Document:

GULFSTAR ENERGY CORPORATION

THIS  AGREEMENT is  effective  as of the 1st. day of July 2010 between  GulfStar
Energy  Corporation,   a  Colorado  Corporation   (hereinafter  referred  to  as
"Employer") and Robert McCann, a resident of Florida (hereinafter referred to as
"Executive").

WHEREAS,  Employer and Executive desire to formalize an Employment  relationship
as outlined herein, effective as of July 1, 2010.

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

1.  EMPLOYMENT.  The Employer  agrees to employ the  Executive and the Executive
accepts such  employment by the Employer on the terms and  conditions  set forth
herein.

2. TERM.  This  Agreement is effective as of the 1st. day of July,  2010 and the
term of the Executive's  employment  hereunder shall be for two years. That term
shall be extended  automatically  for additional 2-year periods beginning at the
expiration  of the initial  term,  and every 2-year  period  thereafter,  unless
either the  Executive or Employer  gives written  notice to the other,  at least
ninety (90) days prior to the beginning of each term,  of such party's  election
not to extend the terms of this Agreement, or unless this Agreement is otherwise
terminated as provided herein.

3.  DUTIES.  Employer  shall  employ  Executive  initially  as  Chairman & Chief
Executive Officer or such other job title during the term to perform such duties
as are normal and customary in the conduct of Employer's  business and Executive
will devote his best  efforts to  implement  and/or  conduct the business of the
Employer and make available to Employer all of his  professional  and managerial
knowledge  and skill and such  portion  of his time as may be  required  for the
fulfillment of his duties.  Executive  shall be furnished an appropriate  office
and the  Employer  shall  provide the  necessary  staff,  equipment,  computers,
services, facilities, furniture, and support for Executive to properly carry out
and complete the duties of his  employment.  Both  Employer and  Executive  will
maintain complete and accurate records,  reports and other documentation that is
necessary for the conduct of Employer's business.

As Chairman & Chief  Executive  Officer,  Executive shall be responsible for all
corporate,  subsidiary,  joint venture,  and partnership matters relating to the
operation of the business including finance, IPO filings,  accounting,  banking,
contracts,  procurement,  human resources,  investment,  investor relations, and
regulatory matters.
..

4. COMPENSATION.  Employer agrees to pay Executive no less than a Base Salary of
$120,000.00  per year.  Executive  agrees to defer 40% of Base Salary until such
time as the Company has  obtained not less than $2 million in  financing.  After
the financing, Executive's Base Salary shall be no less than $264,000 per year.

<PAGE>

In addition to the Base Salary,  Executive  shall be paid annually a bonus up to
15% of the  Executive's  Base Salary at the end of each fiscal year, on December
31. Said Bonus shall be based on the Executive's  full annual stated Base Salary
at the time.  The  parties  each  acknowledge  and agree  that  Gulfstar  Energy
Corporation. shall pay the Base Salary to the Executive monthly.

5.  BENEFITS.  At its cost,  Employer  shall furnish to Executive  comprehensive
medical  health  insurance,  dental  and  vision  insurance,  disability  income
insurances  and  other  Such  benefits  at the  level  afforded  the same  level
Executives of the Employer.  Executive  shall be entitled to  participate in any
Incentive Stock Option, employee stock purchase,  option or bonus plan. Employee
shall be provided an automobile allowance in the amount of $1,200.00 per month.

Executive  shall be  entitled  to four (4) weeks of paid  vacation  & sick leave
beginning the 1st and ending after the last calendar year of employment  and for
each calendar  year during the term of this  Agreement.  Vacation  shall be at a
mutually agreed upon time, such agreement not to be unreasonably withheld.  Said
vacation and sick leave shall be fully earned the first and last calendar  years
of  employment.  If the Executive does not take the entire periods of vacation &
sick leave,  unused  portions  may be carried  over to the next  year(s) or paid
(vacation  fully  & sick  leave  at  1/2)  at the  Executive's  discretion.  The
Executive shall be paid fully for any unused vacation and for 1/2 of unused sick
leave at the end of employment.

