Document:

EXHIBIT 4.3

 

T-Rex Oil, Inc. Warrant
Number: ___ 

September __, 2015
("the Grant Date") 

NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK UNDERLYING THIS WARRANT WERE ISSUED IN A REGISTERED
TRANSACTION UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE "SECURITIES
ACT"). THE SECURITIES EVIDENCED HEREBY MAY NOT BE TRANSFERRED WITHOUT (1)
AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH TRANSFER MAY BE
LAWFULLY MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND ALL APPLICABLE
STATE SECURITIES LAW; OR (ii) SUCH REGISTRATION.

 

WARRANT TO
PURCHASE SHARES OF COMMON STOCK

 

T-REX OIL, INC.

THIS WARRANT TO PURCHASE
SHARES OF COMMON STOCK ("WARRANT") CERTIFIES THAT, for value
received, ______________________ (the "Holder"), is entitled
to subscribe for and purchase from T-REX OIL, INC. (the
"Company"), a corporation organized and existing under the laws of
the State of Colorado, at the Warrant Exercise Price specified below during the
exercise period specified below to and including 
_____________________Thousand (____,000_____ fully paid and non-assessable shares of Common Stock of
the Company (the "Common Stock").

            The exercise price of
this Warrant (subject to adjustment as noted below) shall be Three Dollars
and ($3.00) per share (The "Warrant Exercise Price").  

            This Warrant is
subject to the following provisions, terms, and conditions:

1.    
Exercise.  This Warrant or any portion thereof
shall be exercisable at any time from and after the Grant Date, which is September
___, 2015, by the registered Holder by payment of the Warrant Exercise Price
per share in immediately available funds to the Company at any time prior to
5:00 p.m., Colorado time, on September __, 2018 ("the Expiration Date.") 

Holder shall
submit to the Company a duly executed Note of Exercise in substantially the
form attached herewith as the Exercise Notice with cash payment.

As promptly as
practicable after the receipt of the Exercise Notice, but in any event not more
than five (5) Business Days after the Company's receipt of the Exercise Notice
and payment of the Exercise Price, the Company shall issue shares of Common
Stock being purchased.

2.    
Optional Call.  This Warrant or any portion thereof shall
be callable at the option of the Company, nine (9) months from the Grant Date. 
The Warrant shall be callable if the Company's common stock should have closing
market price at or greater than $5.00 per share, for a period of 5 consecutive
trading days as reported by Bloomberg's.

1 of 10 

 

T-Rex Oil, Inc. Warrant
Number: ___ 

September __, 2015
("the Grant Date") 

The Holder
shall have thirty (30) days after a call has been issued under this Article 2
to exercise this Warrant.  If the Warrant is NOT exercised within
the 30 day period after the call has been issued by the Company, the Warrant
will expire at the end of the 30 day period.

3.      Representations and Warranties. The Company
represents and warrants that:

         (a)     the Company has all requisite power and authority to
execute, issue and perform this Warrant and to issue the Common Stock;

         (b)     this Warrant has been duly authorized by all necessary
corporate action, has been duly executed and delivered, and is a legal and
binding obligation of the Company;

         (c)     all shares which may be issued upon the exercise of
the rights represented by this Warrant according to the terms hereof or
represented by the Common Stock will, upon issuance, be duly authorized and
issued, fully paid, and nonassessable; and

         (d)     during the period within which the rights represented
by this Warrant may be exercised, the Company will at all times have
authorized, and reserved for the purpose of issue or transfer upon exercise of
the subscription rights evidenced by this Warrant, a sufficient number of
shares of its Common Stock to provide for the exercise of the rights
represented by this Warrant.

