Document:

EXHIBIT 4.5

                              UNIT PURCHASE OPTION

                               FOR THE PURCHASE OF

                                  650,000 UNITS

                                       OF

                         PLATINUM ENERGY RESOURCES, INC.

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page

1.   PURCHASE OPTION...........................................................1
2.   EXERCISE..................................................................1
     2.1    Exercise Form......................................................1
     2.2    Legend.............................................................2
     2.3    Cashless Exercise..................................................2
            2.3.1   Determination of Amount....................................2
            2.3.2   Mechanics of Cashless Exercise.............................2

3.   TRANSFER..................................................................3
     3.1    General Restrictions...............................................3
     3.2    Restrictions Imposed by the Act....................................3

4.   NEW PURCHASE OPTIONS TO BE ISSUED.........................................3
     4.1    Partial Exercise or Transfer.......................................3
     4.2    Lost Certificate...................................................3

5.   REGISTRATION RIGHTS.......................................................3
     5.1    Demand Registration................................................3
            5.1.1   Grant of Right.............................................3
            5.1.2   Terms......................................................4
     5.2    "Piggy-Back" Registration..........................................4
            5.2.1   Grant of Right.............................................4
            5.2.2   Terms......................................................4
     5.3    Damages............................................................4
     5.4    General Terms......................................................4
            5.4.1   Indemnification............................................4
            5.4.2   Exercise of Purchase Options...............................5
            5.4.3   Documents Delivered to Holders.............................5
            5.4.4   Underwriting Agreement.....................................5
            5.4.5   Rule 144 Sale..............................................6
            5.4.6   Supplemental Prospectus....................................6

6.   ADJUSTMENTS...............................................................6
     6.1    Adjustments to Exercise Price and Number of Securities.............6
            6.1.1   Stock Dividends - Split-Ups................................6
            6.1.2   Aggregation of Shares......................................6
            6.1.3   Replacement of Securities upon Reorganization, etc.........7
            6.1.4   Changes in Form of Purchase Option.........................7

                                       ii

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     6.2    [Intentionally Omitted]............................................7
     6.3    Substitute Purchase Option.........................................7
     6.4    Elimination of Fractional Interests................................7

7.   RESERVATION AND LISTING...................................................7

8.   CERTAIN NOTICE REQUIREMENTS...............................................8
     8.1    Holder's Right to Receive Notice...................................8
     8.2    Events Requiring Notice............................................8
     8.3    Notice of Change in Exercise Price.................................8
     8.4    Transmittal of Notices.............................................8

9.   MISCELLANEOUS.............................................................8
     9.1    Amendments.........................................................8
     9.2    Headings...........................................................9

10.  ENTIRE AGREEMENT..........................................................9
     10.1   Binding Effect.....................................................9
     10.2   Governing Law; Submission to Jurisdiction..........................9
     10.3   Waiver, Etc........................................................9
     10.4   Execution in Counterparts..........................................9
     10.5   Exchange Agreement.................................................9
     10.6   Underlying Warrants................................................9

                                      iii

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THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE  HEREOF,  AGREES
THAT IT WILL NOT SELL,  TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED  HOLDER OF THIS PURCHASE  OPTION AGREES THAT IT WILL
NOT SELL,  TRANSFER,  ASSIGN,  PLEDGE OR HYPOTHECATE  THIS PURCHASE OPTION FOR A
PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED  BELOW) TO ANYONE OTHER
THAN (I) CASIMIR  CAPITAL LP ("CASIMIR") OR AN UNDERWRITER OR A SELECTED  DEALER
IN  CONNECTION  WITH THE  OFFERING,  OR (II) A BONA FIDE  OFFICER  OR PARTNER OF
CASIMIR OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

THIS   PURCHASE   OPTION  IS  NOT   EXERCISABLE   PRIOR  TO  THE  LATER  OF  (I)
______________,  2006 AND (II) THE  CONSUMMATION BY PLATINUM  ENERGY  RESOURCES,
INC. ("COMPANY") OF A MERGER, CAPITAL STOCK EXCHANGE, ASSET ACQUISITION OR OTHER
SIMILAR BUSINESS COMBINATION  ("BUSINESS  COMBINATION") (AS DESCRIBED MORE FULLY
IN THE COMPANY'S REGISTRATION STATEMENT (DEFINED HEREIN)).  THIS PURCHASE OPTION
SHALL BE VOID AFTER 5:00 P.M EASTERN TIME, _____________, 2010.

                              UNIT PURCHASE OPTION

                               FOR THE PURCHASE OF

                                  650,000 UNITS

                                       OF

                         PLATINUM ENERGY RESOURCES, INC.

1.    Purchase Option.

      THIS CERTIFIES THAT, in consideration of $100 duly paid by or on behalf of
Casimir Capital LP ("Holder"),  as registered owner of this Purchase Option (the
"Purchase Option"), to Platinum Energy Resources,  Inc.  ("Company"),  Holder is
entitled,  at any time or from time to time  upon the later of (i)  ___________,
2006 and (ii) the consummation of a Business Combination  ("Commencement Date"),
and at or before  5:00 p.m.,  Eastern  Time,  _____________,  2010  ("Expiration
Date"), but not thereafter,  to subscribe for, purchase and receive, in whole or
in part,  up to Six Hundred  Fifty  Thousand  (650,000)  units  ("Units") of the
Company,  each Unit consisting of one share of common stock of the Company,  par
value $.0001 per share ("Common Stock"), and one warrant ("Warrant(s)") expiring
four  years  from the  effective  date  ("Effective  Date") of the  registration
statement  ("Registration  Statement")  pursuant  to which Units are offered for
sale to the  public  ("Offering").  Each  Warrant  is the  same as the  warrants
included  in the Units  being  registered  for sale to the  public by way of the
Registration  Statement ("Public  Warrants") except that the Warrants underlying
the Units  comprising  this Purchase  Option have an exercise price of $7.50 per
share.  If the  Expiration  Date  is a day on  which  banking  institutions  are
authorized by law to close,  then this  Purchase  Option may be exercised on the
next succeeding day which is not such a day in accordance with the terms herein.
During the period ending on the Expiration  Date, the Company agrees not to take
any action that would  terminate the Purchase  Option.  This Purchase  Option is
initially exercisable at $10.00 per Unit so purchased;  provided,  however, that
upon the  occurrence  of any of the events  specified  in Section 6 hereof,  the
rights  granted by this Purchase  Option,  including the exercise price per Unit
and the number of Units (and shares of Common Stock and Warrants) to be received
upon such exercise,  shall be adjusted as therein specified.  The term "Exercise
Price" shall mean the initial  exercise  price or the adjusted  exercise  price,
depending on the context.

