Document:

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                                                                    EXHIBIT 10.5

                          ENERGY AUCTION EXCHANGE, INC.

                            SERIES A PREFERRED STOCK
                               PURCHASE AGREEMENT

                                FEBRUARY 28, 1999

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                                TABLE OF CONTENTS
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<CAPTION>

                                                                                                PAGE

<S>     <C>       <C>                                                                           <C>
1.       AGREEMENT TO SELL AND PURCHASE.............................................................1

         1.1      Authorization of Shares...........................................................1

         1.2      Sale and Purchase.................................................................1

2.       CLOSING, DELIVERY AND PAYMENT..............................................................1

         2.1      Closing...........................................................................1

         2.2      Delivery..........................................................................2

         2.3      Subsequent Sale of Shares.........................................................2

3.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY..............................................2

         3.1      Organization, Good Standing and Qualification.....................................2

         3.2      Capitalization; Voting Rights.....................................................2

         3.3      Authorization; Binding Obligations................................................3

         3.4      Liabilities.......................................................................3

         3.5      Title to Properties and Assets; Liens, Etc........................................3

         3.6      Intellectual Property.............................................................3

         3.7      Compliance with Other Instruments.................................................3

         3.8      Litigation........................................................................3

         3.9      Proprietary Information and Inventions Agreement..................................4

         3.10     Offering Valid....................................................................4

         3.11     Compliance with Laws..............................................................4

         3.12     Material Contracts................................................................4

         3.13     Disclosure........................................................................4

         3.14     Permits...........................................................................4

         3.15     Balance Sheet.....................................................................4

         3.16     Changes...........................................................................5

         3.17     Obligation of Chief Executive Officer.............................................5

4.       REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS...........................................6

         4.1      Requisite Power and Authority.....................................................6

         4.2      Investment Representations........................................................6

                  (a)      Purchaser Bears Economic Risk............................................6

                  (b)      Acquisition for Own Account..............................................6

                  (c)      Purchaser Can Protect Its Interest.......................................6
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                                       i.
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                               TABLE OF CONTENTS
                                  (CONTINUED)

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<S>               <C>      <C>                                                                                <C>
                  (d)      Accredited Investor....................................................................7

                  (e)      Rule 144...............................................................................7

                  (f)      Residence..............................................................................7

         4.3      Transfer Restrictions...........................................................................7

5.       CONDITIONS TO CLOSING....................................................................................7

         5.1      Conditions to Purchasers' Obligations at Each Closing...........................................7

                  (a)      Representations and Warranties True; Performance of Obligations........................7

                  (b)      Legal Investment.......................................................................7

                  (c)      Consents, Permits, and Waivers.........................................................7

                  (d)      Filing of Restated Certificate.........................................................8

                  (e)      Investors' Rights Agreement............................................................8

                  (f)      Board of Directors.....................................................................8

                  (g)      Proceedings and Documents..............................................................8

                  (h)      Execution of Clearinghouse Agreement...................................................8

         5.2      Conditions to Obligations of the Company........................................................8

                  (a)      Representations and Warranties True....................................................8

                  (b)      Performance of Obligations.............................................................8

                  (c)      Filing of Restated Certificate.........................................................8

                  (d)      Investors' Rights Agreement............................................................8

                  (e)      Consents, Permits, and Waivers.........................................................8

6.       COVENANT OF THE COMPANY..................................................................................9

         6.1      Grant of More Favorable Terms...................................................................9

7.       MISCELLANEOUS............................................................................................9

         7.1      Governing Law...................................................................................9

         7.2      Survival........................................................................................9

         7.3      Successors and Assigns..........................................................................9

         7.4      Entire Agreement................................................................................9

         7.5      Severability...................................................................................10

         7.6      Amendment and Waiver...........................................................................10

         7.7      Notices........................................................................................10

         7.8      Expenses.......................................................................................10
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                                       ii.

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                               TABLE OF CONTENTS
                                  (CONTINUED)

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<S>               <C>                                                                                         <C>
         7.9      Attorneys' Fees................................................................................10

         7.10     Titles and Subtitles...........................................................................10

         7.11     Counterparts...................................................................................10

         7.12     Broker's Fees..................................................................................10

         7.13     Exculpation Among Purchasers...................................................................11
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                                      iii.

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                                INDEX OF EXHIBITS

<TABLE>

<S>                                               <C>
Schedule of Purchasers                            Exhibit A

Restated Certificate of Incorporation             Exhibit B

Investors' Rights Agreement                       Exhibit C
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                          ENERGY AUCTION EXCHANGE, INC.

                   SERIES A PREFERRED STOCK PURCHASE AGREEMENT

         THIS SERIES A PREFERRED STOCK PURCHASE AGREEMENT (the "AGREEMENT") is
entered into as of this 28th day of February, 1999, by and among ENERGY AUCTION
EXCHANGE, INC., a Delaware corporation (the "COMPANY"), and each of those
persons and entities, severally and not jointly, whose names are set forth on
the Schedule of Purchasers attached hereto as Exhibit A (which persons and
entities are hereinafter collectively referred to as "PURCHASERS" and each
individually as a "PURCHASER").

                                    RECITALS

         WHEREAS, the Company has authorized the sale and issuance of an
aggregate of two million (2,000,000) shares of its Series A Preferred Stock (the
"SERIES A STOCK");

         WHEREAS, Vickers Energy Services, LLC desires to purchase an aggregate
of six hundred sixty-six thousand six hundred sixty-six (666,666) shares of
Series A Stock, $.001 par value (the "SHARES") on the terms and conditions set
forth herein;

         WHEREAS, the Company desires to issue and sell the Shares to Purchasers
on the terms and conditions set forth herein.

         NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual promises hereinafter set forth, the parties hereto agree as follows:

1.       AGREEMENT TO SELL AND PURCHASE

         1.1 AUTHORIZATION OF SHARES. On or prior to the First Closing (as
defined in Section 2 below), the Company shall have authorized (i) the sale and
issuance to Purchasers of the Series A Stock and (ii) the issuance of such
shares of Common Stock to be issued upon conversion of the Series A Stock (the
"CONVERSION SHARES"). The Series A Stock and the Conversion Shares shall have
the rights, preferences, privileges and restrictions set forth in the Restated
Certificate of Incorporation of the Company, in the form attached hereto as
Exhibit B (the "RESTATED CERTIFICATE").

         1.2 SALE AND PURCHASE. Subject to the terms and conditions hereof, at
the First Closing (as hereinafter defined), the Company hereby agrees to issue
and sell to each Purchaser, severally and not jointly, and each Purchaser agrees
to purchase from the Company, severally and not jointly, the number of Shares
set forth opposite such Purchaser's name on Exhibit A at a purchase price of
Seven Dollars and Fifty Cents ($7.50) per share.

2.       CLOSING, DELIVERY AND PAYMENT

         2.1 CLOSING. The initial closing of the sale and purchase of the Shares
under this Agreement (the "FIRST CLOSING") shall take place on the date hereof,
at the offices of Cooley Godward LLP, 2595 Canyon Boulevard, Suite 250, Boulder,
Colorado 80302, or at such other time or place as the Company and Purchasers may
mutually agree. The closing of the sale and

                                       1.
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purchase of the shares of Series A Stock under Section 2.3 below shall take
place at such time(s) and place(s) as the Company and Purchasers participating
therein shall mutually agree (each, a "SUBSEQUENT CLOSING") (the First Closing
and any Subsequent Closing are collectively referred to herein as a "CLOSING"
and each such date is referred to as a "CLOSING DATE").

         2.2 DELIVERY. At each Closing, subject to the terms and conditions
hereof, the Company will deliver to the Purchasers certificates representing the
number of Shares to be purchased at each Closing by each Purchaser, against
payment of the purchase price therefor by check or wire transfer made payable to
the order of the Company or conversion of outstanding promissory notes.

         2.3 SUBSEQUENT SALE OF SHARES. The Company may sell up to the balance
of the authorized shares of Series A Stock not sold at the First Closing. Except
as otherwise set forth herein, all such sales shall be made on the terms and
conditions set forth in this Agreement. Any shares of Series A Stock sold
pursuant to this Section 2.3 shall be deemed to be "Shares" for all purposes
under this Agreement and any purchasers thereof shall be deemed to be
"Purchasers" for all purposes under this Agreement.

3.       REPRESENTATIONS AND WARRANTIES OF THE COMPANY

         Except as set forth on the Schedule of Exceptions delivered to the
Purchasers, the Company hereby represents and warrants to each Purchaser as
follows:

         3.1 ORGANIZATION, GOOD STANDING AND QUALIFICATION. The Company is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware. The Company has all requisite corporate power and
authority to own and operate its properties and assets, to execute and deliver
this Agreement and the Investors' Rights Agreement, in the form attached hereto
as Exhibit C (the "INVESTORS' RIGHTS AGREEMENT"), to issue and sell the Shares
and the Conversion Shares and to carry out the provisions of this Agreement, the
Investors' Rights Agreement, and the Restated Certificate and to carry on its
business as presently conducted and as presently proposed to be conducted.

