Document:

STOCK ESCROW AGREEMENT

      STOCK ESCROW AGREEMENT, dated as of , 2005 ("Agreement"), by and among
Platinum Energy Resources, Inc., a Delaware corporation ("Company"), and the
undersigned parties listed under Initial Stockholders on the signature page
hereto (collectively "Initial Stockholders") and American Stock Transfer & Trust
Company, a New York corporation ("Escrow Agent").

      WHEREAS, the Company has entered into an Underwriting Agreement, dated ,
2005 ("Underwriting Agreement"), with Casimir Capital LP ("Casimir") and Cantor
Fitzgerald & Co. ("Cantor") acting as representatives of the several
underwriters (collectively, the "Underwriters"), pursuant to which, among other
matters, the Underwriters have agreed to purchase 18,000,000 units ("Units") of
the Company. Each Unit consists of one share of the Company's Common Stock, par
value $.0001 per share, and one Warrant to purchase one share of Common Stock,
all as more fully described in the Company's final Prospectus, dated , 2005
("Prospectus") comprising part of the Company's Registration Statement on Form
S-1 (File No. 333-125687) under the Securities Act of 1933, as amended
("Registration Statement"), declared effective on , 2005 ("Effective Date").

      WHEREAS, the Initial Stockholders have agreed as a condition of the sale
of the Units to deposit their shares of Common Stock of the Company, as set
forth opposite their respective names in Exhibit A attached hereto (collectively
"Escrow Shares"), in escrow as hereinafter provided.

      WHEREAS, the Company and the Initial Stockholders desire that the Escrow
Agent accept the Escrow Shares, in escrow, to be held and disbursed as
hereinafter provided.

      IT IS AGREED:

      1. Appointment of Escrow Agent. The Company and the Initial Stockholders
hereby appoint the Escrow Agent to act in accordance with and subject to the
terms of this Agreement and the Escrow Agent hereby accepts such appointment and
agrees to act in accordance with and subject to such terms.

      2. Deposit of Escrow Shares. On or before the Effective Date, each of the
Initial Stockholders shall deliver to the Escrow Agent certificates representing
his respective Escrow Shares, to be held and disbursed subject to the terms and
conditions of this Agreement. Each Initial Stockholder acknowledges that the
certificate representing his Escrow Shares is legended to reflect the deposit of
such Escrow Shares under this Agreement.

      3. Disbursement of the Escrow Shares. The Escrow Agent shall hold the
Escrow Shares until the third anniversary of the Effective Date ("Escrow
Period"), on which date it shall, upon written instructions from each Initial
Stockholder, disburse each of the Initial Stockholder's Escrow Shares to such
Initial Stockholder; provided, however, that if the Escrow Agent is notified by
the Company pursuant to Section 6.7 hereof that the Company is being liquidated
at any time during the Escrow Period, then the Escrow Agent shall promptly
destroy the certificates representing the Escrow Shares; provided further,
however, that if, after the Company consummates a Business Combination (as such
term is defined in the Registration Statement), it (or the surviving entity)
subsequently consummates a liquidation, merger, stock exchange or other similar
transaction which results in all of the stockholders of such entity having the
right to exchange their shares of Common Stock for cash, securities or other
property, then the Escrow Agent will, upon receipt of a certificate, executed by
the Chief Executive Officer or Chief Financial Officer of the Company, in form
reasonably acceptable to the Escrow Agent, that such transaction is then being
consummated, release the Escrow Shares to the Initial Stockholders upon
consummation of the transaction so that they can similarly participate. The
Escrow Agent shall have no further duties hereunder after the disbursement or
destruction of the Escrow Shares in accordance with this Section 3.

      4. Rights of Initial Stockholders in Escrow Shares.

      4.1 Voting Rights as a Stockholder. Subject to the terms of the Insider
Letter described in Section 4.4 hereof and except as herein provided, the
Initial Stockholders shall retain all of their rights as stockholders of the
Company during the Escrow Period, including, without limitation, the right to
vote such shares.

      4.2 Dividends and Other Distributions in Respect of the Escrow Shares.
During the Escrow Period, all

<PAGE>

dividends payable in cash with respect to the Escrow Shares shall be paid to the
Initial Stockholders, but all dividends payable in stock or other non-cash
property ("Non-Cash Dividends") shall be delivered to the Escrow Agent to hold
in accordance with the terms hereof. As used herein, the term "Escrow Shares"
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

      4.3 Restrictions on Transfer. During the Escrow Period, no sale, transfer
or other disposition may be made of any or all of the Escrow Shares except (i)
by gift to a member of Initial Stockholder's immediate family or to a trust, the
beneficiary of which is an Initial Stockholder or a member of an Initial
Stockholder's immediate family, (ii) by virtue of the laws of descent and
distribution upon death of any Initial Stockholder, or (iii) pursuant to a
qualified domestic relations order; provided, however, that such permissive
transfers may be implemented only upon the respective transferee's written
agreement to be bound by the terms and conditions of this Agreement and of the
Insider Letter signed by the Initial Stockholder transferring the Escrow Shares.
During the Escrow Period, the Initial Stockholders shall not pledge or grant a
security interest in the Escrow Shares or grant a security interest in their
rights under this Agreement.