2.    Exercise.

      2.1   Exercise  Form.  In order to  exercise  this  Purchase  Option,  the
exercise form attached  hereto must be duly executed and completed and delivered
to the Company,  together with this Purchase  Option and payment of the Exercise
Price for the Units being  purchased  payable in cash or by  certified  check or
official bank check. If the subscription  rights represented hereby shall not be
exercised at or before 5:00 p.m.,  Eastern time, on the  Expiration  Date,  this
Purchase  Option shall become and be void without  further force or effect,  and
all rights represented hereby shall cease and expire.

<PAGE>

      2.2   Legend.  Each  certificate  for the securities  purchased under this
Purchase  Option shall bear a legend as follows unless such securities have been
registered under the Securities Act of 1933, as amended ("Act"):

            "The  securities  represented  by this  certificate  have  not  been
            registered  under the Securities Act of 1933, as amended  ("Act") or
            applicable  state law. The  securities  may not be offered for sale,
            sold  or  otherwise  transferred  except  pursuant  to an  effective
            registration  statement  under the Act, or pursuant to an  exemption
            from registration under the Act and applicable state law."

      2.3   Cashless Exercise.

            2.3.1 Determination  of  Amount.  In  lieu  of  the  payment  of the
Exercise Price  multiplied by the number of Units for which this Purchase Option
is  exercisable  (and in lieu of being  entitled  to  receive  Common  Stock and
Warrants) in the manner required by Section 2.1, the Holder shall have the right
(but not the obligation) to convert any  exercisable but unexercised  portion of
this Purchase Option into Units ("Conversion  Right") as follows:  upon exercise
of the  Conversion  Right,  the  Company  shall  deliver to the Holder  (without
payment by the Holder of any of the Exercise Price in cash) that number of Units
(or that number of shares of Common Stock and Warrants (or that number of shares
of comprising  that number of Units) equal to the quotient  obtained by dividing
(x) the "Value" (as defined  below) of the portion of the Purchase  Option being
converted by (y) the Current Market Value (as defined below). The "Value" of the
portion of the Purchase Option being converted shall equal the remainder derived
from  subtracting  (a) (i) the Exercise  Price  multiplied by (ii) the number of
Units  underlying the portion of this Purchase  Option being  converted from (b)
the Current Market Value of a Unit multiplied by the number of Units  underlying
the portion of the Purchase  Option being  converted.  As used herein,  the term
"Current Market Value" per Unit at any date means: (A) in the event that neither
the Units nor Warrants are still trading, the remainder derived from subtracting
(x) the  exercise  price of the Warrants  multiplied  by the number of shares of
Common Stock issuable upon exercise of the Warrants underlying one Unit from (y)
(i) the Current  Market Price of the Common Stock  multiplied by (ii) the number
of shares of Common Stock underlying one Unit, which shall include the shares of
Common Stock  underlying  the Warrants  included in such Unit;  (B) in the event
that the Units,  Common Stock and Warrants are still  trading,  (i) if the Units
are listed on a national  securities  exchange or quoted on the Nasdaq  National
Market,  Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as
the Bulletin Board Exchange),  the last sale price of the Units in the principal
trading market for the Units as reported by the exchange, Nasdaq or the NASD, as
the case may be, on the last trading day preceding the date in question; or (ii)
if the Units are not listed on a national  securities  exchange or quoted on the
Nasdaq  National  Market,  Nasdaq SmallCap Market or the NASD OTC Bulletin Board
(or successor exchange), but is traded in the residual  over-the-counter market,
the closing bid price for Units on the last  trading day  preceding  the date in
question  for which such  quotations  are  reported by the Pink  Sheets,  LLC or
similar  publisher of such  quotations;  and (C) in the event that the Units are
not still  trading but the Common  Stock and Warrants  underlying  the Units are
still trading,  the Current Market Price of the Common Stock plus the product of
(x) the Current  Market  Price of the  Warrants  and (y) the number of shares of
Common Stock  underlying the Warrants  included in one Unit. The "Current Market
Price" shall mean (i) if the Common Stock (or  Warrants,  as the case may be) is
listed on a  national  securities  exchange  or quoted  on the  Nasdaq  National
Market,  Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as
the  Bulletin  Board  Exchange),  the last sale  price of the  Common  Stock (or
Warrants) in the  principal  trading  market for the Common Stock as reported by
the  exchange,  Nasdaq or the NASD,  as the case may be, on the last trading day
preceding the date in question;  (ii) if the Common Stock (or  Warrants,  as the
case may be) is not listed on a national  securities  exchange  or quoted on the
Nasdaq  National  Market,  Nasdaq SmallCap Market or the NASD OTC Bulletin Board
(or successor exchange), but is traded in the residual  over-the-counter market,
the closing bid price for the Common Stock (or Warrants) on the last trading day
preceding  the date in question  for which such  quotations  are reported by the
Pink Sheets, LLC or similar publisher of such quotations;  and (iii) if the fair
market value of the Common Stock cannot be determined  pursuant to clause (i) or
(ii) above, such price as the Board of Directors of the Company shall determine,
in good faith.

            2.3.2 Mechanics of Cashless  Exercise.  The Cashless  Exercise Right
may be exercised by the Holder on any business day on or after the  Commencement
Date and not later than the Expiration  Date by delivering  the Purchase  Option
with the duly executed  exercise form attached hereto with the cashless exercise
section  completed to the Company,  exercising  the Cashless  Exercise Right and
specifying  the total number of Units the Holder will purchase  pursuant to such
Cashless Exercise Right.

                                       2
<PAGE>

3.    Transfer.

      3.1   General Restrictions. The registered Holder of this Purchase Option,
by its acceptance hereof, agrees that it will not sell, transfer, assign, pledge
or  hypothecate  this  Purchase  Option for a period of one year  following  the
Effective  Date to anyone other than (i) Casimir or an underwriter or a selected
dealer in connection  with the Offering,  or (ii) a bona fide officer or partner
of Casimir or of any such underwriter or selected dealer. On and after the first
anniversary  of the Effective  Date,  transfers to others may be made subject to
compliance with or exemptions from applicable  securities laws. In order to make
any permitted assignment,  the Holder must deliver to the Company the assignment
form  attached  hereto duly executed and  completed,  together with the Purchase
Option  and  payment  of all  transfer  taxes,  if any,  payable  in  connection
therewith.  The Company  shall within five  business days transfer this Purchase
Option on the books of the Company and shall  execute and deliver a new Purchase
Option  or  Purchase  Options  of  like  tenor  to the  appropriate  assignee(s)
expressly  evidencing  the  right to  purchase  the  aggregate  number  of Units
purchasable hereunder or such portion of such number as shall be contemplated by
any such assignment.

