Document:

Exhibit 10.5

                              MANAGEMENT AGREEMENT

THIS AGREEMENT made as of and to have effect from the 1st day of July, 2008

BETWEEN:

EXTERRA ENERGY INC., a company duly incorporated under the laws of the State of
Nevada, having its registered office at 1717 St. James Place, Suite 250,
Houston, TX, 77056 USA (hereinafter called the "Company")
                                                               OF THE FIRST PART

AND:

PANTERRA CAPITAL INC., of 16149 Morgan Creek Crescent, Surrey, BC, V3S 0J2,
CANADA (hereinafter called the "Consultant")
                                                              OF THE SECOND PART

WHEREAS the Company is a publicly reporting issuer who shares trade on the NASD
Over the Counter Bulletin Board; and

WHEREAS the Company wishes to engage the Consultant as Consultant and the
Consultant has agreed to be engaged by the Company on the terms and conditions
hereinafter set forth.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and
of the covenants and agreements hereinafter contained, the parties hereto have
agreed as follows:

1.     DUTIES AND DEVOTION OF TIME

1.01   The Consultant will provide the services of Mr. John Punzo as CEO to the
       Company and Chairman of the Board, therefore the term Consultant shall
       refer to Panterra and/or Mr. Punzo interchangeably. It is acknowledged
       and agreed by the Consultant that the work of the Consultant is and will
       be that of an independent consultant and of such a nature that regular
       hours may be impossible and the Consultant may not work a full eight
       hours per day and a full five days per week. It is also anticipated that
       there will be certain evenings, Saturdays, Sundays and holidays during
       which the Consultant will be required to work. The work of the Consultant
       is of an advisory and supervisory nature and accordingly the Consultant
       agrees that the consideration herein set forth will be in full and
       complete satisfaction for the Consultant's work and services, no matter
       how or when performed, and the Consultant hereby releases the Company
       from any claims for overtime pay or compensation whatsoever which the
       Consultant might have by reason of any existing or future legislation or
       otherwise.

<PAGE>

                                       -2-

1.02   During the term of this agreement, the Consultant will be responsible
       for, but not limited to:

       a)     Management consulting services;
       b)     the identification, review, negotiation, acquisition and
              maintenance of oil & gas properties;
       c)     locating and securing financing;
       d)     the negotiation of some contracts;
       e)     the hiring of personnel;
       f)     observation of regulatory compliance;
       g)     liaising with corporate counsel, auditors and transfer agents;
       h)     conducting shareholder meetings for prospective shareholders;
       i)     attending to market maintenance; and
       j)     responding to shareholder and stock broker communications and
              inquiries;
       k)     all other duties, from time to time, required to advance the
              corporation.

1.03   In conducting its duties under this agreement, the Consultant will report
       to the Company's Board of Directors.

2.     TERM

2.01   The effective date of this agreement is the date set out above and the
       engagement of the Consultant hereunder will from such date continue for a
       period of one (1) year or until terminated in accordance with the terms
       and provisions of this agreement. This agreement will automatically renew
       for a period of one (1) year upon expiry unless terminated pursuant to
       clause 9 of this agreement.

3.     REMUNERATION

3.01   The Consultant will faithfully, honestly and diligently provide the
       services to the Company as set out above in consideration of which the
       Company will pay to the Consultant a monthly fee (the "Monthly Fee")
       equal to the sum of:

       a) US$12,500.00, payable in cash or common shares at the discretion of
       the Consultant. It is agreed that initially US$6,250.00 shall be in cash
       each month with the balance of $6,250.00 to be accrued.

3.02   The Company will also issue to the Consultant a total of 1,000,000 common
       shares in the equity of the Company at a price of $0.01 per share to be
       delivered as follows, 500,000 common shares on July 1st, 2008 and 500,000
       common shares on January 1st, 2009. These shares shall be issued under
       such terms as is approved by the Directors of the Company and that are
       acceptable to such regulatory authorities having jurisdiction.

3.03   The Consultant acknowledges that it is an independent contractor, and as
       such is solely responsible for the payment or remittance of all
       deductions, taxes and assessments relating to this engagement, and agrees
       to save the Company harmless from all liability therefrom.

<PAGE>

                                       -3-

4.     AMENDMENT OF REMUNERATION PAYABLE

4.01   The remuneration payable to the Consultant may be altered from time to
       time during the term of this agreement by mutual agreement between the
       parties in writing, executed by the parties hereto.

