Document:

EXHIBIT 10.2

 

FORM OF

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

This ASSIGNMENT
AND ASSUMPTION AGREEMENT, dated as of [__________], 201[__] (this “Agreement”), is entered into by and between
Mesa Energy Holdings, Inc., a Delaware corporation (“Assignor”), and Mesa Energy, Inc., a Nevada corporation (“Assignee”).

 

RECITALS:

 

WHEREAS,
Assignor is the owner of all of the issued and outstanding capital stock of Assignee; and

 

WHEREAS, Assignor,
Assignee and Armada Oil, Inc., a Nevada corporation (“Armada”), have entered into the Asset Purchase Agreement and
Plan of Reorganization dated as of November [__], 2012 (the “Asset Purchase Agreement”); and

 

WHEREAS, the
execution, delivery and performance of this Agreement by Assignor and Assignee is required by the terms of, and is a condition
precedent to the Closing under, the Asset Purchase Agreement; and

 

WHEREAS, the
other conditions precedent to the Closing have been satisfied;

 

NOW, THEREFORE,
in consideration of the premises, and of the covenants, promises and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending legally to be bound,
agree as follows:

 

I.           ASSIGNMENT
AND ASSUMPTION OF ASSIGNOR’S ASSETS AND LIABILITIES. 

 

1.1           Assignment
of Assets. Assignor hereby contributes, assigns, conveys and transfers to Assignee, and Assignee hereby receives, acquires
and accepts, all assets and properties of Assignor as of the date hereof immediately prior to the Closing, including but not limited
to the following:

 

(a)          all
cash and cash equivalents;

 

(b)          all
accounts receivable;

 

(c)          all
inventories of raw materials, work in process, parts, supplies and finished products;

 

(d)          all
right, title and interest, of record, beneficial or otherwise, in and to and stock, membership interests, partnership interests
or other equity or ownership interests in any corporation, limited liability company, partnership or other entity, and all bonds,
debentures, notes or other securities;

 

    	 

    	 

    

 

(e)          all
rights, title and interests in, to and under all contracts, agreements, leases, licenses (including software licenses), supply
agreements, consulting agreements, commitments, purchase orders, customer orders and work orders, and including all of Assignor’s
rights thereunder to use and possess equipment provided by third parties, and all representations, warranties, covenants and guarantees
related to the foregoing (provided that, to the extent any of the foregoing or any claim or right or benefit arising thereunder
or resulting therefrom is not assignable by its terms or the assignment thereof shall require the consent or approval of another
party thereto, this Agreement shall not constitute an assignment thereof if an attempted assignment would be in violation of the
terms thereof or if such consent is not obtained prior to the Effective Time, and in lieu thereof Assignor shall reasonably cooperate
with Assignee in any reasonable arrangement designed to provide Assignee the benefits thereunder or any claim or right arising
thereunder);

 

(f)          all
intellectual property, including but not limited to issued patents, patent applications (whether or not patents are issued thereon
and whether modified, withdrawn or resubmitted), unpatented inventions, product designs, copyrights (whether registered or unregistered),
know-how, technology, trade secrets, technical information, notebooks, drawings, software, computer coding (both object and source)
and all documentation, manuals and drawings related thereto, trademarks or service marks and applications therefor, unregistered
trademarks or service marks, trade names, logos and icons and all rights to sue or recover for the infringement or misappropriation
thereof;

 

(g)          all
fixed assets, including but not limited to the machinery, equipment, furniture, vehicles, office equipment and other tangible personal
property owned or leased by Assignor;

 

(h)          all
customer lists, business records, customer records and files, customer financial records, and all other files and information related
to customers, all customer proposals, all open service agreements with customers and all uncompleted customer contracts and agreements;
and

 

(i)           to
the extent legally assignable, all licenses, permits, certificates, approvals and authorizations issued by Governmental Entities
and necessary to own, lease or operate the assets and properties of Assignor and to conduct Assignor’s business as it is
presently conducted;

 

all of the foregoing
being referred to herein as the “Assigned Assets.” Notwithstanding the foregoing, the Assigned Assets shall not include
any shares of capital stock of Assignee held by Assignor.