      3.2   Restrictions  Imposed by the Act. The  securities  evidenced by this
Purchase  Option shall not be  transferred  unless and until (i) the Company has
received  the  opinion of  counsel  for the Holder  that the  securities  may be
transferred  pursuant  to an  exemption  from  registration  under  the  Act and
applicable  state  securities  laws, the availability of which is established to
the reasonable satisfaction of the Company (the Company hereby agreeing that the
opinion of Littman Krooks LLP ("Littman  Krooks")  shall be deemed  satisfactory
evidence of the availability of an exemption),  or (ii) a registration statement
or a  post-effective  amendment to the Registration  Statement  relating to such
securities  has  been  filed  by  the  Company  and  declared  effective  by the
Securities  and  Exchange   Commission  and  compliance  with  applicable  state
securities law has been established.

4.    New Purchase Options to be Issued.

      4.1   Partial Exercise or Transfer. Subject to the restrictions in Section
3 hereof, this Purchase Option may be exercised or assigned in whole or in part.
In the event of the exercise or assignment  hereof in part only,  upon surrender
of this  Purchase  Option  for  cancellation,  together  with the duly  executed
exercise or  assignment  form and funds  sufficient  to pay any  Exercise  Price
and/or  transfer  tax,  the Company  shall cause to be  delivered  to the Holder
without  charge a new Purchase  Option of like tenor to this Purchase  Option in
the name of the Holder evidencing the right of the Holder to purchase the number
of Units  purchasable  hereunder as to which this  Purchase  Option has not been
exercised or assigned.

      4.2   Lost   Certificate.   Upon   receipt  by  the  Company  of  evidence
satisfactory  to it of the  loss,  theft,  destruction  or  mutilation  of  this
Purchase Option and of reasonably satisfactory indemnification or the posting of
a bond,  the Company  shall  execute and deliver a new  Purchase  Option of like
tenor and date. Any such new Purchase  Option executed and delivered as a result
of such loss,  theft,  mutilation or destruction  shall  constitute a substitute
contractual obligation on the part of the Company.

5.    Registration Rights.

      5.1   Demand Registration.

            5.1.1 Grant of Right.  The Company,  upon written  demand  ("Initial
Demand Notice") of the Holder(s) of at least 51% of the Purchase  Options and/or
the underlying  Units and/or the  underlying  securities  ("Majority  Holders"),
agrees to register on one occasion,  all or any portion of the Purchase  Options
requested by the Majority  Holders in the Initial  Demand  Notice and all of the
securities underlying such Purchase Options,  including the Units, Common Stock,
the Warrants and the Common Stock  underlying  the Warrants  (collectively,  the
"Registrable   Securities").   On  such  occasion,   the  Company  will  file  a
registration  statement  or  a  post-effective  amendment  to  the  Registration
Statement covering the Registrable Securities within sixty days after receipt of
the Initial  Demand  Notice and use its best  efforts to have such  registration
statement or  post-effective  amendment  declared  effective as soon as possible
thereafter.  The demand for registration may be made at any time during a period
of five years beginning on the Effective Date. The Company  covenants and agrees
to give  written  notice of its  receipt  of any  Initial  Demand  Notice by any
Holder(s) to all other  registered  Holders of the Purchase  Options  and/or the
Registrable  Securities within ten days from the date of the receipt of any such
Initial Demand Notice.

                                       3
<PAGE>

            5.1.2 Terms. The Company shall bear all fees and expenses  attendant
to registering the Registrable  Securities,  including the expenses of any legal
counsel selected by the Holders to represent them in connection with the sale of
the Registrable  Securities,  but the Holders shall pay any and all underwriting
commissions. The Company agrees to use its reasonable best efforts to qualify or
register the Registrable  Securities in such States as are reasonably  requested
by the Majority Holder(s); provided, however, that in no event shall the Company
be required  to register  the  Registrable  Securities  in a State in which such
registration  would  cause (i) the  Company  to be  obligated  to  qualify to do
business  in such State,  or would  subject the Company to taxation as a foreign
corporation   doing  business  in  such   jurisdiction  or  (ii)  the  principal
stockholders  of the Company to be  obligated  to escrow their shares of capital
stock of the  Company.  The Company  shall cause any  registration  statement or
post-effective  amendment  filed  pursuant to the demand  rights  granted  under
Section 5.1.1 to remain effective for a period of twelve consecutive months from
the effective date of such registration statement or post-effective amendment.

      5.2   "Piggy-Back" Registration.

            5.2.1 Grant  of  Right.   In  addition   to  the  demand   right  of
registration,  the Holders of the  Purchase  Options  shall have the right for a
period  of  seven  years  commencing  on the  Effective  Date,  to  include  the
Registrable  Securities as part of any other registration of securities filed by
the Company (other than in connection  with a transaction  contemplated  by Rule
145(a)  promulgated under the Act or pursuant to Form S-8);  provided,  however,
that if,  in the  written  opinion  of the  Company's  managing  underwriter  or
underwriters,  if any,  for such  offering,  the  inclusion  of the  Registrable
Securities,  when added to the securities being registered by the Company or the
selling  stockholder(s),  will  exceed  the  maximum  amount  of  the  Company's
securities which can be marketed (i) at a price reasonably related to their then
current market value,  and (ii) without  materially and adversely  affecting the
entire  offering,  then the  Company  will  still be  required  to  include  the
Registrable  Securities,  but may require the Holders to agree,  in writing,  to
delay the sale of all or any portion of the Registrable  Securities for a period
of 90 days from the effective date of the offering,  provided,  further, that if
the  sale of any  Registrable  Securities  is so  delayed,  then the  number  of
securities to be sold by all stockholders in such public offering during such 90
day period shall be  apportioned  pro rata among all such selling  stockholders,
including  all holders of the  Registrable  Securities,  according  to the total
amount  of  securities  of the  Company  owned  by  said  selling  stockholders,
including all holders of the Registrable Securities.

            5.2.2 Terms. The Company shall bear all fees and expenses  attendant
to registering the Registrable  Securities,  including the expenses of any legal
counsel selected by the Holders to represent them in connection with the sale of
the  Registrable  Securities but the Holders shall pay any and all  underwriting
commissions  related  to the  Registrable  Securities.  In the  event  of such a
proposed registration, the Company shall furnish the then Holders of outstanding
Registrable  Securities  with not less than fifteen days written notice prior to
the proposed date of filing of such registration  statement.  Such notice to the
Holders shall continue to be given for each  applicable  registration  statement
filed  (during the period in which the Purchase  Option is  exercisable)  by the
Company  until  such  time  as all  of  the  Registrable  Securities  have  been
registered and sold. The holders of the  Registrable  Securities  shall exercise
the "piggy-back" rights provided for herein by giving written notice, within ten
days  of the  receipt  of  the  Company's  notice  of its  intention  to  file a
registration statement. The Company shall cause any registration statement filed
pursuant to the above  "piggyback"  rights to remain effective for at least nine
months from the date that the Holders of the  Registrable  Securities  are first
given the opportunity to sell all of such securities.

