Document:

THIS  WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF
     THIS  WARRANT  HAVE  NOT  BEEN  REGISTERED UNDER THE SECURITIES ACT OF
     1933,  AS  AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE
     COMMON  STOCK  ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,
     OFFERED  FOR  SALE,  PLEDGED  OR  HYPOTHECATED  IN  THE  ABSENCE OF AN
     EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND
     ANY  APPLICABLE  STATE  SECURITIES  LAWS  OR  AN  OPINION  OF  COUNSEL
     REASONABLY  SATISFACTORY  TO  GARWOOD  PETROSEARCH,  INC.  THAT  SUCH
     REGISTRATION  IS  NOT  REQUIRED.

            Right to up to 4,500 Purchase Shares of Common Stock of
                            Garwood Petrosearch, Inc.
                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No. 1                                              Issue Date:  November 1, 2006

     GARWOOD  PETROSEARCH,  INC.,  a corporation organized under the laws of the
State  of  Texas  (the  "Company"),  hereby  certifies that, for value received,
LAURUS MASTER FUND, LTD., or assigns (the "Holder"), is entitled, subject to the
terms  set forth below, to purchase from the Company at any time or from time to
time  following  payment in full of all obligations and liabilities owing by the
Company  to  the  Holder in connection with the transactions contemplated by the
Securities  Purchase  Agreement  dated  as of the date hereof by and between the
Company and the Holder (as amended, modified and supplemented from time to time,
the  "Securities  Purchase Agreement") and the Related Agreements (as defined in
the  Securities  Purchase Agreement) (such date being hereinafter referred to as
the  "Debt  Repayment Date"), up to 4,500 of fully paid and nonassessable shares
of  Common  Stock  (as  hereinafter defined), $0.001 par value per share, at the
applicable  Exercise  Price  per  share  (as  defined  below).  The  number  and
character  of  such shares of Common Stock and the applicable Exercise Price per
share  are  subject  to  adjustment  as  provided  herein.

     As  used herein the following terms, unless the context otherwise requires,
have  the  following  respective  meanings:

          (a)     The term "Company" shall include Garwood Petrosearch, Inc. and
     any  person  or  entity  which shall succeed, or assume the obligations of,
     Garwood  Petrosearch,  Inc.  hereunder.

          (b)     The  term  "Common  Stock"  includes  (i) the Company's Common
     Stock, par value $0.001 per share; and (ii) any other securities into which
     or  for  which  any of the securities described in the preceding clause (i)
     may  be  converted  or  exchanged  pursuant  to a plan of recapitalization,
     reorganization,  merger,  sale  of  assets  or  otherwise.

<PAGE>
          (c)     The  term "Exercise Price" means a price of $0.01 per share of
     Common  Stock.

          (d)     The  term  "Other  Securities" refers to any stock (other than
     Common  Stock)  and  other  securities  of  the Company or any other person
     (corporate  or otherwise) which the holder of the Warrant at any time shall
     be  entitled  to  receive,  or  shall have received, on the exercise of the
     Warrant,  in  lieu  of or in addition to Common Stock, or which at any time
     shall  be  issuable  or  shall  have  been  issued  in  exchange  for or in
     replacement  of  Common  Stock or Other Securities pursuant to Section 4 or
     otherwise.

     1.     Exercise  of  Warrant.
            ---------------------

          1.1     Number  of  Shares Issuable upon Exercise.  From and after the
                  -----------------------------------------
Debt  Repayment  Date, the Holder shall be entitled to receive, upon exercise of
this  Warrant  in whole or in part, by delivery of an original or fax copy of an
exercise  notice  in  the  form  attached  hereto  as  Exhibit  A (the "Exercise
Notice"),  shares of Common Stock of the Company, subject to adjustment pursuant
to  Section  4.

          1.2     Company  Acknowledgment.  The Company will, at the time of the
                  -----------------------
exercise  of  this Warrant, upon the request of the Holder hereof acknowledge in
writing  its  continuing obligation to afford to such Holder any rights to which
such Holder shall continue to be entitled after such exercise in accordance with
the  provisions  of  this  Warrant.  If  the  Holder shall fail to make any such
request,  such failure shall not affect the continuing obligation of the Company
to  afford  to  such  Holder  any  such  rights.

          1.3     Trustee for Warrant Holder.  In the event that a bank or trust
                  --------------------------
company  shall  have  been  appointed  as  trustee  for  the  Holder pursuant to
Subsection  3.2, such bank or trust company shall have all the powers and duties
of  a warrant agent (as hereinafter described) and shall accept, in its own name
for  the  account  of  the  Company  or such successor person as may be entitled
thereto,  all amounts otherwise payable to the Company or such successor, as the
case  may  be,  on  exercise  of  this  Warrant  pursuant  to  this  Section  1.

     2.     Procedure  for  Exercise.
            ------------------------

          2.1     Delivery  of  Stock  Certificates,  Etc.,  on  Exercise.  The
                  -------------------------------------------------------
Company  agrees  that the shares of Common Stock purchased upon exercise of this
Warrant  shall  be deemed to be issued to the Holder as the record owner of such
shares  as of the close of business on the date on which this Warrant shall have
been  surrendered  and  payment made for such shares in accordance herewith.  As
soon  as  practicable after the exercise of this Warrant in full or in part, and
in  any  event  within  three  (3)  business days thereafter, the Company at its
expense  (including  the payment by it of any applicable issue taxes) will cause
to be issued in the name of and delivered to the Holder, or as such Holder (upon
payment  by  such  Holder  of  any  applicable  transfer  taxes)  may  direct in
compliance  with  applicable  securities laws, a certificate or certificates for
the  number  of  duly and validly issued, fully paid and nonassessable shares of
Common  Stock  (or  Other  Securities) to which such Holder shall be entitled on
such  exercise,  together  with any other stock or other securities and property
(including  cash,  where  applicable) to which such Holder is entitled upon such
exercise  pursuant  to  Section  1  or  otherwise.

<PAGE>
          2.2     Exercise.  Payment  shall  be  made  either  in  cash  or  by
                  --------
certified  or  official  bank check payable to the order of the Company equal to
the  applicable  aggregate  Exercise  Price  for  the  number  of  Common Shares
specified  in such Exercise Notice (as such exercise number shall be adjusted to
reflect any adjustment in the total number of shares of Common Stock issuable to
the  Holder  in  accordance with the terms of this Warrant) and the Holder shall
thereupon  be entitled to receive the number of duly authorized, validly issued,
fully-paid  and  non-assessable  shares  of  Common  Stock (or Other Securities)
determined  as  provided  herein.

