Document:

Letter Agreement of Michael Bilirakis

 Exhibit 10.10 
 December 11, 2007 
 United Refining Energy Corp. 
 823 11th Avenue

 New York, New York 10019 
 Deutsche Bank Securities
Inc. 
 60 Wall Street 
 New York, New York 10005 
 Maxim Group LLC 
 405 Lexington Ave. 
 New York, New York 10174 
  

	Re:	Initial Public Offering 

 Gentlemen: 
 The undersigned stockholder, officer and/or director of United Refining Energy Corp. (the “Company”), in consideration of Deutsche Bank
Securities Inc. (“Deutsche Bank”) and Maxim Group LLC (“Maxim” and, collectively with Deutsche Bank, the “Representatives”) entering into a letter of intent (the “Letter of
Intent”), to underwrite an initial public offering (the “IPO”) of the securities of the Company and embarking on, undertaking and continuing to participate in the IPO process, hereby agrees as follows (certain capitalized
terms used herein are defined in paragraph 12 hereof): 
 1. If the Company solicits approval of its stockholders of the Extended Period or a
Business Combination, the undersigned will: (i) vote all Insider Shares owned by the undersigned in accordance with the majority of the votes cast by the Public Stockholders, (ii) vote any shares of Common Stock acquired in or following
the IPO or upon exercise of the Warrants acquired in the Private Placement in favor of the Extended Period and the Business Combination and (iii) all Insider Shares and all shares that may be acquired by it in or following the IPO or upon
exercise of the Warrants acquired in the Private Placement for an amendment to the Company’s Certificate of Incorporation to provide for perpetual existence of the Company in the event the Business Combination is approved. 
 2. (a) In the event that the Company fails to consummate a Business Combination within 24 months from the effective date (the “Effective
Date”) of the registration statement relating to the IPO or 30 months from the Effective Date in the event the Extended Period is approved by the Company’s stockholders (the later date being the “Termination Date”),
the undersigned shall, in accordance with all applicable requirements of the Delaware General Corporation Law, take all action reasonably within his power to liquidate the Company and distribute all funds held in the Trust Account to the Public
Stockholders as soon as reasonably practicable following the Termination Date in the manner and subject to the deductions set forth in the Prospectus. In addition, from and after the Termination Date, the undersigned will, in accordance with the
Company’s Amended and Restated Certificate of Incorporation, take all action reasonably within his power to limit the Company’s activities to winding up its affairs and to dissolving the Company and liquidating the Trust Account.

 (b) Except with respect to any of the IPO Shares acquired by the undersigned in connection with or following the IPO, the undersigned
hereby irrevocably: (i) waives any and all right, title, interest, cause of action or claim of any kind (a “Claim”) in or to all funds in the Trust Account and any remaining net assets of the Company upon liquidation of the
Trust Account and dissolution of the 

  

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Company; (ii) waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company,
which Claim would reduce, encumber or otherwise adversely affect the amounts held in the Trust Account; and (iii) agrees that the undersigned will not seek recourse (legal, equitable or otherwise) against the Trust Account for any reason
whatsoever. The undersigned hereby agrees that it shall promptly reimburse the Trust Account for any distribution of amounts in the Trust Account received by the undersigned in respect of its Shares. For clarity, the undersigned may receive
distributions from the Trust Account in respect of IPO Shares. 
 3. In order to minimize potential conflicts of interest that may arise from
multiple affiliations, and subject to the Right of First Refusal and Corporate Opportunities Agreement as described in the Prospectus, the undersigned agrees to present to the Company for its consideration, prior to the undersigned’s
exploitation of that opportunity in any way or the presentation to any other person or entity, any suitable opportunity to acquire an operating business or related assets, until the earlier of the consummation by the Company of a Business
Combination, the liquidation of the Company or until such time as the undersigned ceases to be an officer or director of the Company, but subject, in each case, to any pre-existing fiduciary obligations the undersigned might have, which fiduciary
obligations are disclosed to the Company’s board of directors prior to the Effective Date. 
 4. Other than as set forth in
Section 3 above, the undersigned acknowledges and agrees that the Company will not consummate any Business Combination involving a company affiliated with any of the Insiders, unless the Company obtains an opinion from an independent investment
banking firm reasonably acceptable to the Representatives that the Business Combination is fair to the Company’s stockholders from a financial perspective. 
 5. Neither the undersigned, any member of the family of the undersigned, nor any Affiliate of the undersigned will be entitled to receive and will not accept any compensation for services rendered to the Company prior
to the consummation of the Business Combination; provided that the undersigned shall be entitled to reimbursement from the Company for his out-of-pocket expenses incurred in connection with seeking and consummating a Business Combination.