5.     REIMBURSEMENT FOR EXPENSES

5.01   The Consultant and its employees, agents and representatives will be
       reimbursed for all reasonable out-of-pocket expenses incurred thereby in
       or about the execution of the Company's engagement. Any expense above the
       amount of $5000 will be pre-approved by the Company.

6.     INTERRUPTION OF COMPANY'S BUSINESS

6.01   If during the term of this agreement the Company discontinues or
       interrupts the operations of its business for a period of six months,
       then this agreement will automatically terminate without liability on the
       part of either of the parties hereto.

7.     NOTICE

7.01   Any notice to be given under this agreement will be in writing and will
       be deemed to have been given if delivered to, or sent by prepaid
       registered post addressed to, the respective addresses of the parties
       appearing on the first page of this agreement (or to such other address
       as one party provides to the other in a notice given according to this
       paragraph). Where a notice is given by registered post, it shall be
       conclusively deemed to be given and received on the fifth day after its
       deposit in a U.S. post office at any place in the continental United
       States.

8.     CONFIDENTIAL INFORMATION

8.01   The parties hereto acknowledge and agree that the Consultant by virtue of
       engagement with the Company will have access to confidential and secret
       information and therefore the Consultant agrees that during the term of
       this agreement and on termination or expiry of the same, for any reason
       whatsoever, it will not divulge or utilize to the detriment of the
       Company any such confidential or secret information so obtained.

9.     TERMINATION OF AGREEMENT

9.01   Notwithstanding any other provision herein, it is understood and agreed
       by and between the parties hereto that the Consultant may terminate this
       agreement in its entirety by giving the Company not less than 60 days'
       written notice of such intention to terminate

9.02   The Company may terminate this agreement in its entirety without cause by
       delivering to the Consultant notice of termination in writing and paying
       to the Consultant a severance fee as liquidated damages and in lieu of
       notice equal to:

       a)     6 multiplied by
       b)     the Monthly Fee paid or payable hereunder for the last whole month
              preceding the date of such termination,

<PAGE>

                                       -4-

       and the Consultant does hereby agree that such notice and severance fee
       is sufficient compensation in lieu of notice and damages, and that the
       Company will not be liable to pay any further monies, notwithstanding
       that such termination of the engagement may be without cause. The
       expression "such further monies" will include, without restricting the
       generality of the foregoing, holidays, holiday pay, Pension Plan
       contributions and any or all other monies arising out of the engagement
       of the Consultant.

9.03   This agreement shall terminate on the occurrence of the death of the
       Consultant, or in the event of his inability to perform his duties for a
       period of 180 consecutive days, unless the Consultant is granted a leave
       of absence by the Company

10.    INDEPENDENT ACTIVITIES

10.01  Except as expressly provided in paragraph 10.02 hereto, the Consultant
       shall have the free and unrestricted right to independently engage in and
       receive the full benefit of any and all business endeavours of any sort
       whatsoever. In the event the Consultant engages in business activities
       which could be construed as competitive to the Company, the Consultant
       shall disclose fully to the Board the activity and seek the consent of
       the Board to participate therein. In the event Consultant becomes aware
       of an opportunity which could benefit the Company, then the Consultant
       has a duty to present the opportunity to the Company. The Consultant
       shall not be prevented from engaging in or enjoying the benefits of
       competing endeavours so long as the endeavours have been fully disclosed
       to the Board and the Board has consented.

10.02  The Consultant shall not, directly or indirectly, acquire nor be a
       director, officer, control person, consultant or employee of any
       corporation or other entity that has acquired or will acquire an interest
       in oil or natural gas properties without the prior consent of the
       majority of the directors of the Company. Where the directors of the
       Company have considered and declined to acquire an interest in any oil or
       natural gas property, such consent shall be deemed to have been given.

11.    MISCELLANEOUS

11.01  This Agreement shall enure to the benefit of and be binding upon the
       parties hereto and their respective successors and permitted assigns.

11.02  This Agreement shall be governed by and construed in accordance with the
       laws of the State of Nevada which shall be deemed to be the proper law
       hereof.

11.03  All rights and remedies of either party hereunder are cumulative and are
       in addition to, and shall not be deemed to exclude, any other right or
       remedy allowed by law. All rights and remedies may be exercised
       concurrently.

11.04  Should any part of this Agreement be declared or held invalid for any
       reason, such validity shall not affect the validity of the remainder
       which shall continue in full force and effect and be construed as if this
       Agreement had been executed without the invalid portion and it is hereby
       declared the intention of the parties hereto that this Agreement would
       have been executed without reference to any portion which may, for any
       reason, be hereafter declared or held invalid.