 

1.2          Assignment
and Assumption of Liabilities. Assignor hereby assigns to Assignee, and Assignee hereby assumes and agrees to pay, honor
and discharge, all debts, adverse claims, liabilities, judgments and obligations, including tax obligations, of Assignor as of
the date hereof immediately prior to the Closing, whether accrued, contingent or otherwise and whether known or unknown, including
those arising under any law (including common law) or any rule or regulation of any Governmental Entity or imposed by any court
or any arbitrator in a binding arbitration resulting from, arising out of or relating to the assets, activities, operations, actions
or omissions of Assignor, or products manufactured or sold thereby or services provided thereby, or under contracts, agreements
(whether written or oral), leases, commitments or undertakings thereof, but excluding the obligations of Assignor under the Unlimited
Guaranty dated July 22, 2011 by Assignor for the benefit of F&M Bank & Trust Company, which will be assumed by Armada (all
of the foregoing being referred to herein as the “Assigned Liabilities”).

 

The assignment and
assumption of Assignor’s assets and liabilities provided for in this Article I is referred to as the “Assignment.”

 

1.3           Transfer
of Records. On or before the Closing, Assignor shall transfer to Assignee all existing corporate books and records in Assignor’s
possession relating to the Assigned Assets and the Assigned Liabilities, including but not limited to all agreements, litigation
files, real estate files, personnel files and filings with Governmental Entities; provided, however, that when any
such documents relate both to Assignor and to the Assigned Assets and the Assigned Liabilities, only copies of such documents need
be furnished.

 

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1.4           Instruments
of Assignment. Assignor and Assignee shall each deliver to the other such instruments providing for the Assignment as the
other may reasonably request (the “Instruments of Assignment”).

 

II.          ASSIGNOR’S
REPRESENTATIONS AND WARRANTIES. Assignor represents and warrants to Assignee that:

 

2.1           Organization
and Good Standing. Assignor is a corporation duly incorporated, validly existing, and in good standing under the laws of
the State of Delaware.

 

2.2           Authority
and Enforceability. The Assignor has all requisite corporate power and authority to enter into this Agreement and to consummate
the transactions contemplated hereby. The execution and delivery of this Agreement and the documents to be executed and delivered
pursuant hereto and the transactions contemplated hereby, and the performance by Assignor in accordance with the terms hereof and
thereof, have been duly authorized by all necessary corporate action on the part of Assignor, and each such document constitutes
a valid and binding obligation of Assignor enforceable in accordance with its terms.

 

2.3           Title
to Assigned Assets. Assignor has good and valid title to the Assigned Assets, free and clear of all Liens other than Permitted
Liens.

 

Except as expressly
set forth above, Assignor makes no representation or warranty with respect to the Assigned Assets or Assigned Liabilities, and
the Assigned Assets are conveyed hereby AS IS, WHERE IS.

 

III.         ASSIGNEE’S
REPRESENTATIONS AND WARRANTIES. Assignee represents and warrants to Assignor that:

 

3.1           Organization
and Good Standing. Assignee is a corporation duly incorporated, validly existing, and in good standing under the laws of
the State of Nevada.

 

3.2           Authority
and Enforceability. Assignee has all requisite corporate power and authority to enter into this Agreement and to consummate
the transactions contemplated hereby. The execution and delivery of this Agreement and the documents to be executed and delivered
pursuant hereto and the transactions contemplated hereby, and the performance by Assignee in accordance with the terms hereof and
thereof, have been duly authorized by all necessary corporate action on the part of Assignee, and each such document constitutes
a valid and binding obligation of Assignee enforceable in accordance with its terms.

 

IV.         OTHER
AGREEMENTS.

 

4.1           Expenses.
Each party hereto shall bear its expenses separately incurred in connection with this Agreement and with the performance of its
obligations hereunder.

 

4.2           Brokers’
Fees. In connection with the transaction specifically contemplated by this Agreement, no party to this Agreement has employed
the services of a broker and each agrees to indemnify the other against all claims of any third parties for fees and commissions
of any brokers claiming a fee or commission related to the transactions contemplated hereby.