 6. The undersigned agrees that neither the undersigned, any member of the family of the undersigned, nor any Affiliate of the undersigned
will be entitled to receive or accept, and the undersigned, on behalf of the undersigned and the aforementioned parties, hereby waives any rights to, a finder’s fee or any other compensation payable by the Company in the event the undersigned,
any member of the family of the undersigned or any Affiliate of the undersigned originates a Business Combination. 
 7. The undersigned will
escrow his Insider Shares, if any, for the period commencing on the Effective Date and ending on the earlier to occur of (i) three years from the date of the Prospectus and (ii) one (1) year following the consummation of a Business
Combination, in each case subject to the terms of a Stock Escrow Agreement which the Company will enter into with the undersigned and an escrow agent acceptable to the Company. 
 8. The undersigned agrees to serve as a director of the Company until the earlier of the consummation by the Company of a Business Combination or the
dissolution and liquidation of the Company. The undersigned’s biographical information furnished to the Company and the Representatives and attached hereto as Exhibit A is true and accurate in all respects, does not omit any
material information with respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Section 401 of Regulation S-K, promulgated under the Securities Act of 1933, as amended. The
undersigned’s Questionnaire furnished to the Company and the Representatives is true and accurate in all respects. The undersigned further represents and warrants to the Company and the Representatives that: 
 (a) No petition under the Federal bankruptcy laws or any state insolvency law has been filed by or against, or a receiver, fiscal agent or similar officer
was appointed by a court for the business or property of the undersigned, or any partnership in which the undersigned was or is a general partner at or within two years prior to the date hereof, or any corporation or business association of which
the undersigned was an executive officer at or within two (2) years prior to the date hereof; 
  

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 (b) The undersigned has not been convicted in any criminal proceeding nor is the undersigned currently a
named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses); 
 (c) The undersigned has not been
the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining the undersigned from, or otherwise limiting, the following activities:

 (i) Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor
broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an
affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity; 
 (ii) Engaging in any type of business practice; or 
 (iii) Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of
Federal or State securities laws or Federal commodities laws; 
 (d) The undersigned has not been the subject of any order, judgment or
decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than sixty (60) days the right of the undersigned to engage in any activity described in paragraph
(c)(i) above, or to be associated with persons engaged in any such activity; 
 (e) The undersigned has not been found by a court of
competent jurisdiction in a civil action or by the Securities and Exchange Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Securities and Exchange Commission has not been
subsequently reversed, suspended, or vacated; and 
 (f) The undersigned has not been found by a court of competent jurisdiction in a civil
action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or
vacated. 
 9. The undersigned has full right and power, without violating any agreement by which the undersigned is bound, to enter into
this letter agreement and to serve as a director of the Company. 
 10. The undersigned authorizes any employer, financial institution, or
consumer credit reporting agency to release to the Representatives and their legal representatives or agents (including any investigative search firm retained by the Representatives) any information they may have about the 

  