         3.2 CAPITALIZATION; VOTING RIGHTS. The authorized capital stock of the
Company, immediately prior to the Closing, will consist of (a) five million
(5,000,000) shares of Common Stock, five hundred thousand (500,000) shares of
which are issued and outstanding, and up to twenty percent (20%) of the
outstanding shares of capital stock of the Company which are reserved or will be
reserved in the future for issuance by the Company or a subsidiary thereof to
key employees, consultants and others affiliated with the Company or a
subsidiary thereof pursuant to stock grant, stock purchase and/or option plans
or any other stock incentive program, arrangement or agreement approved by the
Company's Board of Directors and (b) two million (2,000,000) shares of Preferred
Stock, all of which are designated Series A Preferred Stock, none of which are
issued and outstanding. All issued and outstanding shares of the Company's
Common Stock (i) have been duly authorized and validly issued, (ii) are fully
paid and nonassessable and (iii) were issued in compliance with all applicable
state and federal laws concerning the issuance of securities. The rights,
preferences, privileges and restrictions of the Shares are as stated in the
Restated Certificate. The Conversion Shares have been duly and validly reserved
for issuance. Except as may be granted pursuant to this Agreement, there are no

                                       2.
<PAGE>   8

outstanding options, warrants, rights (including conversion or preemptive rights
and rights of first refusal), proxy or stockholder agreements, or agreements of
any kind for the purchase or acquisition from the Company of any of its
securities. When issued in compliance with the provisions of this Agreement and
the Restated Certificate, the Shares and the Conversion Shares will be validly
issued, fully paid and nonassessable and will be free of any liens or
encumbrances.

         3.3 AUTHORIZATION; BINDING OBLIGATIONS. All corporate action on the
part of the Company, its officers, directors and stockholders necessary for the
authorization of this Agreement and the Investors' Rights Agreement, the
performance of all obligations of the Company hereunder and thereunder at the
Closing and the authorization, sale, issuance and delivery of the Shares
pursuant hereto and the Conversion Shares pursuant to the Restated Certificate
has been taken or will be taken prior to the Closing. The Agreement and the
Investors' Rights Agreement, when executed and delivered, will be valid and
binding obligations of the Company enforceable in accordance with their terms.

         3.4 LIABILITIES. The Company has no liabilities and, to its knowledge,
knows of no contingent liabilities not otherwise disclosed to the Purchasers,
except current liabilities incurred in the ordinary course which have not been,
either in any individual case or in the aggregate, materially adverse to the
financial condition or operating results of the Company.

         3.5 TITLE TO PROPERTIES AND ASSETS; LIENS, ETC. The Company has good
and marketable title to its properties and assets, and good title to its
leasehold interests, in each case subject to no mortgage, pledge, lien, lease,
encumbrance or charge.

         3.6 INTELLECTUAL PROPERTY. The Company owns or possesses sufficient
legal rights to all patents, trademarks, service marks, trade names, copyrights,
trade secrets, information and other proprietary rights and processes necessary
for its business as now conducted and as proposed to be conducted. The Company
has not received any communications alleging that it has violated or, by
conducting its business as proposed would violate, any proprietary rights of any
other person, nor is the Company aware of any basis for the foregoing.

         3.7 COMPLIANCE WITH OTHER INSTRUMENTS. The execution, delivery, and
performance of and compliance with this Agreement and the Investors' Rights
Agreement, and the issuance and sale of the Shares pursuant hereto and of the
Conversion Shares pursuant to the Restated Certificate, will not, with or
without the passage of time or giving of notice, result in any such material
violation, or be in conflict with or constitute a default under any such term,
or result in the creation of any mortgage, pledge, lien, encumbrance or charge
upon any of the properties or assets of the Company or the suspension,
revocation, impairment, forfeiture or nonrenewal of any permit, license,
authorization or approval applicable to the Company, its business or operations
or any of its assets or properties.

         3.8 LITIGATION. There is no action, suit, proceeding or investigation
pending or, to the Company's knowledge, currently threatened against the Company
which might result, either individually or in the aggregate, in any material
adverse change in the assets, condition, affairs or prospects of the Company.

                                       3.
<PAGE>   9

         3.9 PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT. Each current
employee, officer, consultant and contractor of the Company has executed a form
of Proprietary Information and Inventions Agreement.

         3.10 OFFERING VALID. Assuming the accuracy of the representations and
warranties of the Purchasers contained in Section 4.2 hereof, the offer, sale
and issuance of the Shares and the Conversion Shares will be exempt from the
registration requirements of the Securities Act of 1933, as amended (the
"SECURITIES ACT"), and will have been registered or qualified (or are exempt
from registration and qualification) under the registration, permit or
qualification requirements of all applicable state securities laws.

         3.11 COMPLIANCE WITH LAWS. The Company's business has been conducted in
compliance with all applicable laws and regulations of governmental authorities,
except for such violations that have been cured or that, individually or in the
aggregate, may not reasonably be expected to have a material adverse effect on
the business, operations, financial condition or prospects of the Company.

         3.12 MATERIAL CONTRACTS. Except for transactions contemplated by this
Agreement, the Company is not a party to (and is not otherwise bound by) any of
the following: (i) any employment or consulting contract, (ii) any agreement
providing for the issuance or repurchase of any securities of the Company, (iii)
any agreement in respect of registration rights, preemptive rights, rights of
first refusal, voting rights or other rights of security holders, (iv) any
agreement evidencing or providing for any indebtedness for borrowed money or (v)
any other agreement that could reasonably be deemed material to the Company,
except the Letter of Intent, by and between the Company and The Oil & Gas Asset
Clearinghouse, Inc., dated as of March 1, 1999, and the definitive agreements
that are executed in connection therewith (the "DEFINITIVE CLEARINGHOUSE
AGREEMENTS").

         3.13 DISCLOSURE. Neither this Agreement nor any schedule hereto, nor
any written disclosure document furnished by or on behalf of the Company to the
Purchaser or counsel to the Purchaser in connection with the transactions
contemplated by this Agreement, when read together, contains any untrue
statement of a material fact or omits to state a material fact necessary in
order to make the statements contained herein or therein, in light of the
circumstances under which they were made, not misleading; provided, however,
that this representation and warranty shall not apply to any information
contained within any of the foregoing relating to future events or the projected
future financial performance of the Company, including any financial projections
or descriptions of potential strategic or business relationships between the
Company and third parties.

         3.14 PERMITS. The Company has all franchises, permits, licenses and
other authority necessary for its business as now being conducted and believes
it can obtain, without undue burden or expense, any similar authority for its
business as planned to be conducted. The Company is not in default in any
material respect under any such franchise, permit, license or other authority.

         3.15 BALANCE SHEET. The Company has delivered to each Purchaser an
unaudited balance sheet (the "BALANCE SHEET") as of February 28, 1999 (the
"STATEMENT DATE"). The

                                       4.
<PAGE>   10

Balance Sheet, together with notes thereto, presents an as-if consolidation
statement of Vickers Energy Services, LLC and the Company as of such date and is
complete and correct in all material respects.

         3.16 CHANGES. Except in connection with the Definitive Clearinghouse
Agreements, since the Statement Date, there has not been, to the Company's
knowledge:

                  (a) Any change in the assets, liabilities, financial condition
or operations of the Company from that reflected in the Balance Sheet, other
than changes in the ordinary course of business, none of which individually or
in the aggregate has had or is expected to have a material adverse effect on
such assets, liabilities, financial condition or operations of the Company;

                  (b) Any resignation or termination of any key officers of the
Company; and the Company, to the best of its knowledge, does not know of the
impending resignation or termination of employment of any such officer;

                  (c) Any damage, destruction or loss, whether or not covered by
insurance, materially and adversely affecting the properties, business or
prospects or financial condition of the Company;

                  (d) Any direct or indirect loans made by the Company to any
stockholder, employee, officer or director of the Company, other than advances
made in the ordinary course of business;

                  (e) Any material change in any compensation arrangement or
agreement with any employee, officer, director or stockholder;

                  (f) Any declaration or payment of any dividend or other
distribution of the assets of the Company;

                  (g) Any debt, obligation or liability incurred, assumed or
guaranteed by the Company, except those for immaterial amounts and for current
liabilities incurred in the ordinary course of business; and

                  (h) Any sale, assignment or transfer of any patents,
trademarks, copyrights, trade secrets or other intangible assets.

         3.17 OBLIGATION OF CHIEF EXECUTIVE OFFICER. Gary Vickers, the Company's
President and Chief Executive Officer, will devote a majority of his business
time to the conduct of the business of the Company.

                                       5.
<PAGE>   11

4.       REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

         Each Purchaser hereby represents and warrants to the Company as follows
(such representations and warranties do not lessen or obviate the
representations and warranties of the Company set forth in this Agreement):

         4.1 REQUISITE POWER AND AUTHORITY. Purchaser has all necessary power
and authority under all applicable provisions of law to execute and deliver this
Agreement and the Investors' Rights Agreement and to carry out their provisions.
All action on Purchaser's part required for the lawful execution and delivery of
this Agreement and the Investors' Rights Agreement have been or will be
effectively taken prior to the Closing. Upon their execution and delivery, this
Agreement and the Investors' Rights Agreement will be valid and binding
obligations of Purchaser, enforceable in accordance with their terms, except (i)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other laws of general application affecting enforcement of creditors' rights,
(ii) general principles of equity that restrict the availability of equitable
remedies and (iii) to the extent that the enforceability of the indemnification
provisions of the Investors' Rights Agreement may be limited by applicable laws.

