Document:

THE
      SECURITIES REPRESENTED HEREBY MAY NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES
      HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS
      AMENDED, (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144, OR (III) THE
      COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT
      SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES
      ACT
      OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS.

    

    THIS
      WARRANT SHALL BE VOID AFTER 5:00 P.M. EASTERN TIME ON [APRIL 28, 2011] (THE
“EXPIRATION DATE”).

    

    

    No.
      _____

    

    

    ZULU
      ENERGY CORP.

    

    WARRANT
      TO PURCHASE

    ___________
      SHARES OF COMMON STOCK

    

    For
      VALUE
      RECEIVED, ____________________ (“Warrantholder”), is entitled to purchase,
      subject to the provisions of this Warrant, from Zulu Energy Corp., a Colorado
      corporation (“Company”), from time to time as provided in Section 3 of this
      Warrant not later than 5:00 P.M., Eastern time, on the Expiration Date (as
      defined above), at an exercise price per share equal to $1.50 (the exercise
      price in effect being herein called the “Warrant Price”), ____________ shares
      (“Warrant Shares”) of the Company’s common stock (“Common Stock”). The number of
      Warrant Shares purchasable upon exercise of this Warrant and the Warrant Price
      shall be subject to adjustment from time to time as described
      herein.

    

    Section
      1.     Registration.
      The
      Company shall maintain books for the transfer and registration of the Warrant.
      Upon the initial issuance of this Warrant, the Company shall issue and register
      the Warrant in the name of the Warrantholder.

    

    Section
      2.     Transfers.
      As
      provided herein, this Warrant may be transferred only pursuant to a registration
      statement filed under the Securities Act of 1933, as amended (the “Securities
      Act”), or an exemption from such registration. Subject to such restrictions, the
      Company shall transfer this Warrant from time to time upon the books to be
      maintained by the Company for that purpose, upon surrender thereof for transfer
      properly endorsed or accompanied by appropriate instructions for transfer and
      such other documents as may be reasonably required by the Company, including,
      if
      required by the Company, an opinion of its counsel to the effect that such
      transfer is exempt from the registration requirements of the Securities Act,
      to
      establish that such transfer is being made in accordance with the terms hereof,
      and a new Warrant shall be issued to the transferee and the surrendered Warrant
      shall be canceled by the Company.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Section
      3.     Exercise
      of Warrant.
      Subject
      to the provisions hereof, the Warrantholder may exercise this Warrant in whole
      or in part at any time prior to its Expiration Date upon surrender of the
      Warrant, together with delivery of the duly executed Warrant exercise form
      attached hereto as Appendix A (the “Exercise Agreement”) and payment by cash,
      certified check or wire transfer of funds for the aggregate Warrant Price for
      that number of Warrant Shares then being purchased, to the Company during normal
      business hours on any business day at the Company’s principal executive offices
      (or such other office or agency of the Company as it may designate by notice
      to
      the Warrantholder). The Warrant Shares so purchased shall be deemed to be issued
      to the Warrantholder or the Warrantholder’s designee, as the record owner of
      such shares, as of the close of business on the date on which this Warrant
      shall
      have been surrendered (or evidence of loss, theft or destruction thereof and
      security or indemnity satisfactory to the Company), the Warrant Price shall
      have
      been paid and the completed Exercise Agreement shall have been delivered.
      Certificates for the Warrant Shares so purchased, representing the aggregate
      number of shares specified in the Exercise Agreement, shall be delivered to
      the
      Warrantholder within a reasonable time, not exceeding three (3) business days,
      after this Warrant shall have been so exercised. The certificates so delivered
      shall be in such denominations as may be requested by the Warrantholder and
      shall be registered in the name of the Warrantholder or such other name as
      shall
      be designated by the Warrantholder. If this Warrant shall have been exercised
      only in part, then, unless this Warrant has expired, the Company shall, at
      its
      expense, at the time of delivery of such certificates, deliver to the
      Warrantholder a new Warrant representing the number of shares with respect
      to
      which this Warrant shall not then have been exercised. As used herein, “business
      day” means a day, other than a Saturday or Sunday, on which banks in Denver,
      Colorado are open for the general transaction of business. Each exercise hereof
      shall constitute the re-affirmation by the Warrantholder that the
      representations and warranties contained in Article 2 of the Subscription
      Agreement, between the Company and the Warrantholder, dated as of the date
      set
      forth on the signature page below (the “Subscription Agreement”), are true and
      correct in all material respects with respect to the Warrantholder as of the
      time of such exercise. Notwithstanding anything to the contrary, this Warrant
      shall not be exercisable until the Company’s stockholders approve an amendment
      to the Company’s Articles of Incorporation increasing the Company’s authorized
      shares of Common stock to at least 150,000,000 shares of Common Stock (the
      “Stockholder Approval”). 

    

    Section
      4.     Compliance
      with the Securities Act of 1933.
      Except
      as provided in the Subscription Agreement, the Company may cause the legend
      set
      forth on the first page of this Warrant to be set forth on each Warrant or
      similar legend on any security issued or issuable upon exercise of this Warrant,
      unless counsel for the Company is of the opinion as to any such security that
      such legend is unnecessary.

    

    Section
      5.     Payment
      of Taxes.
      The
      Company will pay any documentary stamp taxes attributable to the initial
      issuance of Warrant Shares issuable upon the exercise of the Warrant; provided,
      however, that the Company shall not be required to pay any tax or taxes which
      may be payable in respect of any transfer involved in the issuance or delivery
      of any certificates for Warrant Shares in a name other than that of the
      Warrantholder in respect of which such shares are issued, and in such case,
      the
      Company shall not be required to issue or deliver any certificate for Warrant
      Shares or any Warrant until the person requesting the same has paid to the
      Company the amount of such tax or has established to the Company’s reasonable
      satisfaction that such tax has been paid. The Warrantholder shall be responsible
      for income taxes due under federal, state or other law, if any such tax is
      due.

    

    
      
        
        

      

      
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    Section
      6.     Mutilated
      or Missing Warrants.
      In case
      this Warrant shall be mutilated, lost, stolen, or destroyed, the Company shall
      issue in exchange and substitution of and upon cancellation of the mutilated
      Warrant, or in lieu of and substitution for the Warrant lost, stolen or
      destroyed, a new Warrant of like tenor and for the purchase of a like number
      of
      Warrant Shares, but only upon receipt of evidence reasonably satisfactory to
      the
      Company of such loss, theft or destruction of the Warrant, and with respect
      to a
      lost, stolen or destroyed Warrant, reasonable indemnity or bond with respect
      thereto, if requested by the Company.

    

    Section
      7.     Reservation
      of Common Stock.
      The
      Company hereby represents, warrants and covenants that following the Stockholder
      Approval there will be reserved, and the Company shall at all applicable times
      keep reserved until issued (if necessary) as contemplated by this Section 7,
      out
      of the authorized and unissued shares of Common Stock, sufficient shares to
      provide for the exercise of the rights of purchase represented by this Warrant.
      The Company agrees that all Warrant Shares issued upon due exercise of the
      Warrant shall be, at the time of delivery of the certificates for such Warrant
      Shares, duly authorized, validly issued, fully paid and non-assessable shares
      of
      Common Stock of the Company.

