Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Purio Inc. - Exhibit 10.1

RETURN TO TREASURY AGREEMENT

THIS AGREEMENT is made as of the 13th day of February,
2008

BETWEEN:

PURIO INC., a Nevada
corporation and of 2470 St. Rose Parkway, Suite 304, Henderson, Nevada 89074

(the “Company”)

AND:

MICHAEL SHAMBER, Businessman,
of c/o 2470 St. Rose Parkway, Suite 304, Henderson, Nevada 89074

AND:

BRENNON WOOD, Businessman, of
c/o 2470 St. Rose Parkway, Suite 304, Henderson, Nevada 89074

(Michael Shamber and Brennon Wood
together referred to as, the “Shareholders”)

WHEREAS:

A. The Shareholders are the registered and beneficial owners of
27,500,000 shares (the “Shares”) of the Company’s common stock; and

B. The Shareholders have agreed to return the Shares held by
them (the “Surrendered Shares”) to the treasury of the Company for the sole
purpose of the Company retiring the Surrendered Shares.

NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in
consideration of the premises and sum of $1.00 now paid by the Company to the
Shareholders and other good and valuable consideration, the receipt and
sufficiency whereof is hereby acknowledged, the parties hereto hereby agree as
follows:

Surrender of Surrendered Shares

1. The Shareholders hereby surrender to the Company the
Surrendered Shares and deliver to the Company herewith share certificates
representing the Surrendered Shares, duly endorsed for transfer in blank,
signatures guaranteed. The Company hereby acknowledges receipt from the
Shareholders of the certificates for the sole purpose of retiring the
Surrendered Shares pursuant to this Agreement.

Retirement of Surrendered Shares

2. The Company shall forthwith retire the Surrendered Shares
pursuant to §78.283 of Chapter 78 of the Nevada Revised Statutes.

- 2 -

Representations and Warranties

3. The Shareholders represent and warrant to the Company that
they are the owners of the Surrendered Shares and that each of them has good and
marketable title to their respective portion of the Surrendered Shares and that
the Surrendered Shares are free and clear of all liens, security interests or
pledges of any kind whatsoever.

General

4. Each of the parties will execute and deliver such further
and other documents and do and perform such further and other acts as any other
party may reasonably require to carry out and give effect to the terms and
intention of this Agreement.

5. Time is expressly declared to be the essence of this
Agreement.

6. The provisions contained herein constitute the entire
agreement among the Company and the Shareholders respecting the subject matter
hereof and supersede all previous communications, representations and
agreements, whether verbal or written, among the Company and the Shareholders
with respect to the subject matter hereof.

7. This Agreement will enure to the benefit of and be binding
upon the parties hereto and their respective heirs, executors, administrators,
successors and permitted assigns.

8. This Agreement is not assignable without the prior written
consent of the parties hereto. 

9. This Agreement may be executed in counterparts, each of
which when executed by any party will be deemed to be an original and all of
which counterparts will together constitute one and the same Agreement. Delivery
of executed copies of this Agreement by telecopier will constitute proper
delivery, provided that originally executed counterparts are delivered to the
parties within a reasonable time thereafter.

10. The Company has obtained legal advice concerning this
Agreement and has requested that the Shareholders obtain independent legal
advice with respect to same before executing it. In executing this Agreement,
the Shareholders represent and warrant to the Company that each of them has been
advised to obtain independent legal advice, and that prior to the execution of
this Agreement each of them has obtained independent legal advice or has, in
their respective discretion, knowingly and willingly elected not to do so.

(THIS SPACE INTENTIONALLY LEFT BLANK)

- 3 -

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

PURIO INC.

	Per: 	/s/
      Michael Shamber 	 
		
      Michael Shamber 
	 
	  	  	 
	  	  	 
	  	  	 
	  	/s/
      Michael Shamber 	 
	  	MICHAEL SHAMBER 	 
	  	  	 
	  	  	 
	  	  	 
	  	/s/
      Brennon Wood 	 
	  	BRENNON WOODex10-1.htm

    Exhibit
10.1

    

      Irrevocable
Proxy

      

      Effective February 21, 2008, each of
the undersigned shareholders (each a “Shareholder” and collectively the
“Shareholders”) of Northern Oil and Gas, Inc., a Nevada corporation (the
“Company”), does hereby irrevocably appoint the Secretary of the Company
(whomever he or she may be from time-to-time) to be the Shareholder’s proxy
agent, with full power of substitution, and to vote:

      

      
        	
                (i)  

              	
                any
      and all shares of capital stock of the Company owned by the Shareholder as
      of the date of this Irrevocable Proxy (which shares are specified on the
      Attachment to this Irrevocable Proxy);
and

              

      

       

      
        	
                (ii)  

              	
                any
      and all other shares of capital stock of the Company which any Shareholder
      may hereafter acquire or for which any Shareholder may be deemed a
      “beneficial owner” (determined in accordance with Rule 13d-3 under the
      United States Securities Exchange Act of
1934);

              

      

       

      from the
effective date hereof until such time as this Irrevocable Proxy terminates in
accordance with its terms.  In the event that any shares of capital
stock of the Company are acquired by any affiliate (as defined by the rules and
regulations of the United States Securities and Exchange Commission) of Joseph
A. Geraci, II (“Geraci”), Geraci hereby acknowledges and agrees that such shares
shall be subject to the terms hereof and agrees to utilize reasonable best
efforts to ensure that the person(s) so acquiring such shares delivers to the
Company an Irrevocable Proxy identical in form and substance to this Irrevocable
Proxy covering the shares so acquired.  The shares of the capital
stock of the Company referred to in clauses (i) and (ii) above and the
immediately preceding sentence are collectively referred to herein as the
“Shares.”