     3.     Effect  of  Reorganization,  Etc.;  Adjustment  of  Exercise  Price.
            -------------------------------------------------------------------

          3.1     Reorganization,  Consolidation,  Merger,  Etc.  In case at any
                  ---------------------------------------------
time  or  from  time  to time the Company shall (a) effect a reorganization, (b)
consolidate  with  or  merge  into  any  other  person,  or  (c) transfer all or
substantially all of its properties or assets to any other person under any plan
or  arrangement contemplating the dissolution of the Company, then, in each such
case,  as  a  condition  to  the  consummation of such a transaction, proper and
adequate  provision  shall  be  made  by  the Company whereby the Holder, on the
exercise  hereof  as provided in Section 1 at any time after the consummation of
such  reorganization,  consolidation  or  merger  or  the effective date of such
dissolution,  as the case may be, shall receive, in lieu of the Common Stock (or
Other  Securities)  issuable on such exercise prior to such consummation or such
effective  date, the stock and other securities and property (including cash) to
which  such  Holder  would  have  been  entitled  upon  such  consummation or in
connection  with  such  dissolution,  as  the case may be, if such Holder had so
exercised  this  Warrant,  immediately  prior  thereto,  all  subject to further
adjustment  thereafter  as  provided  in  Section  4.

          3.2     Dissolution.  In  the  event of any dissolution of the Company
                  -----------
following  the transfer of all or substantially all of its properties or assets,
the  Company,  concurrently with any distributions made to holders of its Common
Stock,  shall  at its expense deliver or cause to be delivered to the Holder the
stock  and  other  securities  and  property  (including cash, where applicable)
receivable  by  the  Holder  pursuant to Section 3.1, or, if the Holder shall so
instruct  the  Company,  to  a bank or trust company specified by the Holder and
having  its  principal  office  in  New  York, NY as trustee for the Holder (the
"Trustee").

          3.3     Continuation  of  Terms.  Upon  any  reorganization,
                  -----------------------
consolidation,  merger  or transfer (and any dissolution following any transfer)
referred  to  in  this  Section 3, this Warrant shall continue in full force and
effect and the terms hereof shall be applicable to the shares of stock and other
securities  and  property  receivable  on the exercise of this Warrant after the
consummation  of  such  reorganization, consolidation or merger or the effective
date  of  dissolution following any such transfer, as the case may be, and shall
be  binding upon the issuer of any such stock or other securities, including, in
the  case of any such transfer, the person acquiring all or substantially all of
the  properties  or assets of the Company, whether or not such person shall have
expressly  assumed  the  terms of this Warrant as provided in Section 4.  In the
event  this  Warrant  does  not  continue  in  full  force  and effect after the
consummation of the transactions described in this Section 3, then the Company's
securities  and  property  (including  cash, where applicable) receivable by the
Holder will be delivered to the Holder or the Trustee as contemplated by Section
3.2.

<PAGE>
     4.     Extraordinary  Events Regarding Common Stock.  In the event that the
            --------------------------------------------
Company  shall  (a) issue additional shares of the Common Stock as a dividend or
other  distribution on outstanding Common Stock or any preferred stock issued by
the  Company,  (b)  subdivide  its  outstanding  shares  of Common Stock, or (c)
combine  its  outstanding  shares  of  the Common Stock into a smaller number of
shares  of the Common Stock, then, in each such event, the Exercise Price shall,
simultaneously  with the happening of such event, be adjusted by multiplying the
then Exercise Price by a fraction, the numerator of which shall be the number of
shares  of  Common  Stock  outstanding  immediately  prior to such event and the
denominator  of  which shall be the number of shares of Common Stock outstanding
immediately  after  such  event, and the product so obtained shall thereafter be
the  Exercise Price then in effect. The Exercise Price, as so adjusted, shall be
readjusted  in  the  same  manner  upon the happening of any successive event or
events described herein in this Section 4.  The number of shares of Common Stock
that  the Holder shall thereafter, on the exercise hereof as provided in Section
1,  be  entitled  to  receive  shall  be  adjusted  to  a  number  determined by
multiplying  the  number of shares of Common Stock that would otherwise (but for
the  provisions of this Section 4) be issuable on such exercise by a fraction of
which  (a) the numerator is the Exercise Price that would otherwise (but for the
provisions  of  this  Section  4)  be  in effect, and (b) the denominator is the
Exercise  Price  in effect on the date of such exercise (taking into account the
provisions  of  this  Section  4).

     5.     Certificate  as  to  Adjustments.  In each case of any adjustment or
            --------------------------------
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise  of  this  Warrant,  the Company at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or  readjustment  in  accordance  with  the  terms of this Warrant and prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the  facts  upon  which  such  adjustment  or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to  have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities)  outstanding or deemed to be outstanding, and (c) the Exercise Price
and  the  number  of shares of Common Stock to be received upon exercise of this
Warrant,  in  effect immediately prior to such adjustment or readjustment and as
adjusted  or readjusted as provided in this Warrant.  The Company will forthwith
mail  a copy of each such certificate to the Holder and any Warrant agent of the
Company  (appointed  pursuant  to  Section  11  hereof).

     6.     Reservation  of  Stock,  Etc., Issuable on Exercise of Warrant.  The
            --------------------------------------------------------------
Company  will  at  all times reserve and keep available, solely for issuance and
delivery  on  the  exercise  of  this  Warrant, shares of Common Stock (or Other
Securities)  from  time  to  time  issuable  on  the  exercise  of this Warrant.

     7.     Designated  Actions.  The  Company shall not implement or effect (or
            -------------------
otherwise  resolve or agree to implement or effect) any of the following actions
without  the  prior  written  approval  of  the  Holder:

          (a)  (i)  declare  or pay any dividends or make any other distribution
               in respect of any of its securities or (ii) make any distribution
               of  any  nature

<PAGE>
               (including  repayment  of  loans)  to  any  person,  except,  the
               repayment  of  loans  to  the  Holder  ;

          (b)  sell  or  dispose  of  any  assets  or  property,  other than (i)
               equipment  which is worthless or obsolete or which is replaced by
               equipment  of  equal  suitability  and  value; and (ii) inventory
               (including  hydrocarbons  sold  as produced) which is sold in the
               ordinary  course  of  business  on  ordinary  trade  terms;

          (c)  establish,  acquire  or  otherwise  become  an  equity  holder
               (including,  for  greater  certainty,  a  holder  of  securities
               convertible  into  equity)  in  any  corporate  entity  or  any
               partnership,  equity  joint  venture  or  similar  arrangements;

          (d)  enter  into  any  transactions  outside  the ordinary course with
               officers,  directors or employees or members of their families or
               other  persons  with  whom  they  do  not  act  at  arm's length;

          (e)  enter  into  (other  than  in the ordinary course to fund working
               capital  needs)  or  materially  modify  any  credit  facility;

          (f)  create  any  mortgage,  lien, charge or other form of encumbrance
               with  respect  to  any  of its assets (other than in favor of the
               Holder);

          (g)  alter  the fundamental nature of its business or otherwise engage
               in  other businesses or activities that are not incidental to the
               businesses  or  activities  presently  undertaken  by  it;

          (h)  issue  or  sell  any capital stock of, or any rights, warrants or
               securities  convertible  into  or exercisable or exchangeable for
               any  capital  stock  of, the Company, including by way of initial
               public  offering;

          (i)  wind  up,  dissolve  or  liquidate;

          (j)  continue  under  the  laws  of  a  jurisdiction  other  than  the
               jurisdiction  under  which  it  was  formed;

          (k)  change  its  fiscal  year;

          (l)  amend  its  articles  or  by-laws;

          (m)  merge  with  or  into  any  other  company;

          (n)  take  any  action  which would make it impossible to carry on its
               ordinary  business;  or

          (o)  take  any  action  which  would  place  it  into  bankruptcy.