    

    Section
      8.     Adjustments.
      Subject
      and pursuant to the provisions of this Section 8, unless waived in a particular
      case by the Warrantholder, the Warrant Price and number of Warrant Shares
      subject to this Warrant shall be subject to adjustment from time to time as
      set
      forth hereinafter.

     

    (a)    If
      the
      Company shall, at any time or from time to time while this Warrant is
      outstanding, pay a dividend or make a distribution on its Common Stock in shares
      of Common Stock, subdivide its outstanding shares of Common Stock into a greater
      number of shares or combine its outstanding shares of Common Stock into a
      smaller number of shares or issue by reclassification of its outstanding shares
      of Common Stock any shares of its capital stock (including any such
      reclassification in connection with a consolidation or merger in which the
      Company is the continuing corporation), then the number of Warrant Shares
      purchasable upon exercise of the Warrant and the Warrant Price in effect
      immediately prior to the date upon which such change shall become effective,
      shall be adjusted by the Company so that the Warrantholder thereafter exercising
      the Warrant shall be entitled to receive the number of shares of Common Stock
      or
      other capital stock which the Warrantholder would have received if the Warrant
      had been exercised immediately prior to such event upon payment of a Warrant
      Price that has been adjusted to reflect a fair allocation of the economics
      of
      such event to the Warrantholder. Such adjustments shall be made successively
      whenever any event listed above shall occur.

    

    (b)     If
      any
      capital reorganization, reclassification of the capital stock of the Company,
      consolidation or merger of the Company with another corporation in which the
      Company is not the survivor, or sale, transfer or other disposition of all
      or
      substantially all of the Company’s assets to another corporation shall be
      effected, then, as a condition of such reorganization, reclassification,
      consolidation, merger, sale, transfer or other disposition, lawful and adequate
      provision shall be made whereby each Warrantholder shall thereafter have the
      right to purchase and receive upon the basis and upon the terms and conditions
      herein specified and in lieu of the Warrant Shares immediately theretofore
      issuable upon exercise of the Warrant, such shares of stock, securities or
      assets as would have been issuable or payable with respect to or in exchange
      for
      a number of Warrant Shares equal to the number of Warrant Shares immediately
      theretofore issuable upon exercise of the Warrant, had such reorganization,
      reclassification, consolidation, merger, sale, transfer or other disposition
      not
      taken place, and in any such case appropriate provision shall be made with
      respect to the rights and interests of each Warrantholder to the end that the
      provisions hereof (including, without limitation, provision for adjustment
      of
      the Warrant Price) shall thereafter be applicable, as nearly equivalent as
      may
      be practicable in relation to any shares of stock, securities or assets
      thereafter deliverable upon the exercise hereof. The Company shall not effect
      any such consolidation, merger, sale, transfer or other disposition unless
      prior
      to or simultaneously with the consummation thereof the successor corporation
      (if
      other than the Company) resulting from such consolidation or merger, or the
      corporation purchasing or otherwise acquiring such assets or other appropriate
      corporation or entity shall assume the obligation to deliver to the
      Warrantholder, at the last address of the Warrantholder appearing on the books
      of the Company, such shares of stock, securities or assets as, in accordance
      with the foregoing provisions, the Warrantholder may be entitled to purchase,
      and the other obligations under this Warrant. The provisions of this paragraph
      (b) shall similarly apply to successive reorganizations, reclassifications,
      consolidations, mergers, sales, transfers or other dispositions.

    

    
      
        
        

      

      
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    (c)    In
      case
      the Company shall fix a payment date for the making of a distribution to all
      holders of Common Stock (including any such distribution made in connection
      with
      a consolidation or merger in which the Company is the continuing corporation)
      of
      evidences of indebtedness or assets (other than cash dividends or cash
      distributions payable out of consolidated earnings or earned surplus or
      dividends or distributions referred to in Section 8(a)), or subscription rights
      or warrants, the Warrant Price to be in effect after such payment date shall
      be
      determined by multiplying the Warrant Price in effect immediately prior to
      such
      payment date by a fraction, the numerator of which shall be the total number
      of
      shares of Common Stock outstanding multiplied by the Market Price (as defined
      below) per share of Common Stock immediately prior to such payment date, less
      the fair market value (as determined by the Company’s Board of Directors in good
      faith) of said assets or evidences of indebtedness so distributed, or of such
      subscription rights or warrants, and the denominator of which shall be the
      total
      number of shares of Common Stock outstanding multiplied by such Market Price
      per
      share of Common Stock immediately prior to such payment date. “Market Price” as
      of a particular date (the “Valuation Date”) shall mean the following: (a) if the
      Common Stock is then listed on a national stock exchange, the closing sale
      price
      of one share of Common Stock on such exchange on the last trading day prior
      to
      the Valuation Date; (b) if the Common Stock is then quoted on the Financial
      Industry Regulatory Authority’s OTC Bulletin Board (the “Bulletin Board”) or
      such similar exchange or association, the closing sale price of one share of
      Common Stock on the Bulletin Board or such other exchange or association on
      the
      last trading day prior to the Valuation Date or, if no such closing sale price
      is available, the average of the high bid and the low asked price quoted thereon
      on the last trading day prior to the Valuation Date; or (c) if the Common Stock
      is not then listed on a national stock exchange or quoted on the Bulletin Board
      or such other exchange or association, the fair market value of one share of
      Common Stock as of the Valuation Date, shall be determined in good faith by
      the
      Board of Directors of the Company and the Warrantholder. If the Common Stock
      is
      not then listed on a national securities exchange, the Bulletin Board or such
      other exchange or association, the Board of Directors of the Company shall
      respond promptly, in writing, to an inquiry by the Warrantholder prior to the
      exercise hereunder as to the fair market value of a share of Common Stock as
      determined by the Board of Directors of the Company. In the event that the
      Board
      of Directors of the Company and the Warrantholder are unable to agree upon
      the
      fair market value in respect of subpart (c) hereof, the Company and the
      Warrantholder shall jointly select an appraiser, who is experienced in such
      matters. The decision of such appraiser shall be final and conclusive, and
      the
      cost of such appraiser shall be borne equally by the Company and the
      Warrantholder. Such adjustment shall be made successively whenever such a
      payment date is fixed.

    

    
      
        
        

      

      
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    (d)    An
      adjustment to the Warrant Price shall become effective immediately after the
      payment date in the case of each dividend or distribution and immediately after
      the effective date of each other event which requires an
      adjustment.

    

    (e)    In
      the
      event that, as a result of an adjustment made pursuant to this Section 8, the
      Warrantholder shall become entitled to receive any shares of capital stock
      of
      the Company other than shares of Common Stock, the number of such other shares
      so receivable upon exercise of this Warrant shall be subject thereafter to
      adjustment from time to time in a manner and on terms as nearly equivalent
      as
      practicable to the provisions with respect to the Warrant Shares contained
      in
      this Warrant.

     

    Section
      9.     Forced
      Exercise by the Company.
       At
      the
      option of the Company, the Company may force the Warrantholder to exercise
      the
      Warrant at the Warrant Price provided that (i) the closing bid price of
      Company’s Common Stock is greater than or equal to $3.00 for a period of twenty
      (20) consecutive trading days immediately prior to such exercise, (ii) the
      Warrant Shares are registered pursuant to an effective registration statement
      and (iii) such forced exercise by the Company shall not cause the aggregate
      number of shares of Common Stock beneficially owned by the holder and its
      affiliates to exceed 4.99% of the outstanding shares of the Common Stock
      following such exercise.

