Document:

Exhibit 10.5

 

UNIT SUBSCRIPTION AGREEMENT

 

This UNIT SUBSCRIPTION
AGREEMENT (this “Agreement”) is made as of _____, 2022, by and between HNR Acquisition Corp, a Delaware
corporation (the “Company”) and HNRAC Sponsors, LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company,
a blank check company formed for the purpose of acquiring one or more businesses or entities, intends to register its securities
under the Securities Act of 1933, as amended (“Securities Act”) pursuant to a registration statement
on Form S-1 (File No: 333-252548) (“Registration Statement”) in an initial public offering (“IPO”),
and the Company currently anticipates selling units in the IPO, each comprised of one share of common stock, par value $0.0001
per share of the Company (“Common Stock”), one right entitling its holder to 1/10 of one share of Common
Stock upon the consummation of a Business Combination (as defined herein), and one redeemable warrant to purchase one-half of one
share of Common Stock; and

 

WHEREAS, in connection
with the IPO, the Company desires to sell on a private placement basis (the “Offering”) an aggregate
of up to 500,000 units (the “Units”) of the Company, which are substantially similar to the units to
be sold in the IPO, with each Unit comprised of one share of Common Stock, one warrant (the “Warrant”)
to purchase one-half of one share of Common Stock (the “Warrant Shares”) to be governed by the Warrant
Agreement (defined herein), and one right (the “Right”) to receive one-tenth (1/10) of one share of Common
Stock (the “Right Shares”) to be governed by the Rights Agreement (defined herein), for an aggregate
purchase price of up to $5,000,000, or $10.00 per Unit.

 

WHEREAS, the Purchaser
desires to purchase the Units and the Company wishes to accept such subscription.

 

NOW, THEREFORE, in consideration
of the promises 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 the Purchaser hereby agree as follows:

 

1. Agreement to
Subscribe

 

1.1. Purchase and
Issuance of the Units.

 

(a) For the aggregate
sum of $4,600,000 (the “Initial Purchase Price”), upon the terms and subject to the conditions of this
Agreement, the Purchaser hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the Purchaser, on
the Closing Date (as defined in Section 1.2) (the “Initial Offering”) 460,000 Units at $10.00 per Unit
(the “Initial Units”).

 

(b) Additionally,
if the underwriter in the IPO exercises its over-allotment option in full or part, the undersigned further agrees to purchase (the
“Overallotment Purchase”) up to an additional 40,000 Units (“Additional Units”)
at $10.00 per unit for an aggregate purchase price of up to $400,000 (the “Over-Allotment Purchase Price”
and together with the Initial Purchase Price, the “Purchase Price”). The parties may also mutually agree
to close on the Overallotment Purchase if the underwriters do not exercise their IPO over-allotment option on such date and time,
and in such amounts, as the parties mutually agree.

 

(c) The undersigned
agrees that if the size of the IPO is increased or decreased for any reason, the amount of the Purchaser’s investment will
be either increased or decreased, as applicable, so that the Purchaser’s percentage of the aggregate investment in Units
made by the Purchaser and other investors of the Company remains the same. If the size of the offering is increased, the undersigned
agrees that it will deliver the purchase price for such additional securities to CST as set forth in Section 1.3 below or as promptly
as is reasonably practicable following the increase. If the size of the offering is decreased, the unused portion of the Purchase
Price shall be returned to the undersigned.

 

     

     

    

 

1.2. Closing.
The closing (“Closing”) of the Initial Offering shall take place simultaneously with the consummation of
the IPO (the “Closing Date”), and the closing of any Overallotment Purchase (the
“Overallotment Closing”) shall take place simultaneously with the overallotment closing of the IPO (the
“Overallotment Closing Date”) either remotely or at the offices of K&L Gates LLP, 599 Lexington
Avenue, New York, New York 10022-6030.

 

1.3. Delivery of
the Purchase Price. The parties hereto acknowledge that the Initial Purchase Price and the Over-allotment Purchase Price is
currently held in an account at Continental Stock Transfer & Trust Company (“CST”). At least one
business day prior to the effective date of the Registration Statement, the Purchaser agrees that CST is hereby irrevocably authorized
to deposit the Initial Purchase Price on the Closing Date to the trust account which will be established for the benefit of the
Company’s public shareholders, managed pursuant to that certain Investment Management Trust Agreement to be entered into
by and between the Company and CST and into which substantially all of the proceeds of the IPO will be deposited (the “Trust
Account”). Upon the effectiveness of the Overallotment Closing, the Purchaser agrees that CST is hereby irrevocably
authorized to deposit the Over-Allotment Purchase Price on the Overallotment Closing Date If the IPO is not consummated within
30 days of the date the Purchase Price is delivered to CST, the Initial Purchase Price and the Over-Allotment Purchase Price shall
be returned to the Purchaser by certified bank check or wire transfer of immediately available funds denominated in United States
Dollars, without interest or deduction. If the underwriter in the IPO does not exercise its over-allotment option and the parties
do not otherwise mutually agree to close on the Overallotment Purchase, then the Over-Allotment Purchase Price shall be returned
to the Purchaser by certified bank check or wire transfer of immediately available funds denominated in United States Dollars,
without interest or deduction.

 

1.4. Delivery of
Unit Certificate. Upon the Closing Date and after delivery of the Initial Purchase Price in accordance with Section 1.3, the
Purchaser shall become irrevocably entitled to receive a unit certificate representing the Initial Units purchased hereunder. Upon
the Over-Allotment Closing Date and after delivery of the Additional Purchase Price in accordance with Section 1.3, the Purchaser
shall become irrevocably entitled to receive a unit certificate representing the Additional Units purchased hereunder.