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undersigned’s background and finances (the “Information”). Neither the Representatives nor their agents shall be violating the
undersigned’s right of privacy in any manner in requesting and obtaining the Information and the undersigned hereby releases them from liability for any damage whatsoever in that connection. 
 11. The undersigned hereby agrees not to propose or vote in favor of, any amendment to the Company’s amended and restated certificate of
incorporation that requires the affirmative vote of at least 95% of the Company’s outstanding Common Stock other than in connection with the proposal to approve the Extended Period and in connection with the Business Combination. This paragraph
may not be modified or amended under any circumstances. 
 12. As used herein: (i) a “Business Combination” shall mean
an acquisition, by merger, capital stock exchange, asset or stock acquisition, reorganization or otherwise and as otherwise described in the registration statement relating to the IPO, of an operating business selected by the Company;
(ii) “Common Stock” shall mean the common stock, par value $.0001 per share, of the Company; (iii) “Extended Period” shall mean the extension of the Company’s corporate existence from 24 months to 30
months pursuant to the Company’s Amended and Restated Certificate of Incorporation; (iv) “Insiders” shall mean all officers, directors and stockholders of the Company immediately prior to the IPO; (v) “Insider
Shares” shall mean all of the shares of Common Stock owned by an Insider prior to the IPO; (vi) “IPO Shares” shall mean the shares of Common Stock issued in the Company’s IPO; (vii) “Private
Placement” shall mean the private placement of 15,600,000 warrants of the Company prior to the IPO; (viii) “Prospectus” shall mean the prospectus contained in the registration statement relating to the IPO;
(ix) “Public Stockholders” shall mean the holders of the securities issued by the Company in the IPO; and (x) “Trust Account” means the trust account in which the proceeds to the Company of the IPO will be
deposited and held for the benefit of the holders of the IPO shares, as described in greater detail in the Prospectus. 
 13. The undersigned
hereby agrees that any action, proceeding or claim against the undersigned arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the
Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The undersigned hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenience forum.

  

	
	Name: Michael Bilirakis
	
	 /s/ Michael Bilirakis

	Signature

  

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 EXHIBIT A 
  

 5Amended and Restated Subscription Agreement between UREC and United Refining

 Exhibit 10.11 
 AMENDED AND RESTATED 
 SUBSCRIPTION AGREEMENT 
 SUBSCRIPTION AGREEMENT (this “Agreement”) made as of this 11th day of December, 2007 for the benefit of United Refining Energy Corp., a
Delaware corporation (the “Company”), having its principal place of business at 823 Eleventh Avenue, New York, New York 10019 by United Refining, Inc. (“Subscriber”). 
 WHEREAS, the Company and the Subscriber entered into a Subscription Agreement (the “Original Subscription Agreement”) dated July 13, 2007
and as amended on September 6, 2007 and November 30, 2007 pursuant to which the Subscriber agreed to purchase Units of the Company; 
 WHEREAS, the parties intend this Agreement to modify, amend and supersede the Original Subscription Agreement; 
 WHEREAS, the
Company desires to sell on a private placement basis (the “Offering”) an aggregate of 15,600,000 warrants (the “Warrants”) of the Company for a purchase price of $1.00 per Warrant. Each Warrant is exercisable to purchase one
share of Common Stock at an exercise price of $7.00 per share during the period commencing on the later of: (i) one year from the date of the prospectus relating to the Company’s IPO (as defined below) and (ii) the completion of a
Business Combination (as defined in Section 5 below) and expiring on the fourth anniversary of the date of the prospectus relating to the Company’s IPO (as defined below); 
 WHEREAS, Subscriber wishes to purchase the Warrants and the Company wishes to accept such subscription. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and Subscriber hereby agree as follows 
 1. Agreement to Subscribe 

 1.1. Purchase and Issuance of the Warrants. Upon the terms and subject to the conditions of this Agreement, Subscriber hereby agrees
to purchase from the Company, and the Company hereby agrees to sell to the Subscriber, on the Closing Date, the Warrants for an aggregate purchase price of $15,600,000 (the “Purchase Price”). 
 1.2. Delivery of the Purchase Price. Upon execution of this Agreement, the undersigned is hereby bound to fulfill its obligations hereunder and
hereby irrevocably commits to deliver into a trust account at a financial institution to be chosen by the Company, maintained by Continental Stock Transfer & Trust Company, acting as Trustee, on the date of Closing (as hereinafter defined),
the Purchase Price in immediately available funds by certified bank check, wire transfer or such other form of payment as shall be acceptable to the Trustee, in its sole and absolute discretion, at the Closing. 
 1.3. Closing. The closing (the “Closing”) of the Offering, shall take place at the offices of the Company, immediately prior to the
effective date of the registration statement pursuant to which the Company proposes to register its initial public offering (the “IPO”) of 45,000,000 units of Common Stock and Warrants (the “Closing Date”). 