4.      Adjustments. 

         (a)     In case the Company shall 

                  (i)      declare a dividend upon the Common
Stock payable in Common Stock (other 

         than a dividend declared to effect a subdivision of the outstanding
shares of 

         Common Stock, as described in subparagraph (b) below) or any
obligations or 

         any shares of stock of the Company which are convertible into or
exchangeable 

         for Common Stock (such obligations or shares of stock being
hereinafter 

         referred to as "Convertible Securities"), or in any rights
or options to purchase 

         any Common Stock or Convertible Securities, or 

                  (ii)     declare any other dividend or make any other
distribution upon the Common 

         Stock, 

then thereafter
the holder of this Warrant upon the exercise hereof will be entitled to receive
the number of shares of Common Stock to which such holder shall be entitled
upon such exercise, and, in addition and without further payment therefor, such
number of shares of Common Stock, such that upon exercise hereof, such holder
would receive as a result of each dividend described in clause (i) above and
each dividend or distribution described in clause (ii) above which such holder
would have received by way of any such dividend or distribution if,
continuously since the record date for any such  

2 of 10 

 

T-Rex Oil, Inc. Warrant
Number: ___ 

September __, 2015
("the Grant Date") 

dividend or distribution, such
holder (x) had been the record holder of the number of shares of Common Stock
then received, and (y) had retained all dividends or distributions in stock or
securities (including Common Stock or Convertible Securities, or in any rights
or options to purchase any Common Stock or Convertible Securities) payable in
respect of such Common Stock or in respect of any stock or securities paid as
dividends or distributions and originating directly or indirectly from such
Common Stock. 

         (b)    In case the Company shall at any time subdivide
its outstanding shares of Common Stock into a greater number of shares, the
number of shares subject to this Warrant immediately prior to such subdivision
shall be proportionately increased, and conversely, in case the outstanding
shares of Common Stock of the Company shall be combined into a smaller number
of shares, the number of shares subject to this Warrant immediately prior to
such combination shall be proportionately reduced. 

         (c)    If any capital reorganization or
reclassification of the capital stock of the Company, consolidation or merger
of the Company with another corporation, or the sale of all or substantially
all of its assets to another corporation shall be effected in such a way that
holders of Common Stock shall be entitled to receive stock, securities, or
assets with respect to or in exchange for Common Stock, then, as a condition of
such reorganization, reclassification, consolidation, merger, or sale, lawful
and adequate provision shall be made whereby the holder hereof shall thereafter
have the right to purchase and receive, upon the basis and upon the terms and
conditions specified in this Warrant and in lieu of the shares of the Common
Stock of the Company immediately theretofore purchasable and receivable upon
the exercise of the rights represented hereby, such shares of stock, securities
or assets as may be issued or payable with respect to or in exchange for a
number of outstanding shares of such Common Stock equal to the number of shares
of such stock immediately theretofore purchasable and receivable upon the
exercise of the rights represented hereby had such reorganization,
reclassification, consolidation, merger, or sale not taken place, and in any
such case appropriate provision shall be made with respect to the rights and
interests of the holder of this Warrant to the end that the provisions hereof
(including without limitation provisions for adjustments of the Warrant
Exercise Price and of the number of shares purchasable upon the exercise of
this Warrant) shall thereafter be applicable, as nearly as may be, in relation
to any shares of stock, securities, or assets thereafter deliverable upon the
exercise hereof.

         (d)    Upon each adjustment in the number of shares
the Holder is entitled to purchase upon exercise of this Warrant, the Warrant
Exercise Price hereunder shall be appropriately adjusted such that the Holder
shall hold Warrants entitling Holder to purchase the number of shares as so
adjusted for an aggregate Warrant Exercise Price equal to the aggregate Warrant
Exercise Price in effect immediately prior to such adjustment.                  

         (e)    In case any time any of the adjustments
required by Sections 4(a) through (d) occur;

3 of 10 

 

T-Rex Oil, Inc. Warrant
Number: ___ 

September __, 2015
("the Grant Date") 

 

(i)      the
Company shall make any distribution  to the holders of its capital stock; 