 

2. Representations
and Warranties of the Purchaser

 

The Purchaser represents
and warrants to the Company that:

 

2.1. No Government
Recommendation or Approval. It understands that no United States federal or state agency or similar agency of any other country
has passed upon or made any recommendation or endorsement of the Company, the Offering, the Units, the Warrants, the Warrant Shares,
the Rights, the Rights Shares or the Common Stock underlying the Units (excluding the Warrant Shares and the Rights Shares, the
“Unit Shares” and, collectively with the Units, Warrants, Rights, Warrant Shares and Right Shares, the
“Securities”).

 

2.2. Organization.
It is a company, validly existing and in good standing under the laws of Delaware and possesses all requisite power and authority
necessary to carry out the transactions contemplated by this Agreement.

 

2.3. Private Offering.
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”) or it is not a “U.S. Person” as defined in Rule 902 of
Regulation S (“Regulation S”) under the Securities Act. It acknowledges that 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 and similar exemptions under state law or a non-U.S. Person under Regulation S.

 

    2

     

    

 

2.4. Authority.
This Agreement has been validly authorized, executed and delivered by the Purchaser and is a valid and binding agreement enforceable
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

2.5. No Conflicts.
The execution, delivery and performance of this Agreement and the consummation by the Purchaser of the transactions contemplated
hereby do not violate, conflict with or constitute a default under (i) the Purchaser’s organizational documents, (ii) any
agreement, indenture or instrument to which the Purchaser is a party or (iii) any law, statute, rule or regulation to which the
Purchaser is subject, or any agreement, order, judgment or decree to which the Purchaser is subject.

 

2.6. No Legal Advice
from Company. It 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 its 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, it 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.

 

2.7. Access to
Information; Independent Investigation. Prior to the execution of this Agreement, it has had the opportunity to ask questions
of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations,
business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information
so obtained. In determining whether to make this investment, it has relied solely on its own knowledge and understanding of the
Company and its business based upon its own due diligence investigation and the information furnished pursuant to this paragraph.
It understands that no person has been authorized to give any information or to make any representations which were not furnished
pursuant to this Section 2 and it has not relied on any other representations or information in making its investment decision,
whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.8. Reliance on
Representations and Warranties. It understands the Units are being offered and sold to it 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 Purchaser set forth in this Agreement in order to determine the applicability of such provisions.

 

2.9. No Advertisements.
It is not subscribing for the Units 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.

 

2.10. Legend.
It acknowledges and agrees the certificates evidencing the Units, the Shares, the Warrants and the Rights 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 the Company, is available.

 

    3

     

    

 

2.11. Experience,
Financial Capability and Suitability. It is (i) sophisticated in financial matters and is able to evaluate the risks and benefits
of the investment in the Securities and (ii) able to bear the economic risk of this investment in the Securities for an indefinite
period of time because the Securities have not 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. It has substantial experience in evaluating
and investing in 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. It has substantial experience in
evaluating and investing in 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.

 

2.12. Investment
Purposes. It is purchasing the Securities solely for investment purposes, for its own account and not for the account or benefit
of any other person, and not with a view towards the distribution or dissemination thereof and it has no present arrangement to
sell the interest in the Securities to or through any person or entity.

 

2.13. Restrictions
on Transfer. It acknowledges and understands the Units 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, it 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 (“Rule 144”), 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. It 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, it may be required
to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or another available exemption
from registration, it agrees it will not resell the Securities. It further acknowledges that because the Company is a shell company,
Rule 144 may not be available to it for the resale of the Securities until the one year anniversary following consummation of the
initial Business Combination (defined below) of the Company, despite technical compliance with the requirements of Rule 144 and
the release or waiver of any contractual transfer restrictions.

 

3. Representations
and Warranties of the Company

 

The Company represents
and warrants to the Purchaser that:

 

3.1. Valid Issuance
of Share Capital. The total number of all classes of share capital which the Company has authority to issue is (i) 100,000,000
shares of common stock, par value $0.0001 per share and (ii) 1,000,000 shares of preferred stock, par value $0.0001 per share.
As of the date hereof, the Company has issued 2,875,000 shares of common stock (of which 375,000 shares are subject to forfeiture
as described in the Registration Statement related to the IPO) and no preferred shares issued and outstanding. All of the issued
share capital of the Company has been duly authorized, validly issued, and are fully paid and non-assessable.

 

    4

     

    

 

3.2. Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and the warrant agreement to be entered into with CST
on or prior to the closing of the IPO (“Warrant Agreement”), the rights agreement to be entered into
with CST on or prior to the closing of the IPO (the “Rights Agreement”) and the Amended and Restated
Certificate of Incorporation of the Company, as the case may be, each of the Warrants, the Rights and the Unit Shares will be duly
and validly issued, fully paid and non-assessable. On the date of issuance of the Units, the Rights Shares and the Warrant Shares
shall have been reserved for issuance. Upon issuance in accordance with the terms hereof and the Warrant Agreement, the Purchaser
will have or receive good title to the Warrant Shares, free and clear of all liens, claims and encumbrances of any kind, and upon
issuance in accordance with the terms hereof, the Rights Agreement and the Amended and Restated Certificate of Incorporation of
the Company, the Purchaser will have or receive good title to the Right Shares, free and clear of all liens, claims and encumbrances
of any kind other than (i) transfer restrictions hereunder and pursuant to the insider letter to be entered into with the Company
on or prior to the closing of the IPO (the “Insider Letter”) and (ii) transfer restrictions under federal
and state securities laws.