 

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4.3         Guarantees,
Surety Bonds and Letter of Credit Obligations. In the event that Assignor is obligated for any debts, obligations or liabilities
of Assignee by virtue of any outstanding guarantee, performance or surety bond or letter of credit provided or arranged by Assignor
on or prior to the Closing Date, Assignee shall use its best efforts to cause to be issued replacements of such bonds, letters
of credit and guarantees and to obtain any amendments, novations, releases and approvals necessary to release and discharge fully
Assignor from any liability thereunder following the Closing. Assignee shall be responsible for, and shall indemnify, hold harmless
and defend Assignor from and against, any costs or losses incurred by Assignor arising from such bonds, letters of credit and guarantees
and any liabilities arising therefrom and shall reimburse Assignor for any payments that Assignor may be required to pay pursuant
to enforcement of its obligations relating to such bonds, letters of credit and guarantees.

 

4.4         Agreements
Regarding Taxes.

 

(a)          Tax
Sharing Agreements. Any tax sharing agreement between Assignor and Assignee is terminated as of the Closing Date and will
have no further effect for any taxable year (whether the current year, a future year or a past year).

 

(b)          Returns
for Periods through the Closing Date. Assignor will include the income and loss of Assignor on Assignor’s federal
income tax returns for all periods through the Closing Date and pay any federal income taxes attributable to such income. Assignor
will include the income and loss of Assignee on Assignee’s federal income tax returns for all periods through the Closing
Date and pay any federal income taxes attributable to such income. Assignor and Assignee agree to allocate income, gain, loss,
deductions and credits between the period up to Closing (the “Pre-Closing Period”) and the period after Closing based
on a closing of the books of Assignor and Assignee, respectively, and both Assignor and Assignee agree not to make an election
under Reg. §1.1502-76(b)(2)(ii) to ratably allocate the year’s items of income, gain, loss, deduction and credit. Assignor
and Assignee agree to report all transactions not in the ordinary course of business occurring on the Closing Date after the Closing
on Assignor’s and Assignee’s tax returns, as appropriate, to the extent permitted by applicable federal tax law. Assignee
agrees to indemnify Assignor for any additional tax owed by Assignor (including tax owed by Assignor due to this indemnification
payment) resulting from any transaction engaged in by Assignee or Assignor (not related to the Assignment) during the Pre-Closing
Period or on the Closing Date before the Closing. Assignee will furnish tax information to Assignor for inclusion in Assignor’s
consolidated federal income tax return for the period which includes the Closing Date in accordance with Assignee’s past
custom and practice.

 

(c)          Audits.
Assignor will allow Assignee and its counsel to participate at Assignee’s expense in any audit of Assignor’s consolidated
federal income tax returns to the extent that such audit raises issues that relate to and increase the tax liability of Assignee.
Assignor shall have the absolute right, in its sole discretion, to engage professionals and direct the representation of Assignor
in connection with any such audit and the resolution thereof, without receiving the consent of Assignee or any other party acting
on behalf of Assignee, provided that Assignor will not settle any such audit in a manner which would materially adversely affect
Assignee after the Closing Date unless such settlement would be reasonable in the case of a person that owned Assignee both before
and after the Closing Date. In the event that after Closing any tax authority informs Assignee of any notice of proposed audit,
claim, assessment or other dispute concerning an amount of taxes which pertain to Assignor, or to Assignee during the period prior
to Closing, Assignee must promptly notify Assignor of the same within 15 calendar days of the date of the notice from the tax authority.
In the event Assignee does not notify Assignor within such 15 day period, Assignee will indemnify Assignor for any incremental
interest, penalty or other assessments resulting from the delay in giving notice. To the extent of any conflict or inconsistency,
the provisions of this Section 10.8 shall control over the provisions of Section 12.2 below.

 

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(d)          Cooperation
on Tax Matters. Assignor and Assignee shall cooperate fully, as and to the extent reasonably requested by any party, in
connection with the filing of tax returns pursuant to this Section and any audit, litigation or other proceeding with respect to
taxes. Such cooperation shall include the retention and (upon the other party’s request) the provision of records and information
which are reasonably relevant to any such audit, litigation or other proceeding and making employees available on a mutually convenient
basis to provide additional information and explanation of any material provided hereunder. Assignee shall (i) retain all
books and records with respect to tax matters pertinent to Assignee and Assignor relating to any taxable period beginning before
the Closing Date until the expiration of the statute of limitations (and, to the extent notified by Assignor, any extensions thereof)
of the respective taxable periods, and abide by all record retention agreements entered into with any taxing authority, and (ii) give
Assignor reasonable written notice prior to transferring, destroying or discarding any such books and records and, if Assignor
so requests, Assignee will allow Assignor to take possession of such books and records.

