after the
Issue Date until 5:00 p.m., E.S.T on five years after the Issue Date (the “Expiration Date”), up to
[REQUIRES
COMPLETION] fully paid and non-assessable shares of Common Stock at a per
share purchase price of $0.60.  The aforedescribed purchase price per
share, as adjusted from time to time as herein provided, is referred to herein
as the “Purchase
Price.”  The number and character of such shares of Common
Stock and the Purchase Price are subject to adjustment as provided herein. 
The Company may reduce the Purchase Price for some or all of the Warrants,
temporarily or permanently, provided such reduction is made as to all
outstanding Warrants for all Holders of such Warrants.  Capitalized terms
used and not otherwise defined herein shall have the meanings set forth in that
certain Subscription Agreement (the “Subscription Agreement”),
dated as of February ___, 2010, entered into by the Company, the Holder and the
other signatories thereto.

    

    As used
herein the following terms, unless the context otherwise requires, have the
following respective meanings:

     

    (A)         The
term “Company” shall
mean Glen Rose Petroleum Corporation, a Delaware corporation, and any
corporation which shall succeed or assume the obligations of Glen Rose Petroleum
Corporation hereunder.

     

    (B)          The
term “Common Stock”
includes (i) the Company's Common Stock, $0.001 par value per share, as
authorized on the date of the Subscription Agreement, and (ii) any other
securities into which or for which any of the securities described in
(i) may be converted or exchanged pursuant to a plan of recapitalization,
reorganization, merger, sale of assets or otherwise.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    (C)          For
purposes of this Warrant, the “Fair Market Value” of a share
of Common Stock as of a particular date (the “Determination Date”) shall
mean:

     

    (a)           If
the Company's Common Stock is traded on an exchange or is quoted on the NASDAQ
Global Market, NASDAQ Global Select Market, the NASDAQ Capital Market, the New
York Stock Exchange or the American Stock Exchange, LLC, then the average of the
closing sale prices of the Common Stock for the five (5) Trading Days
immediately prior to (but not including) the Determination Date;

     

    (b)           If
the Company's Common Stock is not traded on an exchange or on the NASDAQ Global
Market, NASDAQ Global Select Market, the NASDAQ Capital Market, the New York
Stock Exchange or the American Stock Exchange, Inc., but is traded on the OTC
Bulletin Board or in the over-the-counter market or Pink Sheets, then the
average of the closing bid and ask prices reported for the five (5) Trading Days
immediately prior to (but not including) the Determination Date;

     

    (c)           Except
as provided in clause (d) below and Section 3.1, if the
Company's Common Stock is not publicly traded, then as the Holder and the
Company agree, or in the absence of such an agreement, by arbitration in
accordance with the rules then standing of the American Arbitration Association,
before a single arbitrator to be chosen from a panel of persons qualified by
education and training to pass on the matter to be decided; or

     

    (d)           If
the Determination Date is the date of a liquidation, dissolution or winding up,
or any event deemed to be a liquidation, dissolution or winding up pursuant to
the Company's charter, then all amounts to be payable per share to holders of
the Common Stock pursuant to the charter in the event of such liquidation,
dissolution or winding up, plus all other amounts to be payable per share in
respect of the Common Stock in liquidation under the charter, assuming for the
purposes of this clause (d) that all of the shares of Common Stock then
issuable upon exercise of all of the Warrants are outstanding at the
Determination Date.

     

    (D)        The
term “Other Securities”
refers to any stock (other than Common Stock) and other securities of the
Company or any other person (corporate or otherwise) which the holder of the
Warrant at any time shall be entitled to receive, or shall have received, on the
exercise of the Warrant, in lieu of or in addition to Common Stock, or which at
any time shall be issuable or shall have been issued in exchange for or in
replacement of Common Stock or Other Securities pursuant to Section 4 or
otherwise.

     

    (E)         The
term “Warrant Shares”
shall mean the Common Stock issuable upon exercise of this Warrant.

     

    1. 
         Exercise of
Warrant.

     

    1.1. 
        Number of Shares Issuable
upon Exercise.  From and after the Issue Date through and including
the Expiration Date, the Holder hereof shall be entitled to receive, upon
exercise of this Warrant in whole in accordance with the terms of Section 1.2 or
upon exercise of this Warrant in part in accordance with Section 1.3,
shares of Common Stock of the Company, subject to adjustment pursuant to Section 4 below
and Section
12(b) of the Subscription Agreement.