 

3.3. Organization
and Qualification. The Company has been duly incorporated and is validly existing and in good standing in Delaware and has
the requisite corporate power to own its properties and assets and to carry on its business as now being conducted.

 

3.4. 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 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 shareholders is
required, and (iii) this Agreement constitutes, and upon the execution and delivery thereof, the Warrants and Warrant Agreement,
and the Rights and Rights Agreement, will constitute, valid and binding obligations of the Company enforceable against the Company
in accordance with their respective 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.

 

3.5. 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, (ii) conflict with, or constitute
a default under any agreement, indenture or instrument to which the Company is a party or (iii) conflict with any law statute,
rule or regulation to which the Company is subject or any agreement, order, judgment or decree to which the Company is subject.
Other than any federal, state or foreign 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 Units, the
Warrants, the Rights, or the Common Stock underlying the Units or Warrants in accordance with the terms hereof.

 

    5

     

    

 

4. Legends; Registration
Rights; Escrow Agreement;

 

4.1. Legend.
The Company will issue the Units, the Warrants, the Rights and the Unit Shares, and when issued, the Warrant Shares and the Rights
Shares, purchased by the Purchaser, in the name of the Purchaser. The Securities will bear the following Legend and appropriate
“stop transfer” instructions:

 

“THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE SECURITIES MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES
ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT TO ANY OTHER EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS
IN COMPLIANCE WITH THE SECURITIES ACT.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO AN AGREEMENT BETWEEN HNR ACQUISITION CORP AND HNRAC SPONSORS, LLC AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED
OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO THE TERMS SET FORTH THEREIN.”

 

4.2. Purchaser’s
Compliance. Nothing in this Section 4 shall affect in any way the Purchaser’s 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.

 

4.4. Registration
Rights. The Purchaser will be entitled to certain registration rights which will be governed by a registration rights agreement
(“Registration Rights Agreement”) to be entered into with the Company on or prior to the closing of the
IPO.

 

5. Lockup The Purchaser
acknowledges that the Units (and their constituent securities) cannot be transferred except to certain permitted transferees until the
completion of our initial business combination in accordance with the Insider Letter.

 

6. Securities Laws
Restrictions

 

The Purchaser 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 Distributions
from Trust Account

 

In connection with
the Securities purchased pursuant to this Agreement, the Purchaser hereby waives any and all right, title, interest or claim of
any kind in or to any distributions from the Trust Account.

 

    6

     

    

 

8. Rescission Right
Waiver and Indemnification

 

8.1. Rescission
Waiver. The Purchaser understands and acknowledges that an exemption from the registration requirements of the Securities Act
requires there be no general solicitation of purchasers of the Units. In this regard, if the Offering were deemed to be a general
solicitation with respect to the Units, the offer and sale of such Units may not be exempt from registration and, if not, the Purchaser
may have a right to rescind its purchase of the Units. In order to facilitate the completion of the Offering and in order to protect
the Company, its shareholders and the Trust Account from claims that may adversely affect the Company or the interests of its shareholders,
the Purchaser 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 purchase of the Units as a result of the issuance of the Units
being deemed to be in violation of Section 5 of the Securities Act. The Purchaser acknowledges and agrees this waiver is being
made in order to induce the Company to sell the Units to the Purchaser. The Purchaser 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 Units hereunder or relating to the purchase of the
Units and the transactions contemplated hereby.

 

8.2. No Recourse
Against Trust Account. The Purchaser agrees not to seek recourse against the Trust Account for any reason whatsoever in connection
with its purchase of the Units or any Claim that may arise now or in the future.

 

8.3. Section 8
Waiver. The Purchaser agrees that to the extent any waiver of rights under this Section 8 is ineffective as a matter of law,
the Purchaser 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. The Purchaser acknowledges the receipt and sufficiency of consideration received from the
Company hereunder in this regard.

 

9. Terms of the
Units

 

The Units shall be substantially
identical to the Units offered in the IPO as set forth in the Underwriting Agreement filed with the Registration Statement, except
(i) the Units (and their constituent securities) cannot be transferred
(except to certain permitted transferees) until the completion of the Company’s initial business combination, (ii) the
Units (and their constituent securities) will be entitled to registration rights as set forth in the Registration Rights Agreement
and (iii) the Warrants included in the Units, so long as they are held by Purchaser or its permitted transferees, (x) will
not be redeemable by the Company and (y) may be exercised by the holders on a cashless basis. If the Warrants included in
the Units are held by holders other than Purchaser or any of its permitted transferees, such Warrants will be redeemable by the
Company and exercisable by the holders on the same basis as the warrants included in the units being sold in the IPO. The Purchaser
acknowledges and agrees that it will execute agreements in form and substance typical for transactions of this nature necessary
to effectuate the agreements and obligations set forth in this Agreement prior to the consummation of the IPO as are reasonably
acceptable to Purchaser, including but not limited to (i) the Insider Letter and (ii) the Registration
Rights Agreement.

 

    7

     

    

 

10. Governing Law;
Jurisdiction; Waiver of Jury Trial

 

This Agreement shall
be governed by and construed in accordance with the laws of State of New York for agreements made and to be wholly performed within
such territory. 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.

 

11. Assignment;
Entire Agreement; Amendment

 

11.1. Assignment.
Neither this Agreement nor any rights hereunder may be assigned by any party to any other person other than by the Purchaser, without
the prior consent of the Company, to one or more persons agreeing to be bound by the terms hereof. Upon such assignment by a Purchaser,
the assignee(s) shall become Purchaser hereunder and have the rights and obligations provided for herein to the extent of such
assignment.