 

V.         MISCELLANEOUS.

 

5.1           Definitions.
Capitalized terms used herein without definition have the meanings ascribed to them in the Asset Purchase Agreement.

 

5.2           Exercise
of Rights and Remedies. Except as otherwise provided herein, no delay of or omission in the exercise of any right, power
or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such
right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar
breach or default occurring later; nor shall any waiver of any single breach or default be deemed a waiver of any other breach
or default occurring before or after that waiver.

 

5.3           Time.
Time is of the essence with respect to this Agreement.

 

5.4           Reformation
and Severability. In case any provision of this Agreement shall be invalid, illegal or unenforceable, it shall, to the
extent possible, be modified in such manner as to be valid, legal and enforceable but so as to most nearly retain the intent of
the parties, and if such modification is not possible, such provision shall be severed from this Agreement, and in either case
the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired
thereby.

 

5.5           Further
Acts and Assurances. From and after the Closing, Assignor and Assignee agree that each will act in a manner supporting
compliance, including compliance by its Affiliates, with all of its obligations under this Agreement and, from time to time, shall,
at the request of the other party hereto, and without further consideration, cause the execution and delivery of such other instruments
of conveyance, transfer, assignment or assumption and take such other action or execute such other documents as such party may
reasonably request in order more effectively to convey, transfer to and vest in Assignee, and to put Assignee in possession of,
all Assigned Assets and Assigned Liabilities, and, in the case of any contracts and rights that cannot be effectively transferred
without the consent or approval of another person that is unobtainable, to use its best reasonable efforts to ensure that Assignee
receives the benefits thereof to the maximum extent permissible in accordance with applicable law or other applicable restrictions,
and shall perform such other acts which may be reasonably necessary to effectuate the purposes of this Agreement.

 

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5.6           Entire
Agreement; Amendments. This Agreement contains the entire understanding of the parties relating to the subject matter contained
herein. This Agreement cannot be amended or changed except through a written instrument signed by both of the parties hereto and
by Parent. No provisions of this Agreement or any rights hereunder may be waived by any party without the prior written consent
of Parent.

 

5.7           Assignment.
No party may assign his, her or its rights or obligations hereunder, in whole or in part, without the prior written consent of
the other party and Parent.

 

5.8           Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to principles of conflicts or choice of laws thereof.

 

5.9           Counterparts.
This Agreement may be executed in one or more counterparts, with the same effect as if all parties had signed the same document.
Each such counterpart shall be an original, but all such counterparts taken together shall constitute a single agreement. In the
event that any signature is delivered by facsimile or email transmission, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile
signature page was an original thereof.

 

5.10         Section
Headings and Gender. The section headings used herein are inserted for reference purposes only and shall not in any way
affect the meaning or interpretation of this Agreement. All personal pronouns used in this Agreement shall include the other genders,
whether used in the masculine, feminine or neuter and the singular shall include the plural, and vice versa, whenever and
as often as may be appropriate.

 

5.11         Third-Party
Beneficiary. Each of Assignor and Assignee acknowledges and agrees that this Agreement is entered into for the express
benefit of Parent, and that Parent is relying hereon and on the consummation of the transactions contemplated by this Agreement
in entering into and performing its obligations under the Asset Purchase Agreement, and that Parent shall be in all respects entitled
to the benefit hereof and to enforce this Agreement as a result of any breach hereof.

 

5.12         Specific
Performance; Remedies. Each of the parties to this Agreement acknowledges and agrees that, if any provision of this Agreement
is not performed in accordance with its specific terms or is otherwise breached, irreparable damages would be incurred by the other
parties to this Agreement and by PrivateCo. Accordingly, the parties to this Agreement agree that any party or Parent will be entitled
to seek an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically this Agreement
and its terms and provisions in any action instituted in any court of the United States or any state thereof having jurisdiction
over the parties and the matter, subject to Sections 5.8 and 5.13 hereof, in addition to any other remedy to which they may be
entitled, at law or in equity. Except as expressly provided herein, the rights, obligations and remedies created by this Agreement
are cumulative and are in addition to any other rights, obligations or remedies otherwise available at law or in equity, and nothing
herein will be considered an election of remedies.