     

    1.2. 
         Full Exercise. 
This Warrant may be exercised in full by the Holder hereof by delivery to the
Company of an original or facsimile copy of the form of subscription attached as
Exhibit A
hereto (the “Subscription
Form”) duly executed by such Holder and delivery within two days
thereafter of payment, in cash, wire transfer or by certified or official bank
check payable to the order of the Company, in the amount obtained by multiplying
the number of shares of Common Stock for which this Warrant is then exercisable
by the Purchase Price then in effect.  The original Warrant is not required
to be surrendered to the Company until it has been fully
exercised.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    1.3. 
         Partial
Exercise.  This Warrant may be exercised in part (but not for a
fractional share) by delivery of a Subscription Form in the manner and at the
place provided in Section 1.2,
except that the amount payable by the Holder on such partial exercise shall be
the amount obtained by multiplying (a) the number of whole shares of Common
Stock designated by the Holder in the Subscription Form by (b) the Purchase
Price then in effect.  On any such partial exercise, provided the Holder
has surrendered the original Warrant, the Company, at its expense, will
forthwith issue and deliver to or upon the order of the Holder hereof a new
Warrant of like tenor, in the name of the Holder hereof or as such Holder (upon
payment by such Holder of any applicable transfer taxes) may request, the whole
number of shares of Common Stock for which such Warrant may still be
exercised.

     

    1.4. 
         Automatic
Exercise.   In the event this Warrant is exercisable pursuant
to the provisions of Section 2 hereof on a cashless basis as of the close of the
last trading day on or before the Expiration Date, then this Warrant, to the
extent not previously unexercised and subject to the limitation in Section 10 of
this Warrant shall be deemed to have been automatically exercised without the
requirement of any notice or delivery of the Subscription Form, pursuant to the
terms of Section 2.  Such Expiration Date will be deemed the exercise date
for purposes of determining the Warrant Share Delivery Date and similar terms
hereof.

     

    1.5. 
         Company
Acknowledgment.  The Company will, at the time of the exercise of
the Warrant, upon the request of the Holder hereof, acknowledge in writing its
continuing obligation to afford to such Holder any rights to which such Holder
shall continue to be entitled after such exercise in accordance with the
provisions of this Warrant. If the Holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Company to afford
to such Holder any such rights.

     

    1.6. 
         Delivery of Stock
Certificates, etc. on Exercise. The Company agrees that, provided the
full purchase price listed in the Subscription Form is received as specified in
Section 1.2,
the shares of Common Stock purchased upon exercise of this Warrant shall be
deemed to be issued to the Holder hereof as the record owner of such shares as
of the close of business on the date on which delivery of a Subscription Form
shall have occurred and payment made for such shares as aforesaid. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within five (5) business days thereafter (“Warrant Share Delivery Date”),
the Company at its expense (including the payment by it of any applicable issue
taxes) will cause to be issued in the name of and delivered to the Holder
hereof, or as such Holder (upon payment by such Holder of any applicable
transfer taxes) may direct in compliance with applicable securities laws, a
certificate or certificates for the number of duly and validly issued, fully
paid and non-assessable shares of Common Stock (or Other Securities) to which
such Holder shall be entitled on such exercise, plus, in lieu of any fractional
share to which such Holder would otherwise be entitled, cash equal to such
fraction multiplied by the then Fair Market Value of one full share of Common
Stock, together with any other stock or other securities and property (including
cash, where applicable) to which such Holder is entitled upon such exercise
pursuant to Section 1 or
otherwise.  The Company understands that a delay in the delivery of the
Warrant Shares after the Warrant Share Delivery Date could result in economic
loss to the Holder.  As compensation to the Holder for such loss, the
Company agrees to pay (as liquidated damages and not as a penalty) to the Holder
for late issuance of Warrant Shares upon exercise of this Warrant the
proportionate amount of $100 per business day after the Warrant Share Delivery
Date for each $10,000 of Purchase Price of Warrant Shares for which this Warrant
is exercised which are not timely delivered.  The Company shall pay any
payments incurred under this Section in immediately available funds upon
demand.  Furthermore, in addition to any other remedies which may be
available to the Holder, in the event that the Company fails for any reason to
effect delivery of the Warrant Shares by the Warrant Share Delivery Date, the
Holder may revoke all or part of the relevant Warrant exercise by delivery of a
notice to such effect to the Company, whereupon the Company and the Holder shall
each be restored to their respective positions immediately prior to the exercise
of the relevant portion of this Warrant, except that the liquidated damages
described above shall be payable through the date notice of revocation or
rescission is given to the Company.