 

11.2. Entire Agreement.
This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter hereof and supersedes
any and all prior discussions, agreements and understandings of any and every nature.

 

11.3. 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.

 

11.4. 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.

 

12. Notices; Indemnity

 

12.1 Notices.
All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s
address set forth herein or to such other address as a party may designate by notice hereunder, and shall be either (a) delivered
by hand, (b) sent by overnight courier, or (c) sent by certified mail, return receipt requested, postage prepaid. All notices,
requests, consents and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of
the delivery thereof to the receiving party at the address of such party set forth above, (ii) if sent by overnight courier, on
the next business day following the day such notice is delivered to the courier service, or (iii) if sent by certified mail, on
the fifth business day following the day such mailing is made.

 

12.2 Indemnification.
Except as set forth in Section 8, each party shall indemnify the other party 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 set forth in this Agreement.

 

13. 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 any other
form of electronic delivery, 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 signature page were an original thereof.

 

    8

     

    

 

14. Survival; Severability

 

14.1. Survival.
The representations, warranties, covenants and agreements of the parties hereto shall survive the Closing until one (1) year following
the consummation of an initial Business Combination.

 

14.2. 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.

 

15. 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.

 

16. Construction

 

The parties hereto
have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation
arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will
arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. The words “include,”
“includes,” and “including” will be deemed to be followed by “without limitation.”
Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form
will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words
of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties
hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party
hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another
representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which
such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first
representation, warranty, or covenant.

 

[remainder of page intentionally left blank]

 

    9

     

    

 

This subscription is
accepted by the Company as of the date first written above.

 

	 	HNR ACQUISITION CORP
	 	 	 
	 	By:	 
	 	Name:  	Donald Goree
	 	Title:	Chief Executive Officer

 

Accepted and agreed this _______ day of ________, 2022

 

HNRAC SPONSORS, LLC

 

	By:	 	 
	Name: 	Donald W. Orr	 
	Title:	Manager	 

 

 

 

[Signature Page for
Unit Subscription Agreement]Exhibit 10.6

 

INDEMNIFICATION AGREEMENT

 

This Agreement, made
and entered into effective as of the ___ day of _____, 2022 (“Agreement”), by and between HNR Acquisition Corp,
a Delaware corporation (“Company”), and ____________ (“Indemnitee”).

 

WHEREAS, the
adoption of the Sarbanes-Oxley Act of 2002 and other laws, rules and regulations being promulgated have increased the potential
for liability of officers and directors; and

 

WHEREAS, the
Board of Directors of the Company (“Board”) has determined that the ability to attract and retain such persons
is in the best interests of the Company’s shareholders; and

 

WHEREAS, it
is reasonable, prudent and necessary for the Company to obligate itself contractually to indemnify such persons to the fullest
extent permitted by applicable law so that such persons will serve or continue to serve the Company free from undue concern that
they will not be adequately indemnified; and

 

WHEREAS, this
Agreement is a supplement to and in furtherance of Article VIII of the Bylaws of the Company, and Article VIII of the Amended and
Restated Certificate of Incorporation of the Company and any resolutions adopted pursuant thereto and shall neither be deemed to
be a substitute therefor nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
is willing to serve on behalf of the Company on the condition that he be indemnified according to the terms of this Agreement;

 

NOW, THEREFORE,
in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as
follows:

 

Section 1.  Definitions. For purposes of this Agreement:

 

1.1 “Change
in Control” means a change in control of the Company occurring after the date hereof of a nature that would be
required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any
similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (“Act”),
whether or not the Company is then subject to such reporting requirement provided, however, that, without limitation, such a
Change in Control shall be deemed to have occurred if after the date hereof (i) any “person” (as such term is
used in Sections 13(d) and 14(d) of the Act), other than a person who is an officer or director of the Company on the date
hereof (and any of such person’s affiliates), is or becomes “beneficial owner” (as defined in Rule 13d-3
under the Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of
the then outstanding securities of the Company without the prior approval of at least two-thirds of the members of the Board
in office immediately prior to such person attaining such percentage interest; (ii) the Company is a party to a merger,
consolidation, sale of assets or other reorganization, or a proxy contest, as a consequence of which (A) members of the Board
in office immediately prior to such transaction or event constitute less than a majority of the Board thereafter or (B) the
voting securities of the Company outstanding immediately prior to such transaction do not continue to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined
voting power of the voting securities of the surviving entity outstanding immediately after such transaction with the power
to elect at least a majority of the board of directors or other governing body of such surviving entity; or (iii) during any
period of two consecutive years, individuals who at the beginning of such period constituted the Board (including for this
purpose any new director whose election or nomination for election by the Company’s shareholders was approved by a vote
of at least two-thirds of the directors then still in office who were directors at the beginning of such period or whose
election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the
Board.

 

     

     

    

 

1.2 
“Corporate Status” means the status of a person who is or was a director, officer, employee, agent or
fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
which such person is or was serving at the request of the Company. In addition to service at the actual request of the Company,
for purposes of this Agreement, Indemnitee shall be deemed to be serving or to have served at the request of the Company as a director,
officer, employee, agent or fiduciary of any other enterprise if Indemnitee is or was serving as a director, officer, employee,
agent or fiduciary of such enterprise and (A) such enterprise is or at the time of such service was an affiliate of the Company,
(B) such enterprise is or at the time of such service was an employee benefit plan (or related trust) sponsored or maintained by
the Company or an affiliate of the Company or (C) the Company or an affiliate of the Company directly or indirectly caused Indemnitee
to be nominated, elected, appointed, designated, employed, engaged or selected to serve in such capacity.

 

1.3 
“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee.