(ii)     the
Company shall offer for subscription pro rata to the holders of its capital 

         stock any additional shares of stock of any class or other rights; or 

(iii)    there
shall be a voluntary or involuntary dissolution, liquidation or winding up 

         of the Company; 

then, in any
one or more of said cases, the Company shall give written notice, by first-class
mail, postage prepaid, addressed to the registered holder of this Warrant at
the address of such holder as shown on the books of the Company, of the date on
which (x) the books of the Company shall close or a record shall be taken for
such dividend, subdivision, distribution, or subscription rights, or (y) such
reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding up, or conversion or redemption shall take place, as the
case may be. Such notice shall also specify the date as of which the holders of
capital stock of record shall participate in such dividend, distribution, or
subscription rights, or shall be entitled to exchange their capital stock for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up, or conversion or redemption, as the case may be. Such written
notice shall be given at least ten (10) days prior to the action in question
and not less than ten (10) days prior to the record date or the date on which
the Company's transfer books are closed in respect thereto. 

         (f)     No fractional shares of Common Stock shall be
issued upon the exercise of this Warrant, but, instead of any fraction of a
share which would otherwise be issuable, the Company shall pay a cash
adjustment (which may be effected as a reduction of the amount to be paid by
the holder hereof upon such exercise) in respect of such fraction in an amount
equal to the same fraction of the Market Price per share of Common Stock as of
the close of business on the date of the notice required by Section 4(e).
"Market Price" shall mean, if the Common Stock is traded on a
securities exchange or on the NASDAQ System, the average of the closing prices of
the Common Stock on such exchange or the NASDAQ System on the twenty (20)
trading days ending on the trading day prior to the date of determination, or,
if the Common Stock is otherwise traded in the over-the-counter market, the
average of the closing bid prices on the twenty (20) trading days ending on the
trading day prior to the date of determination. If at any time the Common Stock
is not traded on an exchange or the NASDAQ System, or otherwise traded in the
over-the-counter market, the Market Price shall be deemed to be the higher of 

                  (i)      the book value thereof as determined
by any firm of independent public 

         accountants of recognized standing selected by the Board of Directors
of the 

         Company as of the last day of any month ending within sixty (60) days 

         preceding the date as of which the determination is to be made, or

 4 of 10 

 

T-Rex Oil, Inc. Warrant
Number: ___ 

September __, 2015
("the Grant Date") 

 

                  (ii)     the fair value thereof determined in
good faith by the Board of Directors of the 

         Company as of a date which is within fifteen (15) days of the date as
of which 

         the determination is to be made. 

5.      No Voting Rights. This Warrant shall not entitle
the Holder hereof to any voting rights or other rights as a stockholder of the
Company. 

6.      Restrictions on Transfer. This Warrant and the
shares of Common Stock issued or issuable through the exercise of this Warrant
are "restricted securities" under the Securities Act of 1933 (the
"Securities Act") and the rules and regulations promulgated
thereunder and may not be sold, transferred, pledged, or hypothecated without
such transaction being registered under the Securities Act and applicable state
laws or the availability of an exemption therefrom ; a legend to this effect
shall appear on this Warrant and, unless the issuance is a registered
transaction, on all shares of Common Stock issued upon the exercise hereof. The
holder of this Warrant, by acceptance hereof, agrees to give written notice to
the Company before transferring this Warrant or transferring any Common Stock
issuable or issued upon the exercise hereof of such holder's intention to do
so, describing briefly the manner of any proposed transfer of this Warrant or
such holder's intention as to the disposition to be made of shares of Common
Stock issuable or issued upon the exercise hereof. Such holder shall also
provide the Company with an opinion of counsel reasonably satisfactory to the
Company to the effect that the proposed transfer of this Warrant or disposition
of shares may be effected without registration or qualification (under any
federal or state law) of this Warrant or the shares of Common Stock issuable or
issued upon the exercise hereof. Upon receipt of such written notice and
opinion by the Company, such holder shall be entitled to transfer this Warrant,
or to exercise this Warrant in accordance with its terms and dispose of the
shares received upon such exercise or to dispose of shares of Common Stock
received upon the previous exercise of this Warrant, all in accordance with the
terms of the notice delivered by such holder to the Company, provided that an appropriate
legend respecting the aforesaid restrictions on transfer and disposition may be
endorsed on this Warrant or the certificates for such shares. Transfers to
family of Holder as "restricted" shall be allowed by Company, as a matter of
course. 