      5.3   Damages.  Should  the  registration  or  the  effectiveness  thereof
required by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such  provisions,  the Company shall, in addition
to any other equitable or other relief available to the Holder(s), be liable for
any and all  incidental,  special and  consequential  damages  sustained  by the
Holder(s),  including,  but not limited  to, the loss of any profits  that might
have been  received  by the  holder  upon the sale of shares of Common  Stock or
Warrants (and shares of Common Stock  underlying the Warrants)  underlying  this
Purchase Option.

      5.4   General Terms.

                                       4
<PAGE>

            5.4.1 Indemnification.  The Company shall indemnify the Holder(s) of
the  Registrable  Securities to be sold pursuant to any  registration  statement
hereunder and each person,  if any, who controls such Holders within the meaning
of Section  15 of the Act or Section  20(a) of the  Securities  Exchange  Act of
1934, as amended ("Exchange Act"), against all loss, claim,  damage,  expense or
liability   (including  all  reasonable   attorneys'  fees  and  other  expenses
reasonably incurred in investigating, preparing or defending against litigation,
commenced or  threatened,  or any claim  whatsoever  whether  arising out of any
action between the  underwriter  and the Company or between the  underwriter and
any third party or otherwise) to which any of them may become  subject under the
Act, the Exchange Act or otherwise, arising from such registration statement but
only to the same extent and with the same effect as the  provisions  pursuant to
which the Company has agreed to indemnify the underwriters  contained in Section
5 of the  Underwriting  Agreement  between  the  Company,  Casimir and the other
underwriters  named  therein  dated the  Effective  Date.  The  Holder(s) of the
Registrable Securities to be sold pursuant to such registration  statement,  and
their successors and assigns,  shall severally,  and not jointly,  indemnify the
Company,  its officers and directors  and each person,  if any, who controls the
Company  within the  meaning  of  Section 15 of the Act or Section  20(a) of the
Exchange Act, against all loss, claim,  damage,  expense or liability (including
all  reasonable  attorneys'  fees and  other  expenses  reasonably  incurred  in
investigating,  preparing or defending  against any claim  whatsoever)  to which
they may become  subject under the Act, the Exchange Act or  otherwise,  arising
from information  furnished by or on behalf of such Holders, or their successors
or assigns, in writing, for specific inclusion in such registration statement to
the same extent and with the same effect as the provisions  contained in Section
5 of the Underwriting  Agreement  pursuant to which the underwriters have agreed
to indemnify the Company.

            5.4.2 Exercise  of  Purchase  Options.  Nothing  contained  in  this
Purchase  Option shall be construed as requiring the Holder(s) to exercise their
Purchase Options or Warrants  underlying such Purchase Options prior to or after
the initial filing of any registration statement or the effectiveness thereof.

            5.4.3 Documents  Delivered  to Holders.  The Company  shall  furnish
Casimir, as representative of the Holders  participating in any of the foregoing
offerings, a signed counterpart,  addressed to the participating Holders, of (i)
an  opinion  of  counsel  to the  Company,  dated  the  effective  date  of such
registration  statement  (and,  if such  registration  includes an  underwritten
public offering, an opinion dated the date of the closing under any underwriting
agreement related thereto), and (ii) a "cold comfort" letter dated the effective
date of such  registration  statement  (and,  if such  registration  includes an
underwritten  public offering,  a letter dated the date of the closing under the
underwriting  agreement) signed by the independent  public  accountants who have
issued  a  report  on  the  Company's  financial  statements  included  in  such
registration  statement,  in each case covering  substantially  the same matters
with  respect  to such  registration  statement  (and  the  prospectus  included
therein) and, in the case of such  accountants'  letter,  with respect to events
subsequent to the date of such financial statements,  as are customarily covered
in  opinions  of  issuer's  counsel and in  accountants'  letters  delivered  to
underwriters in underwritten  public offerings of securities.  The Company shall
also deliver promptly to Casimir, as representative of the Holders participating
in the offering,  the correspondence and memoranda described below and copies of
all  correspondence  between  the  Commission  and the  Company,  its counsel or
auditors and all memoranda  relating to  discussions  with the Commission or its
staff  with  respect  to the  registration  statement  and  permit  Casimir,  as
representative of the Holders, to do such investigation, upon reasonable advance
notice,   with  respect  to  information   contained  in  or  omitted  from  the
registration   statement  as  it  deems  reasonably  necessary  to  comply  with
applicable  securities  laws or rules of the National  Association of Securities
Dealers, Inc ("NASD"). Such investigation shall include access to books, records
and properties and opportunities to discuss the business of the Company with its
officers and independent  auditors,  all to such  reasonable  extent and at such
reasonable  times and as often as Casimir,  as  representative  of the  Holders,
shall  reasonably  request.  The Company  shall not be required to disclose  any
confidential  information or other records to Casimir,  as representative of the
Holders,  or to any other  person,  until and  unless  such  persons  shall have
entered  into  reasonable  confidentiality  agreements  (in form  and  substance
reasonably satisfactory to the Company), with the Company with respect thereto.

            5.4.4 Underwriting  Agreement.  The  Company  shall  enter  into  an
underwriting agreement with the managing underwriter(s), if any, selected by any
Holders  whose  Registrable  Securities  are being  registered  pursuant to this
Section 5, which  managing  underwriter  shall be  reasonably  acceptable to the
Company.  Such agreement shall be reasonably  satisfactory in form and substance
to the Company,  each Holder and such managing  underwriters,  and shall contain
such  representations,  warranties  and  covenants by the Company and such other
terms as are  customarily  contained  in  agreements  of that  type  used by the
managing underwriter. The Holders shall be parties to any underwriting agreement
relating to an  underwritten  sale of their  Registrable  Securities and may, at
their  option,  require  that  any or all the  representations,  warranties  and
covenants of the Company to or for the benefit of such  underwriters  shall also

                                       5
<PAGE>

be made to and for the  benefit  of such  Holders.  Such  Holders  shall  not be
required to make any  representations  or warranties  to or agreements  with the
Company or the underwriters  except as they may relate to such Holders and their
intended methods of  distribution.  Such Holders,  however,  shall agree to such
covenants  and   indemnification   and  contribution   obligations  for  selling
stockholders as are customarily contained in agreements of that type used by the
managing  underwriter.  Further,  such Holders shall execute appropriate custody
agreements and otherwise  cooperate fully in the preparation of the registration
statement  and other  documents  relating to any  offering in which they include
securities  pursuant to this  Section 5. Each Holder  shall also  furnish to the
Company such information  regarding itself,  the Registrable  Securities held by
it,  and the  intended  method of  disposition  of such  securities  as shall be
reasonably required to effect the registration of the Registrable Securities.