 2. Representations and Warranties of the Subscriber  
 Subscriber represents and warrants to the Company that: 
 2.1. No Government Recommendation or Approval. Subscriber understands that no United States federal or state agency has passed upon or made any recommendation or endorsement of the Company or the Offering of
the Warrants or the Common Stock underlying the Warrants (the “Warrant Shares” and, collectively with the Warrants, the “Securities”). 
 2.2. Regulation D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the
“Securities Act”) and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to “Accredited Investors” within the meaning of Section 501(a) of Regulation D under the Securities
Act or similar exemptions under state law. 
 2.3. Intent. Subscriber is purchasing the Warrants solely for investment purposes, for
the Subscriber’s own account and not for the account or benefit of any U.S. Person, and not with a view towards the distribution thereof and Subscriber has no present arrangement to sell the Securities to or through any person or entity.
Subscriber shall not engage in hedging transactions with regard to the Warrants and the underlying securities unless in compliance with the Securities Act. 
 2.4. Restrictions on Transfer. Subscriber acknowledges and understands the Warrants are being offered in a transaction not involving a public offering in the United States within the meaning of the Securities
Act. The Securities have not been registered under the Securities Act, and, if in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered, resold, pledged or otherwise
transferred only (A) pursuant to an effective registration statement filed under the Securities Act, (B) pursuant to an exemption from registration under Rule 144 promulgated under the Securities Act, if available, or (C) pursuant to
any other available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable securities laws of any state or any other jurisdiction. Subscriber agrees that if any transfer of its
Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or another
available exemption from registration, the Subscriber agrees it will not resell the Securities. Subscriber explicitly understands and acknowledges the Securities and Exchange Commission (the “SEC”) has taken the position the Subscriber
would be considered a promoter under the Securities Act and that promoters or affiliates of a blank check company and their transferees, both before and after a business combination, would act as “underwriters” under the Securities Act
when reselling the securities of that blank check company. Accordingly, Rule 144 promulgated under the Securities Act will not be available to the Subscriber for the resale of the Securities despite technical compliance with the requirements of Rule
144, in which event the resale transactions would need to be made through a registered offering. 
  

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 2.5. Sophisticated Investor. 
 (i) Subscriber is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.

 (ii) Subscriber is aware that an investment in the Warrants is highly speculative and subject to substantial risks because,
among other things, none of the Securities have been registered under the Securities Act and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is able to
bear the economic risk of its investment in the Securities for an indefinite period of time. Notwithstanding the foregoing, Subscriber further understands and acknowledges the SEC has taken the position that the Subscriber is considered a promoter
under the Securities Act and that promoters or affiliates of a blank check company and their transferees, both before and after a Business Combination, would act as an “underwriter” under the Securities Act when reselling the securities of
that blank check company. Accordingly, Rule 144 promulgated under the Securities Act would not be available for the resale of the Securities despite technical compliance with the requirements of Rule 144, in which event the resale transactions would
need to be made through a registered offering. 
 2.6. Independent Investigation. Subscriber, in making the decision to purchase the
Warrants, has relied upon an independent investigation of the Company and has not relied upon any information or representations made by any third parties or upon any oral or written representations or assurances from the Company, its officers,
directors or employees or any other representatives or agents of the Company, other than as set forth in this Agreement. Subscriber is familiar with the business, operations and financial condition of the Company and has had an opportunity to ask
questions of, and receive answers from, the Company’s officers and directors concerning the Company and the terms and conditions of the offering of the Warrants and has had full access to such other information concerning the Company as the
Subscriber has requested. Subscriber confirms that all documents that it has requested have been made available and that the Subscriber has been supplied with all of the additional information concerning this investment which Subscriber has
requested. 
 2.7. Authority. This Agreement has been validly authorized, executed and delivered by Subscriber and is a valid and
binding agreement enforceable in accordance with its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights generally. The execution, delivery and performance of this
Agreement by Subscriber does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which Subscriber is a party. 
 2.8. No Legal Advice from Company. Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions contemplated by this Agreement and the other agreements entered into between
the parties hereto with the Subscriber’s own legal counsel and investment and tax advisors. Except for any statements or representations of the Company made in this Agreement and the other agreements entered into between the parties hereto,
Subscriber is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions
contemplated by this Agreement or the securities laws of any jurisdiction. 
  