6. BUSINESS EXPENSES.  Employer shall reimburse Executive for all reasonable and
necessary  business  expenses  incurred by him in carrying  out his duties under
this  Employment  Agreement so long as such expenses are properly  documented in
accordance with the Employer's policies for expense reimbursement.

7. EMPLOYER RESOURCES.  As a matter of convenience,  Executive will have limited
use of  Employer's  resources  for personal  purposes,  including  long-distance
telephone, copy machine, vehicles, staff and such other resources as the parties
may agree.  Employer will also furnish  Executive with a mobile phone,  personal
computer(s),  fax for  office  and home use,  and such  other  equipment  as the
parties may agree in accordance with the Employer's usual practice.

8. Other Sources of Income/Earnings. The Employer understands that the Executive
has  other  sources  of  income  and  earning   through   Board   Directorships,
consultancy,  or positions in associations,  companies,  enterprises or ventures
where  the  Executive  had or has  an  existing  relationship;  And  that  these
relationships  will  continue  and that  new and  additional  relationships  and
sources of income may be  established  in the future.  The Employer  agrees that
these  relationships and sources of income may continue as long as the Executive
fulfills his duties and  responsibilities  and as long as the  Executive  hereby
warrants  that  there  is no  current  relationship  that  constitutes  even the
perception of a conflict of interest or that would  preclude the Executive  from
the fulfillment of duties and responsibilities. The Executive further agrees not
to enter into any relationship  where there is even the perception of a conflict
of  interest or that would  prevent the  Executive  from  fulfilling  duties and
responsibilities.

<PAGE>

9.       Termination. The following shall apply:

(a). Death. In the event of Executive's death during the Executive's  employment
hereunder,  the Executive's employment shall terminate on the date of his death.
It is understood by the parties that a disability and life  insurance  policy in
the amount of the Executive's compensation shall be provided and paid for by the
employer to continue the  compensation  of this  agreement  should the Executive
become disabled or die during the term of this agreement.

(b).  Illness or Incapacity.  If, during any term of this  Agreement,  Executive
shall  become  unable to perform his duties by reason of illness or  incapacity,
then Employer, may, at its option,  terminate this Agreement. In such event, the
notice period shall be not less than the  applicable  elimination  period in any
employee disability plan of the Employer in which Executive participates.  It is
agreed that the  determination  of illness or incapacity  shall be made upon the
basis of qualified medical evidence and if, during the notice period,  Executive
returns to work and is capable of carrying out his duties, then Employer's right
to terminate for illness or incapacity is suspended.

(c) For Cause. Upon thirty (30) days written notice, the Executive's  employment
hereunder  may be  terminated  without  further  liability  on the  part  of the
Employer for Cause. Only the following shall constitute "Cause" for such:

(i) Conviction of a felony,  a crime or moral  turpitude or commission of an act
of  embezzlement  or fraud  against the Employer or any  subsidiary or affiliate
thereof:

(ii) Deliberate dishonesty of the Executive resulting in damages to the Employer
or any subsidiary or affiliate thereof;

(iii) Dereliction of duty, misfeasance or malfeasance; and

(iv) Any breach of Executive of this  Agreement or any other  agreement  between
the Executive and the Employer.

(d) Good Reason.  The Executive may terminate his  employment  hereunder with or
without  Good Reason (as  defined  below) and he shall not be required to render
any  further  services to the  Employer.  In the event the  Executive  elects to
terminate  with  Good  Reason,  he shall  give  written  notice  of the event or
circumstances  constituting Good Reason.  The Executive must give written notice
to the  Employer  of his  intent  to  terminate  for Good  Reason  and offer the
Employer thirty (30) days in which to resolve the  circumstances  giving rise to
the  notice.  If such  event  or  circumstances  shall  remain  unremedied,  the
Executive may then terminate his employment hereunder for Good Reason by further
written  notice  effective  immediately.  "Good  Reason,"  for  purposes of this
Agreement, shall be the breach by the Employer of any material provision of this
Agreement or the failure of Employer,  its directors or officers while acting on
behalf of Employer,  to comply with all applicable laws and government rules and
regulations.