         4.2 INVESTMENT REPRESENTATIONS. Purchaser understands that neither the
Shares nor the Conversion Shares have been registered under the Securities Act.
Purchaser also understands that the Shares are being offered and sold pursuant
to an exemption from registration contained in the Securities Act based in part
upon Purchaser's representations contained in the Agreement. Purchaser hereby
represents and warrants as follows:

                  (a) PURCHASER BEARS ECONOMIC RISK. Purchaser has substantial
experience in evaluating and investing in private placement transactions of
securities in companies similar to the Company so that it is capable of
evaluating the merits and risks of its investment in the Company and has the
capacity to protect its own interests. Purchaser must bear the economic risk of
this investment indefinitely unless the Shares (or the Conversion Shares) are
registered pursuant to the Securities Act, or an exemption from registration is
available. Purchaser understands that the Company has no present intention of
registering the Shares, the Conversion Shares or any shares of its Common Stock.
Purchaser also understands that there is no assurance that any exemption from
registration under the Securities Act will be available and that, even if
available, such exemption may not allow Purchaser to transfer all or any portion
of the Shares or the Conversion Shares under the circumstances, in the amounts
or at the times Purchaser might propose.

                  (b) ACQUISITION FOR OWN ACCOUNT. Purchaser is acquiring the
Shares and the Conversion Shares for Purchaser's own account for investment
only, and not with a view towards their distribution.

                  (c) PURCHASER CAN PROTECT ITS INTEREST. Purchaser represents
that by reason of its, or of its management's, business or financial experience,
Purchaser has the capacity to protect its own interests in connection with the
transactions contemplated in this Agreement. Further, Purchaser is aware of no
publication of any advertisement in connection with the transactions
contemplated in the Agreement.

                                       6.
<PAGE>   12

                  (d) ACCREDITED INVESTOR. Purchaser represents that it is an
accredited investor within the meaning of Regulation D under the Securities Act.

                  (e) RULE 144. Purchaser acknowledges and agrees that the
Shares, and, if issued, the Conversion Shares must be held indefinitely unless
they are subsequently registered under the Securities Act or an exemption from
such registration is available. Purchaser has been advised or is aware of the
provisions of Rule 144 promulgated under the Securities Act, which permits
limited resale of shares purchased in a private placement subject to the
satisfaction of certain conditions, including, among other things, the
availability of certain current public information about the Company, the resale
occurring following the required holding period under Rule 144 and the number of
shares being sold during any three-month period not exceeding specified
limitations.

                  (f) RESIDENCE. If the Purchaser is an individual, then the
Purchaser resides in the state or province identified in the address of the
Purchaser set forth on Exhibit A; if the Purchaser is a partnership,
corporation, limited liability company or other entity, then the office or
offices of the Purchaser in which its investment decision was made is located at
the address or addresses of the Purchaser set forth on Exhibit A.

         4.3 TRANSFER RESTRICTIONS. Each Purchaser acknowledges and agrees that
the Shares and, if issued, the Conversion Shares are subject to restrictions on
transfer as set forth in the Investors' Rights Agreement.

5.       CONDITIONS TO CLOSING

         5.1 CONDITIONS TO PURCHASERS' OBLIGATIONS AT EACH CLOSING. Purchasers'
obligations to purchase the Shares at each Closing are subject to the
satisfaction, at or prior to each such Closing, of the following conditions:

                  (a) REPRESENTATIONS AND WARRANTIES TRUE; PERFORMANCE OF
OBLIGATIONS. With respect to the First Closing, the representations and
warranties made by the Company in Section 3 hereof shall be true and correct in
all material respects as of such Closing Date with the same force and effect as
if they had been made as of such Closing Date, and the Company shall have
performed all obligations and conditions herein required to be performed or
observed by it on or prior to such Closing. With respect to any Subsequent
Closing, the Company shall have delivered an updated Schedule of Exceptions, and
the representation and warranties made by the Company in Section 3 hereof, as
modified by such revised Schedule of Exceptions, shall be true and correct in
all material respects as of such Closing Date, and the Company shall have
performed all obligations and conditions herein required to be performed or
observed by it on or prior to such Closing.

                  (b) LEGAL INVESTMENT. On the Closing Date, the sale and
issuance of the Shares and the proposed issuance of the Conversion Shares shall
be legally permitted by all laws and regulations to which Purchasers and the
Company are subject.

                  (c) CONSENTS, PERMITS, AND WAIVERS. The Company shall have
obtained any and all consents, permits and waivers necessary or appropriate for
consummation of the

                                       7.
<PAGE>   13

transactions contemplated by the Agreement and the Investors' Rights Agreement
(except for such as may be properly obtained subsequent to the Closing).

                  (d) FILING OF RESTATED CERTIFICATE. The Restated Certificate
shall have been filed with the Secretary of State of the State of Delaware.

                  (e) INVESTORS' RIGHTS AGREEMENT. An Investors' Rights
Agreement, substantially in the form attached hereto as Exhibit C, shall have
been executed and delivered by the parties thereto.

                  (f) BOARD OF DIRECTORS. Upon the Closing, the authorized size
of the Board of Directors of the Company shall be three (3) members and the
Board shall consist of Gary R. Vickers, with two (2) vacancies existing.

                  (g) PROCEEDINGS AND DOCUMENTS. All corporate and other
proceedings in connection with the transactions contemplated at the Closing
hereby and all documents and instruments incident to such transactions shall be
reasonably satisfactory in substance and form to the Purchasers and their
special counsel, and the Purchasers and their special counsel shall have
received all such counterpart originals or certified or other copies of such
documents as they may reasonably request.

                  (h) EXECUTION OF CLEARINGHOUSE AGREEMENT. The Definitive
Clearinghouse Agreements shall have been executed by all parties thereto.

         5.2 CONDITIONS TO OBLIGATIONS OF THE COMPANY. The Company's obligation
to issue and sell the Shares at the Closing is subject to the satisfaction, on
or prior to such Closing, of the following conditions:

                  (a) REPRESENTATIONS AND WARRANTIES TRUE. The representations
and warranties made by the Purchasers in Section 4 hereof shall be true and
correct in all material respects at the date of each Closing, with the same
force and effect as if they had been made on and as of said date.

                  (b) PERFORMANCE OF OBLIGATIONS. Purchasers shall have
performed and complied with all agreements and conditions herein required to be
performed or complied with by Purchasers on or before each Closing.

                  (c) FILING OF RESTATED CERTIFICATE. The Restated Certificate
shall have been filed with the Secretary of State of the State of Delaware.

                  (d) INVESTORS' RIGHTS AGREEMENT. An Investors' Rights
Agreement, substantially in the form attached hereto as Exhibit C, shall have
been executed and delivered by the Purchasers.

                  (e) CONSENTS, PERMITS, AND WAIVERS. The Company shall have
obtained any and all consents, permits and waivers necessary or appropriate for
consummation of the transactions contemplated by the Agreement and the
Investors' Rights Agreement (except for such as may be properly obtained
subsequent to the Closing).

                                       8.
<PAGE>   14

6.       COVENANT OF THE COMPANY

         6.1 GRANT OF MORE FAVORABLE TERMS. No Purchaser of preferred stock of
the Company shall receive different terms than are set forth in this Agreement,
the Investors' Rights Agreement and the Restated Certificate of Incorporation,
unless all Purchasers receive an equivalent benefit on a share for share basis.
If the Company now or hereafter proposes to extend different terms to a
Purchaser of preferred stock of the Company, each Purchaser will be notified
prior to the date of the transaction and provided full details thereof,
including copies of all relevant documentation. The Company shall offer to
extend equivalent rights and benefits to each Purchaser, by amendment to this
Agreement, the Investors' Rights Agreement and/or the Restated Certificate of
Incorporation, or in such other fashion that is appropriate under the
circumstances and satisfactory in the reasonable opinion of such Purchaser. This
provision, however, shall not apply to any strategic relationships, licensing
transactions or commercial agreements entered into between the Company and a
subsequent Purchaser that are part of a broader strategic relationship, so long
as the terms of the rights granted to such Purchaser with respect to their
preferred stock are not more favorable than those granted to the Purchasers
hereunder. The provisions of this Section 6.1 shall terminate upon the earlier
to occur of: (i) the sale and issuance by the Company of an aggregate of two
million (2,000,000) (as adjusted for stock splits, stock dividends and the like)
shares of Series A Stock (inclusive of the Shares sold at the First Closing);
and (ii) the sale and issuance of shares of preferred stock in which the gross
proceeds to the Company are at least $1,000,000 and the price per share is more
than $7.50 (as adjusted for stock splits, stock dividends and the like) (a
"SENIOR SALE"). Furthermore, the provisions of this Section 6.1 shall have no
application to a Senior Sale.