7.      Transfer Procedures. Subject to the provisions of
Section 5, this Warrant and all rights hereunder are transferable, in whole or
in part, at the principal office of the Company by the holder hereof in person
or by duly authorized attorney, upon surrender of this Warrant properly
endorsed. Each taker and holder of this Warrant, by taking or holding the same,
consents and agrees that the bearer of this Warrant, when endorsed, may be
treated by the Company and all other persons dealing with this Warrant as the absolute
owner hereof for any purpose and as the person entitled to exercise the rights
represented by this Warrant, or to the transfer hereof on the books of the
Company, any notice to the contrary notwithstanding; but until such transfer on
such books, the Company may treat the registered holder hereof as the owner for
all purposes.

5 of 10 

 

T-Rex Oil, Inc. Warrant
Number: ___ 

September __, 2015
("the Grant Date") 

 

8.      Registration Rights. 

(a)  Registration or Exemption Required.  This Warrant has been issued in a transaction exempt from the registration requirements of the Act by virtue of Section 4(2). The Warrant and the Common Stock issuable upon exercise of the Warrant may not be sold except pursuant to an effective registration statement or an exemption to the registration requirements of the Act and applicable state laws.

(b)  Required Registration.  The Company shall prepare and file with the Securities and Exchange Commission ("SEC") before or during the 4th quarter of 2015, a Registration Statement on Form S-1 relating to the offer and sale of the Common Stock issuable upon exercise of the Warrants and shall use its best efforts to cause the Commission to declare such Registration Statement effective.

(c)  If at any time the Company proposes to register the sale of shares
of Common Stock (whether for itself or any of its security holders) under the
Securities Act and the registration form to be used may be used for the
registration of shares underlying this Warrant (a "Piggyback
Registration"), the Company shall give prompt written notice to the Holder
of its intention to effect such a registration and, subject to Section 7(c)
below, shall include in such registration all shares of Common Stock underlying
this Warrant with respect to which the Company has received Holder's written
request for inclusion in such registration, provided that such request must be
received by Company within 20 days after the date of the Company's notice to
Holder. The Registration Expenses in all Piggyback Registrations shall be paid
by the Company.

(d) If a Piggyback Registration is an underwritten primary
registration on behalf of the Company or a successor, and the managing
underwriters advise the Company in writing that in their opinion the number of
shares of Common Stock requested to be included in such registration exceeds
the number which can be sold in such offering without adversely affecting the
marketability of the offering, the Company shall exclude from such
registrations the excess amount of shares of Common Stock, and shall include in
such registration (i) first, the securities the Company proposes to sell; (ii)
second, shares of Common Stock requested to be included in such registration by
the holders of all securities of the Company having registration rights,
prorata among the owners of such securities on the basis of the number of shares
of Common Stock or equivalent shares of Common Stock owned by each such owner,
and (iii) third, other securities requested to be included in such
registration, in the Company's discretion.

(e) Whenever the Holder has requested that any shares of Common Stock
underlying this Warrant be registered pursuant to this Section 8, the Company
shall use its best efforts to effect the registration and the sale of such
shares in accordance with the intended method of disposition thereof, and
pursuant thereto the Company shall as expeditiously as possible:

6 of 10 

 

T-Rex Oil, Inc. Warrant
Number: ___ 

September __, 2015
("the Grant Date") 

      (i)     notify the Holder of the effectiveness of each
registration statement filed hereunder and prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus used
in connection therewith as may be necessary to keep such registration statement
effective for a period of not less than 180 days and comply with the provisions
of the Securities Act with respect to the disposition of all securities covered
by such registration statement during such period in accordance with the
intended methods of disposition by the sellers thereof set forth in such
registration statement;

(ii)     furnish the Holder such number of copies of such registration
statement, each amendment and supplement thereto, the prospectus included in
such registration statement (including each preliminary prospectus) and such
other documents as such seller may reasonably request in order to facilitate
the disposition of the shares of Common Stock underlying this Warrant;

(iii)    use its best efforts to comply with all applicable rules and
regulations of theSEC, and in the event of the issuance of any stop order
suspending the effectiveness of a registration statement, or of any order
suspending or preventing the use of any related prospectus or suspending the
qualification of any equity securities included in such registration statement
for sale in any jurisdiction, the Company shall use its best efforts promptly
to obtain the withdrawal of such order.