     

    

    Section
      10.    Fractional
      Interest.
      The
      Company shall not be required to issue fractions of Warrant Shares upon the
      exercise of this Warrant. If any fractional share of Common Stock would, except
      for the provisions of the first sentence of this Section 10, be deliverable
      upon
      such exercise, the Company, in lieu of delivering such fractional share, shall
      pay to the exercising Warrantholder an amount in cash equal to the Market Price
      of such fractional share of Common Stock on the date of exercise.

    

    Section
      11.    Benefits.
      Nothing
      in this Warrant shall be construed to give any person, firm or corporation
      (other than the Company and the Warrantholder) any legal or equitable right,
      remedy or claim, it being agreed that this Warrant shall be for the sole and
      exclusive benefit of the Company and the Warrantholder.

    

    Section
      12.    Notices
      to Warrantholder.
      Upon
      the happening of any event requiring an adjustment of the Warrant Price, the
      Company shall promptly give written notice thereof to the Warrantholder at
      the
      address appearing in the records of the Company, stating the adjusted Warrant
      Price and the adjusted number of Warrant Shares resulting from such event and
      setting forth in reasonable detail the method of calculation and the facts
      upon
      which such calculation is based. Failure to give such notice to the
      Warrantholder or any defect therein shall not affect the legality or validity
      of
      the subject adjustment.

    

    
      
        
        

      

      
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    Section
      13.    Identity
      of Transfer Agent.
      The
      Transfer Agent for the Common Stock is Holladay Stock Transfer. Upon the
      appointment of any subsequent transfer agent for the Common Stock or other
      shares of the Company’s capital stock issuable upon the exercise of the rights
      of purchase represented by the Warrant, the Company will mail to the
      Warrantholder a statement setting forth the name and address of such transfer
      agent.

    

    Section
      14.     Notices.
      Unless
      otherwise provided, any notice required or permitted under this Warrant shall
      be
      given in writing and shall be deemed effectively given as hereinafter described
      (i) if given by personal delivery, then such notice shall be deemed given upon
      such delivery, (ii) if given by telex or facsimile, then such notice shall
      be
      deemed given upon receipt of confirmation of complete transmittal, (iii) if
      given by mail, then such notice shall be deemed given upon the earlier of (A)
      receipt of such notice by the recipient or (B) three days after such notice
      is
      deposited in first class mail, postage prepaid, and (iv) if given by an
      internationally recognized overnight air courier, then such notice shall be
      deemed given one business day after delivery to such carrier. All notices shall
      be addressed as follows: if to the Warrantholder, at its address as set forth
      in
      the Company’s books and records and, if to the Company, at the address as
      follows, or at such other address as the Warrantholder or the Company may
      designate by ten days’ advance written notice to the other:

    

    If
      to the
      Company:

    

    Zulu
      Energy Corp.

    122
      N.
      Main Street, 

    Sheridan,
      Wyoming 82801

    Attention:
      Mr. Paul Stroud

    President

    Fax:
      (___) ___-_____

     

    With
      a
      copy to:

    

    Patton
      Boggs LLP

    1801
      California Street

    Suite
      4900

    Denver,
      CO 80202

    Attention:
      Robert M. Bearman, Esq.

    Fax:
      (303) 894-6169

    

    
      
        
        

      

      
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    Section
      15.     Registration
      Rights.
      The
      initial Warrantholder is entitled to the benefit of certain registration rights
      with respect to the shares of Common Stock issuable upon the exercise of this
      Warrant as provided in the Registration Rights Agreement, and any subsequent
      Warrantholder may be entitled to such rights; provided, however, that such
      benefits and right will not be available if the Registration Rights Agreement
      is
      terminated pursuant to its terms.

    

    Section
      16.     Successors.
      All the
      covenants and provisions hereof by or for the benefit of the Warrantholder
      shall
      bind and inure to the benefit of its respective successors and assigns
      hereunder. 

    

    Section
      17.     Governing
      Law; Consent to Jurisdiction; Waiver of Jury Trial.
      This
      Warrant shall be governed by, and construed in accordance with, the internal
      laws of the State of Colorado, without reference to the choice of law provisions
      thereof. The Company and, by accepting this Warrant, the Warrantholder, each
      irrevocably submits to the exclusive jurisdiction of the courts of the State
      of
      Colorado located in Denver and the United States District Court situated therein
      for the purpose of any suit, action, proceeding or judgment relating to or
      arising out of this Warrant and the transactions contemplated hereby. Service
      of
      process in connection with any such suit, action or proceeding may be served
      on
      each party hereto anywhere in the world by the same methods as are specified
      for
      the giving of notices under this Warrant. The Company and, by accepting this
      Warrant, the Warrantholder, each irrevocably consents to the jurisdiction of
      any
      such court in any such suit, action or proceeding and to the laying of venue
      in
      such court. The Company and, by accepting this Warrant, the Warrantholder,
      each
      irrevocably waives any objection to the laying of venue of any such suit, action
      or proceeding brought in such courts and irrevocably waives any claim that
      any
      such suit, action or proceeding brought in any such court has been brought
      in an
      inconvenient forum. EACH
      OF THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE WARRANTHOLDER HEREBY WAIVES
      ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS
      WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS
      WAIVER.

     

    Section
      18.     Limitations
      on Exercise.

    

    (a)     Notwithstanding
      anything to the contrary contained herein, the number of Warrant Shares that
      may
      be acquired by the Warrantholder upon any exercise of this Warrant (or otherwise
      in respect hereof) shall be limited to the extent necessary to insure that,
      following such exercise (or other issuance), the total number of shares of
      Common Stock then beneficially owned by such Warrantholder and its affiliates
      and any other persons whose beneficial ownership of Common Stock would be
      aggregated with the Warrantholder's for purposes of Section 13(d) of the
      Securities Exchange Act of 1934, as amended (the “Exchange Act”), does not
      exceed 4.99% of the total number of issued and outstanding shares of Common
      Stock (including for such purpose the shares of Common Stock issuable upon
      such
      exercise). For such purposes, beneficial ownership shall be determined in
      accordance with Section 13(d) of the Exchange Act and the rules and regulations
      promulgated thereunder. This provision shall not restrict the number of shares
      of Common Stock which a Warrantholder may receive or beneficially own in order
      to determine the amount of securities or other consideration that such Holder
      may receive in the event of a transaction contemplated by Section 8 of this
      Warrant. By written notice to the Company, the Warrantholder may waive the
      provisions of this Section 19(a), but any such waiver will not be effective
      until the 61st day after delivery of such notice, nor will any such waiver
      effect any other Warrantholder.

     

    
      
        
        

      

      
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    Section
      19.     No
      Rights as Stockholder.
      Prior
      to the exercise of this Warrant, the Warrantholder shall not have or exercise
      any rights as a stockholder of the Company by virtue of its ownership of this
      Warrant.