<PAGE>
     8.     Assignment;  Exchange  of  Warrant.  Subject  to  compliance  with
            ----------------------------------
applicable  securities  laws, this Warrant, and the rights evidenced hereby, may
be  transferred  by any registered holder hereof (a "Transferor") in whole or in
part.  On  the  surrender  for  exchange  of this Warrant, with the Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the  "Transferor
Endorsement  Form")  and  together  with evidence reasonably satisfactory to the
Company  demonstrating  compliance  with applicable securities laws, which shall
include,  without  limitation,  the  provision  of  a  legal  opinion  from  the
Transferor's  counsel  (at  the  Company's expense) that such transfer is exempt
from  the registration or equivalent requirements of applicable securities laws,
the Company at its expense (but with payment by the Transferor of any applicable
transfer  taxes)  will  issue  and  deliver to or on the order of the Transferor
thereof  a  new  Warrant of like tenor, in the name of the Transferor and/or the
transferee(s)  specified  in  such  Transferor  Endorsement  Form  (each  a
"Transferee"),  calling  in  the  aggregate on the face or faces thereof for the
number  of shares of Common Stock called for on the face or faces of the Warrant
so  surrendered  by  the  Transferor.

     9.     Registration  Rights.  The  Holder  has  been  granted  certain
            --------------------
registration  rights by the Company.  These registration rights are set forth in
a  Securities Purchase Agreement entered into by the Company and Holder dated as
of  the  date  hereof,  as the same may be amended, modified and/or supplemented
from  time  to  time.

     10.     Replacement  of  Warrant.  On  receipt  of  evidence  reasonably
             ------------------------
satisfactory  to  the  Company  of the loss, theft, destruction or mutilation of
this  Warrant  and,  in  the case of any such loss, theft or destruction of this
Warrant,  on  delivery  of  an  indemnity  agreement  or  security  reasonably
satisfactory  in  form  and  amount  to  the Company or, in the case of any such
mutilation,  on  surrender  and cancellation of this Warrant, the Company at its
expense  will execute and deliver, in lieu thereof, a new Warrant of like tenor.

     11.     Warrant  Agent.  The  Company  may,  by  written notice to the each
             --------------
Holder  of the Warrant, appoint an agent for the purpose of issuing Common Stock
(or  Other  Securities)  on  the exercise of this Warrant pursuant to Section 1,
exchanging  this  Warrant  pursuant  to  Section  7,  and replacing this Warrant
pursuant  to  Section  8,  or  any  of  the  foregoing,  and thereafter any such
issuance,  exchange  or  replacement,  as the case may be, shall be made at such
office  by  such  agent.

     12.     Transfer on the Company's Books.  Until this Warrant is transferred
             -------------------------------
on  the books of the Company, the Company may treat the registered holder hereof
as the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

     13.     Notices,  Etc.  All  notices  and  other  communications  from  the
             -------------
Company  to  the  Holder  shall be mailed by first class registered or certified
mail, postage prepaid, at such address as may have been furnished to the Company
in  writing by such Holder or, until any such Holder furnishes to the Company an
address,  then  to, and at the address of, the last Holder  who has so furnished
an  address  to  the  Company.

     14.     Miscellaneous.  This  Warrant  and  any term hereof may be changed,
             -------------
waived,  discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is  sought.  THIS  WARRANT

<PAGE>
SHALL  BE  GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW  YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.  ANY ACTION BROUGHT
CONCERNING  THE  TRANSACTIONS CONTEMPLATED BY THIS WARRANT SHALL BE BROUGHT ONLY
IN THE STATE COURTS OF NEW YORK OR IN THE FEDERAL COURTS LOCATED IN THE STATE OF
NEW  YORK; PROVIDED, HOWEVER, THAT THE HOLDER MAY CHOOSE TO WAIVE THIS PROVISION
AND  BRING  AN  ACTION OUTSIDE THE STATE OF NEW YORK.  The individuals executing
this  Warrant  on  behalf  of the Company agree to submit to the jurisdiction of
such  courts and waive trial by jury.  The prevailing party shall be entitled to
recover  from  the other party its reasonable attorneys' fees and costs.  In the
event  that  any provision of this Warrant is invalid or unenforceable under any
applicable  statute  or  rule  of  law,  then  such  provision  shall  be deemed
inoperative  to  the  extent  that it may conflict therewith and shall be deemed
modified  to conform with such statute or rule of law.  Any such provision which
may  prove  invalid or unenforceable under any law shall not affect the validity
or  enforceability of any other provision of this Warrant.  The headings in this
Warrant  are  for  purposes  of reference only, and shall not limit or otherwise
affect  any  of  the  terms  hereof.  The  invalidity or unenforceability of any
provision  hereof  shall  in no way affect the validity or enforceability of any
other  provision  hereof.  The  Company  acknowledges  that  legal  counsel
participated  in the preparation of this Warrant and, therefore, stipulates that
the  rule  of  construction  that  ambiguities  are  to  be resolved against the
drafting  party  shall  not  be applied in the interpretation of this Warrant to
favor  any  party  against  the  other  party.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                            SIGNATURE PAGE FOLLOWS]

<PAGE>
     IN  WITNESS  WHEREOF,  the Company has executed this Warrant as of the date
first  written  above.

                                        GARWOOD PETROSEARCH, INC.

WITNESS:
                                        By: /s/ Richard D. Dole
                                           -------------------------------------
                                        Name:   Richard D. Dole
                                             -----------------------------------
                                        Title:  Manager
------------------------------------          ----------------------------------

<PAGE>
                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (To Be Signed Only On Exercise Of Warrant)

TO:  Garwood Petrosearch, Inc.
     675 Bering Drive, Suite 200
     Houston, TX 77057
     Attention: David Collins

     The  undersigned,  pursuant  to  the  provisions  set forth in the attached
Warrant  (No.  1),  hereby  irrevocably  elects to purchase shares of the Common
Stock  covered  by  such  Warrant.

     The  undersigned herewith makes payment of the full Exercise Price for such
shares  at  the  price  per  share  provided  for  in  such  Warrant,  which  is
$           .  Such payment takes the form of $           in lawful money of the
 -----------                                   ----------
United  States.