(f)    In connection with any registration statement in which Holder
is participating, each Holder shall furnish to the Company in writing such
information and affidavits as the Company reasonably requests for use in
connection with any such registration statement or prospectus and, to the
extent permitted by law, shall indemnify the Company, its directors and
officers and each person who controls the Company (within the meaning of the
Securities Act) against any losses, claims, damages, liabilities and expenses resulting
from any untrue or alleged untrue statement of material fact contained in the
registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue statement or omission
is contained in any information or affidavit so furnished in writing by Holder.

(g)   Holder may not participate in any registration under this
Section 8 which is underwritten unless Holder (i) agrees to sell Holder's
shares of Common Stock on the basis provided in any underwriting arrangements
approved by the Company and (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.

7 of 10 

 

T-Rex Oil, Inc. Warrant
Number: ___ 

September __, 2015
("the Grant Date") 

 

9.      Miscellaneous. 

         (a)    Notices, Etc. All notices and
other communications required or permitted hereunder shall be in writing and
shall be mailed by registered or certified mail, postage prepaid, by facsimile
transmission or electronic mail, or otherwise delivered by hand or by
messenger, addressed 

(i)      if to a holder of this Warrant, at such holder's address set forth on
the books of the Company, or at such other address as such holder shall have
furnished to the Company in writing; or

(ii)     if to the Company, one copy should be sent to the Company's
current address at T-Rex Oil, Inc., 520 Zang Street, Suite 250, Broomfield,
Colorado 80021, or at such other address as the Company shall have designated
by notice. 

                  Each such notice or other communication shall
for all purposes of this Agreement be treated as effective or having been given
when delivered if delivered personally; if sent by first class, postage prepaid
mail, at the earlier of its receipt or seventy-two (72) hours after the same
has been deposited in a regularly maintained receptacle for the deposit of the
United States mail, addressed and mailed as aforesaid; or, if sent by facsimile
transmission or electronic mail as of the date delivery is confirmed by the
sender's equipment. 

         (b)    Severability. If any provision of
this Agreement shall be held to be illegal, invalid, or unenforceable, such
illegality, invalidity, or unenforceability shall attach only to such provision
and shall not in any manner affect or render illegal, invalid, or unenforceable
any other provision of this Agreement, and this Agreement shall be carried out
as if any such illegal, invalid, or unenforceable provision were not contained
herein. 

         (c)    Governing Law. This Warrant will
be governed in accordance with federal law to the extent applicable and by the
internal law, not the law of conflicts, of the State of Colorado.

(REMAINDER OF PAGE
LEFT BLANK)

8 of 10 

 

T-Rex Oil, Inc. Warrant
Number: ___ 

September __, 2015
("the Grant Date") 

IN WITNESS WHEREOF, T-Rex
Oil, Inc. has caused this Warrant to be signed by its duly authorized officer
and dated as of September __, 2015.

 T-REX
OIL, INC.

By:
___________________________________

Donald Walford, Chief Executive Officer

9 of 10 

 

EXERCISE NOTICE

To be Executed by the
Holder of this Warrant if such Holder

Desires to Exercise
this Warrant in Whole or in Part:

To:       T-Rex Oil, Inc. (the "Company")

The Undersigned,
____________________________________________ being the Holder of T-Rex Oil,
Inc. Warrant Number _______ hereby irrevocably elects to exercise the right of
purchase represented by this Warrant for, and to purchase thereunder,
____________ shares of the Common Stock (the "Common Stock") provided
for therein and tenders payment herewith to the order of the Company in the
amount of $______________, such payment being made as provided on the face of
this Warrant.