    

    Section
      20.     Amendment;
      Waiver.
      This
      Warrant is one of a series of Warrants of like tenor issued by the in 2008
      Company pursuant to the Subscription Agreement for the private offering of
      Common Stock and warrants (collectively, the “Company
      Warrants”).
      Any
      term of this Warrant may be amended or waived (including the adjustment
      provisions included in Section 8 of this Warrant) upon the written consent
      of
      the Company and the holders of Company Warrants representing at least 50% of
      the
      number of shares of Common Stock then subject to all outstanding Company
      Warrants (the “Majority
      Holders”);
      provided,
      that
      (x) any such amendment or waiver must apply to all Company Warrants; and (y)
      the
      number of Warrant Shares subject to this Warrant, the Warrant Price and the
      Expiration Date may not be amended, and the right to exercise this Warrant
      may
      not be altered or waived, without the written consent of the Warrantholder.
      Notwithstanding the provisions of the preceding sentence, any Warrantholder
      shall have the right to waive for itself only any adjustment in the Warrant
      Price pursuant to Section 8 hereof.

    

    Section
      21.     Section
      Headings.
      The
      section headings in this Warrant are for the convenience of the Company and
      the
      Warrantholder and in no way alter, modify, amend, limit or restrict the
      provisions hereof.

    

    

    [Remainder
      of page intentionally left blank]

     

    
      
        
        

      

      
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    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed, as
      of
      the ___ day of April, 2008.

    

    ZULU
      ENERGY CORP.

    

    

    

    By:
      ___________________________     

    Name:
       

    Title:
      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    APPENDIX
      A

    ZULU
      ENERGY CORP.

    WARRANT
      EXERCISE FORM

     

    To
      Zulu
      Energy Corp:

     

    The
      undersigned hereby irrevocably elects to exercise the right of purchase
      represented by the within Warrant (“Warrant”) for, and to purchase thereunder by
      the payment of the Warrant Price and surrender of the Warrant, _______________
      shares of Common Stock (“Warrant Shares”) provided for therein, and requests
      that certificates for the Warrant Shares be issued as follows: 

    _______________________________

    Name

    ________________________________

    Address

    ________________________________

    ________________________________

    Federal
      Tax ID or Social Security No.

    

    and
      delivered by     (certified
      mail to the above address, or 

    (electronically
      (provide DWAC instructions:__________________),  or
      (other
      (specify): _________________________________ __). 

    

    and,
      if
      the number of Warrant Shares shall not be all the Warrant Shares purchasable
      upon exercise of the Warrant, that a new Warrant for the balance of the Warrant
      Shares purchasable upon exercise of this Warrant be registered in the name
      of
      the undersigned Warrantholder or the undersigned’s Assignee as below indicated
      and delivered to the address stated below.

    

    Pursuant
      to Section 3 of the Warrant, in conjunction with this exercise (in whole or
      in part) of the Warrant the undersigned re-affirms that the representations
      and
      warranties contained in Article 2 of the Subscription Agreement (as defined
      in
      the Warrant) are true and correct in all material respects with respect to
      the
      undersigned as of the time of this exercise. 

    

    If
      the
      undersigned is not a Reg S Person (as defined in Section 2(b) of the
      Subscription Agreement) and has provided the representations and warranties
      in
      Section 2(b) of the Subscription Agreement, the undersigned acknowledges
      that this Warrant may not be exercised and certifies that this Warrant has
      not
      been and will not be (except as provided under Rule 903(b)(5) of Regulation
      S)
      exercised by or on behalf of any U.S. person unless registered under the
      Securities Act and
      agrees to comply with the provisions of Rule 903(b)(5) of Regulation S
      promulgated under the Securities Act concerning such
      exercise. 

    

    Dated:
      ___________________, ____

    

    
      
        	Note: The signature must correspond
                with	 	Signature:__________________________
	the name of the Warrantholder as
                written	 	 
	on the first page of the Warrant in
                every	 	______________________________
	particular, without alteration or
                enlargement	 	Name (please print)
	or any change whatever, unless the
                Warrant 	 	 
	has been assigned.	 	
                ______________________________

              
	 	 	
                ______________________________

              
	 	 	
                Address

              
	 	 	 
	 	 	
                ______________________________

              
	 	 	
                Federal
                  Identification or

              
	 	 	
                Social
                  Security No.

              
	 	 	 
	 	 	
                Assignee:

              
	 	 	
                _______________________________

              
	 	 	
                _______________________________

              
	 	 	
                _______________________________THIS
      SUBSCRIPTION AGREEMENT IS EXECUTED IN RELIANCE UPON (1) THE EXEMPTION PROVIDED
      BY SECTION 4(2) AND REGULATION D, RULE 506 FOR TRANSACTIONS NOT INVOLVING A
      PUBLIC OFFERING UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) OR (2) THE EXEMPTION TO AN OFFERING OF SECURITIES IN AN
      OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN)
      PURSUANT TO RULE 903 OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT.
      THIS
      OFFERING IS BEING MADE ONLY TO ACCREDITED INVESTORS. NONE OF THE SECURITIES
      TO
      WHICH THIS SUBSCRIPTION AGREEMENT RELATES HAVE BEEN REGISTERED UNDER THE
      SECURITIES ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED,
      NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, EXCEPT IN ACCORDANCE WITH
      THE PROVISIONS OF REGULATION D OR REGULATION S UNDER THE SECURITIES ACT,
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR
      PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
      THE
      REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN EACH CASE ONLY IN
      ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
      TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
      WITH THE SECURITIES ACT.

    

    _________________________

    

    SUBSCRIPTION
      AGREEMENT

    _________________________

    

    THIS
      AMENDED AND RESTATED SUBSCRIPTION AGREEMENT (this
      “Subscription Agreement”) has been executed by the undersigned in connection
      with the private placement of a minimum of $1,000,000 and up to a maximum of
      $12,000,000 of shares of common stock (the “Common Stock”), issued by Zulu
      Energy Corp., a corporation organized under the laws of the State of Colorado
      (hereinafter referred to as the “Company”) at a purchase price of $1.00 per
      share (“Per Share Purchase Price”) (the “Offering”). In consideration for each
      share of Common Stock subscribed for, the Purchaser shall receive a warrant
      to
      purchase the number of shares of Common Stock equal to the number of shares
      of
      Common Stock subscribed for under this Subscription Agreement at an exercise
      price of $1.50 per share (the “Warrant”, and together with the Common Stock, the
“Securities”). Each Warrant shall be valid for three (3) years from the date of
      issuance. The Securities being subscribed for pursuant to this Subscription
      Agreement have not been registered under the Securities Act. The offer of the
      Securities and, if this Subscription Agreement is accepted by the Company,
      the
      sale of Securities, is being made in reliance upon Section 4(2) of the
      Securities Act or Rule 903 of Regulation S promulgated under the Securities
      Act
      All dollar amounts in this Subscription Agreement are expressed in U.S. Dollars.
      The Offering will terminate on April 29, 2008 (or such other date that the
      Company may select), but not later than May 15, 2008.

    

    The
      undersigned Purchaser:

    

    
      	
              NAME:

            	 
	 	 
	
              ADDRESS:

            	 
	 	 
	 	 

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    if
      applicable, a [Corporate][Partnership][Trust] organized under the laws of
      ________________, (hereinafter
      referred to as the “Purchaser”) hereby represents and warrants to, and agrees
      with the Company as follows:

    

    

    ARTICLE
      1

    SUBSCRIPTION

    

    Subscription

    

    1.1     The
      undersigned Purchaser, as principal, hereby subscribes to purchase
      ___________________ shares
      of
      Common Stock, at an aggregate purchase price of $_________________________
      (the
      “Subscription Funds”).