<PAGE>

(e) Set-Off.  In accordance with 9 above,  The Employer shall not be entitled to
any set off against any cash  compensation to be provided to the Executive under
this Agreement,  or any and all compensation  received by the Executive while he
was also receiving  compensation  from any other employer,  unless a Conflict of
Interest  arises.  In such case the  Executive  shall inform the Employer of any
such  amounts of cash  compensation  pertaining  to the conflict of interest and
shall refund to the Employer any related amounts paid by the Employer.

Should Executive terminate this with or without Good Reason, he agrees to assist
Employer  for a period of time not less than thirty (30) days in order to effect
a smooth transition, unless otherwise requested by Employer.

If, during any term of this  Agreement,  Employer shall terminate this Agreement
for reasons, above, or Executive shall terminate this Agreement,  retire or die,
whether at or prior to the end of the initial or any additional  Term,  then and
in that event,  the sole payments to which  Executive,  his heirs,  legatees and
legal  representatives  shall be entitled shall be paid to the Executive  fully,
and  thereafter  Employer  shall  have no  further  obligations  or  liabilities
hereunder.  However, if the Employer terminates this agreement for reasons other
than for Cause, the Employer shall pay the Executive the remainder of salary and
bonus that would have been earned  through the second period of  employment  and
will  provide  benefits  as if employed  until the end of the second  period and
thereafter only as required by law.

10. RESTRICTIONS. A separate Non-Solicitation and Confidentiality/Non-Disclosure
Agreement  has been  signed by  Executive,  the terms of which are  incorporated
herein by reference, and which provides certain Restrictions.

11. NO CONFLICT.  The Executive  hereby  represents and warrants that: (i) he is
not subject to any covenants  against  competition  or similar  covenants  which
would prohibit or impede the performance of his obligations hereunder;  (ii) the
execution of this  Agreement and the  performance of his  obligations  hereunder
will not cause him to breach or be in conflict with any other agreement to which
he is a party or by which he is bound; and (iii) the execution of this Agreement
and the  performance of his  obligations  hereunder will not cause him to breach
any  fiduciary or other duty.  The Executive  further  covenants and agrees that
Executive  shall not  disclose  to  GulfStar,  or induce  GulfStar  to use,  any
proprietary  information,  knowledge or data properly  belonging to any previous
employer or others. Executive further covenants and agrees not to enter into any
agreement  or  understanding,  either  written  or oral,  in  conflict  with the
provisions of this Agreement.

12.  OFFICER & DIRECTORS  INSURANCE.  In addition to regular  benefits  provided
senior executives, Employer will provide and pay for Executive's O&D (Officers &
Directors) insurance at standard levels for similar commercial enterprises.

<PAGE>

13.  NOTICES.  All  communications  and notices made pursuant to this Employment
Agreement  shall  be in  writing  and sent by  certified  mail,  return  receipt
requested, as follows:

(a)      Executive:        Robert McCann
                            12147 Rosedale Terrace
                           Boynton Beach, FL 33437

(b)      Employer:         GulfStar Energy Corporation
                           3410 Embassy Drive
                           West Palm Beach, FL 33401

Or such other address as is provided in writing to the other.

14.  MODIFICATION.  This Agreement may be amended only in writing,  and mutually
executed  by  both  parties  to  this  Agreement.   This  Employment   Agreement
constitutes  the entire  contract  between  the parties  hereto with  respect to
employment,  and the  parties  shall  not be  bound  in any  manner  related  to
employment  by  any  warranties,   representations  or  guarantees,   except  as
specifically set forth in the Employment Agreement.

15. ASSIGNMENT.  This Agreement shall be binding upon the parties hereto,  their
respective heirs, legal  representatives,  successors,  and assignees,  but this
Employment  Agreement  may not be  assigned  by any party  without  the  express
written consent of both parties.  In the event of the merger or consolidation of
the Employer with any other corporation or corporations,  or any other corporate
re-organizations  involving  Employer,  this  Agreement  shall be  assigned  and
transferred  to such  Successor  in interest and in such event  Executive  shall
continue  to perform  his duties and  obligations  pursuant to the terms of this
Agreement;  however,  Employer  will  remain  liable  as  the  Guarantor  of the
obligations and duties of the Assignee Employer of this Agreement. Employer must
give the Executive  ninety (90) days notice of the  consummation of any such the
merger,  consolidation or reorganization as set forth above.  Executive reserves
the  exclusive  right  to  terminate  his  duties  pursuant  to this  Employment
Agreement in the event of such by giving  seven (7) days  written  notice to the
original Employer.