      4.4 Insider Letters. Each of the Initial Stockholders has executed a
letter agreement with Casimir and the Company, dated as indicated on Exhibit A
hereto, and which is filed as an exhibit to the Registration Statement ("Insider
Letter"), respecting the rights and obligations of such Initial Stockholder in
certain events, including but not limited to the liquidation of the Company.

      5. Concerning the Escrow Agent.

      5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any
action taken or omitted by it in good faith and in the exercise of its own best
judgment, and may rely conclusively and shall be protected in acting upon any
order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other
paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person or persons. The
Escrow Agent shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement unless evidenced by a
writing delivered to the Escrow Agent signed by the proper party or parties and,
if the duties or rights of the Escrow Agent are affected, unless it shall have
given its prior written consent thereto.

      5.2 Indemnification. The Escrow Agent shall be indemnified and held
harmless by the Company from and against any expenses, including counsel fees
and disbursements, or loss suffered by the Escrow Agent in connection with any
action, suit or other proceeding involving any claim which in any way, directly
or indirectly, arises out of or relates to this Agreement, the services of the
Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than
expenses or losses arising from the gross negligence or willful misconduct of
the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the
Escrow Agent shall notify the other parties hereto in writing. In the event of
the receipt of such notice, the Escrow Agent, in its sole discretion, may
commence an action in the nature of interpleader in an appropriate court to
determine ownership or disposition of the Escrow Shares or it may deposit the
Escrow Shares with the clerk of any appropriate court or it may retain the
Escrow Shares pending receipt of a final, non-appealable order of a court having
jurisdiction over all of the parties hereto directing to whom and under what
circumstances the Escrow Shares are to be disbursed and delivered. The
provisions of this Section 5.2 shall survive in the event the Escrow Agent
resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

      5.3 Compensation. The Escrow Agent shall be entitled to reasonable
compensation from the Company for all services rendered by it hereunder. The
Escrow Agent shall also be entitled to reimbursement from the Company for all
expenses paid or incurred by it in the administration of its duties hereunder
including, but not limited to, all counsel, advisors' and agents' fees and
disbursements and all taxes or other governmental charges.

      5.4 Further Assurances. From time to time on and after the date hereof,
the Company and the Initial Stockholders shall deliver or cause to be delivered
to the Escrow Agent such further documents and instruments and shall do or cause
to be done such further acts as the Escrow Agent shall reasonably request to
carry out more effectively the provisions and purposes of this Agreement, to
evidence compliance herewith or to assure itself that it is protected in acting
hereunder.

<PAGE>

      5.5 Resignation. The Escrow Agent may resign at any time and be discharged
from its duties as escrow agent hereunder by its giving the other parties hereto
written notice and such resignation shall become effective as hereinafter
provided. Such resignation shall become effective at such time that the Escrow
Agent shall turn over to a successor escrow agent appointed by the Company, the
Escrow Shares held hereunder. If no new escrow agent is so appointed within the
60 day period following the giving of such notice of resignation, the Escrow
Agent may deposit the Escrow Shares with any court it reasonably deems
appropriate.

      5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be
discharged from its duties as escrow agent hereunder if so requested in writing
at any time by the Company and a majority of the Initial Stockholders, jointly,
provided, however, that such resignation shall become effective only upon
acceptance of appointment by a successor escrow agent as provided in Section
5.5.

      5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow
Agent shall not be relieved from liability hereunder for its own gross
negligence or its own willful misconduct.

      6. Miscellaneous.

      6.1 Governing Law. This Agreement shall for all purposes be deemed to be
made under and shall be construed in accordance with the laws of the State of
New York.

      6.2 Third Party Beneficiaries. Each of the Initial Stockholders hereby
acknowledges that the Underwriters are third party beneficiaries of this
Agreement and this Agreement may not be modified or changed without the prior
written consent of Casimir.

      6.3 Entire Agreement. This Agreement contains the entire agreement of the
parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to be charged.

      6.4 Headings. The headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation
thereof.

      6.5 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the respective parties hereto and their legal representatives,
successors and assigns.

      6.6 Notices. Any notice or other communication required or which may be
given hereunder shall be in writing and either be delivered personally or be
mailed, certified or registered mail, or by private national courier service,
return receipt requested, postage prepaid, and shall be deemed given when so
delivered personally or, if mailed, two days after the date of mailing, as
follows:

If to the Company, to:

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

If to a Stockholder, to his address set forth in Exhibit A.

and if to the Escrow Agent, to:

American Stock Transfer & Trust Company
59 Maiden Lane
New York, New York 10038
Attn:   Chairman

<PAGE>

A copy of any notice sent hereunder shall be sent to:

Mintz Levin Cohn Ferris Glovsky and Popeo, PC
666 Third Avenue
New York, New York 10017
Attn:   Kenneth R. Koch, Esq.

and:

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

and:

Littman Krooks LLP
655 Third Avenue
New York, New York 10017
Attn:   Steven D. Uslaner, Esq.