    

    Minimum
      Subscription

    

    1.2     A
      minimum
      of $100,000 of Common Stock must be purchased by the Purchaser.

    

    Method
      of Payment

    

    1.3     The
      Purchaser shall pay the Subscription Funds by delivering good funds in United
      States Dollars by way of wire transfer of funds to the Company utilizing the
      below wire transfer instructions. The Company’s wire transfer instructions
      are:

    

    

    
      	Wire to:	Colorado Business
              Bank
	 	821 17th St. 
	 	Denver, CO
              80202
	Routing No:	102003206
	Account Name:	Zulu
              Energy Corp
	Account No:	
              3251659

            

    

      

    

    

    Upon
      receipt of the Subscription Funds, and the acceptance by the Company of this
      Subscription, the Company shall take up the Subscription Funds (the “Closing
      Date”) and issue to the Purchaser such number of shares of Common Stock equal to
      the Subscription Funds divided by the Per Share Purchase Price and a Warrant
      to
      purchase a number of shares of Common Stock equal to the number of shares of
      Common Stock issued pursuant to Article 6 hereof. In the event that the Company
      does not accept the subscription contemplated by this Subscription Agreement
      and
      issue and deliver the Securities subscribed for to the Purchaser, the Company
      shall forthwith return the whole amount of the Subscription Funds to the
      Purchaser. The Purchaser acknowledges that the subscription for the Securities
      hereunder may be rejected in whole or in part by the Company in its sole
      discretion.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    ARTICLE
      2

    REPRESENTATIONS
      AND WARRANTIES OF THE PURCHASER

    

    Representations
      and Warranties

    

    2.1     The
      Purchaser represents and warrants in all material respects to the Company,
      with
      the intent that the Company will rely thereon in accepting the subscription
      pursuant to this Subscription Agreement, that either:

    

    
      	(a)  	
              Accredited
                Investor.
                The Purchaser is an “accredited investor” as that term is defined in
                Regulation D promulgated under the Securities Act by virtue of being
                (initial all applicable responses)

            

    

    

    
      	 	
              —

            	
              A
                small business investment company licensed by the U.S. Small Business
                Administration under the Small
                Business Investment Company Act of 1958,

            
	 	
              —

            	
              A
                business development company as defined in the Investment
                Company Act of 1940,

            
	 	
              —

            	
              A
                national or state-chartered commercial bank, whether acting in
                an

              individual
                or fiduciary capacity,

            
	 	
              —

            	
              An
                insurance company as defined in Section 2(13) of the Securities
                Act,

            
	 	
              —

            	
              An
                investment company registered under the Investment
                Company Act of 1940,

            
	 	
              —

               

               

            	
              An
                employee benefit plan within the meaning of Title I of the
                Employee Retirement Income Security Act of 1974,
                where the investment decision is made by a plan fiduciary, as defined
                in
                Section 3(21) of such Act, which is either a bank, insurance company,
                or
                registered investment advisor, or an employee benefit plan which
                has total
                assets in excess of $5,000,000,

            
	 	
              —

            	
              A
                private business development company as defined in Section 202(a)(22)
                of
                the Investment
                Advisors Act of 1940,

            
	 	
              —

            	
              An
                organization described in Section 501(c)(3) of the Internal
                Revenue Code,
                a
                corporation or a partnership with total assets in excess of
                $5,000,000,

            
	 	
              —

            	
              A
                natural person (as opposed to a corporation, partnership, trust or
                other
                legal entity) whose net worth, or joint net worth together with his/her
                spouse, exceeds $1,000,000,

            
	 	
              —

            	
              Any
                trust, with total assets in excess of $5,000,000, not formed for
                the
                specific purpose of acquiring the securities offered, whose purchase
                is
                directed by a sophisticated person as described in Section 506(b)(2)(ii)
                of Regulation D,

            
	 	
              —

               

            	
              A
                natural person (as opposed to a corporation, partnership, trust or
                other
                legal entity) whose individual income was in excess of $200,000 in
                each of
                the two most recent years (or whose joint income with such person's
                spouse
                was at least $300,000 during such years) and who reasonably expects
                an
                income in excess of such amount in the current year, or

            
	 	
              —

            	
              A
                corporation, partnership, trust or other legal entity (as opposed
                to a
                natural person) and
                all
                of
                such entity's equity owners fall into one or more of the categories
                enumerated above;

            

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    (b)   Non-U.S.
      Person.
      If the
      Purchaser is not a U.S. Person (a “Reg S Person”) as defined in Section 902(k)
      of Regulation S promulgated under the Securities Act, such Purchaser hereby
      represents that the representations contained in paragraphs (1) through (7)
      of
      this Section 2.1(b) are true and correct with respect to such Purchaser.

     

    (1)(i)
      the
      issuance and sale to such Reg S Person of the Securities is intended to be
      exempt from the registration requirements of the Securities Act, pursuant to
      the
      provisions of Regulation S; (ii) it is not a “U.S. Person,” as such term is
      defined in Regulation S and herein, and is not acquiring the Securities for
      the
      account or benefit of any U.S. Person; and (iii) the offer and sale of the
      Securities has not taken place, and is not taking place, within the United
      States of America or its territories or possessions. Such Reg S Person
      acknowledges that the offer and sale of the Securities has taken place, and
      is
      taking place in an “offshore transaction,” as such term is defined in Regulation
      S.

     

    (2) Such
      Reg
      S Person acknowledges and agrees that, pursuant to the provisions of Regulation
      S, the Securities cannot be sold, assigned, transferred, conveyed, pledged
      or
      otherwise disposed of to any U.S. Person or within the United States of America
      or its territories or possessions for a period of one year (except as otherwise
      provided by Regulation S) from and after the Closing Date, unless such shares
      are registered for sale in the United States pursuant to an effective
      registration statement under the Securities Act or another exemption from such
      registration is available. Such Reg S Person acknowledges that it has not
      engaged in any hedging transactions with regard to the Securities.

     

    (3) Such
      Reg
      S Person consents to the placement of a legend on any certificate, note or
      other
      document evidencing the Securities and understands that the Company shall be
      required to refuse to register any transfer of Securities not made in accordance
      with applicable U.S. securities laws. 

     

    (4) Such
      Reg
      S Person is not a “distributor” of securities, as that term is defined in
      Regulation S, nor a dealer in securities.

     

    (5) Such
      Reg
      S Person understands that the Securities have not been registered under the
      Securities Act, or the securities laws of any state and are subject to
      substantial restrictions on resale or transfer. The Securities are “restricted
      securities” within the meaning of Regulation S and Rule 144, promulgated under
      the Securities Act.

     

    (6) Such
      Reg
      S Person acknowledges that the Securities may only be sold offshore in
      compliance with Regulation S or pursuant to an effective registration statement
      under the Securities Act or another exemption from such registration, if
      available. In connection with any resale of the Securities pursuant to
      Regulation S, the Company will not register a transfer not made in accordance
      with Regulation S, pursuant to an effective registration statement under the
      Securities Act or in accordance with another exemption from the Securities
      Act.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (7) Such
      Reg
      S Person makes the representations, declarations and warranties as contained
      in
      this Section 2.1(b) with the intent that the same shall be relied upon by the
      Company in determining its suitability as a purchaser of such
      Securities.