7.       MISCELLANEOUS

         7.1 GOVERNING LAW. This Agreement shall be construed and enforced in
accordance with the laws of the State of Colorado without regard to its
conflict-of-laws rules.

         7.2 SURVIVAL. The representations, warranties, covenants and agreements
made herein shall survive any investigation made by any Purchaser and the
closing of the transactions contemplated hereby. All statements as to factual
matters contained in any certificate or other instrument delivered by or on
behalf of the Company pursuant hereto in connection with the transactions
contemplated hereby shall be deemed to be representations and warranties by the
Company hereunder solely as of the date of such certificate or instrument.

         7.3 SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the
parties hereto and shall inure to the benefit of and be enforceable by each
person who shall be a holder of the Shares from time to time.

         7.4 ENTIRE AGREEMENT. This Agreement, the Exhibits and Schedules
hereto, including the Investors' Rights Agreement, and the other documents
delivered pursuant hereto constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof and no party
shall be liable or bound to any other in any manner by any representations,
warranties, covenants and agreements except as specifically set forth herein and
therein.

                                       9.
<PAGE>   15

         7.5 SEVERABILITY. In case any provision of the Agreement shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

         7.6 AMENDMENT AND WAIVER.

                  (a) This Agreement may be amended or modified only upon the
written consent of the Company and holders of a majority of the Shares (treated
as if converted and including any Conversion Shares into which the Shares have
been converted that have not been sold to the public).

                  (b) The obligations of the Company and the rights of the
holders of the Shares and the Conversion Shares under the Agreement may be
waived only with the written consent of the holders of a majority of the Shares
(treated as if converted and including any Conversion Shares into which the
Shares have been converted that have not been sold to the public).

         7.7 NOTICES. All notices required or permitted hereunder shall be in
writing and shall be deemed effectively given: (i) upon personal delivery to the
party to be notified; (ii) when sent by confirmed telex or facsimile if sent
during normal business hours of the recipient, if not, then on the next business
day; (iii) five (5) days after having been sent by registered or certified mail,
return receipt requested, postage prepaid; or (iv) one (1) day after deposit
with a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt. All communications shall be sent to the
Company at the address as set forth on the signature page hereof and to
Purchaser at the address as set forth on Exhibit A hereto or at such other
address as the Company or Purchaser may designate by ten (10) days advance
written notice to the other parties hereto.

         7.8 EXPENSES. The Company shall pay all costs and expenses that it
incurs with respect to the negotiation, execution, delivery and performance of
the Agreement. The Company shall reimburse the reasonable fees and expenses in
an amount not to exceed $5,000.00 of one special counsel to the Purchasers
incurred in connection with the negotiation, execution, delivery and performance
of this Agreement and the transactions contemplated thereby.

         7.9 ATTORNEYS' FEES. In the event that any dispute among the parties to
this Agreement should result in litigation, the prevailing party in such dispute
shall be entitled to recover from the losing party all fees, costs and expenses
of enforcing any right of such prevailing party under or with respect to this
Agreement, including without limitation, such reasonable fees and expenses of
attorneys and accountants, which shall include, without limitation, all fees,
costs and expenses of appeals.

         7.10 TITLES AND SUBTITLES. The titles of the sections and subsections
of the Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

         7.11 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

         7.12 BROKER'S FEES. Each party hereto represents and warrants that no
agent, broker, investment banker, person or firm acting on behalf of or under
the authority of such party hereto

                                       10.
<PAGE>   16

is or will be entitled to any broker's or finder's fee or any other commission
directly or indirectly in connection with the transactions contemplated herein.
Each party hereto further agrees to indemnify each other party for any claims,
losses or expenses incurred by such other party as a result of the
representation in this Section 7.12 being untrue.

         7.13 EXCULPATION AMONG PURCHASERS. Each Purchaser acknowledges that it
is not relying upon any person, firm, or corporation, other than the Company and
its officers and directors, in making its investment or decision to invest in
the Company. Each Purchaser agrees that no Purchaser nor the respective
controlling persons, officers, directors, partners, agents, or employees of any
Purchaser shall be liable for any action heretofore or hereafter taken or
omitted to be taken by any of them in connection with the Shares and Conversion
Shares.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       11.

<PAGE>   17

         IN WITNESS WHEREOF, the parties hereto have executed the SERIES A
PREFERRED STOCK PURCHASE AGREEMENT as of the date set forth in the first
paragraph hereof.

COMPANY:                                        PURCHASERS:

ENERGY AUCTION EXCHANGE, INC.

By: /s/ Gary R. Vickers                         By: /s/
   -------------------------------------           ----------------------------
   Gary R. Vickers
   President and Chief                          Name:
   Executive Officer                                 --------------------------

                                                Title:
                                                      -------------------------

7900 East Union Avenue, Suite 1100              Address:
Denver, CO  80237                                       ------------------------

                                                --------------------------------

                   SERIES A PREFERRED STOCK PURCHASE AGREEMENT

<PAGE>   18

                                    PURCHASERS:

                                    ANSCHUTZ FAMILY INVESTMENT COMPANY LLC

                                    By: /s/ Craig Slater
                                       ---------------------------------
                                            Craig Slater

                                    Title:
                                          ------------------------------

                                    Address:
                                            ----------------------------

                                    ------------------------------------

                                    A.C.E. INVESTMENT PARTNERSHIP

                                    By: /s/
                                       ---------------------------------

                                    Name:
                                         -------------------------------

                                    Title:
                                          ------------------------------

                                    Address:
                                            ----------------------------

                                    ------------------------------------

                  SERIES A PREFERRRED STOCK PURCHASE AGREEMENT

<PAGE>   19

                                    EXHIBIT A

                             SCHEDULE OF PURCHASERS

                                  FIRST CLOSING

<TABLE>
<CAPTION>

NAME AND ADDRESS                                SHARES            AGGREGATE PURCHASE PRICE
----------------                                ------            ------------------------
<S>                                             <C>                    <C>
Vickers Energy Services, LLC                    666,666                $4,999,995.00
7900 East Union Avenue, Suite 1100
Denver, CO  80237
</TABLE>

                               SUBSEQUENT CLOSING

<TABLE>
<CAPTION>

NAME AND ADDRESS                                SHARES            AGGREGATE PURCHASE PRICE
----------------                                ------            ------------------------
<S>                                             <C>               <C>
Anschutz Family Investment Company LLC          515,069               $ 3,863,017.50(1)
555 17th Street
Suite 2400
Denver, CO 80202
Attention:  Scott Carpenter

A.C.E. Investment Partnership                    22,065               $   165,487.50(2)
555 17th Street
Suite 2400
Denver, CO 80202
Attention:  Scott Carpenter

Sequel Limited Partnership II                   535,671               $ 4,017,532.50(3)
4430 Arapahoe Avenue
Suite 220
Boulder, CO 80303
Attention:  Thomas G. Washing

Greenwood Gulch Ventures, LLC                    33,333               $   249,997.50
7367 Shoreham Drive
Castle Rock, CO 80104
Attn:  Donald D. Rosenkrans, Jr

Energetic Investors LLC                         133,333               $   999,997.50
Feldman Sherb Ehrlich & Co., P.C
805 Third Avenue
New York, NY 10022-7513
Attn:  Jay R. Horowitz
</TABLE>

--------
1 Includes interest in the aggregate amount of $28,020.88
2 Includes interest in the aggregate amount of $496.25
3 Includes interest in the aggregate amount of $17,534.24

<PAGE>   20

                                    EXHIBIT B

                      RESTATED CERTIFICATE OF INCORPORATION

<PAGE>   21

                                    EXHIBIT C

                           INVESTORS' RIGHTS AGREEMENT<PAGE>   1
                                                                    EXHIBIT 10.6

================================================================================

                            STOCK PURCHASE AGREEMENT

                                     among:

                         ENERGY AUCTION EXCHANGE, INC.,
                             a Delaware corporation;

                                       and

                              KENNETH R. OLIVE, JR.

                                  ALLAN C. KING

                                  ALLAN G. KING

                                  DUANE H. KING

                              GWENDOLYN KING KINNEY

                                  DAVID R. KING

                            ROBERT E. ZIMMERMAN, JR.