     The undersigned requests that the certificates for such shares be issued in
the  name  of,  and  delivered to
                                  ----------------------------------------------
whose address is                                                               .
                 --------------------------------------------------------------

     The  undersigned  represents  and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933,  as  amended  (the  "Securities  Act")  or  pursuant  to an exemption from
registration  under  the  Securities  Act.

Dated:
     -----------------------------      ----------------------------------------
                                        (Signature must conform to name of
                                        holder as specified on the face of the
                                        Warrant)

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

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

<PAGE>
                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To Be Signed Only On Transfer Of Warrant)

     For  value  received,  the undersigned hereby sells, assigns, and transfers
unto  the  person(s)  named  below  under  the  heading  "Transferees" the right
represented  by  the  within  Warrant  to  purchase the percentage and number of
shares  of  Common  Stock  of  Garwood  Petrosearch,  Inc. into which the within
Warrant  relates  specified  under  the  headings  "Percentage  Transferred" and
"Number  Transferred,"  respectively, opposite the name(s) of such person(s) and
appoints each such person Attorney to transfer its respective right on the books
of  Garwood  Petrosearch,  Inc. with full power of substitution in the premises.

                                                    Percentage     Number
Transferees               Address                   Transferred    Transferred
-----------               -------                   -----------    -----------

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

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

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

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

Dated:
      ----------------------------      ----------------------------------------
                                        (Signature must conform to name of
                                        holder as specified on the face of the
                                        Warrant)

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

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

                                        Address:

                                        SIGNED IN THE PRESENCE OF:

                                        ----------------------------------------
                                                        (Name)

ACCEPTED AND AGREED:
[TRANSFEREE]

-----------------------------------
              (Name)Agreement with Burnett Oil

    AGREEMENT

     

    THIS
      AGREEMENT (this “Agreement”) is entered into on the first day of November, 2006,
      by and between Burnett Oil Company, a general partnership whose address is
      801
      Cherry Street, Unit #9, Burnett Plaza, Suite 1500, Fort Worth, Texas 76102-6881
      (hereinafter referred to as “Burnett”) and Standard Drilling, Inc., a Nevada
      corporation whose address is 1155 Dairy Ashford St., Suite 402, Houston, Texas
      77079 (hereinafter referred to as “Standard”). Standard and Burnett are
      sometimes collectively referred to herein as the “Parties” and individually as a
“Party.” 

    

    WHEREAS,
      Burnett is the owner of the oil and gas leases described in Exhibit A
      (collectively the “Leases”); and

     

    WHEREAS,
      the Parties desire to set forth the terms pursuant to which Standard can earn
      an
      interest in the Leases by making a cash payment and drilling and completing
      a
      well into the Barnett Shale; 

     

    NOW,
      THEREFORE, in consideration of the mutual benefits and obligations hereunder,
      the Parties agree as follows:

     

    1. Definitions.
      The
      following terms shall have the designated meanings:

     

    “Assigned
      Interests” means an undivided 60% of 8/8ths interest which yields a net revenue
      interest of 48% in and to the following assets:

    

    (a)
       the
      Leases (whose leasehold burdens cannot exceed 20%), including without limitation
      all overriding royalty interests and working interests therein;

    

    (b) the
      oil
      and gas wells located upon the lands covered by the Leases or pooled or unitized
      therewith including the Earning Well (collectively, the “Wells”);

    

    (c) all
      platforms, water source wells, injection wells, tubular goods, well equipment,
      lease equipment, production equipment, pipelines and all other personal
      property, fixtures and facilities appurtenant to or used in connection with
      the
      Leases or the Wells (collectively the “Facilities”);

    

    (d) all
      oil,
      gas, distillate, condensate, casinghead gas or other liquid or vaporous
      hydrocarbons, or other minerals (collectively, the “Hydrocarbons”), produced
      from or attributable to the Leases from and after the Effective Time, and all
      Hydrocarbons produced prior to the Effective Time and in storage as of the
      date
      of the Assignment;

    

    (e) all
      production sales contracts, transportation agreements, pooling agreements,
      unitization agreements, operating agreements, processing agreements, surface
      leases, office or building leases, easements, permits, licenses and
      rights-of-way, orders of governmental authorities, and all other contracts,
      agreements and instruments related to or utilized in connection with the Leases,
      Wells, Facilities, or the production, storage, treatment, transportation, sale
      or disposal of Hydrocarbons or other substances therefrom (the “Contracts”);
      and

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (f) copies
      of
      all of Assignor’s files, records and data regarding the Leases, Wells and
      Facilities including without limitation, all abstracts of title, title opinions,
      title curative documents, title records, leases, assignments, contracts,
      correspondence, geologic, geophysical and seismic records, data and information,
      and production records, logs, core data, pressure data and decline curves,
      production curves accounting records and all related items (the “Files”).

     

    “Assignment”
      means an assignment substantially in the form of Exhibit B.

     

    “Burnett
      Group” shall mean, individually or in any combination, Burnett, its affiliates,
      and each of their respective directors, officers, members and
      employees.

     

    “Defend”
      shall mean the obligation of the indemnitor at the indemnitees’ election
      (i) to defend the indemnitees at its sole expense or (ii) to reimburse
      the indemnitees for the indemnitees’ reasonable expenses incurred in defending
      themselves. Notwithstanding the indemnitee’s election of option (i) above, the
      indemnitee shall be entitled to participate in its defense at its sole
      cost.

    

    “Drilling
      Operations” means any and all operations related to or arising out of drilling
      or completing the Earning Well or any replacement well therefore. 

    

    “Drilling
      Rig” means a drilling rig substantially meeting the specifications set forth in
      Exhibit C which is to be supplied by Standard and which is capable of reaching
      the total depth of the lateral in the Barnett Shale formation. If Standard
      is
      unable to supply such drilling rig but elects to go forward, as provided for
      in
      Section 2.2 below, with a third party drilling rig secured by either Standard
      or
      Burnett that is capable of reaching the total depth of the lateral in the
      Barnett Shale formation, then the term "Drilling Rig” shall mean such third
      party drilling rig.

     

    “Earning
      Well” shall have the meaning given that term in Section 3.1. 

    

    “Effective
      Time” shall have the meaning given that term in the Assignment. 

    

    “Force
      Majeure” means acts of God, acts of government or any agency, subdivision or
      instrumentality thereof, acts of civil disorder, acts of industrial disorder,
      failures of facilities or vessels, shortages, any inability to obtain or
      acquire, at reasonable cost, necessary authorizations or equipment, and any
      other occurrence, condition, or situation not within the control of the Party
      and that could not have been prevented by the exercise of reasonable
      diligence.

    

    “Losses”
      shall mean claims, demands, causes of action, losses, liabilities, indemnity
      obligations, costs, damages or expenses of any kind and character (including
      attorney’s fees and other legal expenses and punitive, exemplary and the
      multiplied portion of multiplied damages).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    “JOA”
      means a joint operating agreement substantially in the form of Exhibit D
      governing the operation of the Leases.