            5.4.5 Rule 144  Sale.  Notwithstanding  anything  contained  in this
Section 5 to the  contrary,  the Company  shall have no  obligation  pursuant to
Sections 5.1 or 5.2 for the  registration of Registrable  Securities held by any
Holder  (i) where such  Holder  would  then be  entitled  to sell under Rule 144
within any three-month period (or such other period prescribed under Rule 144 as
may be provided by amendment  thereof) all of the  Registrable  Securities  then
held by such Holder, and (ii) where the number of Registrable Securities held by
such Holder is within the volume  limitations  under  paragraph  (e) of Rule 144
(calculated as if such Holder were an affiliate within the meaning of Rule 144).

            5.4.6 Supplemental Prospectus. Each Holder agrees, that upon receipt
of any  notice  from the  Company of the  happening  of any event as a result of
which the prospectus included in the Registration  Statement, as then in effect,
includes  an untrue  statement  of a material  fact or omits to state a material
fact required to be stated therein or necessary to make the  statements  therein
not misleading in light of the  circumstances  then  existing,  such Holder will
immediately  discontinue  disposition of Registrable  Securities pursuant to the
Registration  Statement covering such Registrable Securities until such Holder's
receipt  of the  copies of a  supplemental  or amended  prospectus,  and,  if so
desired by the Company, such Holder shall deliver to the Company (at the expense
of the  Company) or destroy (and  deliver to the Company a  certificate  of such
destruction) all copies,  other than permanent file copies then in such Holder's
possession,  of the prospectus  covering such Registrable  Securities current at
the time of receipt of such notice.

6.    Adjustments.

      6.1   Adjustments to Exercise Price and Number of Securities. The Exercise
Price and the number of Units underlying the Purchase Option shall be subject to
adjustment from time to time as hereinafter set forth:

            6.1.1 Stock  Dividends - Split-Ups.  If after the date  hereof,  and
subject to the provisions of Section 6.4 below, the number of outstanding shares
of Common  Stock is increased  by a stock  dividend  payable in shares of Common
Stock or by a split-up of shares of Common Stock or other similar  event,  then,
on the effective date thereof,  the number of shares of Common Stock  underlying
each of the Units purchasable hereunder shall be increased in proportion to such
increase in  outstanding  shares.  In such case,  the number of shares of Common
Stock,  and the  exercise  price  applicable  thereto,  underlying  the Warrants
underlying  each  of the  Units  purchasable  hereunder  shall  be  adjusted  in
accordance with the terms of the Warrants.  For example, if the Company declares
a  two-for-one  stock  dividend and at the time of such  dividend  this Purchase
Option is for the  purchase  of one Unit at $7.50 per whole Unit  (each  Warrant
underlying the Units is exercisable for $6.00 per share),  upon effectiveness of
the dividend, this Purchase Option will be adjusted to allow for the purchase of
one Unit at $7.50 per Unit, each Unit entitling the holder to receive two shares
of Common Stock and two Warrants (each Warrant exercisable for $3.00 per share).

            6.1.2 Aggregation of Shares.  If after the date hereof,  and subject
to the  provisions  of Section 6.4, the number of  outstanding  shares of Common
Stock is decreased by a consolidation, combination or reclassification of shares
of Common Stock or other similar event, then, on the effective date thereof, the
number  of  shares  of Common  Stock  underlying  each of the Units  purchasable
hereunder  shall be  decreased in  proportion  to such  decrease in  outstanding
shares.  In such case,  the number of shares of Common  Stock,  and the exercise
price applicable  thereto,  underlying the Warrants underlying each of the Units
purchasable  hereunder  shall be  adjusted in  accordance  with the terms of the
Warrants.

                                       6
<PAGE>

            6.1.3 Replacement of Securities upon Reorganization, etc. In case of
any reclassification or reorganization of the outstanding shares of Common Stock
other  than a change  covered by Section  6.1.1 or 6.1.2  hereof or that  solely
affects  the par value of such  shares of  Common  Stock,  or in the case of any
merger or consolidation of the Company with or into another  corporation  (other
than  a  consolidation  or  merger  in  which  the  Company  is  the  continuing
corporation and that does not result in any  reclassification  or reorganization
of the  outstanding  shares  of  Common  Stock),  or in the  case of any sale or
conveyance to another corporation or entity of the property of the Company as an
entirety or substantially as an entirety in connection with which the Company is
dissolved,  the Holder of this Purchase  Option shall have the right  thereafter
(until the  expiration  of the right of  exercise  of this  Purchase  Option) to
receive upon the exercise hereof,  for the same aggregate Exercise Price payable
hereunder  immediately  prior to such  event,  the kind and  amount of shares of
stock or other  securities or property  (including  cash)  receivable  upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution
following  any such sale or  transfer,  by a Holder  of the  number of shares of
Common Stock of the Company obtainable upon exercise of this Purchase Option and
the  underlying   Warrants   immediately   prior  to  such  event;  and  if  any
reclassification  also results in a change in shares of Common Stock  covered by
Section 6.1.1 or 6.1.2,  then such adjustment shall be made pursuant to Sections
6.1.1,  6.1.2 and this Section 6.1.3 The  provisions of this Section 6.1.3 shall
similarly  apply to successive  reclassifications,  reorganizations,  mergers or
consolidations, sales or other transfers.

            6.1.4 Changes  in Form of  Purchase  Option.  This form of  Purchase
Option need not be changed because of any change  pursuant to this Section,  and
Purchase  Options issued after such change may state the same Exercise Price and
the same number of Units as are stated in the Purchase Options  initially issued
pursuant to this Agreement.  The acceptance by any Holder of the issuance of new
Purchase Options  reflecting a required or permissive change shall not be deemed
to waive any rights to an adjustment  occurring after the  Commencement  Date or
the computation thereof.

      6.2   [Intentionally Omitted].

      6.3   Substitute  Purchase  Option.  In case of any  consolidation  of the
Company  with,  or merger of the Company  with,  or merger of the Company  into,
another  corporation (other than a consolidation or merger which does not result
in  any  reclassification  or  change  of the  outstanding  Common  Stock),  the
corporation  formed by such consolidation or merger shall execute and deliver to
the Holder a  supplemental  Purchase  Option  providing  that the holder of each
Purchase  Option  then  outstanding  or to be  outstanding  shall have the right
thereafter  (until the stated  expiration of such  Purchase  Option) to receive,
upon  exercise of such Purchase  Option,  the kind and amount of shares of stock
and other securities and property  receivable upon such consolidation or merger,
by a holder of the  number of shares of Common  Stock of the  Company  for which
such  Purchase  Option  might  have  been  exercised  immediately  prior to such
consolidation, merger, sale or transfer. Such supplemental Purchase Option shall
provide for adjustments which shall be identical to the adjustments  provided in
Section  6.  The  above  provision  of this  Section  shall  similarly  apply to
successive consolidations or mergers.