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 2.9. Reliance on Representations and Warranties. Subscriber understands the Warrants are being
offered and sold to Subscriber in reliance on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various states, and that the Company is relying upon the truth and accuracy
of the representations, warranties, agreements, acknowledgments and understandings of the Subscriber set forth in this Agreement in order to determine the applicability of such provisions. 
 2.10. No Advertisements. The undersigned is not subscribing for the Warrants as a result of or subsequent to any advertisement, article, notice or
other communication published in any newspaper, magazine, or similar media or broadcast over television or radio, or presented at any seminar or meeting. 
 2.11. Legend. Subscriber acknowledges and agrees the certificates evidencing the Warrants and the Warrant Shares shall bear a restrictive legend (the “Legend”), in form and substance as set forth in
Section 4 hereof, prohibiting the offer, sale, pledge or transfer of the securities, except (i) pursuant to an effective registration statement covering these securities under the Securities Act or (ii) pursuant to any other
exemptions from the registration requirements under the Securities Act and such laws which, in the opinion of counsel for this Company, is available. 
 3. Representations and Warranties of the Company  
 The Company represents and warrants to Subscriber
that: 
 3.1. Valid Issuance of Capital Stock. The total number of shares of all classes of capital stock which the Company will have
authority to issue is 150,000,000 shares of Common Stock and 1,000,000 shares of Preferred Stock. As of the date hereof, the Company has 12,937,500 shares of Common Stock and no shares of Preferred Stock issued and outstanding. All of the issued
shares of capital stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable. 
 3.2.
Organization and Qualification. The Company is a corporation duly incorporated and existing in good standing under the laws of the state of Delaware and has the requisite corporate power to own its properties and assets and to carry on its
business as now being conducted. 
 3.3. Authorization; Enforcement. (i) The Company has the requisite corporate power and
authority to enter into and perform its obligations under this Agreement and to issue the Warrants and the underlying securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement by the Company
and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action, and no further consent or authorization of the Company or its Board of Directors or stockholders is required, and
(iii) this Agreement constitutes valid and binding obligations of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles of general application and except as enforcement of rights to indemnity
and contribution may be limited by federal and state securities laws or principles of public policy. 
  

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 3.4. No Conflicts. The execution, delivery and performance of this Agreement and the consummation
by the Company of the transactions contemplated hereby do not (i) result in a violation of the Company’s Certificate of Incorporation or Bylaws or (ii) conflict with, or constitute a default under any agreement, indenture or
instrument to which the Company is a party. Other than any SEC or state securities filings which may be required to be made by the Company subsequent to the Closing, and any registration statement which may be filed pursuant thereto, the Company is
not required under federal, state or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order for it to perform any
of its obligations under this Agreement or issue the Common Stock in accordance with the terms hereof. 
 4. Legends  
 4.1. Legend. The Company will issue the Warrants, and when issued, the Warrant Shares, purchased by the Subscriber in the name of the Subscriber.
The Securities will bear the following Legend and appropriate “stop transfer” instructions: 
 “THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS
AVAILABLE.” 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS CONTAINED IN A SECURITIES ESCROW
AGREEMENT (THE “AGREEMENT”) AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE ESCROW PERIOD (AS DEFINED IN THE AGREEMENT).” 
 4.2. Subscriber’s Compliance. Nothing in this Section 4 shall affect in any way the Subscribers’ obligations and agreements to
comply with all applicable securities laws upon resale of the Securities. 
 4.3. Company’s Refusal to Register Transfer of the
Securities. The Company shall refuse to register any transfer of the Securities, if in the sole judgment of the Company such purported transfer would not be made (i) pursuant to an effective registration statement filed under the Securities
Act, or (ii) pursuant to an available exemption from the registration requirements of the Securities Act. 
 5. Escrow. Upon
consummation of the IPO, the holders of the Warrants shall enter into a securities escrow agreement (the “Escrow Agreement”) with Continental Stock Transfer & Trust Company, whereby the Warrants shall be held in escrow until the
earlier of (i) the day following consummation of a Business Combination (as defined therein) or (ii) liquidation of the Company. 
  