    

    “Standard
      Group” shall mean, individually or in any combination, Standard, its affiliates,
      and each of their respective directors, officers and employees.

    

    “Well
      Costs” shall mean all costs associated with the Earning Well incurred up to the
      date when Standard has completed the on-lease tie-in point to a gathering
      pipeline that will transport gas from the Leases to a third party gathering
      or
      sales pipeline, including, but not limited to, costs of permitting, surveying,
      title opinions, roads, location, drilling, completion and equipping.

    

    2.
      Cash
      Consideration.
      

     

    2.1 Payment.
      Standard shall pay to Burnett the sum of $250,000 (the “Cash Consideration”) on
      or before November 1, 2006 in partial consideration for the Assigned Interests,
      subject to the terms hereof.

     

    2.2 Mobilization
      and Forfeiture.
      Standard shall promptly notify Burnett when the Drilling Rig is in a condition
      to permit mobilization to location (the “Rig Completion Notice”). If Standard
      fails to provide such notice on or before November 30, 2006, it shall forfeit
      the Cash Consideration (subject to Section 2.3) and this Agreement shall
      terminate. If, prior to November 30, 2006, Standard learns that it will be
      unable to mobilize the Drilling Rig to location by such date, it will give
      Burnett immediate notice thereof and either party will be free to locate and
      secure another drilling rig in order to save the Leases prior to the end of
      their primary terms. In that event, if either Standard or Burnett locates and
      secures another drilling rig for the Earning Well, Standard must elect within
      forty eight (48) hours of receipt of an executed drilling rig contract to either
      go forward with the drilling of the Earning Well or, if it elects not to do
      so
      or fails to respond within the forty eight (48) hour notice period (which shall
      be deemed an election not to go forward), Standard shall forfeit the Cash
      Consideration (subject to Section 2.3 below) and this agreement shall terminate.
      If Standard pays the Well Costs associated with the Drilling Operations,
      Standard shall be deemed to have satisfied its obligation to drill and complete
      the Earning Well. Provided (i) Burnett has obtained all necessary consents
      and
      authorizations for Standard to drill the Earning Well and receive the
      Assignment, including those required under Section 3.1, (ii) the drillsite
      location for the Earning Well is completed as necessary to support the Drilling
      Operations by the Drilling Rig, and (iii) Burnett is not in breach of this
      Agreement, Burnett shall notify Standard,
      or the
      other agreed to drilling contractor, when
      it
      is ready for Standard to mobilize the Drilling Rig to location (the
“Mobilization Notice”). If, following receipt of a Mobilization Notice in
      compliance with the foregoing, and
      if
      Standard has provided Burnett the Rig Completion Notice, Standard
      fails to commence actual drilling with the Drilling Rig on location within
      fourteen (14) days after the later to occur of the Rig Completion Notice or
      such
      Mobilization Notice (such 14 day period being referred to herein as the
“Mobilization Period”), Standard shall forfeit the Cash Consideration (subject
      to Section 2.3) and this Agreement shall terminate. If
      Standard has given Burnett the Rig Completion Notice and
      Burnett
      fails to give Standard a Mobilization Notice in compliance with the foregoing
      or
      fails to obtain the consents, permits and authorizations in accordance with
      Section 3.1, in either case at least fourteen (14) days prior to Lease
      termination, or if this Agreement terminates prior to Burnett assigning the
      Assigned Interests to Standard, Burnett shall promptly reimburse Standard for
      all actual, out of pocket Well Costs.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2.3 Return
      of Cash Consideration.
      Burnett
      shall promptly return the Cash Consideration to Standard if Burnett breaches
      this Agreement, including without limitation failing to obtain all necessary
      consents, permits and authorizations in accordance with Section 3.1, failing
      to
      deliver the Assignment upon completion of the Earning Well in accordance with
      Section 8, or breaching at any time during this Agreement its warranty of title
      set forth in Section 5.3 and the Assignment. 

     

    3.
      Earning
      Well.
      

     

    3.1 Consents
      and Authorizations.
      Burnett
      shall obtain, in form and substance satisfactory to Standard, acting reasonably,
      the consents and authorizations described below that are necessary to permit
      Standard to have the right to, at its sole cost through the on-lease tie-in
      point to a gathering pipeline that will transport the gas from the Leases to
      a
      third party gathering or sales pipeline, drill, complete, and equip one (1)
      well
      substantially at the location and in accordance with the drilling program and
      the specifications set forth in Exhibit E (the “Earning Well”), to receive the
      Assignment, and to further assign all or part of its interest to Calibre Energy,
      Inc. (“Calibre”), as follows: 

     

    (a) drilling
      permit or any other necessary permit, any consent to build the drillsite
      location, clear title for drilling purposes, proof of surface damage payment,
      proof of drilling water payment and proof of permission from Johnson County
      to
      access county roads; and

    

    (b) all
      necessary consents to the Assignment (and further assignment to Calibre)
      including any consents by the lessors under the Leases.

     

    3.2 Costs
      for the Earning Well.
      If any
      Well Costs are incurred with respect to any matter (including but not limited
      to
      facilities, equipment, improvements, roads, permits, surveys, or opinions)
      that
      is subsequently used in connection with any well or operation on the Leases
      other than the Earning Well, Burnett shall promptly reimburse Standard for
      its
      appropriate working interest percentage
      of the
      Well Costs attributable to such matter. 

     

    3.3 Drilling
      Well as Consideration/No Obligation.
      Nothing
      in this Agreement shall be construed as obligating Standard to drill or complete
      the Earning Well, or any well, it being acknowledged and agreed that drilling
      and completion of the Earning Well constitutes performance consideration from
      Standard (in addition to the Cash Consideration) for the Assigned Interests
      and
      Standard shall have no liability, and Burnett shall release and indemnify
      Standard from any such liability, for failing to drill and complete the Earning
      Well, or any well. If Standard elects to drill and complete the Earning Well,
      Standard shall consult with Burnett regarding the technical aspects of drilling
      and completing the Earning Well.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.
      Standard’s
      Representations and Warranties.
      Standard hereby represents and warrants as follows:

     

    4.1 Standard
      is a corporation duly organized and validly existing under the laws of Nevada.
      Standard is qualified to conduct business in each jurisdiction where necessary
      to perform this Agreement. 

     

    4.2 Standard
      has full power and authority to execute and perform this Agreement and the
      Assignment.

     

    4.3 Standard
      has the financial assets and capability to meet its financial obligations under
      this agreement.

     

    

     

    5.
      Burnett’s
      Representations and Warranties.
      Burnett
      hereby represents and warrants as follows: 

     

    5.1 Burnett
      is a general partnership duly organized and validly existing under the laws
      of
      Texas. Burnett is qualified to conduct business in each jurisdiction where
      necessary to perform this Agreement.

     

    5.2 Burnett
      has full power and authority to execute and perform this Agreement and to
      execute and deliver the Assignment. 