<PAGE>

                                       -5-

11.05  No condoning, excusing or waiver by any party hereto of any default,
       breach or non-observance by any other party hereto at any time or times
       in respect of any covenant, proviso or condition herein contained shall
       operate as a waiver of that party's rights hereunder in respect of any
       continuing or subsequent default, breach or non-observance, or so as to
       defeat or affect in any way the rights of that party in respect of any
       such continuing or subsequent default, breach or non-observance, and no
       waiver shall be inferred from or implied by anything done or omitted to
       be done by the party having those rights.

11.06  This Agreement may not be modified or amended except by an instrument in
       writing signed by the parties hereto or by their successors or permitted
       assigns.

11.07  The titles of headings to the respective paragraphs of this Agreement
       shall be regarded as having been used for reference and convenience only.

11.08  Time shall be of the essence in this Agreement.

11.09  This Agreement may be executed in several parts in the same form and such
       parts as so executed will together constitute one original agreement, and
       such parts, if more than one, will be read together as if all the signing
       parties hereto had executed one copy of this Agreement.

11.10  This Agreement constitutes the entire agreement between the parties
       hereto and supersedes all prior agreements and understandings, oral or
       written, by and between any of the parties hereto with respect to the
       subject matter hereof.

11.11  This agreement may not be assigned by the Company without the prior
       written consent of the Consultant. The parties hereto agree that the
       Consultant may assign this agreement to a corporation (in this paragraph,
       the "Assignee") provided that the Assignee shall, prior to and as a
       condition precedent to such assignment, deliver to the Company its
       covenant with and to the Company that:
       a)     it will, at all times during the remaining term of this agreement,
              be wholly-owned by John Punzo;
       b)     to the extent of the assignment, it agrees to be bound by the
              terms and conditions of this agreement as if it had been an
              original party thereto; and
       c)     it will subject any further assignment of the interest acquired to
              the restrictions contained in this paragraph.

<PAGE>

                                       -6-

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day
and year first above written.

The Common Seal of Exterra Energy Inc.      )
was hereunto affixed in the presence of     )
                                            )
                                            )
______________________________________      )                C/S
Ray Ledesma, President

The Common Seal of Panterra Capital Inc.
was hereunto affixed in the presence of     )
                                            )
                                            )
______________________________________      )                C/S
John Punzo, PresidentExhibit 10.6

                              MANAGEMENT AGREEMENT

THIS AGREEMENT made as of and to have effect from the 1st day of December, 2007

BETWEEN:

EXTERRA ENERGY INC., a company duly incorporated under the laws of the State of
Nevada, having its registered office at 7804 Bronco Lane, Suite 100, Lago Vista,
Texas, 78645, USA (hereinafter called the "Company")
                                                               OF THE FIRST PART

AND:

RANDALL K. BOATRIGHT, of 5337Fayette Street, Houston, Texas, 77056 (hereinafter
called the "Consultant")
                                                              OF THE SECOND PART

WHEREAS the Company is a publicly reporting issuer who shares trade on the NASD
Over the Counter Bulletin Board; and

WHEREAS the Company wishes to engage the Consultant as Consultant and the
Consultant has agreed to be engaged by the Company on the terms and conditions
hereinafter set forth.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and
of the covenants and agreements hereinafter contained, the parties hereto have
agreed as follows:

1.     DUTIES AND DEVOTION OF TIME

1.01   The Consultant will provide the services of Randall K. Boatright
       ("Boatright") as the CFO and Executive Vice President of the Company,
       therefore the term Consultant shall refer to Boatright. It is
       acknowledged and agreed by the Consultant that the work of the Consultant
       is and will be that of an independent consultant and of such a nature
       that regular hours may be impossible and the Consultant may not work a
       full eight hours per day and a full five days per week. It is also
       anticipated that there will be certain evenings, Saturdays, Sundays and
       holidays during which the Consultant will be required to work. The work
       of the Consultant is of an advisory and supervisory nature and
       accordingly the Consultant agrees that the consideration herein set forth
       will be in full and complete satisfaction for the Consultant's work and
       services, no matter how or when performed, and the Consultant hereby
       releases the Company from any claims for overtime pay or compensation
       whatsoever which the Consultant might have by reason of any existing or
       future legislation or otherwise.