    
      
         

      

      
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    1.7. 
         Buy-In. 
 In addition to any other rights available to the Holder, if the Company
fails to deliver to a Holder the Warrant Shares as required pursuant to this
Warrant after the Warrant Share Delivery Date and the Holder or a broker on the
Holder’s behalf, purchases (in an open market transaction or otherwise) shares
of common stock to deliver in satisfaction of a sale by such Holder of the
Warrant Shares which the Holder was entitled to receive from the Company (a
“Buy-In”), then the
Company shall pay in cash to the Holder (in addition to any remedies available
to or elected by the Holder) the amount by which (A) the Holder's total purchase
price (including brokerage commissions, if any) for the shares of common stock
so purchased exceeds (B) the aggregate Purchase Price of the Warrant Shares
required to have been delivered together with interest thereon at a rate of 15%
per annum, accruing until such amount and any accrued interest thereon is paid
in full (which amount shall be paid as liquidated damages and not as a
penalty).  For example, if a Holder purchases shares of Common Stock having
a total purchase price of $11,000 to cover a Buy-In with respect to $10,000 of
Purchase Price of Warrant Shares to have been received upon exercise of this
Warrant, the Company shall be required to pay the Holder $1,000, plus interest.
The Holder shall provide the Company written notice indicating the amounts
payable to the Holder in respect of the Buy-In.

     

    2. 
         Cashless
Exercise.

     

    (a)           Payment
upon exercise may be made at the option of the Holder either in (i) cash, wire
transfer or by certified or official bank check payable to the order of the
Company equal to the applicable aggregate Purchase Price, (ii) by delivery of
Common Stock issuable upon exercise of the Warrants in accordance with
Section (b) below or (iii) by a combination of any of the
foregoing methods, for the number of Common Stock specified in such form (as
such exercise number shall be adjusted to reflect any adjustment in the total
number of shares of Common Stock issuable to the holder per the terms of this
Warrant) and the holder shall thereupon be entitled to receive the number of
duly authorized, validly issued, fully-paid and non-assessable shares of Common
Stock (or Other Securities) determined as provided herein.  Notwithstanding
the immediately preceding sentence, payment upon exercise may be made in the
manner described in Section 2(b) below commencing one hundred and eighty (180)
days after the Issue Date, only with respect to Warrant Shares not included for
unrestricted public resale in an effective Registration Statement on the date
notice of exercise is given by the Holder.

     

    (b)           Subject
to the provisions herein to the contrary, if the Fair Market Value of one share
of Common Stock is greater than the Purchase Price (at the date of calculation
as set forth below), in lieu of exercising this Warrant for cash, the holder may
elect to receive shares equal to the value (as determined below) of this Warrant
(or the portion thereof being cancelled) by delivery of a properly endorsed
Subscription Form delivered to the Company by any means described in Section 12, in which
event the Company shall issue to the holder a number of shares of Common Stock
computed using the following formula:

     

    
      
        	 
      	
                X=          

              	
                Y (A-B)

              
	 
      	 
      	
                     A

              
	 
      	 
      	 
      
	
                Where   

              	
                X=

              	
                the
      number of shares of Common Stock to be issued to the
  Holder

              

      

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      	 
      	
              Y=          

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

            
	 
      	 
      	 
      
	
               
      

            	
              A=

            	
              Fair
      Market Value

            
	 
      	 
      	 
      
	 
      	
              B=

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

            

    

     

    For
purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood
and acknowledged that the Warrant Shares issued in a cashless exercise
transaction in the manner described above shall be deemed to have been acquired
by the Holder, and the holding period for the Warrant Shares shall be deemed to
have commenced, on the date this Warrant was originally issued pursuant to the
Subscription Agreement.

     

    3. 
         Adjustment for
Reorganization, Consolidation, Merger, etc.

     

    3.1.           Fundamental
Transaction. If, at any time while this Warrant is outstanding, (A) the
Company effects any merger or consolidation of the Company with or into another
entity, (B) the Company effects any sale of all or substantially all of its
assets in one or a series of related transactions, (C) any tender offer or
exchange offer (whether by the Company or another entity) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their
shares for other securities, cash or property, (D) the Company consummates a
stock purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, or spin-off) with one or more
persons or entities whereby such other persons or entities acquire more than the
50% of the outstanding shares of Common Stock (not including any shares of
Common Stock held by such other persons or entities making or party to, or
associated or affiliated with the other persons or entities making or party to,
such stock purchase agreement or other business combination), provided, however,
that this provision shall not apply to the ownership of the Common Stock by
Blackwood Ventures, LLC or Blackwood Capital, Ltd, or their Affiliates,
individually or acting as a group, (E) any “person” or “group” (as these terms
are used for purposes of Sections 13(d) and 14(d) of the 1934 Act) is or shall
become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act),
directly or indirectly, of 50% of the aggregate Common Stock of the Company,
provided, however, that this provision shall not apply to the ownership of the
Common Stock by Blackwood Ventures, LLC or Blackwood Capital, Ltd, or their
Affiliates, individually or acting as a group, or (F) the Company effects any
reclassification of the Common Stock or any compulsory share exchange pursuant
to which the Common Stock is effectively converted into or exchanged for other
securities, cash or property (in any such case, a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the
right to receive, for each Warrant Share that would have been issuable upon such
exercise immediately prior to the occurrence of such Fundamental Transaction, at
the option of the Holder, (a) upon exercise of this Warrant, the number of
shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration
(the “Alternate
Consideration”) receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a Holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. For purposes of any such exercise, the
determination of the Purchase Price shall be appropriately adjusted to apply to
such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Purchase Price among the
Alternate Consideration in a reasonable manner reflecting the relative value of
any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as
to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. To the extent necessary to effectuate
the foregoing provisions, any successor to the Company or surviving entity in
such Fundamental Transaction shall issue to the Holder a new warrant consistent
with the foregoing provisions and evidencing the Holder's right to exercise such
warrant into Alternate Consideration. The terms of any agreement pursuant to
which a Fundamental Transaction is effected shall include terms requiring any
such successor or surviving entity to comply with the provisions of this Section 3.1 and
insuring that this Warrant (or any such replacement security) will be similarly
adjusted upon any subsequent transaction analogous to a Fundamental Transaction.
“Black-Scholes Value”
shall be determined in accordance with the Black-Scholes Option Pricing Model
obtained from the “OV” function on Bloomberg L.P. using (i) a price per share of
Common Stock equal to the VWAP of the Common Stock for the Trading Day
immediately preceding the date of consummation of the applicable Fundamental
Transaction, (ii) a risk-free interest rate corresponding to the U.S. Treasury
rate for a period equal to the remaining term of this Warrant as of the date of
such request and (iii) an expected volatility equal to the 100 day volatility
obtained from the HVT function on Bloomberg L.P. determined as of the Trading
Day immediately following the public announcement of the applicable Fundamental
Transaction.