 

1.4 
“Expenses” means all reasonable attorneys’ fees, retainers, court costs (including trial and appeals),
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges,
postage, delivery service fees, federal, state, local, or foreign taxes imposed as a result of the actual or deemed receipt of
any payments under this Agreement, and all other disbursements or expenses of the types customarily incurred in connection with
prosecuting, defending, preparing to prosecute or defend, appealing, preparing to appeal, investigating, or being or preparing
to be a witness in a Proceeding.

 

1.5 
“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee
in any other matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” does not include any person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company
or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. Except as provided in the first sentence
of Section 9.3 hereof, Independent Counsel shall be selected by (a) the Disinterested Directors or (b) a committee of the
Board consisting of two or more Disinterested Directors or if (a) and (b) above are not possible, then by a majority of the full
Board.

 

1.6 
“Proceeding” means any action, suit, arbitration, alternate dispute resolution mechanism, investigation,
administrative hearing or any other proceeding, whether conducted by or on behalf of the Company or any other party, whether civil,
criminal, administrative or investigative, except one initiated by an Indemnitee pursuant to Section 11 of this Agreement
to enforce his rights under this Agreement.

 

Section 2.  Services
by Indemnitee. Indemnitee agrees to serve as a director, officer or employee of the Company. Indemnitee may at any time and
for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of
law).

 

Section 3.  Indemnification
- General. The Company shall indemnify, and, subject to Section 26 hereof, advance Expenses to, Indemnitee as provided
in this Agreement to the fullest extent permitted by applicable law in effect on the date hereof and to such greater extent as
any amendment to or interpretation of applicable law may thereafter from time to time permit. The rights of Indemnitee provided
under the preceding sentence shall include, but shall not be limited to, the rights set forth in the other Sections of this Agreement.

 

    2

     

    

 

Section 4.  Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Agreement if, by reason of his Corporate Status, he is, was or is threatened to be made, a party to any threatened, pending
or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Agreement, subject to Section
26 hereof, Indemnitee shall be indemnified against Expenses, judgments, penalties, fines and amounts paid in settlement actually
and reasonably incurred by him or on his behalf in connection with any such Proceeding or any claim, issue or matter therein,
if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company,
and, with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful.

 

Section 5.  Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Agreement
if, by reason of his Corporate Status, he was or is threatened to be made, a party to any threatened, pending or completed Proceeding
brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Agreement, subject to Section
26 hereof, Indemnitee shall be indemnified against amounts paid in settlement and Expenses actually and reasonably incurred
by him or on his behalf in connection with the defense or settlement of any such Proceeding if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the Company. Notwithstanding the foregoing, no
indemnification under this paragraph shall be made in respect of (1) a threatened or pending Proceeding which is settled or otherwise
disposed of, or (2) any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company, unless
and only to the extent that the court in which such Proceeding shall have been brought, was brought or is pending, shall determine,
upon application, that Indemnitee is fairly and reasonably entitled to indemnity for such portion of the settlement amount and
Expenses as the court deems proper.

 

Section 6.  Indemnification for Expenses of Party Who is Wholly or Partly Successful. Notwithstanding any other provision of
this Agreement except for Section 26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status, a party
to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified against all Expenses (and, when eligible
hereunder, amounts paid in settlement) actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses (and, when eligible
hereunder, amount paid in settlement) actually and reasonably incurred by him or on his behalf in connection with each successfully
resolved claim, issue or matter. For purposes of this Agreement, the term “successful, on the merits or otherwise,”
includes, but is not limited to, (i) any termination, withdrawal, or dismissal (with or without prejudice) of any Proceeding against
the Indemnitee without any express finding of liability or guilt against him, and (ii) the expiration of 90 days after the making
of any claim or threat of a Proceeding without the institution of the same and without any promise or payment made to induce a
settlement.

 

Section 7.  Indemnification for Expenses as a Witness. Notwithstanding any other provision of this Agreement except for Section
26 hereof, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding, he shall be indemnified
against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

Section
8.  Advancement of Expenses
and Other Amounts. Subject to Section 26 hereof, the Company shall advance all Expenses, judgments, penalties,
fines and, when eligible hereunder, amounts paid in settlement, incurred by or on behalf of Indemnitee in connection with any
Proceeding within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting
such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or
statements shall reasonably evidence the Expenses, judgments, penalties, fines and amounts paid in settlement, incurred by
Indemnitee and shall include or be preceded or accompanied by an agreement by or on behalf of Indemnitee to repay any
Expenses, judgments, penalties, fines and amounts paid in settlement advanced if it shall ultimately be determined that
Indemnitee is not entitled to be indemnified against such Expenses, judgments, penalties, fines and, when eligible hereunder,
amounts paid in settlement. In connection with any request for advancement of Expenses, judgments, penalties, fines and
amounts paid in settlement, Indemnitee shall not be required to provide any documentation or information to the extent that
the provision thereof would undermine or otherwise jeopardize attorney-client privilege. The Company’s obligation in
respect of the advancement of Expenses, judgments, penalties, fines and amounts paid in settlement in connection with a
criminal Proceeding in which Indemnitee is a defendant shall terminate at such time as Indemnitee pleads guilty or is
convicted after trial and such conviction becomes final and no longer subject to appeal. Advances shall be unsecured and
interest free. Advances shall be made without regard to Indemnitee’s ability to repay such amounts and without regard
to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.

 

    3

     

    

 

Section 9.  Procedure
for Determination of Entitlement to Indemnification.