      

      1.           Rights and
Powers.  For so long as this Irrevocable Proxy is effective,
the Company’s Secretary shall have all of the power and right to vote on, assent
or consent to any matter or action of any character whatsoever that may be
presented at any shareholder’s meeting or which requires or permits the consent
of the shareholders of the Company (each a “Stockholder Matter” and collectively
the “Stockholder Matters”), provided, that:

      

      (a)           with
respect to any Stockholder Matter acted upon by vote:

       

      (i)           the
Company’s Secretary shall vote that number of Shares in favor of such
Stockholder Matter equal to the product of the total number of Shares multiplied
by the Approval Ratio; and

       

       (ii)         the
Company’s Secretary shall vote that number of Shares against such Stockholder
Matter equal to the product of the total number of Shares multiplied by the
Dissenting Ratio; and

       

      (b)           with
respect to any Stockholder Matter acted upon by consent, the Company’s Secretary
shall provide such consent as to the number of Shares determined by multiplying
the total number of Shares by a fraction, the numerator of which shall be the
number of shares held by Unaffiliated Holders consenting to such Stockholder
Matter and the denominator of which shall be the total number of shares entitled
to consent thereto, excluding the Shares.

       

      The term “Approval Ratio” shall mean a
fraction, the numerator of which is the number of shares voted in favor of a
Stockholder Matter by Unaffiliated Holders and the denominator of which shall be
the total number of shares actually voted on such Stockholder Matter by all
Unaffiliated Holders.  The term “Dissenting Ratio” shall mean a
fraction, the numerator of which is the number of shares voted against a
Stockholder Matter by Unaffiliated Holders and the denominator of which shall be
the total number of shares actually voted on such Stockholder Matter by all
Unaffiliated Holders.  The term “Unaffiliated Holders” shall mean
holders of Company voting securities that are not:

      

      (c) an
affiliate (as defined by the rules and regulations of the United States
Securities and Exchange Commission) of Geraci;

       

      (d) a person
or entity that directly or indirectly, through one or more intermediaries,
controls or is under common control with Geraci; or

       

      (e) a family
member of Geraci, where “family member” means any spouse, ex-spouse, parent,
step-parent, grandparent, child, step-child, grandchild, sibling, aunt, uncle,
cousin, niece, nephew, father-in-law, mother-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including adoptive
relationships.

       

      For the
avoidance of doubt, but solely for purposes of this Irrevocable Proxy, each of
the Shareholders hereby acknowledges that they are an affiliate of
Geraci.

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      2.           No Assumption of
Liability.  The Shareholders hereby ratify and confirm all acts
that the Company’s Secretary shall do or cause to be done, and any omission to
act by the Company’s Secretary, by virtue of and within the limitations set
forth in this Irrevocable Proxy.  In exercising the rights and powers
granted herein, the Company’s Secretary will exercise his or her best judgment;
provided, however, that neither
the Company nor the Company’s Secretary shall assume any responsibility
whatsoever in respect to any action taken by it, him, her or any of their
respective agents and neither the Company nor the Company’s Secretary shall
incur any responsibility by reason of any error of law or of anything done,
suffered or omitted in connection with the performance or nonperformance of the
rights and powers granted to the Company’s Secretary hereunder.  The
Company’s Secretary shall not be required to give any bond or other security for
the discharge of his or her duties.

      

      3.           Revocation of Prior Proxies; No
Subsequent Proxies.  Each of the Shareholders hereby revokes
any and all proxies previously given by them with respect to any and all Shares
owned by them.  The Shareholders shall not grant any subsequent
proxies with respect to any of the Shares unless and until such time as this
Irrevocable Proxy terminates in accordance with its terms, and any proxy granted
in violation of this provision shall be null and void.

      

      4.           Proxy
Irrevocability.  This proxy is irrevocable, is coupled with an
interest and is granted in consideration of the Company attempting to list its
shares of common stock for trading on The American Stock Exchange and/or for
quotation with The Nasdaq Stock Market and for other good and valuation
consideration, the receipt and sufficiency of which is hereby
acknowledged.  Each of the Shareholders hereby acknowledges and agrees
that this Irrevocable Proxy has been duly executed and delivered by authorized
persons on behalf of such Shareholder and, notwithstanding any argument or
principle of law to the contrary, is a legal, valid and binding agreement and
obligation of such Shareholder, enforceable against it in accordance with its
terms.  Each of the Shareholders hereby waives any and all arguments
and/or claims that they may now have or in the future could have objecting to
the legal, valid and binding nature of this Irrevocable Proxy.