<PAGE>

                                       -2-

1.02   During the term of this agreement, the Consultant will be responsible
       for, but not limited to:

       a)     all financial reporting required by the Company as would be
              considered the general day to day responsibilities of the CFO of a
              publicly reporting issues
       b)     consulting on the identification, review, negotiation, acquisition
              and maintenance of oil and gas property interests;
       c)     consulting on the planning of exploration and development;
       d)     locating and securing financing;
       e)     consulting on the negotiating of some contracts;
       f)     consulting on the hiring of personnel;
       g)     consulting on regulatory compliance;
       h)     liaising with corporate counsel, auditors and transfer agents;
       i)     conducting shareholder meetings for prospective shareholders;
       j)     attending to market maintenance; and
       k)     responding to shareholder and stock broker communications and
              inquiries;
       l)     all other duties, from time to time, required to advance the
              corporation.

1.03   In conducting its duties under this agreement, the Consultant will report
       to the Company's President and the Board of Directors.

2.     TERM

2.01   The effective date of this agreement is the date set out above and the
       engagement of the Consultant hereunder will from such date continue for a
       period of one (1) years or until terminated in accordance with the terms
       and provisions of this agreement.

3.     REMUNERATION

3.01   The Consultant will faithfully, honestly and diligently provide the
       services to the Company as set out above in consideration of which the
       Company will pay to the Consultant a monthly fee (the "Monthly Fee")
       equal to the sum of:

       a) US$10,800.00, payable in cash or common shares at the discretion of
       the Consultant.

3.02   The Company will also issue to the Consultant a total of 1,000,000
       restricted common shares under Rule 144 of its common stock. These shares
       shall be issued under such terms as is approved by the Directors of the
       Company and that are acceptable to such regulatory authorities having
       jurisdiction.

3.03   The Consultant acknowledges that it is an independent contractor, and as
       such is solely responsible for the payment or remittance of all
       deductions, taxes and assessments relating to this engagement, and agrees
       to save the Company harmless from all liability therefrom.

4.     AMENDMENT OF REMUNERATION PAYABLE

4.01   The remuneration payable to the Consultant may be altered from time to
       time during the term of this agreement by mutual agreement between the
       parties in writing, executed by the parties hereto.

<PAGE>

                                       -3-

5.     REIMBURSEMENT FOR EXPENSES

5.01   The Consultant and its employees, agents and representatives will be
       reimbursed for all reasonable out-of-pocket expenses incurred thereby in
       or about the execution of the Company's engagement. Any expense above the
       amount of $5000 will be pre-approved by the Company.

6.     INTERRUPTION OF COMPANY'S BUSINESS

6.01   If during the term of this agreement the Company discontinues or
       interrupts the operations of its business for a period of six months,
       then this agreement will automatically terminate without liability on the
       part of either of the parties hereto.

7.     NOTICE

7.01   Any notice to be given under this agreement will be in writing and will
       be deemed to have been given if delivered to, or sent by prepaid
       registered post addressed to, the respective addresses of the parties
       appearing on the first page of this agreement (or to such other address
       as one party provides to the other in a notice given according to this
       paragraph). Where a notice is given by registered post, it shall be
       conclusively deemed to be given and received on the fifth day after its
       deposit in a U.S. post office at any place in the continental United
       States.

8.     CONFIDENTIAL INFORMATION

8.01   The parties hereto acknowledge and agree that the Consultant by virtue of
       engagement with the Company will have access to confidential and secret
       information and therefore the Consultant agrees that during the term of
       this agreement and on termination or expiry of the same, for any reason
       whatsoever, it will not divulge or utilize to the detriment of the
       Company any such confidential or secret information so obtained.

9.     TERMINATION OF AGREEMENT

9.01   Notwithstanding any other provision herein, it is understood and agreed
       by and between the parties hereto that the Consultant may terminate this
       agreement in its entirety by giving the Company not less than 60 days'
       written notice of such intention to terminate

9.02   The Company may terminate this agreement in its entirety without cause by
       delivering to the Consultant notice of termination in writing and paying
       to the Consultant a severance fee as liquidated damages and in lieu of
       notice equal to:

       a)     6 multiplied by
       b)     the Monthly Fee paid or payable hereunder for the last whole month
              preceding the date of such termination,

       and the Consultant does hereby agree that such notice and severance fee
       is sufficient compensation in lieu of notice and damages, and that the
       Company will not be liable to pay any further monies, notwithstanding
       that such termination of the engagement may be without cause. The
       expression "such further monies" will include, without restricting the
       generality of the foregoing, holidays, holiday pay, Pension Plan
       contributions and any or all other monies arising out of the engagement
       of the Consultant.