    
      
         

      

      
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    3.2. 
         Continuation of
Terms.  Upon any reorganization, consolidation, merger or transfer
(and any dissolution following any transfer) referred to in this Section 3, this
Warrant shall continue in full force and effect and the terms hereof shall be
applicable to the Other Securities and property receivable on the exercise of
this Warrant after the consummation of such reorganization, consolidation or
merger or the effective date of dissolution following any such transfer, as the
case may be, and shall be binding upon the issuer of any Other Securities,
including, in the case of any such transfer, the person acquiring all or
substantially all of the properties or assets of the Company, whether or not
such person shall have expressly assumed the terms of this Warrant as provided
in Section 4.

     

    3.3           Share Issuance. 
Until the Expiration Date, if the Company shall issue any Common Stock except
for the Excepted Issuances (as defined in the Subscription Agreement), prior to
the complete exercise of this Warrant for a consideration less than the Purchase
Price then in effect at the time of such issuance then, and thereafter
successively upon each such issuance, the Purchase Price shall be reduced to
such other lower price for then outstanding Warrants.  For purposes of this
adjustment, the issuance of any security or debt instrument of the Company
carrying the right to convert such security or debt instrument into Common Stock
or of any warrant, right or option to purchase Common Stock shall result in an
adjustment to the Purchase Price upon the issuance of the above-described
security, debt instrument, warrant, right, or option if such issuance is at a
price lower than the Purchase Price in effect upon such issuance and again at
any time upon any actual, permitted, optional, or allowed issuances of shares of
Common Stock upon any actual, permitted, optional, or allowed exercise of such
conversion or purchase rights if such issuance is at a price lower than the
Purchase Price in effect upon any actual, permitted, optional, or allowed
issuance.  Common Stock issued or issuable by the Company for no
consideration or for consideration that cannot be determined at the time of
issue will be deemed issuable or to have been issued for $0.001 per share of
Common Stock.  The reduction of the Purchase Price described in this
Section 3.3 is in addition to the other rights of the Holder described in the
Subscription Agreement.  Upon any reduction of the Purchase Price, the
number of shares of Common Stock that the Holder of this Warrant shall
thereafter, on the exercise hereof, be entitled to receive shall be adjusted to
a number determined by multiplying the number of shares of Common Stock that
would otherwise (but for the provisions of this Section 3.3) be issuable on such
exercise by a fraction of which (a) the numerator is the Purchase Price that
would otherwise (but for the provisions of this Section 3.3) be in effect, and
(b) the denominator is the Purchase Price in effect on the date of such
exercise.

    
      
         

      

      
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    4. 
         Extraordinary Events
Regarding Common Stock.  In the event that the Company shall
(a) issue additional shares of Common Stock as a dividend or other
distribution on outstanding Common Stock, (b) subdivide its outstanding
shares of Common Stock, or (c) combine its outstanding shares of the Common
Stock into a smaller number of shares of Common Stock, then, in each such event,
the Purchase Price shall, simultaneously with the happening of such event, be
adjusted by multiplying the then Purchase Price by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately
prior to such event and the denominator of which shall be the number of shares
of Common Stock outstanding immediately after such event, and the product so
obtained shall thereafter be the Purchase Price then in effect. The Purchase
Price, as so adjusted, shall be readjusted in the same manner upon the happening
of any successive event or events described herein in this Section 4. The
number of shares of Common Stock that the Holder of this Warrant shall
thereafter, on the exercise hereof, be entitled to receive shall be adjusted to
a number determined by multiplying the number of shares of Common Stock that
would otherwise (but for the provisions of this Section 4) be
issuable on such exercise by a fraction of which (a) the numerator is the
Purchase Price that would otherwise (but for the provisions of this Section 4) be in
effect, and (b) the denominator is the Purchase Price in effect on the date of
such exercise.