      6.4   Elimination  of  Fractional  Interests.  The  Company  shall  not be
required to issue certificates  representing fractions of shares of Common Stock
or Warrants upon the exercise of the Purchase  Option,  nor shall it be required
to issue  scrip or pay cash in lieu of any  fractional  interests,  it being the
intent of the parties  that all  fractional  interests  shall be  eliminated  by
rounding  any fraction up to the nearest  whole  number of  Warrants,  shares of
Common Stock or other securities, properties or rights.

7.    Reservation  and Listing.  The Company shall at all times reserve and keep
available out of its authorized  shares of Common Stock,  solely for the purpose
of issuance upon exercise of the Purchase Options or the Warrants underlying the
Purchase  Option,  such  number of shares of Common  Stock or other  securities,
properties or rights as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of the Purchase  Options and payment of
the Exercise  Price  therefor,  all shares of Common Stock and other  securities
issuable upon such  exercise  shall be duly and validly  issued,  fully paid and
non-assessable  and not subject to  preemptive  rights of any  stockholder.  The
Company  further  covenants  and  agrees  that  upon  exercise  of the  Warrants
underlying the Purchase  Options and payment of the respective  Warrant exercise
price therefor,  all shares of Common Stock and other  securities  issuable upon
such exercise shall be duly and validly  issued,  fully paid and  non-assessable
and not subject to preemptive rights of any stockholder. As long as the Purchase
Options  shall be  outstanding,  the Company shall use its best efforts to cause
all (i) Units and shares of Common Stock  issuable upon exercise of the Purchase

                                       7
<PAGE>

Options,  (iii) Warrants issuable upon exercise of the Purchase Options and (iv)
shares of Common Stock  issuable upon  exercise of the Warrants  included in the
Units  issuable  upon exercise of the Purchase  Option to be listed  (subject to
official  notice of issuance) on all securities  exchanges (or, if applicable on
the Nasdaq National Market, SmallCap Market, OTC Bulletin Board or any successor
trading  market) on which the Units,  the  Common  Stock or the Public  Warrants
issued to the public in connection herewith may then be listed and/or quoted.

8.    Certain Notice Requirements.

      8.1   Holder's Right to Receive Notice.  Nothing herein shall be construed
as conferring upon the Holders the right to vote or consent as a stockholder for
the  election  of  directors  or any  other  matter,  or as  having  any  rights
whatsoever as a stockholder of the Company.  If,  however,  at any time prior to
the  expiration of the Purchase  Options and their  exercise,  any of the events
described in Section 8.2 shall occur,  then, in one or more of said events,  the
Company  shall give written  notice of such event at least fifteen days prior to
the date fixed as a record  date or the date of closing the  transfer  books for
the determination of the stockholders  entitled to such dividend,  distribution,
conversion or exchange of securities or subscription rights, or entitled to vote
on such proposed dissolution, liquidation, winding up or sale. Such notice shall
specify  such record date or the date of the closing of the transfer  books,  as
the case may be.  Notwithstanding  the  foregoing,  the Company shall deliver to
each Holder a copy of each notice given to the other stockholders of the Company
at the  same  time and in the  same  manner  that  such  notice  is given to the
stockholders.

      8.2   Events Requiring  Notice.  The Company shall be required to give the
notice described in this Section 8 upon one or more of the following events: (i)
if the Company  shall take a record of the holders of its shares of Common Stock
for the purpose of entitling them to receive a dividend or distribution  payable
otherwise  than in cash, or a cash dividend or  distribution  payable  otherwise
than out of retained earnings,  as indicated by the accounting treatment of such
dividend or distribution on the books of the Company,  or (ii) the Company shall
offer to all the holders of its Common  Stock any  additional  shares of capital
stock of the Company or securities  convertible  into or exchangeable for shares
of capital  stock of the Company,  or any option,  right or warrant to subscribe
therefor,  or (iii) a  dissolution,  liquidation  or winding  up of the  Company
(other than in connection  with a  consolidation  or merger) or a sale of all or
substantially all of its property, assets and business shall be proposed.

      8.3   Notice of Change in  Exercise  Price.  The Company  shall,  promptly
after an event  requiring a change in the Exercise  Price  pursuant to Section 6
hereof,  send notice to the Holders of such event and change  ("Price  Notice").
The Price Notice shall  describe the event  causing the change and the method of
calculating  same and  shall be  certified  as being  true and  accurate  by the
Company's President and Chief Financial Officer.

      8.4   Transmittal of Notices.  All notices,  requests,  consents and other
communications  under this  Purchase  Option  shall be in  writing  and shall be
deemed to have been duly made when hand delivered,  or mailed by express mail or
private courier service: (i) If to the registered Holder of the Purchase Option,
to the address of such Holder as shown on the books of the  Company,  or (ii) if
to the Company, to the following address or to such other address as the Company
may designate by notice to the Holders:

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

9.    Miscellaneous.

      9.1   Amendments. The Company and Casimir may from time to time supplement
or amend this  Purchase  Option  without  the  approval of any of the Holders in
order to cure any ambiguity,  to correct or supplement  any provision  contained
herein that may be defective or inconsistent  with any other provisions  herein,
or to make any other  provisions  in  regard to  matters  or  questions  arising
hereunder  that the Company and Casimir may deem necessary or desirable and that
the Company  and Casimir  deem shall not  adversely  affect the  interest of the
Holders. All other modifications or amendments shall require the written consent
of and be signed by the party against whom  enforcement of the  modification  or
amendment is sought.

                                       8
<PAGE>

      9.2   Headings.  The headings contained herein are for the sole purpose of
convenience  of reference,  and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Purchase Option.

10.   Entire Agreement. This Purchase Option (together with the other agreements
and documents  being  delivered  pursuant to or in connection with this Purchase
Option)  constitutes the entire  agreement of the parties hereto with respect to
the  subject   matter  hereof,   and   supersedes   all  prior   agreements  and
understandings  of the parties,  oral and  written,  with respect to the subject
matter hereof.

      10.1  Binding  Effect.  This  Purchase  Option  shall inure  solely to the
benefit of and shall be binding  upon,  the  Holder  and the  Company  and their
permitted assignees,  respective  successors,  legal representative and assigns,
and no other  person  shall have or be  construed to have any legal or equitable
right,  remedy or claim  under or in  respect  of or by virtue of this  Purchase
Option or any provisions herein contained.