The Undersigned requests that
certificates for such shares of Common Stock be issued as follows:

Name:
_______________________________________________________________________

Address:
______________________________________________________________________

______________________________________________________________________________

Social Security Number: 
_________________________________________________________

Deliver to:
____________________________________________________________________

Address:
______________________________________________________________________

______________________________________________________________________________

and, if such number of shares of
Common Stock shall not be all the shares of Common Stock purchasable hereunder,
that a new Warrant for the balance remaining of the shares of Common Stock
purchasable under this Warrant be registered in the name of, and delivered to,
the undersigned at the address stated above.

Dated:  ______________________

                                                                                    Signature
___________________________

                                                                                    Note:    The signature on this Subscription Form must
correspond with the name as written upon the face of this Warrant in every
particular, without alteration or enlargement or any change whatever.

10 of 10EXHIBIT 4.4

SECURED CONVERTIBLE PROMISSORY NOTE

 

	$____,000	 	Broomfield, Colorado
	Dated January __, 2016	 	Maturity _______________, 2016

FOR
VALUE RECEIVED, T-Rex Oil Inc. a Colorado corporation ("Maker"),
promises to pay to the order of _________________________________,  ("Holder,"
which term shall include any successor holder), at _________________________, the
principal sum of Fifty thousand dollars ($___,000.00), together with interest
as provided below.

Payments of principal and
interest on any other amounts with respect to this Promissory Note (the "Note")
are to be made in lawful money of the United States of America.

All terms used in this Note
but not defined herein shall have the meanings ascribed to them in the Purchase
Agreement.  

1.
Principal and Interest.  

1.1             
Interest Rate.  Prior to Maturity (defined below), the unpaid
principal amount of this Note shall bear interest at the rate of 5 percent (5%)
per annum, compounded monthly.  If this Note is not paid in full at Maturity,
the foregoing interest rate shall be increased to eight (8) percent per annum
and thereafter interest shall accrue at such increased rate on all amounts due
under this Note until paid in full.

1.2             
Payments.  The entire principal amount of this Note and all
accrued but unpaid interest shall be due and payable on _________________, 2016
("Maturity"). 

1.3             
Voluntary Prepayments.  Maker may, at any time and from time to
time, and without penalty, prepay in cash all or a portion of this Note after
providing Holder with notice and ten days time to convert into common stock as
provided herein.  Any partial prepayment shall be applied against the
outstanding principal amount of this Note and shall not postpone Maturity. 

2.
Application of Payments.  Except as provided in Section 1.3 with
respect to voluntary prepayments of this Note, payments received by Holder
shall be applied first to pay costs as provided herein, and the balance to
reduce principal. 

             3.  Right of
Conversion to Common Stock  Holder may, at any time prior to payment of
the  Promissory Note by the Maker, elect to convert all or any portion of this
note, including accrued interest, into common shares of the Maker at a price
determined by the average 10 consecutive day trading closing price less thirty
(30%).  The Maker, upon receipt of such conversion notice and confirmation of
the conversion amount, shall then instruct its transfer agent to affect the
issuance of the common shares of the Maker, whereupon the amount of the Note
represented by the shares elected to be received shall be deemed paid, without
recourse as to the amount.

4.  Security Interest.  The
obligations of Maker under this Note are secured by the interest if any, of the
T-Rex Oil LLC #3 acquired by Maker from the proceeds of this Note.  Upon
default and notice Maker shall have 30 days to cure and if not so cured Maker
agrees to assign the interest in T-rex Oil LLC #3 acquired from proceeds of
this Note to the Holder.  The assignment of such interest shall serve as
satisfaction of the Note.

4. Events of Default.

4.1             
Definition.  For purposes of this Note, an "Event of
Default" shall occur:

(a)               
If Maker fails to pay any amount payable under this Note within ten (10)
days of  the date on which it is due; or

(b)              
If Maker breaches or otherwise fails to perform or observe any covenant
or agreement contained in this Note, the Maker and fails to cure such breach or
failure within the time period, if any, provided in the applicable agreement;
or

(c)               
If Maker dissolves or liquidates; or 

(d)              
If Maker commences, or there shall be commenced against Maker any action
seeking reorganization, arrangement, adjustment, liquidation, dissolution, or
composition under any law relating to bankruptcy, insolvency, reorganization,
or relief of debtors, or Maker makes any assignment for the benefits of
creditors.