 

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5.13       Submission
to Jurisdiction; Process Agent; No Jury Trial.

 

(a)          Each
party to the Agreement hereby submits to the jurisdiction of any state or federal court sitting in the Borough of Manhattan, City
and State of New York, in any action arising out of or relating to this Agreement, and agrees that all claims in respect of the
action may be heard and determined in any such court. Each party to the Agreement also agrees not to bring any action arising out
of or relating to this Agreement in any other court. Each party to the Agreement agrees that a final judgment in any action so
brought will be conclusive and may be enforced by action on the judgment or in any other manner provided at law or in equity. Each
party to the Agreement waives any defense of inconvenient forum to the maintenance of any action so brought and waives any bond,
surety or other security that might be required of any other party with respect thereto.

 

(b)          EACH
PARTY TO THIS AGREEMENT HEREBY AGREES TO WAIVE ITS RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT
OR ANY OTHER AGREEMENTS RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS
CONTEMPLATED HEREBY. The scope of this waiver is intended to be all encompassing of any and all actions that may be filed in any
court and that relate to the subject matter of the transactions, including contract claims, tort claims, breach of duty claims
and all other common law and statutory claims. Each party to the Agreement hereby acknowledges that this waiver is a material inducement
to enter into a business relationship and that they will continue to rely on the waiver in their related future dealings. Each
party to the Agreement further represents and warrants that it has reviewed this waiver with its legal counsel, and that each knowingly
and voluntarily waives its jury trial rights following consultation with legal counsel. NOTWITHSTANDING ANYTHING TO THE CONTRARY
HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. In
the event of commencement of any action, this Agreement may be filed as a written consent to trial by a court.

 

5.14         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 because of the authorship of any provision of this Agreement. Any
reference to any federal, state, local or foreign law will be deemed also to refer to law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” 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.

 

[Signature page follows this page.]

 

    	-7-

    	 

    

 

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

 

	 	MESA ENERGY HOLDINGS, INC. (“Assignor”)
	 	 
	 	By:	 
	 	Name:  
	 	Title:  
	 	 	 
	 	MESA ENERGY, INC. (“Assignee”)
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

Schedule 1.2

 

Assigned LiabilitiesEXHIBIT 10.3

 

Voting Agreement

 

Voting Agreement (this
“Agreement”), dated as of November 14, 2012, between the undersigned stockholder
(“Stockholder”) of Mesa Energy Holdings, Inc., a Delaware corporation (“Mesa”),
and Armada Oil, Inc., a Nevada corporation (“Armada”).

 

WHEREAS, subsequent
to the execution of this Agreement, Mesa, Mesa Energy, Inc., a Nevada corporation and a direct wholly-owned subsidiary of Mesa
(“MEI”), and Armada propose to enter into an Asset Purchase Agreement and Plan of Reorganization (as the same may be
amended from time to time, the “Asset Purchase Agreement”), providing for,
among other things, the acquisition (the “Acquisition”) of the stock of MEI
by Armada pursuant to the terms and conditions of the Asset Purchase Agreement;

 

WHEREAS, as a condition
to its willingness to enter into the Asset Purchase Agreement, Armada has required that Stockholder execute and deliver this Agreement;
and

 

WHEREAS, in order to
induce Armada to enter into the Asset Purchase Agreement, Stockholder is willing to make certain representations, warranties, covenants
and agreements with respect to the shares of common stock, par value $0.0001 per share, of Mesa (“Mesa
Common Stock”) beneficially owned by Stockholder and set forth below Stockholder’s signature on the signature
page hereto (the “Original Shares” and, together with any additional shares
of Mesa Common Stock pursuant to Section 6 hereof, the “Shares”).

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.           Definitions.

 

For purposes of this
Agreement, capitalized terms used and not defined herein shall have the respective meanings ascribed to them in the Asset Purchase
Agreement.

 

2.           Representations
of Stockholder.

 

Stockholder represents
and warrants to Armada that:

 

(a)          (i)
Stockholder owns beneficially (as such term is defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) all of the Original Shares free and clear of any lien, pledge, security interest, claim, charge or
encumbrance, and (ii) except pursuant hereto, there are no options, warrants or other rights, agreements, arrangements or commitments
of any character to which Stockholder is a party relating to the sale, pledge, disposition or voting of any of the Original Shares
and there are no voting trusts or voting agreements with respect to the Original Shares.