16.  WAIVER.  The  waiver by the  Employer  or  Executive  of any  breach of the
provisions of this Employment  Agreement by either party shall not operate or be
construed as a waiver of any subsequent breach of the other.

17. SEVERABILITY.  Invalidity,  illegality, or unenforceability of any provision
shall not affect in any  manner the other  provisions  contained  herein,  which
remain  in  full  force  and  effect.  It is  the  intent  of  and  specifically
acknowledged  by Executive and Employer  that all  Restrictive  Covenants  shall
survive termination of this Agreement.

<PAGE>

18.  Governing Law and Choice of Forum.  This Agreement is a Colorado  contract,
and  shall be  construed  and  enforced  according  to the laws of the  State of
Colorado.  In  connection  with any dispute  arising under this  Agreement,  the
parties agree to submit  themselves and all such disputes to the jurisdiction of
any state or federal court having  subject matter  jurisdiction  of the dispute,
located in Colorado.

19.  ENTIRE   AGREEMENT.   This   Employment   Agreement   contains  the  entire
understanding  between the parties,  and may not be changed orally,  but only by
agreement in writing signed by both parties hereto.

20. RIGHT TO  INDEPENDENT  COUNSEL.  The  Executive has reviewed the contents of
this Agreement and fully understands its terms. The Executive  acknowledges that
he is fully aware of his right to the advice of counsel independent from that of
the Employer.  The Executive further  acknowledges that no representations  have
been made with respect to the income or estate tax or other consequences of this
Agreement  to him and that he has been  advised  of the  importance  of  seeking
independent advice of counsel with respect to such consequences.

IN WITNESS WHEREOF,  the parties hereunto have caused this Employment  Agreement
to be executed as of the day and year stated herein.

GULFSTAR ENERGY CORPORATION                          Robert McCann
EMPLOYER                                             EXECUTIVE

By:                                          By:/s/Robert McCann
     -----------------------

Date:                                        Date:
       ---------------------GULFSTAR ENERGY CORPORATION

THIS  AGREEMENT is  effective  as of the 1st. day of July 2010 between  GulfStar
Energy  Corporation,   a  Colorado  Corporation   (hereinafter  referred  to  as
"Employer") and Stephen J. Warner, a resident of Florida  (hereinafter  referred
to as "Executive").

WHEREAS,  Employer and Executive desire to formalize an Employment  relationship
as outlined herein, effective as of July 1, 2010.

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

1.  EMPLOYMENT.  The Employer  agrees to employ the  Executive and the Executive
accepts such  employment by the Employer on the terms and  conditions  set forth
herein.

2. TERM.  This  Agreement is effective as of the 1st. day of July,  2010 and the
term of the Executive's  employment  hereunder shall be for two years. That term
shall be extended  automatically  for additional 2-year periods beginning at the
expiration  of the initial  term,  and every 2-year  period  thereafter,  unless
either the  Executive or Employer  gives written  notice to the other,  at least
ninety (90) days prior to the beginning of each term,  of such party's  election
not to extend the terms of this Agreement, or unless this Agreement is otherwise
terminated as provided herein.

3. DUTIES.  Employer shall employ Executive initially as Chief Financial Officer
or such other job title during the term to perform such duties as are normal and
customary in the conduct of Employer's business.  Executive will devote his best
efforts to  implement  and/or  conduct  the  business of the  Employer  and make
available to Employer all of his professional and managerial knowledge and skill
and such  portion  of his time as may be  required  for the  fulfillment  of his
duties.  Executive  shall be  furnished an  appropriate  office and the Employer
shall provide the necessary staff, equipment,  computers,  services, facilities,
furniture,  and support for  Executive  to properly  carry out and  complete the
duties of his employment. Both Employer and Executive will maintain complete and
accurate  records,  reports and other  documentation  that is necessary  for the
conduct of Employer's business.

As Chief Financial  Officer of Gulfstar Energy  Corporation,  Executive shall be
responsible for all corporate  matters relating to the operation of the business
regarding  finance,  accounting,   banking,  contracts,   investment,   investor
relations, and regulatory matters.