     

    5. 
         Certificate as to
Adjustments.  In each case of any adjustment or readjustment in the
shares of Common Stock (or Other Securities) issuable on the exercise of the
Warrants, the Company at its expense will promptly cause its Chief Financial
Officer or other appropriate designee to compute such adjustment or readjustment
in accordance with the terms of the Warrant and prepare a certificate setting
forth such adjustment or readjustment and showing in detail the facts upon which
such adjustment or readjustment is based, including a statement of (a) the
consideration received or receivable by the Company for any additional shares of
Common Stock (or Other Securities) issued or sold or deemed to have been issued
or sold, (b) the number of shares of Common Stock (or Other Securities)
outstanding or deemed to be outstanding, and (c) the Purchase Price and the
number of shares of Common Stock to be received upon exercise of this Warrant,
in effect immediately prior to such adjustment or readjustment and as adjusted
or readjusted as provided in this Warrant. The Company will forthwith mail a
copy of each such certificate to the Holder of the Warrant and any Warrant Agent
of the Company (appointed pursuant to Section 10
hereof).

     

    6. 
         Reservation of Stock, etc.
Issuable on Exercise of Warrant; Financial Statements.   The
Company will at all times reserve and keep available, solely for issuance and
delivery on the exercise of the Warrants, all shares of Common Stock (or Other
Securities) from time to time issuable on the exercise of the Warrant. 
This Warrant entitles the Holder hereof, upon written request, to receive copies
of all financial and other information distributed or required to be distributed
to the holders of the Company's Common Stock.

     

    7. 
         Assignment; Exchange of
Warrant.  Subject to compliance with applicable securities laws,
this Warrant, and the rights evidenced hereby, may be transferred by any
registered holder hereof (a "Transferor"). On the surrender
for exchange of this Warrant, with the Transferor's endorsement in the form of
Exhibit B attached hereto (the “Transferor Endorsement Form")
and together with an opinion of counsel reasonably satisfactory to the Company
that the transfer of this Warrant will be in compliance with applicable
securities laws, the Company will issue and deliver to or on the order of the
Transferor thereof a new Warrant or Warrants of like tenor, in the name of the
Transferor and/or the transferee(s) specified in such Transferor Endorsement
Form (each a "Transferee"), calling in the
aggregate on the face or faces thereof for the number of shares of Common Stock
called for on the face or faces of the Warrant so surrendered by the
Transferor.

     

    8. 
         Replacement of
Warrant.  On receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and, in
the case of any such loss, theft or destruction of this Warrant, on delivery of
an indemnity agreement or security reasonably satisfactory in form and amount to
the Company or, in the case of any such mutilation, on surrender and
cancellation of this Warrant, the Company at its expense, twice only, will
execute and deliver, in lieu thereof, a new Warrant of like
tenor.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    9. 
         Maximum
Exercise.  The Holder shall not be entitled to exercise this Warrant
on an exercise date, in connection with that number of shares of Common Stock
which would be in excess of the sum of (i) the number of shares of Common
Stock beneficially owned by the Holder and its affiliates on an exercise date,
and (ii) the number of shares of Common Stock issuable upon the exercise of
this Warrant with respect to which the determination of this limitation is being
made on an exercise date, which would result in beneficial ownership by the
Holder and its affiliates of more than 4.99% of the outstanding shares of Common
Stock on such date.  For the purposes of the immediately preceding
sentence, beneficial ownership shall be determined in accordance with
Section 13(d) of the 1934 Act and Rule 13d-3 thereunder.  Subject
to the foregoing, the Holder shall not be limited to aggregate exercises which
would result in the issuance of more than 4.99%. The Holder shall have the
authority to determine whether the restriction contained in this Section 9 will
limit any conversion hereunder and the extent such limitation applies and to
which convertible or exercisable instrument or part thereof such limitation
applies. The restriction described in this paragraph may be waived, in
whole or in part, upon sixty-one (61) days prior notice from the Holder to the
Company to increase such percentage to up to 9.99%, but not in excess of
9.99%.  The Holder may decide whether to convert a Convertible Note or
exercise this Warrant to achieve an actual 4.99% or up to 9.99% ownership
position as described above, but not in excess of 9.99%.