     

    5.3 The
      Leases are in full force and effect, and neither Burnett nor any other person
      is
      in breach or default thereunder (or with the giving of notice or lapse of time
      or both, would be in breach or default). Burnett owns the Leases free and clear
      of any liens, mortgages, security interests, charges, pledges, restrictions,
      ownership rights of third persons, or other defects or encumbrances of any
      kind
      or character except for the terms and conditions of the Leases. Burnett is
      (i)
      entitled to receive not less than 80% of all Hydrocarbons produced, saved and
      marketed from the Leases or any Wells thereon or lands covered thereby, all
      without reduction, suspension or termination of such interest throughout the
      duration of the life of such Leases and Wells, and (ii) obligated to bear not
      more than 100% of the costs and expenses relating to the maintenance,
      development and operation of such Leases and any Wells, without increase
      throughout the duration of the life of such Leases or Wells.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6.
      Indemnification.

     

    6.1 Standard’s
      Personnel.
      Standard shall release, Defend, indemnify, and hold harmless Burnett Group
      from
      and against any and all Losses arising out of the bodily injury or death, or
      property damage or loss, of any of Standard’s contractors (but in no event
      including Burnett), representatives, employees, agents or invitees (or the
      representatives, employees, agents or invitees of such contractors), arising
      out
      of, related to or in connection with Drilling Operations, REGARDLESS
      OF WHETHER CAUSED OR CONTRIBUTED TO BY THE SOLE, JOINT OR CONCURRENT NEGLIGENCE,
      STRICT LIABILITY OR OTHER FAULT OF ANY MEMBER OF BURNETT GROUP, OR A PREEXISTING
      CONDITION. 

    

    6.2 Burnett’s
      Personnel.
      Burnett
      shall release, Defend, indemnify, and hold harmless Standard Group from and
      against any and all Losses arising out of the bodily injury or death, or
      property damage or loss, of any of Burnett’s contractors (but in no event
      including Standard), representatives, employees, agents or invitees (or the
      representatives, employees, agents or invitees of such contractors), arising
      out
      of, related to or in connection with Drilling Operations, REGARDLESS
      OF WHETHER CAUSED OR CONTRIBUTED TO BY THE SOLE, JOINT OR CONCURRENT NEGLIGENCE,
      STRICT LIABILITY OR OTHER FAULT OF ANY MEMBER OF STANDARD GROUP, OR A
      PREEXISTING CONDITION.

    

    6.3 Insurance
      Support/Limitation.
      The
      mutual indemnity obligations in Sections 6.1 and 6.2 above shall be
      supported by insurance provided by the Parties in equal amounts, of the types
      described in Exhibit F. Notwithstanding anything in this Agreement to the
      contrary, (i) in the event enforcement of Sections 6.1 and/or 6.2
      above is governed by the Texas Anti-Indemnity Statute (Tex. Civ. Prac. &
Rem. Code Ann. §§127.001-127.007 (1986 & Supp. 1996) as amended) or similar
      statute in another jurisdiction, and (ii) to the extent the indemnified
      losses under such Section 6.1 or 6.2, as applicable, result from the
      indemnitee’s negligence, then the obligations of the indemnitor under such
      Section 6.1 or 6.2, as applicable, shall be limited to the extent of
      insurance required pursuant to this Section 6.3 (or any such greater amount
      allowed by law).

    

    6.4 Standard’s
      Property.
      Standard shall release, Defend, indemnify, and hold harmless Burnett Group
      from
      and against any and all Losses arising out of the damage or loss of (or patent
      or license infringement resulting from the use of) Standard Group’s property,
      including the Drilling Rig (collectively, “Standard’s Property”) arising out of,
      related to or in connection with Drilling Operations, REGARDLESS
      OF WHETHER CAUSED OR CONTRIBUTED TO BY THE SOLE, JOINT OR CONCURRENT NEGLIGENCE,
      STRICT LIABILITY OR OTHER FAULT OF ANY MEMBER OF BURNETT GROUP, OR A PREEXISTING
      CONDITION.

    

    6.5 Burnett’s
      Property.
      Burnett
      shall release, Defend, indemnify, and hold harmless Standard Group from and
      against any and all Losses arising out of the damage or loss of (or patent
      or
      license infringement resulting from the use of) Burnett Group’s property arising
      out of, related to or in connection with Drilling Operations, REGARDLESS
      OF WHETHER CAUSED OR CONTRIBUTED TO BY THE SOLE, JOINT OR CON-CUR-RENT
      NEGLIGENCE, STRICT LIABILITY, OR OTHER FAULT OF ANY MEMBER OF STANDARD GROUP,
      OR
      A PREEXISTING CONDITION.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6.6 Indirect
      or Consequential Damages.
      The
      Parties waive and release all claims against the other Party for indirect or
      consequential damages arising out of this Agreement or Drilling Operations,
      REGARDLESS
      OF WHETHER CAUSED OR CONTRIBUTED TO BY THE SOLE, JOINT OR CONCURRENT NEGLIGENCE
      OR STRICT LIABILITY OF THE OTHER PARTY, OR A PREEXISTING
      CONDITION.
      As used
      herein, “indirect
      or consequential damages”
      shall
      include, but not be limited to, loss of revenue, profit or use of capital,
      production delays, loss of product, reservoir loss or damage, losses resulting
      from failure to meet other contractual commitments or deadlines and downtime
      of
      facilities.

    

    6.7 No
      Limit.
      Except
      as otherwise provided herein, the foregoing indemnity obligations shall not
      be
      limited to the amount of insurance carried by the Parties.

    

    6.8 Ownership
      Indemnity.
      Upon
      execution and delivery of the Assignment, but subject to Burnett’s indemnity
      obligation below and the JOA, Standard agrees to indemnify, release, Defend
      and
      hold harmless Burnett Group from and against any and all Losses caused by,
      arising from, attributable to, or alleged to be caused by, arising from or
      attributable to the ownership or operation of the Assigned Interests and arising
      from and after the Effective Time. Upon execution and delivery of the
      Assignment, Burnett agrees to indemnify, release, Defend and hold harmless
      Standard Group from and against any and all Losses caused by, arising from,
      attributable to, or alleged to be caused by, arising from or attributable to
      the
      ownership or operation of the Assigned Interests and arising prior to the
      Effective Time.

    

    6.9 Indemnified
      Groups.
      The
      provisions of this Section 6 shall extend to and be enforceable by and for
      the
      benefit of the members of Burnett Group and Standard Group.

    

    7. Insurance.
      During
      Drilling Operations, Standard shall carry insurance in the amounts and of the
      types set forth in Exhibit F.

     

    8. Assignment. Promptly
      upon installation of the Christmas tree for the Earning Well, Burnett shall
      execute and deliver the Assignment to Standard (or its designee).

     

    9. JOA
      and Subsequent Drilling.

     

    9.1 JOA.
      Upon
      execution and delivery of the Assignment, the Parties shall cause to be executed
      and delivered the JOA and appoint Burnett as operator thereunder. 