      

      5.           Termination.  This
Irrevocable Proxy shall terminate upon the earlier to occur of:

      

      (a)           the
sale to an Unaffiliated Holder of all of the remaining Shares covered hereby
and/or by any Irrevocable Proxy executed pursuant to the introductory paragraph
hereof or

      

      (b)           such
time as the Shares constitute in the aggregate less than 5% of the total number
of shares of voting stock of the Company then outstanding;

      

      provided, however, that in the
event Geraci and/or any of the Shareholders and/or any affiliate of Geraci shall
acquire additional shares of common stock with the result that all such persons
together hold 5% or more of the total number of shares of any class of voting
stock of the Company, then such persons shall as soon thereafter as reasonably
practicable enter into a new Irrevocable Proxy identical to this Irrevocable
Proxy and deliver such Irrevocable Proxy to the Company’s Secretary (and such persons shall thereafter refrain from further
accumulations of common stock until such Irrevocable Proxy is properly delivered
to the Company’s Secretary).

      

      6.           Acquisition of Capital
Stock.  For so long as this Irrevocable Proxy is effective,
each of the Shareholders hereby agrees that he/she/it shall not purchase any
shares of any class of capital stock of the Company, and that any order,
agreement, understanding or other arrangement by any Shareholder to purchase
shares of capital stock of the Company shall be null and void.

      

      7.           Miscellaneous.  This
Irrevocable Proxy shall be binding on and shall inure to the benefit of each of
the parties hereto, and their respective heirs, executors, administrators,
successors and assigns.  In the event any action or proceeding
(including, but not limited to, any administrative action by any governmental
agency or self-regulatory body) is brought as a direct result of any alleged
breach, default or dispute under the terms or provisions hereof or for the
purpose of enforcing or interpreting any of the terms or provisions hereof, the
prevailing party in any such an action or proceeding shall be entitled to
recover from the other, in addition to such other relief as the prevailing party
may be entitled, the prevailing party’s reasonable attorney fees and legal costs
incurred in that action or proceeding.  The laws of the State of
Minnesota shall govern the validity and the construction of this Agreement,
without regard to principles of conflict of laws.  The laws of the
State of Nevada shall govern any matters concerning the grant of this proxy and
the voting of the Shares by the Company’s Secretary pursuant
hereto.  Except as specifically set forth in this Irrevocable Proxy,
no rights or privileges of the Shareholders under the Nevada Revised Statutes,
specifically including but not limited to Chapters 78 and 92A thereof, or
otherwise, shall be affected hereby.

      

      8.           Transfer of
Shares.  Nothing herein is intended to prohibit any sale,
assignment, pledge, hypothecation or transfer of any of the Shares by any of the
Shareholders; provided, however, that nothing
herein shall constitute a waiver or amendment of any provisions of, or otherwise
have any effect whatsoever on the rights and obligations of the parties to, that
certain Lock-Up/Leak-Out Agreement relating to the Shares executed by one or
more of the Shareholders prior to the date hereof.  The proxy granted
hereby shall terminate with respect to any Shares transferred to any party that
is an Unaffiliated Holder, effective upon consummation of such
transfer.

      

      

      [SIGNATURE
PAGE FOLLOWS]

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, each of
the undersigned Shareholders has executed this Irrevocable Proxy on the date
first set forth above.

       

      Lantern
Advisers,
LLC                                                                                       Mill City
Ventures, LP

      

      /s/ Joseph A. Geraci
II                                                                                  /s/ Joseph A. Geraci
II

      By:  Joseph A. Geraci
II                                                                By:  Joseph A. Geraci
II

      Its:  Managing
Member                                                                Its:  Managing
Member

      

      Isles
Capital, LLC

       /s/ Joseph A. Geraci
II

      /s/ Joseph A. Geraci
II                                                                                 Joseph A. Geraci
II

      By:  Joseph A. Geraci
II                                                                

      Its:  Managing
Member                                                                

      /s/ Kimerlie
Geraci

      Kimerlie Geraci

      

      Acknowledged
by:

      Northern
Oil and Gas, Inc.

       

      

      /s/ Michael L.
Reger                                                                

      By:  Michael
L. Reger

      Its:  Chief
Executive Officer and Secretary

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

        Attachment

         

        The
following each shall constitute a “Shareholder” and shall collectively
constitute the “Shareholders” as defined in that certain Irrevocable Proxy
effective February 21, 2008, relating to shares of capital stock of Northern Oil
and Gas, Inc., a Nevada corporation:

        

        
          	
                  Shareholder
      Name

                	 
      	
                  Shares
      of Common Stock

                  (as
      of February 21, 2008)

                
	
                  Mill City
      Ventures, LP

                	 
      	
                  2,480,000

                
	
                  Lantern
      Advisers, LLC

                	 
      	
                  905,000

                
	
                  Joseph
      A. Geraci II

                	 
      	
                  310,000

                
	
                  Isles
      Capital, LLC

                	 
      	
                  200,000

                
	
                  Kimerlie
      Geraci

                	 
      	
                  215,000

                

        

        

        

         

        
          
            
            

          

          
            4

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