     

    10. 
         Warrant Agent. 
The Company may, by written notice to the Holder of the Warrant, appoint an
agent (a “Warrant
Agent”) for the purpose of issuing Common Stock (or Other Securities) on
the exercise of this Warrant pursuant to Section 1,
exchanging this Warrant pursuant to Section 7, and
replacing this Warrant pursuant to Section 8, or
any of the foregoing, and thereafter any such issuance, exchange or replacement,
as the case may be, shall be made at such office by such Warrant
Agent.

     

    11. 
         Transfer on the Company's
Books.  Until this Warrant is transferred on the books of the
Company, the Company may treat the registered holder hereof as the absolute
owner hereof for all purposes, notwithstanding any notice to the
contrary.

     

    12. 
         Notices. 
 All notices, demands, requests, consents, approvals, and other
communications required or permitted hereunder shall be in writing and, unless
otherwise specified herein, shall be (i) personally served, (ii) deposited in
the mail, registered or certified, return receipt requested, postage prepaid,
(iii) delivered by reputable air courier service with charges prepaid, or (iv)
transmitted by hand delivery, telegram, or facsimile, addressed as set forth
below or to such other address as such party shall have specified most recently
by written notice.  Any notice or other communication required or permitted
to be given hereunder shall be deemed effective (a) upon hand delivery or
delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a
business day during normal business hours where such notice is to be received),
or the first business day following such delivery (if delivered other than on a
business day during normal business hours where such notice is to be received)
or (b) on the second business day following the date of mailing by express
courier service, fully prepaid, addressed to such address, or upon actual
receipt of such mailing, whichever shall first occur.  The addresses for
such communications shall be:  if to the Company, to: Glen Rose
Petroleum Corporation, 22762 Westheimer Parkway, Suite 515, Katy, TX 77450,
Attn: Andrew Taylor-Kimmins, President, facsimile: (832) 437-4037, with a copy
by fax only to: Walter Reissman, Weisshorn Management, 400 Rella Boulevard,
Montebello, NY 10901, facsimile: (845) 368-0071, and John R. Fahy, Whitaker,
Chalk, Swindle & Sawyer, LLP, 301 Commerce St., Suite 3500, Fort Worth, TX
76102 (817) 878-0501 and (ii) if to the Holder, to the address and facsimile
number listed on the first paragraph of this Warrant, with a copy by fax only
to: Grushko & Mittman, P.C., 551 Fifth Avenue, Suite 1601, New York, New
York 10176, facsimile: (212) 697-3575.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    13. 
         Law Governing This
Warrant.  This Warrant shall be governed by and construed in
accordance with the laws of the State of New York without regard to principles
of conflicts of laws.  Any action brought by either party against the other
concerning the transactions contemplated by this Warrant shall be brought only
in the state courts of New York or in the federal courts located in the state
and county of New York.  The parties to this Warrant hereby irrevocably
waive any objection to jurisdiction and venue of any action instituted hereunder
and shall not assert any defense based on lack of jurisdiction or venue or based
upon forum non
conveniens.  The Company and Holder waive trial by jury.  The
prevailing party shall be entitled to recover from the other party its
reasonable attorney's fees and costs.  In the event that any provision of
this Warrant or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of
law.  Any such provision which may prove invalid or unenforceable under any
law shall not affect the validity or enforceability of any other provision of
any agreement.   Each party hereby irrevocably waives personal service
of process and consents to process being served in any suit, action or
proceeding in connection with this Agreement or any other Transaction Document
by mailing a copy thereof via registered or certified mail or overnight delivery
(with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof.  Nothing contained
herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law.

     

    IN
WITNESS WHEREOF, the Company has executed this Warrant as of the date first
written above.

     

    
      
        	 
      	
                GLEN
      ROSE PETROLEUM CORPORATION

              
	 
      	 
      
	 
      	
                By:

              	 
      
	 
      	 
      	
                Name:
      Andrew Taylor-Kimmins

              
	 
      	 
      	
                Title:   President

              

      

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    Exhibit A

    

    FORM OF
SUBSCRIPTION

    (to be
signed only on exercise of Warrant)

     

    TO:  GLEN
ROSE PETROLEUM CORPORATION

     

    The
undersigned, pursuant to the provisions set forth in the attached Warrant (No.
___________), hereby irrevocably elects to purchase (check applicable
box):

    

    
      	
              ___

            	
              ________
      shares of the Common Stock covered by such Warrant;
  or

            

    

     

    
      	
              ___

            	
              the
      maximum number of shares of Common Stock covered by such Warrant pursuant
      to the cashless exercise procedure set forth in Section 2 of the
      Warrant.