4. COMPENSATION.  Employer agrees to pay Executive no less than a Base Salary of
$72,000.00  per year.  Executive  agrees to defer 100% of Base Salary until such
time as the Company has  obtained not less than $2 million in  financing.  After
the financing, Executive's Base Salary shall be no less than $120,000 per year.

<PAGE>

In addition to the Base Salary,  Executive  shall be paid annually a bonus up to
15% of the  Executive's  Base Salary at the end of each fiscal year, on December
31. Said Bonus shall be based on the Executive's  full annual stated Base Salary
at the time.  The  parties  each  acknowledge  and agree  that  Gulfstar  Energy
Corporation. shall pay the Base Salary to the Executive on a monthly basis.

5.  BENEFITS.  At its cost,  Employer  shall furnish to Executive  comprehensive
medical  health  insurance,  dental  and  vision  insurance,  disability  income
insurances  and  other  Such  benefits  at the  level  afforded  the same  level
Executives of the Employer.  Executive  shall be entitled to  participate in any
Incentive Stock Option, employee stock purchase,  option or bonus plan. Employee
shall be provided an automobile allowance in the amount of $600.00 per month.

Executive  shall be  entitled  to four (4) weeks of paid  vacation  & sick leave
beginning the 1st and ending after the last calendar year of employment  and for
each calendar  year during the term of this  Agreement.  Vacation  shall be at a
mutually agreed upon time, such agreement not to be unreasonably withheld.  Said
vacation and sick leave shall be fully earned the first and last calendar  years
of  employment.  If the Executive does not take the entire periods of vacation &
sick leave,  unused  portions  may be carried  over to the next  year(s) or paid
(vacation  fully  & sick  leave  at  1/2)  at the  Executive's  discretion.  The
Executive shall be paid fully for any unused vacation and for 1/2 of unused sick
leave at the end of employment.

6. BUSINESS EXPENSES.  Employer shall reimburse Executive for all reasonable and
necessary  business  expenses  incurred by him in carrying  out his duties under
this  Employment  Agreement so long as such expenses are properly  documented in
accordance with the Employer's policies for expense reimbursement.

7. EMPLOYER RESOURCES.  As a matter of convenience,  Executive will have limited
use of  Employer's  resources  for personal  purposes,  including  long-distance
telephone, copy machine, vehicles, staff and such other resources as the parties
may agree.  Employer will also furnish  Executive with a mobile phone,  personal
computer(s),  fax for  office  and home use,  and such  other  equipment  as the
parties may agree in accordance with the Employer's usual practice.

8. Other Sources of Income/Earnings. The Employer understands that the Executive
has  other  sources  of  income  and  earning   through   Board   Directorships,
consultancy,  or positions in associations,  companies,  enterprises or ventures
where  the  Executive  had or has  an  existing  relationship;  And  that  these
relationships  will  continue  and that  new and  additional  relationships  and
sources of income may be  established  in the future.  The Employer  agrees that
these  relationships and sources of income may continue as long as the Executive
fulfills his duties and  responsibilities  and as long as the  Executive  hereby
warrants  that  there  is no  current  relationship  that  constitutes  even the
perception of a conflict of interest or that would  preclude the Executive  from
the fulfillment of duties and responsibilities. The Executive further agrees not
to enter into any relationship  where there is even the perception of a conflict
of  interest or that would  prevent the  Executive  from  fulfilling  duties and
responsibilities.

<PAGE>

9.       Termination. The following shall apply:

(a). Death. In the event of Executive's death during the Executive's  employment
hereunder,  the Executive's employment shall terminate on the date of his death.
It is understood by the parties that a disability and life  insurance  policy in
the amount of the Executive's compensation shall be provided and paid for by the
employer to continue the  compensation  of this  agreement  should the Executive
become disabled or die during the term of this agreement.

(b).  Illness or Incapacity.  If, during any term of this  Agreement,  Executive
shall  become  unable to perform his duties by reason of illness or  incapacity,
then Employer, may, at its option,  terminate this Agreement. In such event, the
notice period shall be not less than the  applicable  elimination  period in any
employee disability plan of the Employer in which Executive participates.  It is
agreed that the  determination  of illness or incapacity  shall be made upon the
basis of qualified medical evidence and if, during the notice period,  Executive
returns to work and is capable of carrying out his duties, then Employer's right
to terminate for illness or incapacity is suspended.