     

    
      	(c)  	
              Experience.
                The Purchaser is sufficiently experienced in financial and business
                matters to be capable of evaluating the merits and risks of its
                investments, and to make an informed decision relating thereto, and
                to
                protect its own interests in connection with the purchase of the
                Securities;

            

    

    

    
      	(d)  	
              Own
                Account.
                The Purchaser is purchasing the shares of Common Stock as principal
                for
                its own account. The Purchaser is purchasing the Securities for investment
                purposes only and not with an intent or view towards further sale
                or
                distribution (as such term is used in Section 2(11) of the Securities
                Act)
                thereof, and has not pre-arranged any sale with any other
                purchaser;

            

    

    

    
      	(e)  	
              Exemption.
                The Purchaser understands that the offer and sale of the Securities
                are
                not being registered under the Securities Act based on the exemption
                from
                registration provided by either (i) in the case of U.S. person, Rule
                506
                promulgated under Section 4(2) of the Securities Act or (ii) in the
                case
                of a Reg S Person, Rule 903 of Regulation S promulgated the Securities
                Act
                and that the Company is relying on such exemption.
                

            

    

    

    
      	(f)  	
              Importance
                of Representations.
                The Purchaser understands that the Securities are being offered and
                sold
                to it in reliance on an exemption from the registration requirements
                of
                the Securities Act, and that the Company is relying upon the truth
                and
                accuracy of the representations, warranties, agreements, acknowledgments
                and understandings of the Purchaser set forth herein in order to
                determine
                the applicability of such safe harbor and the suitability of the
                Purchaser
                to acquire the Securities;

            

    

    

    
      	(g)  	
              No
                Registration.
                The Common Stock, the Warrant and the shares of Common Stock underlying
                the Warrant have not been registered under the Securities Act and
                may not
                be transferred, sold, assigned, hypothecated or otherwise disposed
                of
                unless such transaction is the subject of a registration statement
                filed
                with and declared effective by the Securities and Exchange Commission
                (the
                “SEC”) or unless an exemption from the registration requirements under
                the
                Securities Act, such as Rule 144, is available. The Purchaser represents
                and warrants and hereby agrees that all offers and sales of the Securities
                shall be made only pursuant to such registration or to such exemption
                from
                registration;

            

    

    

    
      	(h)  	
              Risk.
                The Purchaser acknowledges that the purchase of the Securities involves
                a
                high degree of risk, is aware of the risks and further acknowledges
                that
                it can bear the economic risk of the Securities, including the total
                loss
                of its investment;

            

    

    

    
      	(i)  	
              Current
                Information.
                The Purchaser has been furnished with or has acquired copies of all
                requested information concerning the
                Company;

            

    

    

    
      	(j)  	
              Independent
                Investigation.
                The Purchaser, in making the decision to purchase the Securities
                subscribed for, has relied upon independent investigations made by
                it and
                its purchaser representatives, if any, and the Purchaser and such
                representatives, if any, have prior to any sale to it, been given
                access
                and the opportunity to examine all material contracts and documents
                relating to this offering and an opportunity to ask questions of,
                and to
                receive answers from, the Company or any person acting on its behalf
                concerning the terms and conditions of this offering. The Purchaser
                represents that it is has reviewed and is familiar with the disclosure
                contained in the Company’s filings made with the U.S. Securities and
                Exchange Commission (“SEC”) including without limitation the Form 10-KSB
                filed by the Company with the SEC on April 15, 2008. The Purchaser
                and its
                advisors, if any, have been furnished with access to all materials
                relating to the business, finances and operation of the Company and
                materials relating to the offer and sale of the Securities which
                have been
                requested. The Purchaser and its advisors, if any, have received
                complete
                and satisfactory answers to any such
                inquiries;

            

    

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    
      	(k)  	
              No
                Recommendation or Endorsement.
                The Purchaser understands that no federal, state or provincial agency
                has
                passed on or made any recommendation or endorsement of the
                Securities;

            

    

    

    
      	(l)  	
              The
                Purchaser.
                If the Purchaser is a partnership, corporation or trust, the person
                executing this Subscription Agreement on its behalf represents and
                warrants that

            

    

    

    
      	 	
              (i)

            	
              he
                or she has made due inquiry to determine the truthfulness of the
                representations and warranties made pursuant to this Subscription
                Agreement, and

            

    

    

    
      	 	
              (ii)

            	
              he
                or she is duly authorized (and if the undersigned is a trust, by
                the trust
                agreement) to make this investment and to enter into and execute
                this
                Subscription Agreement on behalf of such
                entity;

            

    

    

    
      	(m)  	
              Non-Affiliate
                Status.
                The Purchaser is not an affiliate of the Company nor is any affiliate
                of
                the Purchaser an affiliate of the Company;
                and

            

    

    

    
      	(n)  	
              No
                Advertisement or General Solicitation.
                The sale of the Securities has not been advertised through any article,
                notice or other communication published in any newspaper, magazine,
                or
                similar media or broadcast over television or radio; or through any
                seminar or meeting whose attendees have been invited by any general
                solicitation or general
                advertising.

            

    

    

    
      	(o)  	
              Subscription
                Funds.
                The funds representing the Subscription Funds that will be provided
                to the
                Company by the Purchaser hereunder will not present proceeds of crime
                for
                the purposes of United States anti-terrorist legislation and the
                Purchaser
                acknowledges that the Company may in the future be required by law
                to
                disclose the Purchaser’s name and other information related to this
                Subscription Agreement and the Purchaser’s subscription hereunder pursuant
                to such legislation. To the best of the Purchaser’s knowledge (a) none of
                the Subscription Funds to be provided by the Purchaser (i) has been
                or
                will be derived from or related to any activity that is deemed criminal
                under the law of the United States of America, or any other jurisdiction,
                or (ii) is being tendered on behalf of a person or entity who has
                not been
                identified to the Purchaser, and (b) it shall promptly notify the
                Company
                if the Purchaser discovers that any such representations ceases to
                be
                true, and to provide the Company with appropriate information in
                connection therewith.

            

    

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    Non-Merger
      and Survival

    

    2.2     The
      representations and warranties of the Purchaser contained herein will be true
      at
      the date of execution of this Subscription Agreement by the Purchaser and as
      of
      the Closing Date in all material respects as though such representations and
      warranties were made as of such times and shall survive the Closing Date and
      the
      delivery of the Certificates. 

    

    Indemnity

    

    2.3     The
      Purchaser
      agrees to indemnify and save harmless the Company from and against any and
      all
      claims, demands, actions, suits, proceedings, assessments, judgments, damages,
      costs, losses and expenses, including any payment made in good faith in
      settlement of any claim (subject to the right of the Purchaser to defend any
      such claim), resulting from the breach of any representation or warranty of
      such
      party under this Subscription.