            

    

    

    The
undersigned herewith makes payment of the full purchase price for such shares at
the price per share provided for in such Warrant, which is $___________. 
Such payment takes the form of (check applicable box or boxes):

    

    
      	
              ___

            	
              $__________
      in lawful money of the United States;
and/or

            

    

     

    
      	
              ___

            	
              the
      cancellation of such portion of the attached Warrant as is exercisable for
      a total of _______ shares of Common Stock (using a Fair Market Value of
      $_______ per share for purposes of this calculation);
    and/or

            

    

    

    
      	
              ___

            	
              the
      cancellation of such number of shares of Common Stock as is necessary, in
      accordance with the formula set forth in Section 2 of the Warrant, to
      exercise this Warrant with respect to the maximum number of shares of
      Common Stock purchasable pursuant to the cashless exercise procedure set
      forth in Section 2.

            

    

    

    The undersigned requests that the
certificates for such shares be issued in the name of, and delivered pursuant to
the DTC instructions below or to __________________________________________
whose address is _______________________
__________________________________________________________________________________________________.

    

    The
undersigned represents and warrants that all offers and sales by the undersigned
of the securities issuable upon exercise of the within Warrant shall be made
pursuant to registration of the Common Stock under the Securities Act of 1933,
as amended (the "Securities Act"), or pursuant to an exemption from registration
under the Securities Act.

    

    
      
        	
                DTC
      Instructions:

              	 
      
	 
      
	 
      

      

    

    

    
      	
              Dated:___________________

            	
               

              
                
      

              (Signature
      must conform to name of holder as specified on the face of the
      Warrant)

               

               

              
                
      

               

                
      

              (Address)

            

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    Exhibit B

    

    FORM OF
TRANSFEROR ENDORSEMENT

    (To be
signed only on transfer of Warrant)

     

    For value
received, the undersigned hereby sells, assigns, and transfers unto the
person(s) named below under the heading “Transferees” the right represented by
the within Warrant to purchase the percentage and number of shares of Common
Stock of GLEN ROSE PETROLEUM CORPORATION to which the within Warrant relates
specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such
person Attorney to transfer its respective right on the books of GLEN ROSE
PETROLEUM CORPORATION with full power of substitution in the
premises.

    

    
      
        
          
            
              
                	
                        Transferees

                      	 	
                        Percentage Transferred

                      	 	
                        Number Transferred

                      
	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      

              

            

          

        

      

    

     

    
      
        
          
            	
                    Dated:  __________________,
      _______

                  	 
      	 
      
	 
      	 
      	
                    (Signature
      must conform to name of holder as specified on the face of the
      warrant)

                  
	 
      	 
      	 
      
	
                    Signed
      in the presence of:

                  	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                    (Name)

                  	 
      	 
      
	 
      	 
      	
                    (address)

                  
	 
      	 
      	 
      
	
                    ACCEPTED
      AND AGREED:

                  	 
      	 
      
	
                    [TRANSFEREE]

                  	 
      	 
      
	 
      	 
      	
                    (address)

                  
	 
      	 
      	 
      
	
                    (Name)CONSULTING
AGREEMENT

        

        AGREEMENT
made this 24th day of February, 2010, by and between Iromad, LLC, whose address
is 641 Lexington Ave., 26 Floor, New York, NY 10022, (“Consultant"), and Glen
Rose Petroleum Corporation, whose principal place of business is located at
22762 Westheimer Parkway,  Suite 515,  Katy, Texas 77450,
(“Company").

        

        WHEREAS,
the Company desires to engage the services of the Consultant to perform for the
Company consulting services as an independent contractor and not as an employee;
and

        

        WHEREAS,
Consultant desires to consult with the officers of the Company, and the
administrative staff, and to undertake for the Company consultation as provided
herein;

        

        NOW,
THEREFORE, it is agreed as follows:

        

        1.  Term.  The
respective duties and obligations of the contracting parties shall be for a
period of thirty six (36) months commencing on the date hereof; provided that if
the Buyer exercises the conversion option provided in Section 13.3 of that
certain Purchase and Sale and Participation Agreement dated of even date
herewith by and among Company and UHC Petroleum Corporation, as Seller and Glen
Rose Partners I LLC as Buyer, then after such payment in full, Company may
terminate this agreement upon thirty (30) days notice. Consultant may terminate
this agreement at any time upon thirty (30) days notice.

        

        2.  Consultations.  Consultant
shall be available to consult with the officers of the Company at reasonable
times on technical and operational matters.  Consultant shall not
represent the Company, its officers or any other members of the Company in any
transactions or communications nor shall Consultant make claim to do
so.