      10.2  Governing  Law;  Submission to  Jurisdiction.  This Purchase  Option
shall be governed by and construed  and enforced in accordance  with the laws of
the State of New York,  without  giving effect to conflict of laws.  The Company
hereby agrees that any action, proceeding or claim against it arising out of, or
relating in any way to this Purchase Option shall be brought and enforced in the
courts  of the State of New York or of the  United  States  of  America  for the
Southern  District of New York, and  irrevocably  submits to such  jurisdiction,
which jurisdiction  shall be exclusive.  The Company hereby waives any objection
to such exclusive  jurisdiction  and that such courts  represent an inconvenient
forum.  Any  process or summons to be served  upon the  Company may be served by
transmitting  a copy thereof by registered  or certified  mail,  return  receipt
requested,  postage prepaid, addressed to it at the address set forth in Section
8 hereof.  Such mailing shall be deemed personal  service and shall be legal and
binding upon the Company in any action, proceeding or claim. The Company and the
Holder agree that the prevailing party(ies) in any such action shall be entitled
to recover from the other  party(ies) all of its reasonable  attorneys' fees and
expenses  relating to such action or  proceeding  and/or  incurred in connection
with the preparation therefor.

      10.3  Waiver, Etc. The failure of the Company or the Holder to at any time
enforce any of the  provisions  of this  Purchase  Option shall not be deemed or
construed  to be a waiver of any such  provision,  nor to in any way  affect the
validity of this  Purchase  Option or any  provision  hereof or the right of the
Company or any Holder to  thereafter  enforce  each and every  provision of this
Purchase Option. No waiver of any breach,  non-compliance or  non-fulfillment of
any of the  provisions  of this  Purchase  Option shall be effective  unless set
forth in a written  instrument  executed by the party or parties against whom or
which  enforcement  of such waiver is sought;  and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of
any other or subsequent breach, non-compliance or non-fulfillment.

      10.4  Execution in  Counterparts.  This Purchase Option may be executed in
one or more  counterparts,  and by the  different  parties  hereto  in  separate
counterparts,  each of which shall be deemed to be an original, but all of which
taken together shall  constitute  one and the same  agreement,  and shall become
effective when one or more  counterparts  has been signed by each of the parties
hereto and delivered to each of the other parties hereto.

      10.5  Exchange  Agreement.  As a  condition  of the  Holder's  receipt and
acceptance of this Purchase Option, Holder agrees that, at any time prior to the
complete  exercise of this Purchase Option by Holder, if the Company and Casimir
enter into an agreement ("Exchange Agreement") pursuant to which they agree that
all outstanding  Purchase  Options will be exchanged for securities or cash or a
combination of both, then Holder shall agree to such exchange and become a party
to the Exchange Agreement.

      10.6  Underlying  Warrants.  At any time after  exercise  by the Holder of
this  Purchase  Option,  the  Holder may  exchange  his  Warrants  (with a $7.50
exercise  price) for Public  Warrants (with a $6.00 exercise price) upon payment
to the Company of the  difference  between the exercise price of his Warrant and
the exercise price of the Public Warrants.

                                       9
<PAGE>

      IN WITNESS  WHEREOF,  the Company has caused  this  Purchase  Option to be
signed by its duly authorized officer as of the ____ day of __________, 2005.

                                                 PLATINUM ENERGY RESOURCES, INC.

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

<PAGE>

Form to be used to exercise Purchase Option:

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

 Date:_________________, 200__

      The undersigned  hereby elects irrevocably to exercise all or a portion of
the  within  Purchase  Option and to  purchase  ____  Units of  Platinum  Energy
Resources,  Inc.  and  hereby  makes  payment of  $____________  (at the rate of
$_________ per Unit) in payment of the Exercise Price pursuant  thereto.  Please
issue  the  Common  Stock  and  Warrants  as to which  this  Purchase  Option is
exercised in accordance with the instructions given below.

                                       or

      The undersigned hereby elects irrevocably to convert its right to purchase
_________ Units purchasable under the within Purchase Option by surrender of the
unexercised  portion of the attached  Purchase  Option (with a "Value"  based of
$_______  based on a "Market  Price" of $_______).  Please issue the  securities
comprising the Units as to which this Purchase Option is exercised in accordance
with the instructions given below.

                                                 _______________________________
                                                 Signature

                                                 _______________________________
                                                 Signature Guaranteed

                   INSTRUCTIONS FOR REGISTRATION OF SECURITIES

Name_____________________________________________
              (Print in Block Letters)

Address__________________________________________

      NOTICE:  THE  SIGNATURE  TO THIS  FORM  MUST  CORRESPOND  WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR  WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER,  AND MUST BE GUARANTEED BY A
BANK,  OTHER THAN A SAVINGS  BANK,  OR BY A TRUST  COMPANY  OR BY A FIRM  HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.

<PAGE>

Form to be used to assign Purchase Option:

                                   ASSIGNMENT

      (To be  executed  by the  registered  Holder to effect a  transfer  of the
within Purchase Option):

      FOR VALUE RECEIVED,___________________________________________ does hereby
sell, assign and transfer  unto______________________________________  the right
to purchase  __________  Units of Platinum Energy  Resources,  Inc.  ("Company")
evidenced by the within Purchase Option and does hereby authorize the Company to
transfer such right on the books of the Company.

Dated:___________________, 200_

                                                 _______________________________
                                                 Signature

                                                 _______________________________
                                                 Signature Guaranteed

      NOTICE:  THE  SIGNATURE  TO THIS  FORM  MUST  CORRESPOND  WITH THE NAME AS
WRITTEN UPON THE FACE OF THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR  WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER,  AND MUST BE GUARANTEED BY A
BANK,  OTHER THAN A SAVINGS  BANK,  OR BY A TRUST  COMPANY  OR BY A FIRM  HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.EXHIBIT 10.1

June 3, 2005

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

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

Re:   Initial Public Offering

Gentlemen:

      The undersigned stockholder, officer and director of Platinum Energy
Resources, Inc. ("Company"), in consideration of Casimir Capital LP ("Casimir")
entering into a letter of intent, dated May 4, 2005 (the "Letter of Intent"), to
underwrite an initial public offering of the securities of the Company ("IPO")
and embarking on the IPO process, hereby agrees as follows (certain capitalized
terms used herein are defined in paragraph 11 hereof):

      1.    If the Company solicits approval of its stockholders of a Business
Combination, the undersigned will vote all Insider Shares owned by the
undersigned in accordance with the majority of the votes cast by the holders of
the IPO Shares.

      2.    In the event that the Company fails to consummate a Business
Combination within 18 months from the effective date ("Effective Date") of the
registration statement relating to the IPO (or 24 months under the circumstances
described in the prospectus relating to the IPO), the undersigned will take all
reasonable actions within the undersigned's power to cause the Company to
liquidate as soon as reasonably practicable. In such event, the undersigned
hereby waives any and all right, title, interest or claim of any kind in or to
any liquidating distributions by the Company, including, without limitation, any
distribution of the Trust Fund (as defined in the Letter of Intent) as a result
of such liquidation with respect to his Insider Shares ("Claim") and hereby
further waives any Claim the undersigned may have in the future as a result of,
or arising out of, any contracts or agreements with the Company and will not
seek recourse against the Trust Fund for any reason whatsoever. The undersigned
agrees to indemnify and hold harmless the Company, pro rata with Barry Kostiner,
the Company's Chief Executive Officer, based on the number of Insider Shares
held by each such individual, against any and all loss, liability, claims,
damage and expense whatsoever (including, but not limited to, any and all legal
or other expenses reasonably incurred in investigating, preparing or defending
against any litigation, whether pending or threatened, or any claim whatsoever)
which the Company may become subject as a result of any claim by any vendor that
is owed money by the Company for services rendered or products sold but only to
the extent necessary to ensure that such loss, liability, claim, damage or
expense does not reduce the amount in the Trust Fund (as defined in the Letter
of Intent).