                                 R.E. ZIMMERMAN

                            MICHAEL W. O'SHAUGHNESSY

                         -------------------------------

                          Dated as of December 30, 1999

                         -------------------------------

================================================================================

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                   PAGE
<S>            <C>                                                                 <C>
SECTION 1.     SALE AND PURCHASE OF SHARES; RELATED TRANSACTIONS....................1

      1.1      Sale and Purchase of Shares..........................................1

      1.2      Purchase Price.......................................................1

      1.3      Closing..............................................................2

      1.4      Exchange of Certificates.............................................2

SECTION 2.     REPRESENTATIONS AND WARRANTIES OF THE SELLING SHAREHOLDERS...........2

      2.1      Execution, Delivery and Performance of Agreement; Authority..........3

      2.2      Noncontravention.....................................................3

      2.3      Brokers' Fees........................................................3

      2.4      Company Shares.......................................................3

      2.5      Investment Representations...........................................4

               (a)      Selling Shareholder Bears Economic Risk.....................4

               (b)      Acquisition for Own Account.................................4

               (c)      Selling Shareholder Can Protect Its Interest................4

               (d)      Accredited Investor.........................................4

               (e)      Rule 144....................................................4

               (f)      Residence...................................................5

      2.6      Transfer Restrictions................................................5

SECTION 3.     REPRESENTATIONS AND WARRANTIES OF THE PURCHASER......................5

      3.1      Due Organization.....................................................5

      3.2      Execution, Delivery and Performance of Agreement; Authority..........5

      3.3      Capitalization.......................................................5

      3.4      Purchaser's Series B Stock...........................................5

      3.5      Noncontravention.....................................................6

SECTION 4.     CONDITIONS PRECEDENT TO OBLIGATIONS OF THE PURCHASER.................6

      4.1      Accuracy of Representations..........................................6

      4.2      Performance of Covenants.............................................6

      4.3      Consents.............................................................6

      4.4      Agreements and Documents.............................................6
</TABLE>

                                       i.

<PAGE>   3

                                TABLE OF CONTENTS
                                  (CONTINUED)

<TABLE>
<CAPTION>
                                                                                   PAGE
<S>            <C>                                                                 <C>
      4.5      Securities Law Compliance............................................6

      4.6      No Restraints........................................................7

      4.7      No Proceedings.......................................................7

      4.8      Corporate Approvals..................................................7

SECTION 5.     CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLING SHAREHOLDERS......7

      5.1      Accuracy of Representations..........................................7

      5.2      Performance of Covenants.............................................7

      5.3      Agreements and Documents.............................................7

      5.4      No Restraints........................................................8

      5.5      Corporate Approvals..................................................8

SECTION 6.     INDEMNIFICATION, ETC.................................................8

      6.1      Survival of Representations, Etc.....................................8

      6.2      Indemnification by Selling Shareholders..............................8

      6.3      Indemnification by the Purchaser.....................................9

SECTION 7.     MISCELLANEOUS PROVISIONS.............................................9

      7.1      Further Assurances...................................................9

      7.2      Fees and Expenses....................................................9

      7.3      Attorneys' Fees......................................................9

      7.4      Notices.............................................................10

      7.5      Confidentiality.....................................................10

      7.6      Headings............................................................11

      7.7      Counterparts........................................................11

      7.8      Governing Law.......................................................11

      7.9      Successors and Assigns..............................................11

      7.10     Remedies Cumulative; Specific Performance...........................11

      7.11     Amendments and Waiver...............................................11

      7.12     Severability........................................................11

      7.13     Parties in Interest.................................................12

      7.14     Entire Agreement....................................................12

      7.15     Construction........................................................12
</TABLE>

                                      ii.
<PAGE>   4

                                    EXHIBITS

Exhibit A   -   Allocation of Purchase Price and Issuance Instructions

Exhibit B   -   Second Amended and Restated Investors Rights Agreement

Exhibit C   -   Amended and Restated Certificate of Incorporation of Purchaser

                                      iii.
<PAGE>   5

                            STOCK PURCHASE AGREEMENT

         THIS STOCK PURCHASE AGREEMENT ("AGREEMENT") is made and entered into as
of December 30, 1999, by and among ENERGY AUCTION EXCHANGE, INC., a Delaware
corporation (the "PURCHASER"), and the following shareholders of The Petroleum
Clearinghouse, Inc. (the "COMPANY"): Kenneth R. Olive, Jr., Allan C. King, Allan
G. King, Duane H. King, Gwendolyn King Kinney, David R. King, Robert E.
Zimmerman, Jr., R.E. Zimmerman and Michael W. O'Shaughnessy (collectively the
"SELLING SHAREHOLDERS", and each a "SELLING SHAREHOLDER").

                                    RECITALS

         A.    The Selling Shareholders own an aggregate of four thousand
(4,000) shares of Common Stock (collectively, the "SHARES") of the Company,
which constitute all of the issued and outstanding capital stock and options,
warrants or other rights to purchase capital stock of the Company other than the
shares of Common Stock acquired by the Purchaser pursuant to that certain Stock
Purchase Agreement, dated June 1, 1999, among the Purchaser, the Company and the
Selling Shareholders (the "PRIOR PURCHASE AGREEMENT").

         B.    On August 4, 1999, the Selling Shareholders and the Purchaser
reached an agreement regarding the number of shares of Series B Stock that would
be issued in exchange for the Shares.

         C.    The Selling Shareholders wish to sell the Shares to the Purchaser
on the terms set forth in this Agreement (the "ACQUISITION") and in accordance
with the terms of the agreement reached on August 4, 1999 and that certain
Shareholders Agreement, dated June 1, 1999, among the Purchaser, the Company and
the Selling Shareholders (the "SHAREHOLDERS AGREEMENT").

                                    AGREEMENT

         The parties to this Agreement agree as follows:

SECTION 1. SALE AND PURCHASE OF SHARES; RELATED TRANSACTIONS

         1.1   SALE AND PURCHASE OF SHARES. At the Closing (as hereinafter
defined), the Selling Shareholders shall sell, assign, transfer and deliver the
Shares to the Purchaser, and the Purchaser shall purchase the Shares from the
Selling Shareholders on the terms and subject to the conditions set forth in
this Agreement.

         1.2   PURCHASE PRICE. Subject to Section 1.4, at the Closing, by virtue
of the Acquisition and without any further action on the part of the Purchaser
or the Selling Shareholders, the Shares are converted into the right to receive
an aggregate of four hundred fifty-five thousand one hundred twenty (455,120)
shares of Series B Preferred Stock of Purchaser (the "SERIES B STOCK") which are
convertible into shares of the Purchaser's common stock (the "CONVERSION
SHARES"), in accordance with the amounts set forth on Exhibit A hereto. The
Series B Stock to be issued pursuant to this Section 1.2(a) shall be referred to
as the "PURCHASE PRICE."

                                       1.
<PAGE>   6

         1.3   CLOSING.

               (a) The closing of the sale of the Shares to the Purchaser (the
"CLOSING") shall take place at the offices of Cooley Godward LLP, 2595 Canyon
Boulevard, Suite 250, Boulder, Colorado 80302 on December 30, 1999 or at such
other place or time as the parties may agree (the "CLOSING DATE").

               (b) At the Closing, the parties shall have executed and delivered
each of the agreements required to be executed and delivered pursuant to
Sections 4.4 and 5.3.

         1.4   EXCHANGE OF CERTIFICATES.

               (a) At the Closing, the Selling Shareholders will deliver to the
Purchaser stock certificates representing the Shares, endorsed in blank or
accompanied by duly executed assignment documents and the buyer will deliver
certificates representing shares of Series B Stock in the names and amounts set
forth on Exhibit A.

               (b) The shares of Series B Stock to be issued in the Acquisition
shall be characterized as "restricted securities" for purposes of Rule 144 under
the Securities Act, and each certificate representing any of such shares shall
bear a legend identical or similar in effect to the following legend (together
with any other legend or legends required by applicable state securities laws or
otherwise):

         First Legend:

               "THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
               SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") AND MAY NOT BE
               OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR
               HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS
               THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO
               THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT
               REQUIRED."

         Second Legend:

               "THE SECURITIES REPRESENTED HEREBY MAY NOT BE OFFERED, SOLD OR
               OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED EXCEPT
               IN COMPLIANCE WITH THE SECOND AMENDED AND RESTATED INVESTORS'
               RIGHTS AGREEMENT, DATED DECEMBER 30, 1999, COPIES OF WHICH ARE ON
               FILE AT THE OFFICE OF THE ISSUER."

SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE SELLING SHAREHOLDERS

         Each of the Selling Shareholders severally represents and warrants to
the Purchaser that the statements contained in this Section 2 are true and
correct as of the date of this Agreement with respect to himself or herself.

                                       2.
<PAGE>   7

         2.1   EXECUTION, DELIVERY AND PERFORMANCE OF AGREEMENT; AUTHORITY. The
Selling Shareholder has the full legal right, power and authority to enter into
this Agreement and the related agreements referred to herein to which it is a
party and to carry out the transactions contemplated hereby. All proceedings
required to be taken by the Selling Shareholder to authorize the execution,
delivery and performance of this Agreement and the Second Amended and Restated
Investors' Rights Agreement, of even date herewith (the "RIGHTS AGREEMENT") to
which it is a party have been properly taken. Each of this Agreement and the
Rights Agreement constitute valid and binding obligations of the Selling
Shareholder, enforceable against the Selling Shareholder in accordance with
their terms, subject to (i) laws of general application relating to bankruptcy,
insolvency and the relief of debtors and (ii) rules of law governing specific
performance, injunctive relief and other equitable remedies. The Selling
Shareholder need not give any notice to, make any filing with, or obtain any
authorization, consent or approval of any government or governmental agency,
including, without limitation, the SEC, in order to consummate the transactions
contemplated by this Agreement, except for any required filings with the NASD.