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 6. Securities Laws Restrictions. 
 In addition to the restrictions contained in the Escrow Agreement, subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of
all or any part of the Securities unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Securities proposed to be transferred shall then be
effective or (b) the Company shall have received an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction complies with the Securities Act and the rules promulgated by the
Securities and Exchange Commission thereunder and with all applicable state securities laws. 
 7. Waiver of Liquidation Distributions.
 
 In connection with the Securities purchased pursuant to this Agreement, and with respect to any Common Stock purchased by Subscriber
prior to the private placement, Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any liquidating distributions by the Company in the event of a liquidation of the Company upon the Company’s failure to
timely complete a Business Combination. For purposes of clarity, in the event Subscriber purchases shares of Common Stock in the IPO or in the aftermarket, any additional shares so purchased shall be eligible to receive any liquidating distributions
by the Company. In no event will a Subscriber have the right to exercise any Warrants prior to the later of: (i) one year from the date of the prospectus relating to the Company’s IPO and (ii) the consummation of a Business
Combination. 
 8. Forfeiture of Warrants. 
 8.1. Failure to Consummate Business Combination. The Warrants shall be forfeited to the Company in the event that the Company does not consummate a Business Combination within 24 months from the consummation of
the IPO. 
 8.2. Termination of Rights as holder; Escrow. If the Warrants are forfeited in accordance with this Section 8, then
after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such Warrants, and the Company shall take such action as is appropriate to cancel such Warrants. To effectuate the foregoing, all certificates
representing the Warrants shall be held in escrow as provided in Section 5 hereof. In addition, Subscriber hereby irrevocably grants the Company a limited power of attorney for the purpose of effectuating the foregoing. 
 9. Rescission Right Waiver and Indemnification. 
 9.1. Subscriber understands and acknowledges an exemption from the registration requirements of the Securities Act requires there be no general solicitation of purchasers of the Warrants. In this regard, if the IPO
were deemed to be a general solicitation with respect to the Warrants, the offer and sale of such Warrants may not be exempt from registration and, if not, the Subscriber may have a right to rescind its purchase of the Warrants. In order to
facilitate the completion of the Offering and in order to protect the Company, its stockholders and the trust account from claims that may adversely affect the Company or the interests of its stockholders, Subscriber hereby agrees to waive, to the
maximum extent permitted by applicable law, any claims, right to sue or rights in law or arbitration, as the case may be, to seek rescission of its 
  