 

9.1 
To obtain indemnification under this Agreement in connection with any Proceeding, and for the duration thereof, Indemnitee
shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification.
The Secretary of the Company shall, promptly upon receipt of any such request for indemnification, advise the Board in writing
that Indemnitee has requested indemnification.

 

9.2 
Upon written request by Indemnitee for indemnification pursuant to Section 9.1 hereof, a determination, if required
by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in such case: (i) if a Change in Control
shall have occurred, by Independent Counsel (unless Indemnitee shall request that such determination be made by the Board or the
shareholders, in which case such determination shall be made in the manner provided for in clauses (ii) or (iii) of this Section
9.2) in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; (ii) if a Change in Control shall
not have occurred, at the election of the Company, (A) by the Board by a majority vote of a quorum consisting of Disinterested
Directors, or (B) if a quorum of the Board consisting of Disinterested Directors is not obtainable, by a majority of a committee
of the Board consisting of two or more Disinterested Directors, or (C) by Independent Counsel in a written opinion to the Board,
a copy of which shall be delivered to Indemnitee, or (D) by the shareholders of the Company, by a majority vote of a quorum consisting
of shareholders who are not parties to the Proceeding, or if no such quorum is obtainable, by a majority vote of shareholders
who are not parties to such proceeding; or (iii) as provided in Section 10.2 of this Agreement. If it is so determined
that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.
Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or
information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements) incurred
by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective
of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to
hold Indemnitee harmless therefrom.

 

9.3 
 If a Change in Control shall have occurred, Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall
request that such selection be made by the Board), and Indemnitee (or the Board, as the case may be) shall give written notice
to the other party advising it of the identity of Independent Counsel so selected. In either event, Indemnitee or the Company,
as the case may be, may, within seven days after such written notice of selection shall have been given, deliver to the Company
or to Indemnitee, as the case may be, a written objection to such selection. Such objection may be asserted only on the ground
that Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section
1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. If such written
objection is made, Independent Counsel so selected may not serve as Independent Counsel unless and until a court has determined
that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification
pursuant to Section 9.1 hereof, no Independent Counsel shall have been selected and not objected to, either the Company
or Indemnitee may petition a court of competent jurisdiction, for resolution of any objection which shall have been made by the
Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of
a person selected by such court or by such other person as such court shall designate, and the person with respect to whom an objection
is so resolved or the person so appointed shall act as Independent Counsel under Section 9.2 hereof. The Company shall pay
any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with its actions
pursuant to this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section
9.3, regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement date of
any judicial proceeding pursuant to Section 11.1(iii) of this Agreement, Independent Counsel shall be discharged and relieved
of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

Section 10.  
Presumptions and Effects of Certain Proceedings.

 

10.1 
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making
such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted
a request for indemnification in accordance with Section 9.1 of this Agreement, and the Company shall have the burden of
proof to overcome that presumption by clear and convincing evidence in connection with the making by any person, persons or entity
of any determination contrary to that presumption.

 

    4

     

    

 

10.2  If
the person, persons or entity empowered or selected under Section 9 of this Agreement to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the
request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and
Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an
omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the
request for indemnification, or (ii) prohibition of such indemnification under applicable law; provided, however, that such
60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or
entity making the determination with respect to entitlement to indemnification in good faith require(s) such additional time
for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, however, that
the foregoing provisions of this Section 10.2 shall not apply (i) if the determination of entitlement to
indemnification is to be made by the shareholders pursuant to Section 9.2 of this Agreement and if (A) within 15 days
after receipt by the Company of the request for such determination the Board has resolved to submit such determination to the
shareholders for their consideration at an annual meeting thereof to be held within 75 days after such receipt and such
determination is made thereat, or (B) a special meeting of shareholders is called within 15 days after such receipt for the
purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and
such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by
Independent Counsel pursuant to Section 9.2 of this Agreement. In connection with each meeting at which a shareholder
determination will be made, the Company shall solicit proxies that expressly include a proposal to indemnify or reimburse the
Indemnitee. The Company shall afford the Indemnitee ample opportunity to present evidence of the facts upon which the
Indemnitee relies for indemnification in any Company proxy statement relating to such shareholder determination. Subject to
the fiduciary duties of its members under applicable law, the Board will not recommend against indemnification or
reimbursement in any proxy statement relating to the proposal to indemnify or reimburse the Indemnitee.

 

10.3 
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction,
or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and
in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

10.4 
Reliance as Safe Harbor. For purposes of this Agreement, the Indemnitee shall be deemed to have acted in good faith
and in a manner he reasonably believed to be in or not opposed to the best interests of the Company, or, with respect to any criminal
Proceeding, to have had no reasonable cause to believe his conduct was unlawful, if his action is based on (i) the records or books
of account of the Company, or another enterprise, including financial statements, (ii) information supplied to him by the officers
of the Company or another enterprise in the course of their duties, (iii) the advice of legal counsel for the Company or another
enterprise, or of an independent certified public accountant or an appraiser or other expert selected with reasonable care by the
Company or another enterprise. The term “another enterprise” as used in this Section shall mean any other corporation
or any partnership, joint venture, trust, employee benefit plan or other enterprise of which the Indemnitee is or was serving at
the request of the Company as a director, officer, partner, trustee, employee or agent. The provisions of this Section shall not
be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the
applicable standard of conduct set forth herein. Whether or not the foregoing provisions of this Section 10.4 are satisfied,
it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the Company, or, with respect to any criminal Proceeding, to have had no reasonable
cause to believe Indemnitee’s conduct was unlawful. Anyone seeking to overcome this presumption shall have the burden of
proof and the burden of persuasion by clear and convincing evidence.

 

Section 11. 
Remedies of Indemnitee.