         2.2   NONCONTRAVENTION. Neither the execution and the delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(a) violate any constitution, statute, regulation, rule, injunction, judgment,
order, decree, ruling, charge or other restriction of any government,
governmental agency or court to which the Selling Shareholder is subject, (b)
conflict with, result in a breach of, constitute a default under, result in the
acceleration of, create in any party the right to accelerate, terminate, modify
or cancel, or require any notice under any agreement, contract, lease, license,
instrument or other arrangement to which the Selling Shareholder is a party or
by which he or she is bound or to which any of his or her assets is subject, or
(c) result in a breach of any confidentiality, non-competition or similar
agreement to which the Selling Shareholder is a party.

         2.3   BROKERS' FEES. The Selling Shareholder has no liability or
obligation to pay any fees or commissions to any broker, finder or agent with
respect to the transactions contemplated by this Agreement for which the
Purchaser could become liable or obligated.

         2.4   COMPANY SHARES. The Selling Shareholder holds of record and owns
beneficially the number of Shares set forth next to his or her name in Exhibit
A, free and clear of any restrictions on transfer (other than any restrictions
under the Shareholders Agreement, the Securities Act and state securities laws),
taxes, security interests, options, warrants, purchase rights, contracts,
commitments, equities, claims and demands. The Selling Shareholder is not a
party to any option, warrant, purchase right or other contract or commitment
that could require the Selling Shareholder to sell, transfer or otherwise
dispose of any capital stock of the Company (other than the Shareholders
Agreement). The Selling Shareholder is not a party to any voting trust, proxy or
other agreement or understanding with respect to the voting of any capital stock
of the Company (other than the Shareholders Agreement). The Shares constitute
all of the issued and outstanding shares of capital stock of the Company and all
rights to acquire shares other than the shares of capital stock and rights to
acquire capital stock held by the Purchaser pursuant to the Prior Purchase
Agreement and the Shareholders Agreement and other than any shares issued or
rights to acquire shares that have occurred on or after June 1, 1999 and have
been approved by the Purchaser.

                                       3.
<PAGE>   8

         2.5   INVESTMENT REPRESENTATIONS. The Selling Shareholder understands
that neither the Series B Stock nor the Conversion Shares have been registered
under the Securities Act of 1933, as amended (the "SECURITIES ACT"). The Selling
Shareholder also understands that the shares of Series B Stock are being offered
and sold pursuant to an exemption from registration contained in the Securities
Act based in part upon the Selling Shareholder's representations contained in
the Agreement. Each Selling Shareholder hereby represents and warrants as
follows:

               (a) SELLING SHAREHOLDER BEARS ECONOMIC RISK. The Selling
Shareholder has substantial experience in evaluating and investing in private
placement transactions of securities in companies similar to the Purchaser so
that it is capable of evaluating the merits and risks of its investment in the
Purchaser and has the capacity to protect its own interests. Selling Shareholder
must bear the economic risk of this investment indefinitely unless the shares of
Series B Stock (or the Conversion Shares) are registered pursuant to the
Securities Act, or an exemption from registration is available. The Selling
Shareholder understands that the Purchaser has no present intention of
registering the Series B Stock, the Conversion Shares or any shares of its
Common Stock. The Selling Shareholder also understands that there is no
assurance that any exemption from registration under the Securities Act will be
available and that, even if available, such exemption may not allow Selling
Shareholder to transfer all or any portion of the Series B Stock (or the
Conversion Shares) under the circumstances, in the amounts or at the times
Selling Shareholder might propose.

               (b) ACQUISITION FOR OWN ACCOUNT. The Selling Shareholder is
acquiring the Series B Stock (or the Conversion Shares) for Selling
Shareholder's own account for investment only, and not with a view towards their
distribution.

               (c) SELLING SHAREHOLDER CAN PROTECT ITS INTEREST. The Selling
Shareholder represents that by reason of its, or of its management's, business
or financial experience, the Selling Shareholder has the capacity to protect its
own interests in connection with the transactions contemplated in this
Agreement. Further, the Selling Shareholder is aware of no publication of any
advertisement in connection with the transactions contemplated in the Agreement.

               (d) ACCREDITED INVESTOR. The Selling Shareholder represents that
it is an accredited investor within the meaning of Regulation D under the
Securities Act.

               (e) RULE 144. The Selling Shareholder acknowledges and agrees
that the Series B Stock, and, if issued, the Conversion Shares must be held
indefinitely unless they are subsequently registered under the Securities Act or
an exemption from such registration is available. The Selling Shareholder has
been advised or is aware of the provisions of Rule 144 promulgated under the
Securities Act, which permits limited resale of shares purchased in a private
placement subject to the satisfaction of certain conditions, including, among
other things, the availability of certain current public information about the
Purchaser, the resale occurring following the required holding period under Rule
144 and the number of shares being sold during any three-month period not
exceeding specified limitations.

                                       4.
<PAGE>   9

               (f) RESIDENCE. The Selling Shareholder resides in the state or
province identified in the address of the Selling Shareholder set forth on
Exhibit A.

         2.6   TRANSFER RESTRICTIONS. The Selling Shareholder acknowledges and
agrees that the Series B Stock and, if issued, the Conversion Shares are subject
to restrictions on transfer as set forth in the Second Amended and Restated
Investors' Rights Agreement of even date herewith (the "RIGHTS AGREEMENT").

SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

         The Purchaser represents and warrants to the Selling Shareholders as
follows:

         3.1   DUE ORGANIZATION. The Purchaser is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware
and has all necessary power and authority to conduct its business in the manner
in which its business is currently being conducted and to own and use its assets
in the manner in which its assets are currently owned and used.

         3.2   EXECUTION, DELIVERY AND PERFORMANCE OF AGREEMENT; AUTHORITY. The
Purchaser has the full legal right, power and authority to enter into this
Agreement and the related agreements referred to herein to which it is a party
and to carry out the transactions contemplated hereby. All proceedings required
to be taken by the Purchaser to authorize the execution, delivery and
performance of this Agreement and the Rights Agreement to which it is a party
have been properly taken. Each of this Agreement and the Rights Agreement to
which the Purchaser is a party constitute valid and binding obligations of the
Purchaser, enforceable against the Purchaser in accordance with their terms,
subject to (i) laws of general application relating to bankruptcy, insolvency
and the relief of debtors and (ii) rules of law governing specific performance,
injunctive relief and other equitable remedies.

         3.3   CAPITALIZATION. The authorized capital stock of the Purchaser,
immediately prior to the closing, will consist of (a) fifteen million
(15,000,000) shares of Common Stock, five hundred thousand (500,000) of which
are issued and outstanding, five hundred thousand (500,000) of which are
reserved for issuance pursuant to the Purchaser's 1999 Equity Incentive Plan and
ten thousand (10,000) of which are reserved for issuance pursuant to outstanding
warrants and (b) three million (3,000,000) shares of Preferred Stock, 2,000,000
of which are designated Series A Preferred Stock, 1,906,137 of which are issued
and outstanding; and 500,000 of which are designated Series B Preferred Stock,
none of which are issued and outstanding.

         3.4   PURCHASER'S SERIES B STOCK. The Purchaser's Series B Stock will,
upon delivery to the Selling Shareholders, be duly authorized, validly issued,
fully paid and nonassessable, with no personal liability attaching to the
ownership thereof (except as otherwise set forth herein), other than liabilities
imposed upon stockholders generally by the provisions of the Delaware General
Corporation Law and will not be subject to any other restrictions, except as may
be imposed by applicable law or as set forth in this Agreement, the Investors'
Rights Agreement or the Purchaser's Restated Certificate of Incorporation.

                                       5.
<PAGE>   10

         3.5   NONCONTRAVENTION. Neither the execution and the delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will
(a) violate any constitution, statute, regulation, rule, injunction, judgment,
order, decree, ruling, charge or other restriction of any government,
governmental agency or court to which the Purchaser is subject, (b) conflict
with, result in a breach of, constitute a default under, result in the
acceleration of, create in any party the right to accelerate, terminate, modify
or cancel, or require any notice under any agreement, contract, lease, license,
instrument or other arrangement to which the Purchaser is a party or by which he
or she is bound or to which any of his or her assets is subject, or (c) result
in a breach of any confidentiality, non-competition or similar agreement to
which the Purchaser is a party.

         3.6   BROKERS FEES. The Purchaser has no liability or obligation to pay
any fees or commissions to any broker, finder or agent with respect to the
transactions contemplated by this Agreement for which the Purchaser could become
liable or obligated.

SECTION 4. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE PURCHASER

         The obligation of the Purchaser to effect the transactions contemplated
hereby are subject to the satisfaction, at or prior to the Closing, of each of
the following conditions (any of which may be waived by the Purchaser, in whole
or in part, in accordance with Section 7.12):

         4.1   ACCURACY OF REPRESENTATIONS. Each of the representations and
warranties made by the Selling Shareholders in this Agreement shall have been
accurate in all material respects as of the Closing Date.

         4.2   PERFORMANCE OF COVENANTS. Each covenant or obligation that any of
the Selling Shareholders is required to comply with or to perform at or prior to
the Closing shall have been complied with and performed in all material
respects.