 

(b)          Stockholder
does not beneficially own any shares of Mesa Common Stock other than (i) the Original Shares and (ii) any options, warrants or
other rights to acquire any additional shares of Mesa Common Stock or any security exercisable for or convertible into shares of
Mesa Common Stock, set forth on the signature page of this Agreement (collectively, “Options”).

 

    	 

    	 

    

 

(c)          Stockholder
has full corporate power and authority (if Stockholder is an entity) or legal capacity (if Stockholder is an individual) to enter
into, execute and deliver this Agreement and to perform fully Stockholder’s obligations hereunder (including the proxy described
in Section 3(b) below)). This Agreement has been duly and validly executed and delivered by Stockholder and constitutes
the legal, valid and binding obligation of Stockholder, enforceable against Stockholder in accordance with its terms.

 

(d)          None
of the execution and delivery of this Agreement by Stockholder, the consummation by Stockholder of the transactions contemplated
hereby or compliance by Stockholder with any of the provisions hereof will conflict with or result in a breach, or constitute a
default (with or without notice of lapse of time or both) under any provision of, any trust agreement, loan or credit agreement,
note, bond, mortgage, indenture, lease or other agreement, instrument or foreign, federal, state, municipal, provincial or local
law (statutory, common or otherwise) applicable to Stockholder or to Stockholder’s property or assets.

 

(e)          No
consent, approval or authorization of, or designation, declaration or filing with, any United States or non-United States federal,
state, municipal, provincial or local government, court, arbitrator, arbitral tribunal, administrative agency or commission or
other governmental or regulatory agency or authority, or any other individual, corporation, limited liability company, partnership,
association, trust, unincorporated organization or other entity, on the part of Stockholder is required in connection with the
valid execution and delivery of this Agreement. If Stockholder is an individual, no consent of Stockholder’s spouse is necessary
under any “community property” or other laws in order for Stockholder to enter into and perform its obligations under
this Agreement.

 

3.           Agreement
to Vote Shares; Irrevocable Proxy.

 

(a)          Stockholder
agrees during the term of this Agreement to vote the Shares, and to cause any holder of record of Shares to vote, or execute a
written consent or consents if stockholders of Mesa are requested to vote their shares through the execution of an action by written
consent in lieu of any such annual or special meeting of stockholders of Mesa: (i) in favor of the Acquisition and the Asset Purchase
Agreement, at every meeting (or in connection with any action by written consent) of the stockholders of Mesa at which such matters
are considered and at every adjournment or postponement thereof; (ii) against (A) any action, proposal, transaction or agreement
which could reasonably be expected to result in a breach of any covenant, representation or warranty or any other obligation or
agreement of Mesa under the Asset Purchase Agreement or of Stockholder under this Agreement and (B) except under the circumstances
under which Mesa has the right to terminate the Asset Purchase Agreement, any action, proposal, transaction or agreement that
could reasonably be expected to impede, interfere with, delay, discourage, adversely affect or inhibit the timely consummation
of the Acquisition or the fulfillment of Armada’s, Mesa’s or MEI’s conditions under the Asset Purchase Agreement
or change in any manner the voting rights of any class of shares of Mesa (including any amendments to Mesa’s certificate
of incorporation or by-laws). 

 

    	2

    	 

    

 

(b)          Stockholder
hereby appoints Armada and any designee of Armada, and each of them individually, its proxies and attorneys-in-fact, with full
power of substitution and resubstitution, to vote or act by written consent during the term of this Agreement with respect to the
Shares in accordance with Section 3(a). This proxy and power of attorney is given to secure the performance of the duties
of Stockholder under this Agreement. Stockholder shall take such further action or execute such other instruments as may be necessary
to effectuate the intent of this proxy. This proxy and power of attorney granted by Stockholder shall be irrevocable during the
term of this Agreement, shall be deemed to be coupled with an interest sufficient in law to support an irrevocable proxy and shall
revoke any and all prior proxies granted by Stockholder with respect to the Shares. The power of attorney granted by Stockholder
herein is a durable power of attorney and shall survive the dissolution, bankruptcy, death or incapacity of Stockholder. The proxy
and power of attorney granted hereunder shall terminate upon the termination of this Agreement.

