Document:

Unassociated Document

Exhibit
    10.32

    COOPERATION
      AGREEMENT AND

    MUTUAL
      RELEASE

    

    This
      Cooperation Agreement and Mutual
      Release (this “Agreement” or “Mutual Release”) entered into on October 30, 2007,
      to be effective when executed, is by and between Texhoma Energy, Inc., a Nevada
      Corporation, which has an address of 100 Highland Park Village, Dallas, Texas
      75205 and its wholly owned Delaware subsidiary, Texaurus Energy, Inc.
      (collectively “Texhoma”) and Terje Reiersen, an individual (”Reiersen”), each
      individual referred to as a “Party” and collectively referred to as the
“Parties.”

    

    

    1.           Facts.

    

    
      	
               

            	
              1.1

            	
              Reiersen
                was previously engaged as a consultant to Texhoma from about May
                2006 to
                about March 2007 (the “Service
                Period”).

            

    

    

    
      	
               

            	
              1.2

            	
              On
                June 1, 2006, Reiersen was granted an aggregate of 1,000,000 Non-qualified
                Stock Options at an exercise price of $0.13 per share, which were
                to vest
                to Reiersen at the rate of 250,000 shares every three months (the
                “Options”).

            

    

    

    
      	
               

            	
              1.3

            	
              Reiersen
                claims that he is owed compensation from Texhoma in back consulting
                fees
                and related expenses (the “Consulting
                Fees”).

            

    

    

    2.           Settlement.

    

    
      	
               

            	
              2.1

            	
              Reiersen
                agrees that in consideration for Texhoma agreeing to the terms and
                conditions of Section 3.2 below; Reiersen agrees to the terms and
                conditions of Section 3.1 below (the “Texhoma
                Consideration”).

            

    

    

    
      	
               

            	
              2.2

            	
              Texhoma
                agrees that in consideration for Reiersen agreeing to the terms and
                consideration of Section 3.1 below,; Texhoma agrees to the terms
                and
                conditions of Section 3.2 below (the “Reiersen
                Consideration”).

            

    

    

    
      	
               

            	
              2.3

            	
              Reiersen
                agrees that he will receive valid consideration from the Texhoma
                Consideration.

            

    

    

    
      	
               

            	
              2.4

            	
              Texhoma
                agrees that it will receive valid consideration from the Reiersen
                Consideration.

            

    

    

    3.           Release.

    

    
      	
               

            	
              3.1

            	
              In
                consideration of the agreements and covenants set forth herein above
                and
                below, the sufficiency of which is hereby acknowledged and confessed,
                Reiersen, for himself, his agents, servants, attorneys, employees,
                successors and assigns, to the extent legally allowed, hereby
                covenants and agrees as
                follows:

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              3.1.1

            	
              That
                Reiersen hereby releases, acquits and forever discharges Texhoma,
                its
                current and former agents, officers, directors, servants, attorneys,
                representatives, successors, employees and assigns (the “Texhoma Parties”)
                from any and all rights, obligations, claims, demands and causes
                of
                action, whether in contract, tort, under state and/or federal law,
                or
                state and/or federal securities regulations, whether asserted or
                unasserted, whether known or unknown, suspected or unsuspected, arising
                from or relating to the Service Period, Texhoma and/or the Texhoma
                Parties
                in general, for or by reason of any matter, cause or thing whatsoever,
                including all obligations arising therefrom, and omissions and/or
                conduct
                of Texhoma or the Texhoma Parties, and/or Texhoma’s former or current
                agents, attorneys, servants, representatives, successors, employees,
                directors, officers and assigns, relating directly or indirectly
                thereto
                other than as provided in 3.1.2.

            

    

    

    
      	
               

            	
              3.1.2

            	
              That
                Reiersen hereby assigns the rights to any and all claims, demands
                and
                causes of action, whether in contract, tort, under state and/or federal
                law, or state and/or federal securities regulations, whether asserted
                or
                unasserted, whether known or unknown, suspected or unsuspected, arising
                from or relating to any former officers or Directors of Texhoma,
                or any
                predecessor company, to Texhoma (the “Assigned
                Claims”).

            

    

    

    
      	
               

            	
              3.1.3

            	
              Reiersen
                agrees to cooperate with Texhoma, to advise Texhoma and to respond
                truthfully and to the best of his knowledge and ability to any and
                all
                questions and reasonable tasks requested of Reiersen by Texhoma until
                sixty (60) days from the date this Agreement is executed (the “Cooperation
                Deadline”); provided however that, Reiersen further agrees to cooperate
                fully and to the best of his ability in connection with all reasonable
                requests from Texhoma following the Cooperation Deadline in connection
                with and pursuant to the litigation of, resolution of and/or arbitration
                of any of the Assigned Claims.

            

    

    

    
      	
               

            	
              3.1.4

            	
              Reiersen
                agrees that any and all of the Options which he vested have previously
                expired unexercised and that he is relinquishing all rights to the
                Options
                in connection with his entry into this
                Agreement.