        

        3.  Liability.  With regard to the
services to be performed by the Consultant pursuant to the terms of this
agreement, the Consultant shall not be liable to the Company, or to anyone who
may claim any right due to any relationship with the Corporation, for any acts
or omissions in the performance of services on the part of the Consultant or on
the part of the agents or employees of the Consultant, except when said acts or
omissions of the Consultant are due to willful misconduct or gross
negligence.  The Company shall hold the Consultant free and harmless
from any obligations, costs, claims, judgments, attorneys' fees, and attachments
arising from or growing out of the services rendered to the Company pursuant to
the terms of this agreement or in any way connected with the rendering of
services, except when the same shall arise due to the willful misconduct or
gross negligence of the Consultant and the Consultant is adjudged to be guilty
of willful misconduct or gross negligence by a court of competent
jurisdiction.

        
          
             

          

          
            
            

            
              

            

          

          
             

          

        

        

        4.  Compensation.  A
minimum retainer of Twenty Five Thousand Dollars ($25,000.00) will be paid
Consultant monthly in advance by Company, and such amount shall be the sole
compensation under this agreement unless Consultant performs more than one
hundred (100) hours of work for Company in any month. Upon execution, Company
shall pay in advance the retainer for six (6) months, or
$150,000.00.  If the hours expended by Consultant in any month exceed
100 hours, Consultant shall have the right to limit each future month’s
commitment to 100 hours in the absence of an agreement for compensation for such
excess work.   In addition, the Company shall reimburse the
Consultant for any reasonable out of pocket expenses incurred by the Consultant
pursuant to the terms of this agreement.  Invoices for reimbursement
for expenses in any month shall be paid to the Consultant by the tenth (10th)
day of the next following month.

        

        5.  Governing Law; Venue;
Severability.  This Guaranty shall be governed by and construed
in accordance with the laws of the State of New York without regard to
principles of conflicts or choice of law.  Any legal action or
proceeding against Guarantor with respect to this Guaranty may be brought in the
courts of the State of New York or of the United States for the Southern
District of New York, and, by execution and delivery of this Guaranty, Guarantor
hereby irrevocably accepts for itself and in respect of its property, generally
and unconditionally, the jurisdiction of the aforesaid
courts.  Guarantor hereby irrevocably waives any objection which it
may now or hereafter have to the laying of venue of any of the aforesaid actions
or proceedings arising out of or in connection with this Guaranty brought in the
aforesaid courts and hereby further irrevocably waives and agrees not to plead
or claim in any such court that any such action or proceeding brought in any
such court has been brought in an inconvenient forum.  If any
provision of this Guaranty, or the application thereof to any person or
circumstance, is held invalid, such invalidity shall not affect any other
provisions which can be given effect without the invalid provision or
application, and to this end the provisions hereof shall be severable and the
remaining, valid provisions shall remain of full force and effect.

        

        6. Notices.    All
notices, demands, requests, consents, approvals, and other communications
required or permitted hereunder (including without limitation under Section 1
above) shall be in writing and, unless otherwise specified herein, shall be (a)
personally served, (b) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (c) delivered by a reputable overnight
courier service with charges prepaid, or (d) transmitted by hand delivery,
telegram, or facsimile, addressed as set forth below or to such other address as
such party shall have specified most recently by written notice.  Any
notice or other communication required or permitted to be given hereunder shall
be deemed effective upon hand delivery or delivery by facsimile, with accurate
confirmation generated by the transmitting facsimile machine, at the address or
number designated below if delivered on a business day during normal business
hours, or the first business day following such delivery (if delivered other
than on a business day during normal business hours), (ii) on the first business
day following the date deposited with an overnight courier service with charges
prepaid, or (iii) on the fifth business day following the date of mailing
pursuant to subpart (b) above, or upon actual receipt of such mailing, whichever
shall first occur.  The addresses for such communications shall
be:

        
          
             

          

          
            
            

            
              

            

          

          
             

          

        

        

        
          	
                	
                  To
      Company:

                	
                  22762
      Westheimer Parkway

                

        

        Suite
515

        Katy,
Texas 77450

        

        Attn: Andrew Taylor-Kimmins,
President

        Fax: (626) 581-9138

        

        
          	
                	
                  To
      Consultant: 

                	
                  641
      Lexington Ave

                

        

        26
Floor

        New York, NY 10022 

        Fax:   
212-207-3452

        

        Any party
may change its address by written notice in accordance with this
paragraph.

        

         7.
Miscellaneous.  This
agreement may not be assigned by either party without the prior written consent
of the other party. This agreement constitutes the only agreement between the
parties and supersedes any prior understandings or oral or written agreements
between the parties respecting the subject matter of this
agreement.  No waiver, alteration, amendment or modification of any of
the provisions of this agreement shall be binding unless in writing and signed
by Company and Consultant.

        

        IN
WITNESS WHEREOF, the parties have hereunto executed this Agreement as of
the  24th day of  February, 2010.

        

        Glen Rose
Petroleum Corporation

        

        
          
            
              
                	
                        By: 

                      	 
      
	 	 
	 
      	
                        Andrew
      Taylor-Kimmins,
President

                      

              

            

          

        

        

        "Consultant"

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