  

4.           No
Voting Trusts or Other Arrangement.

 

Stockholder agrees
that Stockholder will not, and will not permit any entity under Stockholder’s control to, deposit any of the Shares in a
voting trust, grant any proxies with respect to the Shares or subject any of the Shares to any arrangement with respect to the
voting of the Shares other than agreements entered into with Armada.

 

5.           Transfer
and Encumbrance.

 

Stockholder agrees
that during the term of this Agreement, Stockholder will not, directly or indirectly, transfer, sell, offer, exchange, assign,
pledge or otherwise dispose of or encumber (“Transfer”) any of the Shares
or enter into any contract, option or other agreement with respect to, or consent to, a Transfer of, any of the Shares or Stockholder’s
voting or economic interest therein. Any attempted Transfer of Shares or any interest therein in violation of this Section 5
shall be null and void. This Section 5 shall not prohibit a Transfer of the Shares by Stockholder, if Stockholder is an
individual, to any member of Stockholder’s immediate family, or to a trust for the benefit of Stockholder or any member of
Stockholder’s immediate family, or upon the death of Stockholder, or, if Stockholder is an entity, to an Affiliate of Stockholder;
provided, that a Transfer referred to in this sentence shall be permitted only if, as a precondition to such Transfer, the transferee
agrees in a writing, reasonably satisfactory in form and substance to Armada, to be bound by all of the terms of this Agreement.

 

6.           Additional
Shares.

 

Stockholder agrees
that all shares of Mesa Common Stock that Stockholder purchases, acquires the right to vote or otherwise acquires beneficial ownership
(as defined in Rule 13d-3 under the Exchange Act) of after the execution of this Agreement shall be subject to the terms of this
Agreement and shall constitute Shares for all purposes of this Agreement.

 

7.           Waiver
of Appraisal and Dissenters’ Rights.

 

Stockholder hereby
waives, and agrees not to assert or perfect, any rights of appraisal or rights to dissent from the Acquisition that Stockholder
may have by virtue of ownership of the Shares.

 

8.           Termination.

 

This Agreement shall
terminate upon the earliest to occur of (i) the time of the effectiveness of the Acquisition and (ii) the date on which the Asset
Purchase Agreement is terminated in accordance with its terms.

 

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9.           No
Agreement as Director or Officer.

 

Stockholder makes no
agreement or understanding in this Agreement in Stockholder’s capacity as a director or officer of Mesa or any of its subsidiaries
(if Stockholder holds such office), and nothing in this Agreement: (a) will limit or affect any actions or omissions taken by Stockholder
in stockholder’s capacity as such a director or officer, including in exercising rights under the Asset Purchase Agreement,
and no such actions or omissions shall be deemed a breach of this Agreement or (b) will be construed to prohibit, limit or restrict
Stockholder from exercising Stockholder’s fiduciary duties as an officer or director to Mesa or its stockholders.

 

10.         Specific
Performance.

 

Each party hereto acknowledges
that it will be impossible to measure in money the damage to the other party if a party hereto fails to comply with any of the
obligations imposed by this Agreement, that every such obligation is material and that, in the event of any such failure, the other
party will not have an adequate remedy at law or damages. Accordingly, each party hereto agrees that injunctive relief or other
equitable remedy, in addition to remedies at law or damages, is the appropriate remedy for any such failure and will not oppose
the seeking of such relief on the basis that the other party has an adequate remedy at law. Each party hereto agrees that it will
not seek, and agrees to waive any requirement for, the securing or posting of a bond in connection with the other party’s
seeking or obtaining such equitable relief.

 

11.         Entire
Agreement.

 

This Agreement supersedes
all prior agreements, written or oral, between the parties hereto with respect to the subject matter hereof and contains the entire
agreement between the parties with respect to the subject matter hereof. This Agreement may not be amended or supplemented, and
no provisions hereof may be modified or waived, except by an instrument in writing signed by both of the parties hereto. No waiver
of any provisions hereof by either party shall be deemed a waiver of any other provisions hereof by such party, nor shall any such
waiver be deemed a continuing waiver of any provision hereof by such party.