The parties may change the persons and addresses to which the notices or other
communications are to be sent by giving written notice to any such change in the
manner provided herein for giving notice.

      6.7 Liquidation of Company. The Company shall give the Escrow Agent
written notification of the liquidation and dissolution of the Company in the
event that the Company fails to consummate a Business combination within the
time period(s) specified in the Prospectus.

      6.8 Counterparts. This Agreement may be executed in several counterparts,
each one of which may be delivered by facsimile transmission and each of which
shall constitute an original, and together shall constitute but one instrument.

<PAGE>

WITNESS the execution of this Agreement as of the date first above written.

                                           PLATINUM ENERGY RESOURCES, INC.

                                           By:
                                                --------------------------------
                                                Name:
                                                Title:

                                           INITIAL STOCKHOLDERS:

                                           -------------------------------------
                                           Platinum Management NY LLC

                                           -------------------------------------
                                           Barry Kostiner

                                           -------------------------------------
                                           James E. Bashaw

                                           -------------------------------------
                                           Richard Geyser

                                           -------------------------------------
                                           Albert Helmig

                                           -------------------------------------
                                           William C. Glass

                                           -------------------------------------
                                           James H. Dorman

                                           -------------------------------------
                                           Jim L. Troxel

                                           AMERICAN STOCK TRANSFER
                                             & TRUST COMPANY

                                           By:
                                                --------------------------------
                                                Name:
                                                Title:

<PAGE>

                                    EXHIBIT A
<TABLE>
<CAPTION>
Name and Address of                                     Number               Stock               Date of
Initial Stockholder                                   of Shares        Certificate Number     Insider Letter
------------------------------------------------  -------------------  -------------------  -------------------
<S>                                                <C>                <C>                  <C>
Platinum Management NY LLC
152 West 57th Street, 54th Floor
New York, New York 10019                                   2,662,500                           September 22

Barry Kostiner
[Address]                                                  1,125,000                           September 22

William C. Glass
[Address]                                                    337,500                           September 22

Richard Geyser
[Address]                                                    112,500                           September 22

Albert Helmig
[Address]                                                     56,250                           September 22

James E. Bashaw
[Address]                                                     56,250                           September 22

James H. Dorman
[Address]                                                     75,000                           September 22

Jim L. Troxel
[Address]                                                     75,000                           September 22
</TABLE>EXHIBIT 10.30

[GRAPHIC OMITTED][GRAPHIC OMITTED]

                                                      September 22, 2005

Mr. M. Grier Eliasek President and COO
Prospect Energy Corporation
10 East 40th Street, 44th Floor
New York, NY  10016

                                                      RE:  Letter Amendment #1

Dear Mr. Eliasek,

      Reference is made to that certain loan agreement  (the "Loan  Agreement"),
dated as of February 2, 2005, by and between Natural Gas Systems, Inc., a Nevada
corporation ("Borrower") and Prospect Energy Corporation, a Maryland corporation
("Lender").  Unless otherwise  specified  herein,  all defined terms in the Loan
Agreement shall have the same meanings specified therein.

      For  receipt  of  good  and  valuable   consideration,   which  is  hereby
acknowledged  and  received by Lender on the date  hereof,  Borrower  and Lender
agree  to  amend  Section  5.15  (b) of the  Loan  Agreement,  so that  the date
referenced  as "the quarter ended  September 30, 2005",  is deleted and replaced
with "the quarter  ended  December 31, 2005".  In addition,  Borrower and Lender
agree to add a new Section 6.17 as follows:

      "Section  6.17  Acquisitions.  Until the date that the Borrower  meets the
      EBITDA to Interest Expense test set forth in Section 5.15(b), the Borrower
      shall  not use more  than  $100,000  of cash and cash  equivalents  of the
      Borrower  as of  September  22,  2005,  including  but not  limited to the
      remaining proceeds of the May 2005 $3,000,000 equity offering,  to acquire
      any real property  interest,  including but not limited to the acquisition
      of leases of land or mineral rights.  This limitation does not include any
      costs incurred to evaluate any potential acquisition."

      Borrower and Lender agree that all other terms and  conditions of the Loan
Agreement,  the  Collateral and the  Collateral  Documents  shall remain in full
force and effect.

      This Letter  Amendment #1 is effective as of the date first written above,
as evidenced by the signatures of agreement below.

Sincerely,

Robert S. Herlin
President

Agreed and accepted this __________________

-----------------------------                        ---------------------------
Prospect Energy, Inc.                                Natural Gas Systems, Inc.
By:  M. Grier Eliasek                                By:
Its: President and COO                               Its:

 Natural Gas Systems, Inc. o Two Memorial City Plaza o 820 Gessner, Suite 1340
                             o Houston, Texas 77024

                      Tel: 713-935-0122     FAX: 713-935-0199

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