    

    

    ARTICLE
      3

    REPRESENTATIONS
      AND WARRANTIES OF THE COMPANY

    

    3.1     The
      Company, upon taking up and accepting this Subscription, represents and warrants
      in all material respects to the Purchaser, with the intent that the Purchaser
      will rely thereon in making this Subscription Agreement, that:

    

    
      	(a)
                	
              Legality.
                The Company has the requisite corporate power and authority to take
                up and
                accept this Subscription Agreement and to issue, sell and deliver
                the
                Securities; this Subscription Agreement and the issuance, sale and
                delivery of the Securities hereunder and the transactions contemplated
                hereby have been duly and validly authorized by all necessary corporate
                action by the Company; this Subscription Agreement and the Common
                Stock
                have been duly and validly executed and delivered by and on behalf
                of the
                Company, and are valid and binding agreements of the Company, enforceable
                in accordance with their respective terms, except as enforceability
                may be
                limited by general equitable principles, bankruptcy, insolvency,
                fraudulent conveyance, reorganization, moratorium, or other laws
                affecting
                creditors’ rights generally;

            

    

    

    
      	(b)
                	
              Proper
                Organization.
                The Company is a corporation duly organized, validly existing and
                in good
                standing under the laws of its jurisdiction of incorporation and
                is duly
                qualified as a foreign corporation in all jurisdictions where the
                failure
                to be so qualified would have a materially adverse effect on its
                business,
                taken as whole;

            

    

    

    
      	(c)
                	
              No
                Legal Proceedings.
                There is no action, suit or proceeding before or by any court or
                any
                governmental agency or body, domestic or foreign, now pending or
                to the
                knowledge of the Company, threatened, against or affecting the Company,
                or
                any of its properties or assets, which might result in any material
                adverse change in the condition (financial or otherwise) or in the
                earnings, business affairs of business prospects of the Company,
                or which
                might materially and adversely affect the properties or assets
                thereof;

            

    

    

    
      	(d)
                	
              Non-Default.
                Except as disclosed in the Form 10-KSB filed by the Company with
                the SEC
                on April 15, 2008 (the “Form 10-KSB”) including the financials statements
                and notes thereto concerning the Stock Purchase Agreement, dated
                December
                19, 2007, between the Company and Swansi Holdings Corp. (the “Swansi Stock
                Purchase Agreement”), the Company is not in default in the performance or
                observance of any material obligation, agreement, covenant or condition
                contained in any indenture, mortgage, deed of trust or other material
                instrument or agreement to which it is a party or by which it or
                its
                property may be bound;

            

    

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    
      	(e)
                	
              No
                Misleading Statements.
                The information provided by the Company to the Purchaser does not
                contain
                any untrue statement of a material fact or omit to state any material
                fact;

            

    

    

    
      	(f)
                	
              Absence
                of Non-Disclosed Facts.
                There is no fact known to the Company (other than general economic
                conditions known to the public generally) that has not been disclosed
                in
                writing to the Purchaser that (i) could reasonably be expected to
                have a
                material adverse effect on the condition (financial or otherwise)
                or in
                the earnings, business affairs, business prospects, properties or
                assets
                of the Company; or (ii) could reasonably be expected to materially
                and
                adversely affect the ability of the Company to perform its obligations
                pursuant to this Subscription;

            

    

    

    
      	(g)
                	
              Non-Contravention.
                The acceptance of this Subscription Agreement and the consummation
                of the
                issuance of the Securities and the transactions contemplated by this
                Subscription Agreement do not and will not conflict with or result
                in a
                breach by the Company of any of the terms or provisions of, or constitute
                a default under the Articles of Incorporation, as amended, or By-laws
                of
                the Company, or any indenture, mortgage, deed of trust, or other
                material
                agreement or instrument to which the Company is a party or by which
                it or
                any of its properties or assets are bound, or any existing applicable
                decrees, judgment or order of any court, federal, state or provincial
                regulatory body, administrative agency or other domestic governmental
                body
                having jurisdiction over the Company or any of its properties or
                assets.

            

    

    

    
      	(h)
                	
              Sales
                Commission.
                The Company may pay a sales commission or other fee of up to 10%
                of the
                gross proceeds of the sale of the Common Stock in cash and issue
                such
                number of Warrants equal to 10% of the aggregate amount of shares
                of
                Common Stock subscribed for (includes shares of Common Stock issuable
                upon
                exercise of the Warrants) in conjunction with this
                Offering.

            

    

    

    Survival

    

    3.2     The
      representations and warranties of the Company shall survive the Closing Date
      and
      the delivery of the Certificates. 

    

    Indemnity

    

    3.3     The
      Company agrees to indemnify and save harmless the Purchaser from and against
      any
      and all claims, demands, actions, suits, proceedings, assessments, judgments,
      damages, costs, losses and expenses, including any payment made in good faith
      in
      settlement of any claim (subject to the right of the Company to defend any
      such
      claim), resulting from the breach of any representation, warranty or covenant
      of
      such party under this Subscription.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      4

    COVENANTS
      OF THE COMPANY

    

    Covenants
      of the Company

    

    4.1     The
      Company covenants and agrees with the Purchaser that:

    

    
      	(a)
                	
              Filings.
                The Company shall make all necessary filings in connection with the
                sale
                of the Securities as required by the laws and regulations of all
                appropriate jurisdictions and securities
                exchanges;

            

    

    

    
      	(b)
                	
              Opinion.
                The Company will, upon written request by the Purchaser, take such
                steps
                as are necessary to cause its counsel to issue an opinion to the
                Company’s
                transfer agent allowing the Purchaser to offer and sell the Common
                Shares
                in reliance on the provisions of Rule 144 provided that the holding
                period
                and other requirements of such Rule 144 are met. The costs of obtaining
                such an opinion shall be borne by the
                Company.

            

    

    

    
      	(c)
                	
              Use
                of Proceeds.
                The Company intends to use the proceeds of the Offering after deduction
                for fees and expenses incurred in conjunction with the Offering for
                general corporate matters including, but not limited to, (i) the
                payment
                of $1.5 million to Swansi Holdings Corp. pursuant to the Swansi Stock
                Purchase Agreement (as disclosed in the Form 10-KSB), and (ii) exploration
                operations on its leased properties in the Republic of Botswana.
                The
                Company expects to use a majority of the proceeds from the Offering
                for
                its exploration efforts in the Republic of Botswana and expects to
                expend
                all or substantially all of the proceeds of the Offering within the
                next
                few months.

            

    

    

    Survival

    

    4.2     The
      covenants set forth in this Article shall survive the Closing for the benefit
      of
      the Purchaser.

    

    

    ARTICLE
      5

    ISSUANCE
      OF COMMON STOCK

    

    On
      or
      prior to the Closing Date, the Company will prepare and issue the Common Stock
      registered in such name or names as specified by the Purchaser. Such
      Certificate(s) shall bear a legend in substantially one of the following
      forms:

    

    For
      U.S.
      Persons:

    

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE
      SECURITIES HAVE BEEN ISSUED PURSUANT TO THE SECTION 4(2) EXEMPTION TO THE
      REGISTRATION PROVISIONS UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 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, IN A FORM
      REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER
      SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.
      

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    For
      Non-U.S. Persons:

    

    THESE
      SECURITIES WERE ISSUED IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S.
      PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES
      SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”). ACCORDINGLY, NONE OF THE
      SECURITIES TO WHICH THIS CERTIFICATE RELATES HAVE BEEN REGISTERED UNDER THE
      1933
      ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY
      BE
      OFFERED OR SOLD IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS
      (AS DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
      OR
      PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
      REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE
      WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS
      INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE
      1933
      ACT.

    

    ARTICLE
      6

    CLOSING

    

    Closing
      shall be effected through the delivery of the Subscription Funds and a duly
      executed Subscription Agreement, Registration Rights Agreement and
      Confidentiality Agreement to the Company and the delivery of certificates
      evidencing the Common Stock and the Warrant to the Purchaser (or the Purchaser’s
      Representative) by the Company, together with a copy of this Subscription
      Agreement, the Registration Rights Agreement and Confidentiality Agreement
      dated
      as of an even date herewith, duly executed.