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 purchase of the Warrants. Subscriber acknowledges and agrees this waiver is being made in order to induce the Company to
sell the Warrants to the Subscriber. Subscriber agrees the foregoing waiver of rescission rights shall apply to any and all known or unknown actions, causes of action, suits, claims or proceedings (collectively, “Claims”) and related
losses, costs, penalties, fees, liabilities and damages, whether compensatory, consequential or exemplary, and expenses in connection therewith, including reasonable attorneys’ and expert witness fees and disbursements and all other expenses
reasonably incurred in investigating, preparing or defending against any Claims, whether pending or threatened, in connection with any present or future actual or asserted right to rescind the purchase of the Warrants hereunder or relating to the
purchase of the Warrants and the transactions contemplated hereby. 
 9.2. Subscriber agrees not to seek recourse against the trust account
for any reason whatsoever in connection with its purchase of the Warrants or any Claim that may arise now or in the future. 
 9.3.
Subscriber acknowledges and agrees the stockholders of the Company and Maxim Group, LLC are and shall be third-party beneficiaries of the foregoing provisions of this Agreement. 
 9.4. Subscriber agrees that to the extent any waiver of rights under this Section 9 is ineffective as a matter of law, Subscriber has offered such
waiver for the benefit of the Company as an equitable right that shall survive any statutory disqualification or bar that applies to a legal right. Subscriber acknowledges the receipt and sufficiency of consideration received from the Company
hereunder in this regard. 
 10. Terms of the Warrant  
 The Warrants are substantially identical to the warrants included in the units offered in the IPO, except: (i) they will not have a claim to the funds held in the trust account, (ii) they will be placed in
escrow and not released before, except in limited circumstances, until after the consummation of a Business Combination, (iii) they are being purchased pursuant to an exemption from the registration requirements of the Securities Act and will
become freely tradable only after they are registered pursuant to a registration rights agreement to be signed on or before the date of this prospectus, (iv) they will be non-redeemable so long as they are held by the initial holder thereof (or
any of its permitted transferees), and (v) they are exercisable (a) on a “cashless” basis if held by the initial holder thereof or its permitted assigns and (b) in the absence of an effective registration statement covering
the shares of common stock underlying the warrants. In no event will the Company be required to net cash settle the Warrant exercise. 
 11.
Voting of Shares. 
 Subscriber agrees to vote the shares of Common Stock owned by it immediately before this private placement in
accordance with the majority of the shares of Common Stock voted by the public stockholders. Subscriber further agrees to vote the Common Stock acquired in the IPO or the aftermarket in favor of a Business Combination that the Company negotiates and
presents for approval to the Company’s stockholders. 
  

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 12. Governing Law; Jurisdiction; Waiver of Jury Trial  
 This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware for agreements made and to be wholly performed
within such state. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby. 
 13. Assignment; Entire Agreement; Amendment  
 13.1. Assignment. Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by Subscriber to a person agreeing to be bound by the terms hereof. 
 13.2. Entire Agreement. This Subscription Agreement sets forth the entire agreement and understanding between the parties as to the subject matter
thereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them. 
 13.3.
Amendment. Except as expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such
amendment, waiver, discharge or termination is sought. 
 13.4. Binding upon Successors. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and to their respective heirs, legal representatives, successors and permitted assigns. 
 14.
Notices; Indemnity  
 14.1 Notices. Unless otherwise provided herein, any notice or other communication to a party hereunder
shall be sufficiently given if in writing and personally delivered or sent by facsimile or other electronic transmission with copy sent in another manner herein provided or sent by courier (which for all purposes of this Agreement shall include
Federal Express or other recognized overnight courier) or mailed to said party by certified mail, return receipt requested, at its address provided for herein or such other address as either may designate for itself in such notice to the other.
Communications shall be deemed to have been received when delivered personally, on the scheduled arrival date when sent by next day or 2-day courier service, or if sent by facsimile upon receipt of confirmation of transmittal or, if sent by mail,
then three days after deposit in the mail. If given by electronic transmission, such notice shall be deemed to be delivered (a) if by electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive
notice; (b) if by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (1) such posting and (2) the giving of such separate notice; and (c) if by any
other form of electronic transmission, when directed to the stockholder. 
 14.2 Indemnification. Each party shall indemnify the other
against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement. 
  

 8 

 15. Counterparts  
 This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party
and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 16. Survival; Severability  
 16.1. Survival. The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing. 
 16.2. Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without
said provision; provided that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party. 
 17. Headings.  
 The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement. 
 This subscription is accepted by the Company on the 11th day of December, 2007. 
  

			
	United Refining Energy Corp
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	Chairman of the Board and Chief Executive Officer
	
	United Refining, Inc
		
	By:	 	 /s/ John A. Catsimatidis

	Name:	 	John A. Catsimatidis
	Title:	 	President and Treasurer

  

 9

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