     

    9.2      Subsequent
      Drilling Operations.
      Standard shall have the right to submit proposals for all future drilling
      operations with respect to the Leases. Provided that Standard’s proposal
      includes financial terms no less favorable than those offered by reputable
      third parties using comparable equipment and crews, and provided that Burnett
      is
      satisfied with the quality and efficiency of Standard’s equipment and crews, in
      its sole discretion, Burnett shall retain Standard to conduct such drilling
      operations.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    10. Miscellaneous.

     

    10.1  Confidentiality.
      The
      Parties agree that this Agreement and any financial or technical information
      furnished or disclosed to a Party hereunder shall not be disclosed or made
      available to any other Person without the prior written consent of the other
      Party; provided that nothing herein shall limit the disclosure of any such
      information (i) to the extent required by statute, rule, regulation or judicial,
      administrative or regulatory process, (ii) to counsel for the Parties, (iii)
      to
      auditors or accountants of the Parties, (iv) in connection with any litigation
      to which the Party is a party, (v) to an affiliate of the Party, and (vi) to
      a
      bona fide potential purchaser from the Party. Notwithstanding the above
      restrictions, neither Party shall have any obligation for any disclosure of
      confidential information that is, or becomes, generally known to the public
      without breach of the terms of this Agreement. The confidentiality obligations
      in this section shall survive termination of this Agreement for one (1) year,
      whereupon they shall likewise terminate.

     

    10.2 Relationship
      of Parties.
      The
      relationship of the Parties will be that of independent contractors and will
      not
      be that of lender-borrower, partners, joint venturers, principal and agent
      or
      employer and employee. Nothing herein shall be construed to create a
      partnership. Accordingly, the Parties each herein disclaim and waive any
      fiduciary duty that either of them may be argued to have to the other. Neither
      Party has any authority whatsoever to, and neither Party shall: (i) make any
      agreement, representation or warranty in the name of or on behalf of the other
      Party; (ii) bind the other Party in any matter; (iii) act as the agent or
      representative of the other Party; or (iv) assume, create or incur any
      obligation or liability of any nature whatsoever, in the name of or on behalf
      of
      the other Party whether by contract or otherwise. Nothing herein shall be
      construed to (A) limit the right of the Parties to independently pursue other
      business opportunities, whether of a similar or dissimilar nature to those
      involved in this agreement, or (B) create any right or option of either Party
      to
      participate in such independent business opportunities of the other
      Party.

     

    10.3 Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Texas other than such laws that would apply the laws of another
      jurisdiction.

     

    10.4 Force
      Majeure.
      The
      Parties shall be relieved of their respective obligations (other than their
      obligations to pay or repay the Cash Consideration and Burnett’s obligation
      under Section 3.1) under this Agreement to the extent that the performance
      thereof is prevented by Force Majeure. The Party claiming it is prevented from
      performing an obligation hereunder as a result of Force Majeure shall give
      notice thereof to the other Party as soon as practicable after the commencement
      thereof and shall exercise reasonable diligence to overcome such Force Majeure
      and resume performance; provided, however, that the settlement of any labor
      dispute to prevent or end any such Force Majeure shall be within the sole
      discretion of the claiming Party.

     

    10.5 Interpretation.
      As used
      herein, “include” or “including” shall be deemed to mean including without
      limitation. Headers are inserted for convenience only and shall not be deemed
      to
      affect the meaning of this Agreement. This Agreement shall not be construed
      for
      or against any Party on the grounds that such Party was the drafter of this
      Agreement, it being acknowledged and agreed that this Agreement was mutually
      drafted by the Parties.

     

    10.6 Entire
      Agreement.
      This
      Agreement and all Exhibits hereto embody the final, entire agreement between
      the
      Parties hereto and supersedes any and all prior commitments, agreements,
      representations, and understandings, whether written or oral, relating to the
      subject matter hereof.

     

    10.7 Assignability.
      No
      Party shall assign, transfer or otherwise dispose of any of its rights or
      obligations hereunder, without the consent of the other Party; provided,
      however, that Standard may assign the right to acquire the Assigned Interest
      hereunder to any of its affiliates designated for such purpose.

     

    10.8 Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original instrument, but all which shall constitute but one
      Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF the
      Parties have executed this Agreement as of the date first indicated
      above.

    

      

       

      
        	 	
                BURNETT
                  OIL COMPANY

              
	 	 
	 	
                By:
                  Burnett Oil Co., Inc., its Managing General Partner

              
	 	 
	 	
                By:

              
	 	
                Name:
                  

              
	 	
                Title:

              
	 	 
	 	
                STANDARD
                  DRILLING, INC. 

                 

              
	 	
                By:

              
	 	
                Name:
                  

              
	 	
                Title:

              
	 	 

      

       

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    LEASES

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      B

    FORM
      OF ASSIGNMENT 

    

    ASSIGNMENT,
      BILL OF SALE AND CONVEYANCE

    

    

    THIS
      ASSIGNMENT, BILL OF SALE AND CONVEYANCE (this “Assignment”), effective as of
      7:00 a.m. local time on _______________, 2006 (the “Effective Time”), is made
      from Burnett Oil Company, a Texas general partnership, whose address is 801
      Cherry Street, Unit #9, Burnett Plaza, Suite 1500, Fort Worth, Texas 76102-6881
      (hereinafter called “Assignor”) to [Standard Drilling, Inc. or its designee], a
      Nevada corporation, whose address is 1155 Dairy Ashford St., Suite 402, Houston,
      Texas 77079 (hereinafter called “Assignee”).

    

    ARTICLE
      I

    GRANTING
      AND HABENDUM CLAUSES

    

    For
      good
      and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, Assignor does hereby grant, bargain, sell, transfer, convey,
      set
      over, assign and deliver unto Assignee an undivided 60% of 8/8 interest in
      and
      to the following assets (collectively, such interests in such assets are
      referred to as the “Assigned Interests”):

    

    (a)
       the
      oil
      and gas leases described in Attachment A (collectively the “Leases”), including,
      without limitation, all overriding royalty interests and working interests
      therein;

    

    (b) the
      oil
      and gas wells located upon the lands covered by the Leases or pooled or unitized
      therewith including the well described in Attachment A (collectively, the
“Wells”);

    

    (c) all
      platforms, water source wells, injection wells, tubular goods, well equipment,
      lease equipment, production equipment, pipelines and all other personal
      property, fixtures and facilities appurtenant to or used in connection with
      the
      Leases or the Wells (collectively the “Facilities”);

    

    (d) all
      oil,
      gas, distillate, condensate, casinghead gas or other liquid or vaporous
      hydrocarbons, or other minerals (collectively, the “Hydrocarbons”), produced
      from or attributable to the Leases from and after the Effective Time, and all
      Hydrocarbons produced prior to the Effective Time and in storage as of the
      date
      hereof;

    

    (e) all
      production sales contracts, transportation agreements, pooling agreements,
      unitization agreements, operating agreements, processing agreements, surface
      leases, office or building leases, easements, permits, licenses and
      rights-of-way, orders of governmental authorities, and all other contracts,
      agreements and instruments related to or utilized in connection with the Leases,
      Wells, Facilities, or the production, storage, treatment, transportation, sale
      or disposal of Hydrocarbons or other substances therefrom (the “Contracts”);
      and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (f) copies
      of
      all of Assignor’s files, records and data regarding the Leases, Wells and
      Facilities including without limitation, all abstracts of title, title opinions,
      title curative documents, title records, leases, assignments, contracts,
      correspondence, geologic, geophysical and seismic records, data and information,
      and production records, logs, core data, pressure data and decline curves,
      production curves accounting records and all related items (the
“Files”);

    

    TO
      HAVE
      AND TO HOLD the Assigned Interests unto Assignee and its successors and assigns,
      forever.