4.2  
Consequences of Events of Default.  If an Event of Default has
occurred, the entire outstanding principal amount of this Note, plus all
accrued and unpaid interest, shall immediately become due and payable, without
any demand or other action on the part of Holder. 

 

5.
Amendment and Waiver.  Except as otherwise expressly provided
herein, the provisions of this Note may be amended and Maker may take any
action herein prohibited, or omit to perform any act herein required to be
performed by it, only if Maker has first obtained the written consent of
Holder.  No delay or failure of Holder in the exercise of any right or remedy
provided for hereunder shall be deemed a waiver of such right, and no exercise
of any right or remedy shall be deemed a waiver of any other right or remedy
that Holder may have.

 

6.
Manner of Payment.  Except as otherwise provided herein, any
payment to be made hereunder shall be made at the direction of Holder by check
or draft payable to or upon the order of Holder or by wire transfer of
immediately available federal funds to an account designated by Holder.  If any
payment of principal or interest on this Note shall become due on a Saturday,
Sunday or a bank or legal holiday under the laws of the State of Wyoming, such
payment shall be made on the next succeeding business day.  Payments of
principal and interest shall be delivered to Holder at the address indicated in
the signature block below or to such other address or to the attention of such
other person as specified by prior written notice to Maker.

 

7.
Waiver of Notice etc.  To the extent permitted by law, Maker
hereby waives demand, notice, protest and all other demands and notices in
connection with the delivery, acceptance, performance, default or enforcement
of this Note.

 

8. Attorneys' Fees and Costs.  Maker shall pay reasonable attorneys'
fees and all other reasonable costs and expenses incurred in the enforcement of
this Note and the collection of amounts due hereunder, whether such enforcement
or collection is by court action or otherwise. 

 

9.                 
Governing Law.  This Note shall be construed and enforced in
accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the laws of
the State of Colorado, without giving effect to provisions thereof regarding
conflict of laws.

-2-

10.             
CONSENT TO JURISDICTION AND SERVICE OF PROCESS.  MAKER HEREBY
CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE BROOMFIELD
OR DENVER COUNTY , STATE OF COLORADO AND IRREVOCABLY AGREES THAT SUBJECT TO
HOLDER'S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO
THIS NOTE SHALL BE LITIGATED IN SUCH COURTS.  MAKER ACCEPTS AND IN CONNECTION
WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON
CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY
IN CONNECTION WITH THIS NOTE.  

 

11.             
WAIVER OF JURY TRIAL.  MAKER HEREBY WAIVES ITS RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR
ANY DEALINGS BETWEEN MAKER AND HOLDER RELATING TO THE SUBJECT MATTER OF THIS
TRANSACTION AND THE RELATIONSHIP THAT IS BEING ESTABLISHED.

 

12.             
Notices.  Any notice to Maker provided for in this Note
shall be in writing and shall be given and be effective upon (i) delivery to
Maker, or (ii) by mailing such notice by first class mail, to Maker at Maker's
last known address, or to such other address as Maker may designate by notice
to Holder.  Any notice to Holder shall be in writing and shall be given and be
effective upon (a) delivery to Holder, or (b) by mailing such notice by first
class mail, to the Holder at Holder's last known address, or to such other
address as Holder may designate by notice to Maker.

 

13.             
Assignment.  The
obligations of Maker under this Note shall not be transferred or assigned,
without the express written consent of the Holder, which consent Holder may
withhold for any or no reason in Holder's sole discretion.

 

            IN WITNESS WHEREOF, Maker has executed and delivered
this Note as of the date first written above.

 

	
  Maker:

  
	
  T-Rex Oil, Inc.
	

  By: _______________________________________

  
	
  Name: Donald Walford
	
  Title: CEO
	

  

 

-3-

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