    

    

    ARTICLE
      7

    INDEMNIFICATION

    

    7.1     Indemnification
      of the Company.
      Purchaser
      agrees to indemnify and hold harmless the Company against and in respect of
      any
      and all loss, liability, claim, damage, deficiency, and all actions, suits,
      proceedings, demands, assessments, judgments, costs and expenses whatsoever
      (including, but not limited to, attorneys' fees reasonably incurred in
      investigating, preparing, or defending against any litigation commenced or
      threatened or any claim whatsoever through all appeals) arising out of or based
      upon any false representation or warranty or breach or failure by Purchaser
      to
      comply with any covenant, representation or other provision made by it herein
      or
      in any other document furnished by it in connection with this
      subscription.

    

    7.2     Indemnification
      of the Purchasers.
      Company
      agrees to indemnify and hold harmless the Purchasers against and in respect
      of
      any and all loss, liability, claim, damage, deficiency, and all actions, suits,
      proceedings, demands, assessments, judgments, costs and expenses whatsoever
      (including, but not limited to, attorneys' fees reasonably incurred in
      investigating, preparing, or defending against any litigation commenced or
      threatened or any claim whatsoever through all appeals) arising out of or based
      upon any false representation or warranty or breach or failure by Company to
      comply with any covenant, representation or other provision made by it herein
      or
      in any other document furnished by it in connection with this
      subscription.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    ARTICLE
      8

    RIGHT
      TO PARTICIPATE IN SUBSEQUENT FINANCING

    

    8.1     Right
      to Participate.
      In the
      event the Company sells any of its equity securities and receives gross proceeds
      of $5,000,000 or more within one hundred twenty days of the closing of this
      Offering (the “Subsequent Financing”), the Purchaser shall have the right for
      thirty days following notice by the Company to the Purchaser of the Subsequent
      Financing to participate in and receive the same terms as the investors in
      the
      Subsequent Financing by (i) allocating the Subscription Funds provided to the
      Company pursuant to this Subscription Agreement to the purchase price or
      purchase consideration, as applicable, for the securities offered in the
      Subsequent Financing, (ii) surrendering the stock certificates representing
      the
      shares of Common Stock and the Warrant subscribed for pursuant to this
      Subscription Agreement, and (iii) entering into the operative documents prepared
      in conjunction with the Subsequent Financing.

    

    8.2     Termination
      of Interest in the Securities.
      In the
      event the Purchaser elects to participate in the Subsequent Financing, pursuant
      to Section 8.1 above, Purchaser’s interest in the Securities purchased in
      this Offering shall terminate.

    

    ARTICLE
      9

    GENERAL
      PROVISIONS

    

    Governing
      Law

    

    9.1     This
      Subscription Agreement shall be governed by and construed under the law of
      the
      State of Colorado without regard to its choice of law provision. Any disputes
      arising out of, in connection with, or with respect to this Subscription, the
      subject matter hereof, the performance or non-performance of any obligation
      hereunder, or any of the transactions contemplated hereby shall be adjudicated
      in a court of competent civil jurisdiction sitting in Denver, Colorado and
      nowhere else.

    

    Successors
      and Assigns

    

    9.2     This
      Subscription Agreement shall inure to the benefit of and be binding on the
      respective successors and assigns of the parties hereto.

    

    Execution
      by Counterparts and Facsimile

    

    9.3     This
      Subscription Agreement may be executed in counterparts and by facsimile, each
      of
      which when executed by any party will be deemed to be an original and all of
      which counterparts will together constitute one and the same
      Subscription.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    Independent
      Legal Advice

    

    9.4 The
      parties hereto acknowledge that they have each received independent legal advice
      with respect to the terms of this Subscription Agreement and the transactions
      contemplated herein or have knowingly and willingly elected not to do so.

    

    Entire
      Agreement

    

    9.5 This
      Subscription Agreement supersedes all other prior oral or written agreements
      between the Purchaser and the Company with respect to the matters discussed
      herein including, but not limited to, any prior proposed subscription for Series
      A Convertible Preferred Stock, and this Subscription Agreement, the Registration
      Rights Agreement, and the Warrant contain the entire understanding of parties
      with respect to the matters covered herein and therein and, except as
      specifically set forth herein or therein, neither the Company nor the Purchaser
      makes any representation, warranty, covenant or undertaking with respect to
      such
      matter.

    

    [Remainder
      of page intentionally left blank]

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    SIGNATURE
      PAGE FOR INDIVIDUAL PURCHASER

    

    IN
      WITNESS WHEREOF,
      the
      undersigned represents that the foregoing statements are true and that he,
      she
      or they have executed this Subscription Agreement on this ___________
day
      of
      _______________,
      2008.

    

    

    

    
      	 	 	 
	Printed Name	 	Signature
	 	 	 
	 	 	 
	 	 	 
	Printed Name	 	Signature

    

     

    

    Agreed
      to
      this ________ day
      of
      _____________,2008:

    

    ZULU
      ENERGY CORP.

    

    
      	By:	 
	 	 
	Title:
              	 

    

           

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    This
      is
      page 12 to the Subscription Agreement dated as of the above date between Zulu
      Energy Corp. and the above Purchaser.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SIGNATURE
      PAGE FOR ENTITIES 

    

    IN
      WITNESS WHEROF,
      the
      undersigned represents that the foregoing statements are true and that it caused
      this Subscription Agreement to be duly executed on its behalf on
      this ___________day
      of_______________ 2008.

     

     

    

    
      	 	 
	 	Printed Name of
              Purchaser

    

    

    

    

    
      	 	By:
              	 
	 	 	
              (Signature
                of Authorized
                Person)

            

    

     

     

     

    
      	
            	 
	 	(Printed Name and
              Title)

    

    

    Agreed
      to
      this _________ day
      of
      ____________,
      2008.

    

    

    
      ZULU
        ENERGY CORP.

       

      
        	By:	 
	 	 
	Title:
                	 

       

    

    
 

    

    

    

    

    

    

    

    

    

    

    

    

    

    This
      is
      page 13 to the Subscription Agreement dated as of the above date between Zulu
      Energy Corp. and the above Purchaser.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Full
      Name and Address of Purchaser for Registration Purposes:

     

     

    
      	NAME: 	 
	 	 
	ADDRESS:
              	 
	 	 

    

     

    
      	TAX
              ID
              NUMBER: 	 

    

     

    
      	TEL.NO.:
              	 	 

    

     

    
      	FAX
              NO.:	 	 

    

     

    
      	CONTACT
              NAME:	 	 

    

     

    

    Delivery
      Instructions (if different from Registration Name):

     

    
      	NAME: 	 
	 	 
	ADDRESS:
              	 
	 	 

       

      
        	TAX
                ID
                NUMBER: 	 

      

       

      
        	TEL.NO.:
                	 	 

      

       

      
        	FAX
                NO.:	 	 

      

       

      
        	CONTACT
                NAME:	 	 

   

    

    
      	SPECIAL
              INSTRUCTIONS:	 

    

    

    

    

    This
      is
      page 14 to the Subscription Agreement dated as of the above date between Zulu
      Energy Corp. and the above Purchaser.

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