    

    ARTICLE
      II

    WARRANTY

    

    2.1 Warranty.
      Assignor hereby binds itself, its successors and assigns, subject to the terms
      of the Leases, to warrant and forever defend all and singular the Assigned
      Interests unto Assignee against every person whosoever lawfully claiming or
      to
      claim the same by, through or under Assignor but not otherwise. Assignor does
      further bind and obligate itself and its successors and assigns to warrant
      and
      forever defend unto Assignee, its successors and assigns, against all persons
      lawfully claiming or to claim the same or any part thereof by, through or under
      Assignor, but not otherwise, that, as a result of the conveyance of the Assigned
      Interests pursuant to this Assignment and pursuant to the foregoing warranty,
      Assignee is and will be (i) entitled to receive not less than 48% (being 60%
      of
      80% of 8/8) of all Hydrocarbons produced, saved and marketed from the Leases
      or
      any wells thereon or lands covered thereby, all without reduction, suspension
      or
      termination of such interest throughout the duration of the life of such Leases
      and Wells; and (ii) obligated to bear not more than 60% of the costs and
      expenses relating to the maintenance, development and operation of such Leases
      or Wells, without increase throughout the duration of the life of such Leases
      or
      Wells.

    

    2.2 Subrogation. Assignor
      hereby transfers and assigns unto Assignee, its successors and assigns, all
      of
      its right, title and interest under and by virtue of all covenants and
      warranties pertaining to the Assigned Interests, express or implied (including,
      without limitation, title warranties and manufacturers,’ suppliers’ and
      contractors’ warranties), that have heretofore been made by any of Assignor’s
      predecessors in title, or by any third party manufacturers, suppliers and
      contractors. This Assignment is made with full substitution and subrogation
      in
      and to all of the covenants and warranties that Assignor has or may have against
      predecessors in title and with full subrogation of all rights accruing under
      the
      applicable statutes of limitations and all rights and actions of warranty
      against all former owners of the Assigned Interests.

    

    2.3 Disclaimers. All
      tangible equipment and personal property included in the Assigned Interest
      is
      sold “AS
      IS, WHERE IS” AND ASSIGNOR MAKES NO, AND DISCLAIMS ANY, REPRESENTATION OR
      WARRANTY, WHETHER EXPRESSED OR IMPLIED, AND WHETHER BY LAW, STATUTE OR
      OTHERWISE, AS TO FITNESS FOR ANY PARTICULAR PURPOSE, MERCHANTABILITY, CONFORMITY
      OF MODELS OR SAMPLES OF MATERIALS, AND PHYSICAL CONDITION.
      Assignor and Assignee agree that to the extent required by applicable law to
      be
      operative, the disclaimers of certain warranties contained in this paragraph
      are
      conspicuous. Nothing in this Section 2.3 shall impair the warranty of title
      given by Assignor in Section 2.1 hereof.

    

    ARTICLE
      III

    MISCELLANEOUS

    

    3.1 Further
      Assurances. Assignor
      covenants and agrees to execute and deliver to Assignee all such other and
      additional conveyances, instruments and other documents and to do all such
      other
      acts and things as may be necessary to more fully vest in Assignee record title
      to all of the Assigned Interests herein granted or intended to be granted,
      and
      to put Assignee in actual possession thereof. 

    

    3.2 Assumption. Assignee
      expressly assumes all of Assignor's obligations relating to the Assigned
      Interests but only insofar as same arise and are attributable to periods of
      time
      from and after the Effective Time.

    

    3.3 Counterparts.
      This
      Assignment may be executed in any number of counterparts, and each counterpart
      hereof shall be deemed to be an original instrument, but all such counterparts
      together shall constitute but one conveyance.

    

    3.4 Successors
      and Assigns.
      This
      Assignment shall bind and inure to the benefit of Assignor and Assignee and
      their respective successors and assigns.

    

    Executed
      this ___ day of _________________, 2006, but effective for all purposes as
      of
      the Effective Time.

    

      

      
        	 	 
	 	
                ASSIGNOR:

              
	 	 
	 	
                Burnett
                  Oil Company

              
	 	 
	 	
                By:
                  Burnett Oil Co., Inc., its Managing General Partner

              
	 	 
	 	
                By:

              
	 	
                Name:
                  

              
	 	
                Title:
                  

              
	 	 
	
                 

              	 
	 	
                ASSIGNEE:

              
	 	
                [Standard
                  Drilling, Inc. or its designee]

              
	 	 
	 	
                By:

              
	 	
                Name:
                  

              
	 	
                Title:
                  

              

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ACKNOWLEDGMENT

    

    

    State
      of
      Texas     
§

     

    County
      of
      _________   §

    

    

    This
      instrument was acknowledged before me on ________(date) by __________(name
      of
      officer), ________ (title of officer), on behalf of Burnett Oil Co., Inc.,
      as
      Managing General Partner of Burnett Oil Company .

     

    

      

      
        	
                (SEAL)
                  

              	 	
                 

              
	 	 	
                (Signature
                  of Officer)

              
	
                 

              	
                 

              	
                (Title
                  of Officer) 

              

      

      
 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ACKNOWLEDGMENT

    

    

    State
      of
      Texas  §

     

    County
      of
      _________ §

    

    

    This
      instrument was acknowledged before me on ________(date) by __________(name
      of
      officer), ____________(title of officer), of [Standard Drilling, Inc. or its
      designee], a ________________ corporation, on behalf of said corporation.

     

    
      

      
        	
                (SEAL)
                  

              	 	
                 

              
	 	 	
                (Signature
                  of Officer)

              
	
                 

              	
                 

              	
                (Title
                  of Officer) 

              

      

      
 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ATTACHMENT
      A TO ASSIGNMENT

    LEASES/WELL

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
      C

    DRILLING
      RIG

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    EXHIBIT
      D

    FORM
      OF JOINT OPERATING AGREEMENT

    [To
      be attached]

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    EXHIBIT
      E

    DRILLING
      PROGRAM AND WELL SPECIFICATIONS

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      F

    INSURANCE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00112-of-00352.parquet"}]]