         4.3   CONSENTS. All consents required to be obtained in connection with
the this Agreement and the Rights Agreement shall have been obtained and shall
be in full force and effect.

         4.4   AGREEMENTS AND DOCUMENTS. The Purchaser shall have received the
following agreements and documents, each of which shall be in full force and
effect:

               (a) the Rights Agreement, substantially in the form of Exhibit B;
and

               (b) such other documents as the Purchaser may reasonably request
in good faith for the purpose of (i) evidencing the accuracy of any
representation or warranty made by the Selling Shareholders, (ii) evidencing the
compliance by the Selling Shareholders with, or the performance by the Selling
Shareholders of, any covenant or obligation set forth in this Agreement, (iii)
evidencing the compliance with any applicable federal or state securities law,
(iv) evidencing the satisfaction of any condition set forth in this Section 4 or
(iv) otherwise facilitating the consummation or performance of any of the
transactions contemplated hereby.

         4.5   SECURITIES LAW COMPLIANCE. All applicable requirements of the
Securities Act and any applicable state securities laws shall have been
satisfied.

                                       6.

<PAGE>   11

         4.6   NO RESTRAINTS. No temporary restraining order, preliminary or
permanent injunction or other order preventing the consummation of the
Acquisition shall have been issued by any court of competent jurisdiction and
remain in effect, and there shall not be any Legal Requirement enacted or deemed
applicable to the Acquisition that makes consummation of the Acquisition
illegal.

         4.7   NO PROCEEDINGS. No person shall have commenced or threatened to
commence any proceeding challenging or seeking the recovery of a material amount
of damages in connection with the Acquisition or seeking to prohibit or limit
the exercise by the Purchaser of any material right pertaining to its ownership
of the Shares.

         4.8   CORPORATE APPROVALS. This Agreement and the Rights Agreement
shall have been approved by all necessary corporate action on the part of the
Purchaser and the Selling Shareholders.

SECTION 5. CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLING SHAREHOLDERS

         The obligations of the Selling Shareholders to effect this Agreement
are subject to the satisfaction, at or prior to the Closing, of each of the
following conditions (any of which may be waived by the Agent (as defined in
Section 7.1), in whole or in part, in accordance with Section 7.13):

         5.1   ACCURACY OF REPRESENTATIONS. Each of the representations and
warranties made by the Purchaser in this Agreement shall have been accurate in
all material respects as of the date of this Agreement, and shall be accurate in
all respects as of the Closing Date as if made at the Closing Date.

         5.2   PERFORMANCE OF COVENANTS. All of the covenants and obligations
that the Purchaser is required to comply with or to perform at or prior to the
Closing shall have been complied with and performed in all material respects.

         5.3   AGREEMENTS AND DOCUMENTS. The Selling Shareholders shall have
received the following agreements and documents:

               (a) the Rights Agreement, substantially in the form of Exhibit B;

               (b) an as filed copy of the Restated Certificate of Incorporation
of the Purchaser, substantially in the form of Exhibit C, executed by the
Purchaser; and

               (c) such other documents as the Selling Shareholders may
reasonably request in good faith for the purpose of (i) evidencing the accuracy
of any representation or warranty made by the Purchaser, (ii) evidencing the
compliance by the Purchaser with, or the performance by the Purchaser of, any
covenant or obligation set forth in this Agreement, (iii) evidencing the
compliance with any applicable federal or state securities law, (iv) evidencing
the satisfaction of any condition set forth in this Section 5 or (iv) otherwise
facilitating the consummation or performance of any of the transactions
contemplated hereby.

                                       7.
<PAGE>   12

         5.4   NO RESTRAINTS. No temporary restraining order, preliminary or
permanent injunction or other order preventing the consummation of the
Acquisition shall have been issued by any court of competent jurisdiction and
remain in effect, and there shall not be any Legal Requirement enacted or deemed
applicable to the Acquisition that makes consummation of the Acquisition
illegal.

         5.5   CORPORATE APPROVALS. This Agreement and the Rights Agreement
shall have been approved by all necessary corporate action on the part of the
Purchaser.

SECTION 6. INDEMNIFICATION, ETC.

         6.1   SURVIVAL OF REPRESENTATIONS, ETC.

               (a) The representations, warranties and covenants of each party
pursuant to this Agreement shall survive the Closing and shall expire on the
first anniversary of the Closing Date; provided, however, (i) that fraud claims
shall survive for the statute of limitations applicable to claims based on such
matters, (ii) claims under Sections 2.4 and 2.5 hereof shall survive
indefinitely and (iii) that if, at any time prior to the first anniversary of
the Closing Date, any party seeking indemnification under this Section 6 (an
"INDEMNIFIED PARTY") (acting in good faith) delivers to the party from whom such
indemnification is sought (an "INDEMNIFYING PARTY") a written notice alleging
the existence of a breach of any of the representations and warranties made by
the Indemnifying Party or a breach of any covenant contained herein (and setting
forth in reasonable detail the basis for such Indemnified Party's belief that
such a breach may exist) and asserting a claim for recovery under Section 6.2 or
Section 6.3, whichever is applicable, based on such alleged breach, then the
claim asserted in such notice shall survive the first anniversary of the Closing
until such time as such claim is fully and finally resolved.

               (b) The representations, warranties, covenants and obligations of
each Indemnifying Party, and the rights and remedies that may be exercised by
each Indemnified Party, shall not be limited or otherwise affected by or as a
result of investigation made by any Indemnified Party or any of their
Representatives.

         6.2   INDEMNIFICATION BY SELLING SHAREHOLDERS.

               (a) Subject to the provisions of this Section 6, the Selling
Shareholders, severally and not jointly, shall indemnify and hold harmless each
of the Purchaser Indemnitees from and against the amount of any Damages incurred
by any of the Purchaser Indemnitees directly or indirectly as a result of (i)
any breach of a representation or warranty of any of the Selling Shareholders
contained in Section 2 hereof and (ii) any breach of any covenant or obligation
contained herein. "DAMAGES" shall include any loss, damage, injury, reduced
value, liability, claim, demand, settlement, judgment, award, fine, penalty,
tax, fee (including any legal fee, expert fee, accounting fee or advisory fee),
charge, cost (including any cost of investigation or enforcement costs) or
expense of any nature, net of insurance recoveries. Throughout this Agreement
the term "PURCHASER INDEMNITEES" shall mean the following persons: (a) the
Purchaser; (b) the Purchaser's current and future affiliates (including the
Company but excluding the Selling Shareholders); (c) the respective officers,
directors, employees, agents, attorneys, accountants, advisors and
representatives (the "REPRESENTATIVES") of the persons referred to in

                                       8.
<PAGE>   13

clauses "(a)" and "(b)" above; and (d) the respective successors and assigns of
the persons referred to in clauses "(a)", "(b)" and "(c)" above.

               (b) The Selling Shareholders acknowledge and agree that, if there
is any breach as provided in Section 6.2(a), then the Purchaser itself shall be
deemed, by virtue of its ownership of the capital stock of the Company, to have
incurred Damages as result of such breach or liability. Nothing contained in
this Section 6.2(b) shall have the effect of (i) limiting the circumstances
under which the Purchaser may otherwise be deemed to have incurred Damages for
purposes of this Agreement, (ii) limiting the other type of Damages that the
Purchaser may deemed to have incurred (whether in connection with any such
breach or liability or otherwise) or (iii) limiting the rights of the Company or
any of the other Purchaser Indemnitees under this Section 6.2.

         6.3   INDEMNIFICATION BY THE PURCHASER. Subject to the provisions of
this Section 6, the Purchaser shall indemnify and hold harmless each of the
Selling Shareholder Indemnitees from and against the amount of any Damages
incurred by any of the Selling Shareholder Indemnitees directly or indirectly as
a result of (i) any breach of a representation or warranty of the Purchaser
contained in Section 3 hereof or in any instrument delivered pursuant to this
Agreement or (ii) any breach of any covenant or obligation contained herein.
Throughout this Agreement the term "SELLING SHAREHOLDER INDEMNITEES" shall mean
the following persons: (a) the Selling Shareholder; and (d) the respective
successors and assigns of the Selling Shareholder.

SECTION 7. MISCELLANEOUS PROVISIONS

         7.1   FURTHER ASSURANCES. Each party hereto shall execute and cause to
be delivered to each other party hereto such instruments and other documents,
and shall take such other actions as such other party may reasonably request
(prior to, at or after the Closing) for the purpose of carrying out or
evidencing any of the transactions contemplated hereby.

         7.2   FEES AND EXPENSES. Subject to Section 6, each party to this
Agreement shall bear and pay all fees, costs and expenses (including legal fees
and accounting fees) that have been incurred or that are incurred in the future
by such party in connection with the transactions contemplated hereby, including
all fees, costs and expenses incurred by such party in connection with or by
virtue of (a) the investigation and review conducted by the Purchaser and its
Representatives with respect to the Company's business (and the furnishing of
information to the Purchaser and its Representatives in connection with such
investigation and review), (b) the negotiation, preparation and review of this
Agreement and all agreements, certificates, opinions and other instruments and
documents delivered or to be delivered in connection with the transactions
contemplated hereby, (c) the preparation and submission of any filing or notice
required to be made or given in connection with any of the transactions
contemplated hereby and the obtaining of any consent required to be obtained in
connection with any of the transactions contemplated hereby and (d) the
consummation of the Acquisition.