      3.    In order to minimize potential conflicts of interest which may arise
from multiple affiliations, the undersigned agrees to present to the Company for
its consideration, prior to the undersigned's exploitation of that opportunity
in any way or the presentation to any other person or entity, any suitable
opportunity to acquire an operating business in the oil and gas E&P industry or
any real property or related assets, until the earlier of the consummation by
the Company of a Business Combination, the liquidation of the Company or until
such time as the undersigned ceases to be an officer or director of the Company,
but subject, in each case, to any pre-existing fiduciary and/or contractual
obligations the undersigned might have.

                                       1
<PAGE>

      4.    The undersigned acknowledges and agrees that the Company will not
consummate any Business Combination which involves a company which is affiliated
with any of the Insiders unless the Company obtains an opinion from an
independent investment banking firm reasonably acceptable to Casimir Capital LP
that the business combination is fair to the Company's stockholders from a
financial perspective.

         5. Neither the undersigned, any member of the family of the
undersigned, nor any Affiliate of the undersigned will be entitled to receive
and will not accept any compensation for services rendered to the Company prior
to the consummation of the Business Combination; provided that commencing on the
Effective Date, Platinum Management NY LLC, an affiliate(s) of Mark Nordlicht,
the Company's Chairman of the Board ("Related Party"), shall be allowed to
charge the Company up to $7,500 per month, representing an allocable share of
Related Party's overhead, to compensate it for the Company's use of Related
Party's offices, utilities and personnel. Related Party and the undersigned
shall be entitled to reimbursement from the Company for their out-of-pocket
expenses incurred in connection with seeking and consummating a Business
Combination.

      6.    The undersigned agrees that neither the undersigned, any member of
the family of the undersigned, or any Affiliate of the undersigned will be
entitled to receive or accept, and the undersigned, on behalf of the undersigned
and the aforementioned parties, hereby waives any rights to, a finder's fee or
any other compensation in the event the undersigned, any member of the family of
the undersigned or any Affiliate of the undersigned originates a Business
Combination.

      7.    The undersigned will escrow his Insider Shares for the three year
period commencing on the Effective Date, subject to the terms of a Stock Escrow
Agreement which the Company will enter into with the undersigned and an escrow
agent acceptable to the Company.

      8.    The undersigned agrees to be the Chairman of the Board of Directors
of the Company until the earlier of the consummation by the Company of a
Business Combination or the liquidation of the Company. The undersigned's
biographical information furnished to the Company and Casimir and attached
hereto as Exhibit A is true and accurate in all respects, does not omit any
material information with respect to the undersigned's background and contains
all of the information required to be disclosed pursuant to Section 401 of
Regulation S-K, promulgated under the Securities Act of 1933. The undersigned's
Questionnaire furnished to the Company and Casimir is true and accurate in all
respects. The undersigned further represents and warrants to the Company and
Casimir that:

            (a)   he is not subject to or a respondent in any legal action for,
any injunction, cease-and-desist order or order or stipulation to desist or
refrain from any act or practice relating to the offering of securities in any
jurisdiction;

            (b)   he has never been convicted of or pleaded guilty to any crime
(i) involving any fraud or (ii) relating to any financial transaction or
handling of funds of another person, or (iii) pertaining to any dealings in any
securities and he is not currently a defendant in any such criminal proceeding;
and

            (c)   he has never been suspended or expelled from membership in any
securities or commodities exchange or association or had a securities or
commodities license or registration denied, suspended or revoked.

      9.    The undersigned has full right and power, without violating any
agreement by which the undersigned is bound, to enter into this letter agreement
and to serve as Chairman of the Board of Directors of the Company.

                                       2
<PAGE>

      10.   The undersigned authorizes any employer, financial institution, or
consumer credit reporting agency to release to Casimir and its legal
representatives or agents (including any investigative search firm retained by
Casimir) any information they may have about the undersigned's background and
finances ("Information"). Neither Casimir nor its agents shall be violating the
undersigned's right of privacy in any manner in requesting and obtaining the
Information and the undersigned hereby releases them from liability for any
damage whatsoever in that connection.

      11.   As used herein: (i) a "Business Combination" shall mean an
acquisition, by merger, capital stock exchange, asset or stock acquisition,
reorganization or otherwise and as otherwise described in the registration
statement relating to the IPO, of an operating business or real property assets
in the hospitality and related industries selected by the Company; (ii)
"Insiders" shall mean all officers, directors and stockholders of the Company
immediately prior to the IPO; (iii) "Insider Shares" shall mean all of the
shares of Common Stock of the Company owned by an Insider prior to the IPO; and
(iv) "IPO Shares" shall mean the shares of Common Stock issued in the Company's
IPO.

      12.   The undersigned hereby agrees that any action, proceeding or claim
against the undersigned arising out of or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or the
United States District Court for the Southern District of New York, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The undersigned hereby waives any objection to such exclusive jurisdiction and
that such courts represent an inconvenience forum.

                                                 Name:    Mark Nordlicht
                                                     ---------------------------

                                                      /s/ Mark Nordlicht
                                                 -------------------------------
                                                           Signature

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                                    EXHIBIT A

MARK NORDLICHT has been our chairman of the board since our inception. Mr.
Nordlicht is the founder and sole managing member of the general partner of the
Platinum Partners Value Arbitrage fund, a New York based relative value fund
launched in January 2003. The Value Arbitrage Fund employs various strategies
across multiple asset classes and has a 20% concentration in energy derivatives.
In addition, Mr. Nordlicht is also Chairman of Optionable Inc., a hybrid
voice-electronic broker matching trades in energy swaps, futures, and options
founded by Mr. Nordlicht in November 1999. In addition, Mr. Nordlicht is
formerly the founder and general partner of Northern Lights Trading, a
proprietary options trading firm based in New York which employed traders in the
natural gas, crude oil, cotton, coffee, gold, and silver option trading pits.
From 1998 through December 2002 Mr. Nordlicht was managing partner of West End
Capital and WEC Asset Management, New York based private equity firms founded by
Mr. Nordlicht. Mr. Nordlicht earned a BA degree from Yeshiva University in 1989.

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