Document:

RELEASE

     

    This
RELEASE is made and entered into as of the 17th day of November, 2010 by Rio
Vista Energy Partners, L.P., a Delaware limited partnership (“RVEP”), Rio Vista GP, LLC, a
Delaware limited liability company and the general partner of RVEP (“RVGP”) and Central Energy, LP,
a Delaware limited partnership (“Buyer”, and together with RVEP
and RVGP, the “Releasors”), and the persons
identified on Schedule I attached hereto (collectively, the “Releasees”).

     

    WHEREAS,
RVEP is party to that certain Purchase and Sale Agreement dated as of May 25,
2010, as modified by amendments thereto dated as of July 1, 2010, July 8, 2010,
July 21, 2010, October __, 2010, November 12, 2010 and November 17, 2010,
respectively (as amended, the “Purchase Agreement”), by and
among Buyer, RVEP and Penn Octane Corporation, a Delaware corporation (“POCC”), pursuant to which,
among other things, (i) RVEP will sell and issue to the Buyer 12,724,019 Common
Units (as defined in the Partnership Agreement) and (ii) POCC will sell to the
Buyer all of their respective membership interests in the General Partner (the
“Sale of the GP
Interests”); and

    

    WHEREAS,
Section 7.7 of the First Amended and Restated Agreement of Limited Partnership
of RVEP, dated as of September 16, 2004 (as amended, the “Partnership Agreement”)
contains certain indemnities and releases in favor of Indemnitees (as defined in
the Partnership Agreement), including without limitation the
Releasees;

     

    WHEREAS,
as a condition to the closing of the transactions contemplated by the Purchase
Agreement, the Parties desire to confirm the provisions of Section 7.7 as they
apply to the Releasees and expressly release the Releasees from any claims that
may arise out of their service to RVEP and RVGP as members of RVGP’s Board of
Managers or as officers of either such Party and their actions in such
capacities taken prior to the Closing (as defined in the Purchase
Agreement).

     

    NOW,
THEREFORE, in consideration of the premises set forth hereinabove and other
consideration the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

     

    Each of
the Releasors hereby releases and forever discharges each of the Releasees and
their respective agents, attorneys and assigns from any and all claims, rights,
demands, liabilities, actions or causes of action, obligations, and damages of
any kind, name, nature or description, either at law or in equity, whether known
or unknown, whether past or future, that in any manner may have arisen out of
actions taken by such Releasee prior to the Closing (collectively, “Claims”); provided however
such releases shall not extend to any Claims for which a Releasee would not be
entitled to indemnification pursuant to Section 7.7 of the Partnership Agreement
as in effect as of the date of this release unless such Claim has been
previously disclosed as part of RVEP’s filings with the Securities Exchange
Commission or in an Exhibit or a Schedule to the Purchase
Agreement.

     

    Each of
the Releasors agrees not to amend Section 7.7 of the Partnership Agreement as it
applies to the Releasees without the prior written consent of the affected
Releasees.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)           The
preceding release extends to and includes any and all claims, liabilities,
injuries, damages, and causes of action against the Releasees that any Releasor
does not presently anticipate, know, or suspect to exist, but that may develop,
accrue, or be discovered in the future.

    

    EACH
INSIDER EXPRESSLY WAIVES ALL RIGHTS UNDER CALIFORNIA CIVIL CODE SECTION 1542 AND
ANY SIMILAR APPLICABLE STATE OR FEDERAL STATUTE, WHICH PROVIDES: “A general
release does not extend to claims which the creditor does not know or suspect to
exist in his favor at the time of executing the release, which if known by him
must have materially affected his settlement with the debtor.”

    

    (c)           Each
Releasor represents and warrants that it has considered the possibility that
claims, liabilities, injuries, damages and causes of action against the
Releasees that it does not presently know or suspect to exist in its favor may
develop, accrue, or be discovered in the future, and that it voluntarily assumes
that risk as part of the consideration for this Release.

    

    This Release may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same Release.  This Release may
also be executed and delivered by facsimile, email or other electronic signature
and in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

     

    This Release and the legal relations
among the parties shall be governed by, and construed and enforced in accordance
with, the laws of the State of Delaware, without regard to its conflict of laws
rules.

     

    [SIGNATURE
PAGE FOLLOWS]

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Release on and as of the
day and year first above written.

     

    
      
        
          
            	
                    RIO
      VISTA ENERGY PARTNERS, L.P.

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Ian T. Bothwell

                  
	
                    Name: 
       Ian T. Bothwell

                  
	
                    Title:
      President of Rio Vista GP, LLC, its

                    General
      Partner

                  
	 
      	 
      
	
                    RIO
      VISTA GP, LLC

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Ian T. Bothwell

                  
	
                    Name: 
        Ian T. Bothwell

                  
	
                    Title:
      President

                  
	 
      	 
      
	
                    CENTRAL
      ENERGY, L.P.