         7.3   ATTORNEYS' FEES. If any action or proceeding relating to this
Agreement or the enforcement of any provision of this Agreement is brought
against any party hereto, the prevailing party shall be entitled to recover
reasonable attorneys' fees, costs and disbursements (in addition to any other
relief to which the prevailing party may be entitled).

                                       9.
<PAGE>   14

         7.4   NOTICES. Any notice or other communication required or permitted
to be delivered to any party under this Agreement shall be in writing and shall
be deemed properly delivered, given and received when delivered (by hand, by
registered mail, by courier or express delivery service or by facsimile) to the
address or facsimile telephone number set forth beneath the name of such party
below (or to such other address or facsimile telephone number as such party
shall have specified in a written notice given to the other parties hereto):

               if to the Purchaser:

                        Energy Auction Exchange, Inc.
                        7900 E. Union Ave., Suite 1100
                        Denver, Colorado  80237
                        Attention:  Gary R. Vickers
                        Facsimile: (303) 694-5326

                        with a copy to:

                        Cooley Godward LLP
                        2595 Canyon Blvd., Suite 250
                        Boulder, Colorado  80302
                        Attention:  James C.T. Linfield, Esq.
                        Facsimile: (303) 546-4099

               if to the Agent:

                        Kenneth R. Olive, Jr.
                        390 Benmar, Suite 100
                        P.O. Box 671787
                        Houston, Texas 77060
                        Facsimile:  (281) 873-0055

               if to any of the Individual Selling Shareholders:

                        to the appropriate address set forth on Exhibit A

                        with a copy to:

                        Locke Liddell & Sapp LLP
                        3400 Chase Tower
                        600 Travis
                        Houston, Texas  77002-3095
                        Attention:  Kevin Peter, Esq.
                        Facsimile:  (713)223-3717

         7.5   CONFIDENTIALITY. Without limiting the generality of anything
contained in this Agreement on and at all times after the Closing Date, each
party shall keep confidential, and shall not use or disclose to any other
person, any non-public document or other non-public

                                      10.
<PAGE>   15

information in such party's possession that relates to the business of the
Selling Shareholders, the Company or the Purchaser.

         7.6   HEADINGS. The bold-faced section headings contained in this
Agreement are for convenience of reference only, shall not be deemed to be a
part of this Agreement and shall not be referred to in connection with the
construction or interpretation of this Agreement.

         7.7   COUNTERPARTS. This Agreement may be executed in several
counterparts, each of which shall constitute an original and all of which, when
taken together, shall constitute one agreement.

         7.8   GOVERNING LAW. This Agreement shall be construed in accordance
with, and governed in all respects by, the internal laws of the State of
Colorado (without giving effect to principles of conflicts of laws).

         7.9   SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon: the
Selling Shareholders and their respective personal representatives, executors,
administrators, estates, heirs, successors and assigns (if any); and the
Purchaser and its successors and assigns (if any). This Agreement shall inure to
the benefit of: the Selling Shareholders; the Purchaser; the Indemnitees; and
the respective successors and assigns (if any) of the foregoing. The Purchaser
may freely assign any or all of its rights under this Agreement (including its
indemnification rights under Section 6), in whole or in part, to any other
person without obtaining the consent or approval of any other party hereto or of
any other person.

         7.10  REMEDIES CUMULATIVE; SPECIFIC PERFORMANCE. The rights and
remedies of the parties hereto shall be cumulative (and not alternative). The
parties to this Agreement agree that, in the event of any breach or threatened
breach by any party to this Agreement of any covenant, obligation or other
provision set forth in this Agreement for the benefit of any other party to this
Agreement, such other party shall be entitled (in addition to any other remedy
that may be available to it) to (a) a decree or order of specific performance or
mandamus to enforce the observance and performance of such covenant, obligation
or other provision, and (b) an injunction restraining such breach or threatened
breach.

         7.11  AMENDMENTS AND WAIVER.

               (a) This Agreement may be amended or modified only upon the
written consent of the Purchaser and the holders of a majority of the Series B
Stock (treated as if converted and including any Conversion Shares into which
the shares of Series B Stock have been converted that have not been sold to the
public).

               (b) The obligations of the Purchaser and the rights of the
holders of the Series B Stock and the Conversion Shares under the Agreement may
be waived only with the written consent of the holders of a majority of the
Series B Stock (treated as if converted and including any Conversion Shares into
which the shares of Series B Stock have been converted that have not been sold
to the public).

         7.12  SEVERABILITY. In the event that any provision of this Agreement,
or the application of any such provision to any person or set of circumstances,
shall be determined to be

                                      11.

<PAGE>   16

invalid, unlawful, void or unenforceable to any extent, the remainder of this
Agreement, and the application of such provision to persons or circumstances
other than those as to which it is determined to be invalid, unlawful, void or
unenforceable, shall not be impaired or otherwise affected and shall continue to
be valid and enforceable to the fullest extent permitted by law.

         7.13  PARTIES IN INTEREST. Except for the provisions of Section 6, none
of the provisions of this Agreement is intended to provide any rights or
remedies to any person other than the parties hereto and their respective
successors and assigns (if any).

         7.14  ENTIRE AGREEMENT. This Agreement and the other agreements
referred to herein set forth the entire understanding of the parties hereto
relating to the subject matter hereof and thereof and supersede all prior
agreements and understandings among or between any of the parties relating to
the subject matter hereof and thereof.

         7.15  CONSTRUCTION.

               (a) For purposes of this Agreement, whenever the context
requires: the singular number shall include the plural, and vice versa; the
masculine gender shall include the feminine and neuter genders; the feminine
gender shall include the masculine and neuter genders; and the neuter gender
shall include the masculine and feminine genders.

               (b) The parties hereto agree that any rule of construction to the
effect that ambiguities are to be resolved against the drafting party shall not
be applied in the construction or interpretation of this Agreement.

               (c) As used in this Agreement, the words "include" and
"including," and variations thereof, shall not be deemed to be terms of
limitation, but rather shall be deemed to be followed by the words "without
limitation."

               (d) Except as otherwise indicated, all references in this
Agreement to "Sections" and "Exhibits" are intended to refer to Sections of this
Agreement and Exhibits to this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      12.
<PAGE>   17

         The parties hereto have caused this Agreement to be executed and
delivered as of the date first set forth above.

PURCHASER:                         ENERGY AUCTION EXCHANGE, INC.,
                                     a Delaware corporation

                                   By: /s/ Gary R. Vickers
                                      -----------------------------------------
                                       Gary R. Vickers
                                       President and Chief Executive Officer

SELLING SHAREHOLDERS:              /s/ Kenneth R. Olive, Jr.
                                   --------------------------------------------
                                   Kenneth R. Olive, Jr.

                                   /s/ Allan C. King
                                   --------------------------------------------
                                   Allan C. King

                                   /s/ Allan G. King
                                   --------------------------------------------
                                   Allan G. King

                                   /s/ Duane H. King
                                   --------------------------------------------
                                   Duane H. King

                                   /s/ Gwendolyn King Kinney
                                   --------------------------------------------
                                   Gwendolyn King Kinney

                                   /s/ David R. King
                                   --------------------------------------------
                                   David R. King

                                   /s/ Robert E. Zimmerman, Jr.
                                   --------------------------------------------
                                   Robert E. Zimmerman, Jr.

                                   /s/ R.E. Zimmerman
                                   --------------------------------------------
                                   R.E. Zimmerman

                                   /s/ Michael W. O'Shaughnessy
                                   --------------------------------------------
                                   Michael W. O'Shaughnessy

                                      13.
<PAGE>   18

                                    EXHIBIT A

                          ALLOCATION OF PURCHASE PRICE

<TABLE>
<CAPTION>
                                                   AGGREGATE SHARES OF
NAME OF SELLING SHAREHOLDER                          SERIES B STOCK
------------------------------------------    ---------------------------------
<S>                                                     <C>
Kenneth R. Olive, Jr.                                   341,340
2410 Pleasant Creek Drive
Kingwood, TX  22345

Allen C. King                                            12,743
800 Bering Drive, Suite 305
Houston, Texas  77057

Allan G. King                                            17,522
705 Camelot Lane
Houston, Texas  77024

Duane H. King                                            28,445
9821 Katy Freeway, Suite 800
Houston, Texas  77024

Gwendolyn King Kinney                                     6,827
800 Bering Drive, Suite 305
Houston, Texas  77057

David R. King                                             4,551
1802 Forest Trail
Austin, Texas  78703

Robert E. Zimmerman, Jr.                                 21,846
1616 S. Voss, Suite 830
Houston, Texas  77057

R.E. Zimmerman                                           10,923
5005 Woodway, Suite 300
Houston, Texas  77056

Michael W. O'Shaughnessy                                 10,923
P.O. Box 29
Denver, Colorado  80201
</TABLE>

<PAGE>   19

                                    EXHIBIT B

             SECOND AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT

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