 

11.1 
In the event that (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled
to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement,
(iii) the determination of indemnification is to be made by Independent Counsel pursuant to Section 9.2 of this Agreement
and such determination shall not have been made and delivered in a written opinion within sixty (60) days after receipt by the
Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement
within thirty (30) days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made
within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification or such determination
is deemed to have been made pursuant to Section 9 or 10 of this Agreement, Indemnitee shall be entitled to an adjudication
in an appropriate court of the State of New York, or in any other court of competent jurisdiction, of his entitlement to such indemnification
or advancement of Expenses, judgments, penalties, fines or, when eligible hereunder, amounts paid in settlement. The Company shall
not oppose Indemnitee’s right to seek any such adjudication.

 

    5

     

    

 

11.2 
 In the event that a determination shall have been made pursuant to Section 9 of this Agreement that Indemnitee is
not entitled to indemnification, any judicial proceeding commenced pursuant to this Section shall be conducted in all respects
as a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.

 

11.3 
If a determination shall have been made or deemed to have been made pursuant to Section 9 or 10 of this Agreement
that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced
pursuant to this Section, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary
to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) prohibition
of such indemnification under applicable law.

 

11.4 
The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company
is bound by all the provisions of this Agreement.

 

11.5 
In the event that Indemnitee, pursuant to this Section, seeks a judicial adjudication of his rights under, or to recover
damages for breach of, this Agreement or any other agreement, including any other indemnification, contribution or advancement
agreement, or any provision of the certificate of incorporation or by-laws of the Company now or hereafter in effect, or for recovery
under directors’ and officers’ liability insurance policies maintained by the Company, Indemnitee shall be entitled
to recover from the Company, and shall be indemnified by the Company against, any and all expenses (of the kinds described in the
definition of Expenses) actually and reasonably incurred by him in such judicial adjudication, but only if he prevails therein.
If it shall be determined in such judicial adjudication that Indemnitee is entitled to receive less than all of the indemnification
or advancement of expenses sought, the expenses incurred by Indemnitee in connection with such judicial adjudication shall be appropriately
prorated. In addition, the Company shall, if so requested by Indemnitee, advance the foregoing expenses to Indemnitee, subject
to and in accordance with Section 8.

 

Section 12. 
Procedure Regarding Indemnification. With respect to any Proceedings, the Indemnitee, prior to taking any action
with respect to such Proceeding, shall consult with the Company as to the procedure to be followed in defending, settling, or
compromising the Proceeding and may not consent to any settlement or compromise of the Proceeding without the written consent
of the Company (which consent may not be unreasonably withheld or delayed). The Company shall be entitled to participate in defending,
settling or compromising any Proceeding and to assume the defense of such Proceeding with counsel of its choice and shall assume
such defense if requested by the Indemnitee. Notwithstanding the election by, or obligation of, the Company to assume the defense
of a Proceeding, the Indemnitee shall have the right to participate in the defense of such Proceeding and to employ counsel of
Indemnitee’s choice, but the fees and expenses of such counsel shall be at the expense of the Indemnitee unless (i) the
employment of such counsel has been authorized in writing by the Company, or (ii) the Indemnitee has reasonably concluded that
there may be defenses available to him which are different from or additional to those available to the Company (in which latter
case the Company shall not have the right to direct the defense of such Proceeding on behalf of the Indemnitee), in either of
which events the fees and expenses of not more than one additional firm of attorneys selected by the Indemnitee shall be borne
by the Company. If the Company assumes the defense of a Proceeding, then counsel for the Company and Indemnitee shall keep Indemnitee
reasonably informed of the status of the Proceeding and promptly send to Indemnitee copies of all documents filed or produced
in the Proceeding, and the Company shall not compromise or settle any such Proceeding without the written consent of the Indemnitee
(which consent may not be unreasonably withheld or delayed) if the relief provided shall be other than monetary damages and shall
promptly notify the Indemnitee of any settlement and the amount thereof.

 

Section 13.  Non-Exclusivity;
Survival of Rights; Insurance; Subrogation; Contribution.

 

13.1 
The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the certificate of incorporation or by-laws
of the Company, any agreement, a vote of shareholders or a resolution of directors, or otherwise. No amendment, alteration or repeal
of this Agreement or any provision hereof shall be effective as to any Indemnitee with respect to any action taken or omitted by
such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.

 

    6

     

    

 

13.2 
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
employees, agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or
policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer,
employee, agent or fiduciary under such policy or policies.

 

13.3 
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are reasonably necessary to enable the Company to bring suit to enforce such rights.

 

13.4 
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if
and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement
or otherwise.

 

13.5 
If a determination is made that Indemnitee is not entitled to indemnification, after Indemnitee submits a written request
therefor, under this Agreement, then in respect of any threatened, pending or completed Proceeding in which the Company is jointly
liability with the Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses,
judgments, fines and amounts paid in settlement by the Indemnitee in such proportion as is appropriate to reflect (i) the relative
benefits received by the Company on the one hand and the Indemnitee on the other hand from the transaction from which Proceeding
arose, and (ii) the relative fault of the Company on the one hand and of the Indemnitee on the other hand in connection with the
events that resulted in such Expenses, judgments, fines or amounts paid in settlement, as well as any other relevant equitable
considerations. The relative fault of the Company on the one hand and of the Indemnitee on the other hand shall be determined by
reference to, among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent the circumstances resulting in such Expenses, judgments, fines or amounts paid in settlement. The Company agrees that
it would not be just and equitable if contribution pursuant to this Section were determined by pro rata allocation or any other
method of allocation that does not take into account the foregoing equitable considerations. The determination as to the amount
of the contribution, if any, shall be made by: (i) a court of competent jurisdiction upon the application of both the Indemnitee
and the Company (if the Proceeding had been brought in, and final determination had been rendered by such court); (ii) the Board
by a majority vote of a quorum consisting of Disinterested Directors; or (iii) Independent Counsel, if a quorum is not obtainable
for the purpose of (ii) above, or, even if obtainable, a quorum of Disinterested Directors so directs.