                  
	 
      
	
                    By:
      Central Energy, LLC

                  
	
                    Its:
      General Partner

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Imad Anbouba

                  
	
                    Name: 
       Imad Anbouba

                  
	
                    Title:    
      Managing Member

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Carter R. Montgomery

                  
	
                    Name:  Carter
      R. Montgomery

                  
	
                    Title:   
      Managing Member

                  

          

        

      

    

    

    [Signature
Page toRelease]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
I

    To

    Release

    

    Releasees

    

    Ian
T  Bothwell

    

    Bruce I.
Raben

    

    Ricardo
Rodriguez

    

    Murray J.
Feiwell

    

    Nicholas
J. Singer

    

    Douglas
G. Manner

    
      
         

      

      
        4TERMINATION AGREEMENT
      (this “Agreement”), dated as
      of November 17, 2010, among Penn Octane Corporation, a Delaware
      corporation (“POCC”), Rio Vista GP,
      LLC, a Delaware limited liability company (“RVGP”), Rio Vista
      Energy Partners, L.P. (“RVEP”) and Rio Vista
      Operating Partnership (“RVOP”).  POCC,
      RVGP, RVEP and RVOP are collectively the
  “Parties”.

                  

          

        

      

       

    

    WHEREAS,
the Parties are parties to a certain Omnibus Agreement dated as of September 16,
2004, as amended by Amendment No. 1 thereto dated as of September 16, 2004 (as
amended, the “Omnibus
Agreement”), pursuant to which, inter alia, POCC agreed to
provide certain services to and on behalf of the other Parties in respect of the
operation of the business and assets of RVGP and RVEP;

     

    WHEREAS,
pursuant to that certain Securities Purchase and Sale Agreement by and among
Central Energy, LP (as successor by assignment to Central Energy, LLC)(“Buyer”), RVEP and POCC (as
amended, the “Purchase
Agreement”), Buyer purchased all of the membership interests in RVGP and
Common Units in REVP representing approximately 80% of all outstanding Common
Units;

     

    WHEREAS,
it is a condition to the closing of the transactions contemplated by the
Purchase Agreement that the Omnibus Agreement be terminated;

     

    NOW,
THEREFORE, in consideration of the promises and the mutual covenants set forth
herein, the parties hereto agree as follows:

     

    1.           Termination.  The
Omnibus Agreement is hereby terminated effective immediately and is of no
further force or effect.   The parties acknowledge and agree that
their respective rights and obligations under the Omnibus Agreement are hereby
mutually terminated and released in full except for such provisions thereof as
expressly survive any such termination.

     

    2.           Further
Actions.  Each party hereto hereby covenants and agrees that,
at any time and from time to time after the date hereof, at the request of any
other party hereto or its permitted successors or assigns, it will (a) promptly
and duly execute and deliver, or cause to be executed and delivered, all such
further documents and instruments, and (b) promptly take all such other and
further action, in each case as may be reasonably requested by the relevant
requesting party to further evidence, implement or effectuate the provisions of
this Agreement

     

    3.           Entire
Agreement.  This Agreement constitutes the entire agreement and
understanding between the parties with respect to the subject matter contained
herein and shall supersede and cancel all other agreements and understandings,
written or oral, related to the subject matter herein.  No amendment
or modification of this Agreement shall be valid unless made in writing and
signed by all of the Parties.

     

    4.           Miscellaneous.  This
Agreement shall be construed and enforced in accordance with the laws of the
State of New York, without regard to any conflicts of laws provisions
thereof.  This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, successors and
permitted assigns.  This Agreement may be executed in multiple
counterparts, each of which executed counterparts (including executed
counterparts delivered by facsimile or by e-mail) shall be deemed an original,
and all of which shall constitute one and the same document.  This
Agreement may not be modified, changed or supplemented, nor may any obligations
hereunder be deemed waived, except by written instrument signed by the party to
be charged.

     

     [Signature
Page Follows]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties have executed this Termination Agreement as of the
day and year first above written.

    

    
      
        
          
            
              
                
                  
                    
                      
                        	 
      	
                                PENN
      OCTANE CORPORATION

                              
	 
      	 
      	 
      
	 
      	
                                By:

                              	
                                /s/ Ian T. Bothwell

                              
	 
      	
                                Name:
      Ian T. Bothwell

                              
	 
      	
                                Title:
      President

                              
	 
      	 
      	 
      
	 
      	
                                RIO
      VISTA ENERGY PARTNERS, L.P.

                              
	 
      	
                                By:
      Rio Vista GP, LLC

                              
	 
      	 
      	 
      
	 
      	
                                By:

                              	
                                /s/
      Ian T. Bothwell

                              
	 
      	
                                Name:
      Ian T. Bothwell

                              
	 
      	
                                Title:
      President

                              
	 
      	 
      	 
      
	 
      	
                                RIO
      VISTA GP, LLC

                              
	 
      	 
      	 
      
	 
      	
                                By:

                              	
                                /s/ Ian T. Bothwell

                              
	 
      	
                                Name:
      Ian T. Bothwell

                              
	 
      	
                                Title:
      President

                              
	 
      	 
      	 
      
	 
      	
                                RIO
      VISTA OPERATING PARTNERSHIP L.P.

                              
	 
      	 
      	 
      
	 
      	
                                By:

                              	
                                /s/ Ian T. Bothwell

                              
	 
      	
                                Name:
      Ian T. Bothwell

                              
	 
      	
                                Title:

                              

                      

                    

                  

                

              

            

          

        

      

    

     

    
      Signature
Page to Termination Agreement

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