(c) For Cause. Upon thirty (30) days written notice, the Executive's  employment
hereunder  may be  terminated  without  further  liability  on the  part  of the
Employer for Cause. Only the following shall constitute "Cause" for such:

(i) Conviction of a felony,  a crime or moral  turpitude or commission of an act
of  embezzlement  or fraud  against the Employer or any  subsidiary or affiliate
thereof:

(ii) Deliberate dishonesty of the Executive resulting in damages to the Employer
or any subsidiary or affiliate thereof;

(iii) Dereliction of duty, misfeasance or malfeasance; and

(iv) Any breach of Executive of this  Agreement or any other  agreement  between
the Executive and the Employer.

(d) Good Reason.  The Executive may terminate his  employment  hereunder with or
without  Good Reason (as  defined  below) and he shall not be required to render
any  further  services to the  Employer.  In the event the  Executive  elects to
terminate  with  Good  Reason,  he shall  give  written  notice  of the event or
circumstances  constituting Good Reason.  The Executive must give written notice
to the  Employer  of his  intent  to  terminate  for Good  Reason  and offer the
Employer thirty (30) days in which to resolve the  circumstances  giving rise to
the  notice.  If such  event  or  circumstances  shall  remain  unremedied,  the
Executive may then terminate his employment hereunder for Good Reason by further
written  notice  effective  immediately.  "Good  Reason,"  for  purposes of this
Agreement, shall be the breach by the Employer of any material provision of this
Agreement or the failure of Employer,  its directors or officers while acting on
behalf of Employer,  to comply with all applicable laws and government rules and
regulations.

<PAGE>

(e) Set-Off.  In accordance with 9 above,  The Employer shall not be entitled to
any set off against any cash  compensation to be provided to the Executive under
this Agreement,  or any and all compensation  received by the Executive while he
was also receiving  compensation  from any other employer,  unless a Conflict of
Interest  arises.  In such case the  Executive  shall inform the Employer of any
such  amounts of cash  compensation  pertaining  to the conflict of interest and
shall refund to the Employer any related amounts paid by the Employer.

Should Executive terminate this with or without Good Reason, he agrees to assist
Employer  for a period of time not less than thirty (30) days in order to effect
a smooth transition, unless otherwise requested by Employer.

If, during any term of this  Agreement,  Employer shall terminate this Agreement
for reasons, above, or Executive shall terminate this Agreement,  retire or die,
whether at or prior to the end of the initial or any additional  Term,  then and
in that event,  the sole payments to which  Executive,  his heirs,  legatees and
legal  representatives  shall be entitled shall be paid to the Executive  fully,
and  thereafter  Employer  shall  have no  further  obligations  or  liabilities
hereunder.  However, if the Employer terminates this agreement for reasons other
than for Cause, the Employer shall pay the Executive the remainder of salary and
bonus that would have been earned  through the second period of  employment  and
will  provide  benefits  as if employed  until the end of the second  period and
thereafter only as required by law.

10. RESTRICTIONS. A separate Non-Solicitation and Confidentiality/Non-Disclosure
Agreement  has been  signed by  Executive,  the terms of which are  incorporated
herein by reference, and which provides certain Restrictions.

11. NO CONFLICT.  The Executive  hereby  represents and warrants that: (i) he is
not subject to any covenants  against  competition  or similar  covenants  which
would prohibit or impede the performance of his obligations hereunder;  (ii) the
execution of this  Agreement and the  performance of his  obligations  hereunder
will not cause him to breach or be in conflict with any other agreement to which
he is a party or by which he is bound; and (iii) the execution of this Agreement
and the  performance of his  obligations  hereunder will not cause him to breach
any  fiduciary or other duty.  The Executive  further  covenants and agrees that
Executive  shall not  disclose  to  GulfStar,  or induce  GulfStar  to use,  any
proprietary  information,  knowledge or data properly  belonging to any previous
employer or others. Executive further covenants and agrees not to enter into any
agreement  or  understanding,  either  written  or oral,  in  conflict  with the
provisions of this Agreement.