 

Section 14. 
Duration of Agreement. This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after
the date that Indemnitee shall have ceased to serve as a director and/or officer of the Company, or (b) the final termination
of all pending Proceedings in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses, judgments,
penalties, fines or amounts paid in settlement hereunder and or any proceeding commenced by Indemnitee pursuant to Section
11 of this Agreement. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the
benefit of Indemnitee and his spouse, heirs, executors, personal representatives and administrators. The Company shall require
and cause any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all, substantially all,
or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to
Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place.

 

Section 15. 
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and
(b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section
of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

 

Section 16. 
Entire Agreement. This Agreement constitutes the entire agreement between the Company and the Indemnitee with respect
to the subject matter hereof and supersedes all prior agreements, understanding, negotiations and discussion, both written and
oral, between the parties hereto with respect to such subject matter (the “Prior Agreements”); provided, however,
that if this Agreement shall ever be held void or unenforceable for any reasons whatsoever, and is not reformed pursuant to Section
15 hereof, then (i) this Agreement shall not be deemed to have superseded any Prior Agreements; (ii) all of such Prior Agreements
shall be deemed to be in full force and effect notwithstanding the execution of this Agreement; and (iii) the Indemnitee shall
be entitled to maximum indemnification benefits provided under any Prior Agreements, as well as those provided under applicable
law, the certificate of incorporation or by-laws of the Company, a vote of shareholders or resolution of directors.

 

    7

     

    

 

Section 17. 
 Exception to Right of Indemnification or Advancement of Expenses.

 

17.1 
Except as provided in Section 11.5, Indemnitee shall not be entitled to indemnification or advancement of Expenses,
judgments, penalties, fines and amounts paid in settlement under this Agreement with respect to any Proceeding, or any claim therein,
brought or made by him against the Company.

 

17.2 
Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any
Proceeding, or any claim therein, arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b)
of the Exchange Act or Company similar successor statute.

 

Section 18. 
Covenant Not to Sue; Limitation of Actions; Release of Claims. No legal action shall be brought and no cause of
action shall be asserted by or on behalf of the Company (or any of its subsidiaries) against the Indemnitee, his spouse, heirs,
executors, personal representatives or administrators after the expiration of two (2) years from the date of accrual of such cause
of action and any claim or cause of action of the Company (or any of its subsidiaries) shall be extinguished and deemed released
unless asserted by the filing of a legal action within such two (2) year period; provided, however, that if any shorter period
of limitation is otherwise applicable to any such cause of action, such shorter period shall govern.

 

Section 19. 
Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.

 

Section 20. 
Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed
to constitute part of this Agreement or to affect the construction thereof.

 

Section 21. 
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

Section 22. 
Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject
to indemnification or advancement of Expenses, judgments, penalties, fines or amounts paid in settlement covered hereunder. The
failure to notify the Company on a timely basis shall not constitute a waiver of Indemnitee’s rights under this Agreement,
except to the extent that such failure or delay (i) causes the amounts paid or to be paid by the Company to be greater than they
otherwise would have been, (ii) adversely affects the Company’s ability to obtain for itself or Indemnitee coverage or proceeds
under any insurance policy available to the Company or Indemnitee, or (iii) otherwise results in prejudice to the Company.

 

Section 23. 
Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed
to have been duly given if (i) delivered by hand and receipted for by the party to whom such notice or other communication shall
have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date
on which it is so mailed:

 

If to Indemnitee,
to:

 

If to the Company,
to:

 

HNR Acquisition Corp

3730 Kirby Drive,
Suite 1200

Houston, TX 77098

Attn: Donald
Goree, CEO

 

 or to such other
address or such other person as Indemnitee or the Company shall designate in writing in accordance with this Section, except that
notices regarding changes in notices shall be effective only upon receipt.

 

    8

     

    

 

Section 24. 
 Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance
with, the laws of the State of New York applicable to contracts made and performed in that state without giving effect to the
principles of conflicts of laws. The Company and Indemnitee each hereby irrevocably consents to the jurisdiction of the courts
of the State of New York and the federal courts within the State for all purposes in connection with any action or proceeding
that arises out of or relates to this Agreement and agrees that any action instituted under this Agreement shall be brought only
in the United States District Court for the Southern District of New York and any New York State court within that District.

 

Section 25. 
Mutual Acknowledgment. Both the Company and Indemnitee acknowledge that, in certain instances, Federal law or applicable
public policy may prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Indemnitee
understands and acknowledges that the Company has undertaken or may be required in the future in certain circumstances to undertake
with the Securities and Exchange Commission to submit the question of indemnification to a court for a determination of the Company’s
right under public policy to indemnify Indemnitee.

 

Section 26. 
Waiver of Claims to Trust Account. Indemnitee hereby agrees that it does not have any right, title, interest or
claim of any kind (each, a “Claim”) in or to any monies in the trust account established in connection with
the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering, and
hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and
will not seek recourse against such trust account for any reason whatsoever.

 

Section 27. 
Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.

 

[Signature Page Follows]

 

    9

     

    

 

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

 

	 	HNR ACQUISITION CORP
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	INDEMNITEE

 

 

[Signature Page to Indemnification Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]