<PAGE>

                                       -4-

9.03   This agreement shall terminate on the occurrence of the death of the
       Consultant, or in the event of his inability to perform his duties for a
       period of 180 consecutive days, unless the Consultant is granted a leave
       of absence by the Company

10.    INDEPENDENT ACTIVITIES

10.01  Except as expressly provided in paragraph 10.02 hereto, the Consultant
       shall have the free and unrestricted right to independently engage in and
       receive the full benefit of any and all business endeavours of any sort
       whatsoever, whether or not competitive with the endeavours contemplated
       herein, without consulting the Company or inviting or allowing the
       Company to participate therein. The Consultant shall not be under any
       fiduciary or other duty to the Company which will prevent it from
       engaging in or enjoying the benefits of competing endeavours.

10.02  The Consultant shall not, directly or indirectly, acquire nor be a
       director, officer, control person, consultant or employee of any
       corporation or other entity that has acquired or will acquire an interest
       in oil or natural gas properties without the prior consent of the
       majority of the directors of the Company. Where the directors of the
       Company have considered and declined to acquire an interest in any oil or
       natural gas property, such consent shall be deemed to have been given.

11.    MISCELLANEOUS

11.01  This Agreement shall enure to the benefit of and be binding upon the
       parties hereto and their respective successors and permitted assigns.

11.02  This Agreement shall be governed by and construed in accordance with the
       laws of the State of Nevada which shall be deemed to be the proper law
       hereof.

11.03  All rights and remedies of either party hereunder are cumulative and are
       in addition to, and shall not be deemed to exclude, any other right or
       remedy allowed by law. All rights and remedies may be exercised
       concurrently.

11.04  Should any part of this Agreement be declared or held invalid for any
       reason, such validity shall not affect the validity of the remainder
       which shall continue in full force and effect and be construed as if this
       Agreement had been executed without the invalid portion and it is hereby
       declared the intention of the parties hereto that this Agreement would
       have been executed without reference to any portion which may, for any
       reason, be hereafter declared or held invalid.

11.05  No condoning, excusing or waiver by any party hereto of any default,
       breach or non-observance by any other party hereto at any time or times
       in respect of any covenant, proviso or condition herein contained shall
       operate as a waiver of that party's rights hereunder in respect of any
       continuing or subsequent default, breach or non-observance, or so as to
       defeat or affect in any way the rights of that party in respect of any
       such continuing or subsequent default, breach or non-observance, and no
       waiver shall be inferred from or implied by anything done or omitted to
       be done by the party having those rights.

11.06  This Agreement may not be modified or amended except by an instrument in
       writing signed by the parties hereto or by their successors or permitted
       assigns.

11.07  The titles of headings to the respective paragraphs of this Agreement
       shall be regarded as having been used for reference and convenience only.

<PAGE>

                                       -5-

11.08  Time shall be of the essence in this Agreement.

11.09  This Agreement may be executed in several parts in the same form and such
       parts as so executed will together constitute one original agreement, and
       such parts, if more than one, will be read together as if all the signing
       parties hereto had executed one copy of this Agreement.

11.10  This Agreement constitutes the entire agreement between the parties
       hereto and supersedes all prior agreements and understandings, oral or
       written, by and between any of the parties hereto with respect to the
       subject matter hereof.

11.11  This agreement may not be assigned by the Company without the prior
       written consent of the Consultant. The parties hereto agree that the
       Consultant may assign this agreement to a corporation (in this paragraph,
       the "Assignee") provided that the Assignee shall, prior to and as a
       condition precedent to such assignment, deliver to the Company its
       covenant with and to the Company that:

       a)     it will, at all times during the remaining term of this agreement,
              be wholly-owned by Randall K. Boatright;
       b)     to the extent of the assignment, it agrees to be bound by the
              terms and conditions of this agreement as if it had been an
              original party thereto; and
       c)     it will subject any further assignment of the interest acquired to
              the restrictions contained in this paragraph.

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day
and year first above written.

The Common Seal of Exterra Energy Inc.      )
was hereunto affixed in the presence of     )
                                            )
                                            )
______________________________________      )               C/S
James D. Romano, Director

                                            )
                                            )
                                            )
______________________________________      )               C/S
Randall K. Boatright

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