12.  OFFICER & DIRECTORS  INSURANCE.  In addition to regular  benefits  provided
senior executives, Employer will provide and pay for Executive's O&D (Officers &
Directors) insurance at standard levels for similar commercial enterprises.

<PAGE>

13.  NOTICES.  All  communications  and notices made pursuant to this Employment
Agreement  shall  be in  writing  and sent by  certified  mail,  return  receipt
requested, as follows:

(a)      Executive:        Stephen J. Warner
                           222 Lakeview Avenue, Suite 160-395
                           West Palm Beach, FL 33401

(b)      Employer:         GulfStar Energy Corporation
                           3410 Embassy Drive
                           West Palm Beach, FL 33401

Or such other address as is provided in writing to the other.

14.  MODIFICATION.  This Agreement may be amended only in writing,  and mutually
executed  by  both  parties  to  this  Agreement.   This  Employment   Agreement
constitutes  the entire  contract  between  the parties  hereto with  respect to
employment,  and the  parties  shall  not be  bound  in any  manner  related  to
employment  by  any  warranties,   representations  or  guarantees,   except  as
specifically set forth in the Employment Agreement.

15. ASSIGNMENT.  This Agreement shall be binding upon the parties hereto,  their
respective heirs, legal  representatives,  successors,  and assignees,  but this
Employment  Agreement  may not be  assigned  by any party  without  the  express
written consent of both parties.  In the event of the merger or consolidation of
the Employer with any other corporation or corporations,  or any other corporate
re-organizations  involving  Employer,  this  Agreement  shall be  assigned  and
transferred  to such  Successor  in interest and in such event  Executive  shall
continue  to perform  his duties and  obligations  pursuant to the terms of this
Agreement;  however,  Employer  will  remain  liable  as  the  Guarantor  of the
obligations and duties of the Assignee Employer of this Agreement. Employer must
give the Executive  ninety (90) days notice of the  consummation of any such the
merger,  consolidation or reorganization as set forth above.  Executive reserves
the  exclusive  right  to  terminate  his  duties  pursuant  to this  Employment
Agreement in the event of such by giving  seven (7) days  written  notice to the
original Employer.

16.  WAIVER.  The  waiver by the  Employer  or  Executive  of any  breach of the
provisions of this Employment  Agreement by either party shall not operate or be
construed as a waiver of any subsequent breach of the other.

17. SEVERABILITY.  Invalidity,  illegality, or unenforceability of any provision
shall not affect in any  manner the other  provisions  contained  herein,  which
remain  in  full  force  and  effect.  It is  the  intent  of  and  specifically
acknowledged  by Executive and Employer  that all  Restrictive  Covenants  shall
survive termination of this Agreement.

<PAGE>

18.  Governing Law and Choice of Forum.  This Agreement is a Colorado  contract,
and  shall be  construed  and  enforced  according  to the laws of the  State of
Colorado.  In  connection  with any dispute  arising under this  Agreement,  the
parties agree to submit  themselves and all such disputes to the jurisdiction of
any state or federal court having  subject matter  jurisdiction  of the dispute,
located in Colorado.

19.  ENTIRE   AGREEMENT.   This   Employment   Agreement   contains  the  entire
understanding  between the parties,  and may not be changed orally,  but only by
agreement in writing signed by both parties hereto.

20. RIGHT TO  INDEPENDENT  COUNSEL.  The  Executive has reviewed the contents of
this Agreement and fully understands its terms. The Executive  acknowledges that
he is fully aware of his right to the advice of counsel independent from that of
the Employer.  The Executive further  acknowledges that no representations  have
been made with respect to the income or estate tax or other consequences of this
Agreement  to him and that he has been  advised  of the  importance  of  seeking
independent advice of counsel with respect to such consequences.

IN WITNESS WHEREOF,  the parties hereunto have caused this Employment  Agreement
to be executed as of the day and year stated herein.

GULFSTAR ENERGY CORPORATION                          Stephen J. Warner
EMPLOYER                                             EXECUTIVE

By:                                      By:/s/Stephen J. Warner
     --------------------

Date:                                    Date:
       ------------------

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