 

12.         Notices.

 

All notices, requests,
claims, demands, and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered
by hand (with written confirmation of receipt), (b) when received by the addressee if sent by a nationally recognized overnight
courier (receipt requested), (c) on the date sent by facsimile or e-mail (with confirmation of transmission) if sent during normal
business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, or (d) on the
third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications
must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in
a notice given in accordance with this Section 12):

 

If to Armada:

 

Armada Oil, Inc.

10777 Westheimer Road

Suite 1100

Houston, Texas 77042

Attention: James J. Cerna, Jr.

 

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with a copy (which shall not constitute
notice) to

 

Sierchio & Company, LLP

430 Park Avenue

New York, New York 10022

Attention: Joseph Sierchio, Esq.

 

If to Stockholder,
to the address or facsimile number set forth for Stockholder on the signature page hereof.

 

13.         Miscellaneous.

 

(a)          This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect
to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause
the application of Laws of any jurisdiction other than those of the State of New York.

 

(b)          Each
of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and
obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and
obligations arising hereunder brought by the other party hereto or its successors or assigns shall be brought and determined exclusively
in the Supreme Court of the State of New York sitting in the City and County of New York, or in the event (but only in the event)
that such court does not have subject matter jurisdiction over such action or proceeding, in the United States District Court for
the Southern District of New York sitting in the City and County of New York. Each of the parties hereto agrees that mailing of
process or other papers in connection with any such action or proceeding in the manner provided in Section 12 or in such
other manner as may be permitted by applicable Laws, will be valid and sufficient service thereof. Each of the parties hereto hereby
irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally,
to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement or
any of the transactions contemplated by this Agreement in any court or tribunal other than the aforesaid courts. Each of the parties
hereto hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action
or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement
of any judgment in respect of this Agreement and the rights and obligations arising hereunder (i) any claim that it is not personally
subject to the jurisdiction of the above named courts for any reason other than the failure to serve process in accordance with
this Section 13(b), (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from
any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid
of execution of judgment, execution of judgment or otherwise), and (iii) to the fullest extent permitted by the applicable Law,
any claim that (x) the suit, action or proceeding in such court is brought in an inconvenient forum, (y) the venue of such suit,
action or proceeding is improper, or (z) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

 

    	5

    	 

    

 

(c)          EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY
TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED
THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 13(c).

 

(d)          If
any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

(e)          This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together
shall constitute one and the same instrument.

 

(f)           Each
party hereto shall execute and deliver such additional documents as may be necessary or desirable to effect the transactions contemplated
by this Agreement.

 

(g)          All
Section headings herein are for convenience of reference only and are not part of this Agreement, and no construction or reference
shall be derived therefrom.

 

(h)          The
obligations of Stockholder set forth in this Agreement shall not be effective or binding upon Stockholder until after such time
as the Asset Purchase Agreement is executed and delivered by Mesa, Armada and MEI, and the parties agree that there is not and
has not been any other agreement, arrangement or understanding between the parties hereto with respect to the matters set forth
herein.

 

(i)           Neither
party to this Agreement may assign any of its rights or obligations under this Agreement without the prior written consent of the
other party hereto, except that Armada may assign, in its sole discretion, all or any of its rights, interests and obligations
hereunder to any of its Affiliates. Any assignment contrary to the provisions of this Section 13(i) shall be null and void.

 

(j)          The
Armada and the Stockholder agree that Mesa shall be an express third-party beneficiary of this Agreement an shall have the right
to enforce this Agreement as if a party hereto. The parties may not amend or terminate this agreement without the prior written
consent of Mesa.

 

[SIGNATURE PAGE FOLLOWS]

 

    	6

    	 

    

 

IN WITNESS WHEREOF, the parties
hereto have executed and delivered this Agreement as of the date first written above.

	 	ARMADA OIL, INC.
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

	 	STOCKHOLDER:
	 	 
	 	 
	 	Name:
	 	 
	 	Number of Shares of Mesa Common Stock Beneficially Owned as of the Date of this Agreement: _________________
	 	 
	 	Type and number of Options Beneficially Owned as of the Date of this Agreement:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Street Address:
	 	 
	 	City/State/Zip Code:
	 	 
	 	Fax:

 

    	7

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