            

    

    

    
      	
               

            	
              3.1.5

            	
              Reiersen
                agrees that Texhoma shall owe him no rights to contribution and/or
                indemnification in connection with his service to Texhoma as a Consultant
                following the Parties entry into this Agreement, for any matters,
                claims,
                whatsoever, in connection with any cause of action, lawsuit, or complaint
                of any kind brought by any current or former shareholder of Texhoma,
                and/or current or former officer or Director of
                Texhoma.

            

    

    

    
      	
               

            	
              3.1.6

            	
              Reiersen
                agrees that other than the Reiersen Consideration (defined below)
                to be
                paid to Reiersen in connection with his entry into this Agreement
                and
                agreeing
                to the terms of this Agreement, Texhoma shall not owe him any other
                Consulting Fees, reimbursements, fees, payments or consideration
                of any
                kind whatsoever subsequent to the Parties entry into this Agreement,
                and
                that Reiersen’s claim for Consulting Fees shall be satisfied in
                full.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

                   
      3.2         In
      consideration of the agreements and covenants set forth herein above and below,
      the sufficiency of which is hereby acknowledged and confessed, Texhoma, hereby
      covenants and agrees that in connection with the Parties entry into this
      Agreement and in consideration for Reiersen agreeing to the terms and conditions
      of this Agreement and in full release and satisfaction of any and all Consulting
      Fees owed to Reiersen, Texhoma agrees to:

    

    
      	
               

            	
              (a)

            	
              Pay
                Reiersen $2,500 within ten (10) business days of the Parties entry
                into
                this Agreement; and

            

    

    

    
      	
               

            	
              (b)

            	
              To
                issue Reiersen 250,000 restricted shares of Texhoma’s common stock in the
                name of Terje Reiersen, at the following address _________________,
                within
                ten (10) days of the Parties entry into this Agreement (collectively
                with
                (a) above, the “Reiersen
                Consideration”).

            

    

    

    4.           Return
      of the Texhoma Materials.

    

    Reiersen
      agrees to return to Texhoma any and all documents, files, agreements, stock
      certificates, record books, invoices, or contacts, property, equipment and/or
      inventory which relate to Texhoma, Texaurus Energy, Inc. (“Texaurus”), and/or
      any agreements and understandings between any former officers or Directors
      of
      Texhoma and Texaurus, which Reiersen may hold in his possession and/or control
      (collectively the “Texhoma Materials”) within ten (10) business days from the
      date hereof and agrees to provide a representation in connection with the
      delivery of the Texhoma Materials (or in the event that Reiersen has no Texhoma
      Materials in his possession or control) of the fact that after the delivery
      of
      the Texhoma Materials to Texhoma, that Reiersen no longer holds any Texhoma
      Materials in his possession and/or is not aware of any Texhoma Materials which
      have not been turned over to Texhoma.

    

    5.           Miscellaneous.

    

    
      	
               

            	
              5.1

            	
              Termination
                of All Previous Agreements.  All
                previous agreements among the Parties, if any, and any and all related
                agreements and obligations are hereby terminated without further
                rights,
                obligations or liabilities of any Party
                thereunder.

            

    

    

    
      	
               

            	
              5.2

            	
              No
                Other Cause of Action.  The
                Parties are not aware of any claims not being released herein against
                them.

            

    

    

    
      	
               

            	
              5.3

            	
              Capacity
                and Authorization.  The Parties to this Mutual
                Release further represent that
                they have read it in full before its execution and that they fully
                understand the meaning, operation and effect of its terms.  Each
                individual signing this Mutual Release warrants and represents that
                he or
                she has the full authority and is duly authorized and empowered to
                execute
                this Mutual Release on behalf of the Party for which he or she
                signs.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
      	
               

            	
              5.4

            	
              Assignments.  Reiersen
                represents that he has not assigned, in whole or in part, any claims,
                demands and/or causes of action against Texhoma to any person or
                entity
                prior to his execution of this Mutual Release.  Texhoma
                represents that it is not aware of any assignment, in whole or in
                part,
                any claim, demand and/or causes of action against Reiersen to any
                person
                or entity prior to its execution of this Mutual
                Release.

            

    

    

    
      	
               

            	
              5.5

            	
              Binding
                Effect.  This Mutual Release shall be binding on
                and inure to the benefit of the Parties and their respective heirs,
                successors, assigns, directors, officers, agents, employees and personal
                representatives.

            

    

    

    
      	
               

            	
              5.6

            	
              Modification.  No
                modification or amendment of this Mutual Release shall be effective
                unless
                such modification or amendment shall be in writing and signed by
                all
                Parties hereto.

            

    

    

    
      	
               

            	
              5.7

            	
              No
                Admission of Liability. Each Party
                acknowledges and agrees that this Mutual Release is a compromise
                of
                disputed claims and neither this Mutual Release, nor any consideration
                provided pursuant to this Mutual Release, shall be taken or construed
                to
                be an admission or concession by either Reiersen or Texhoma of any
                kind
                with respect to any fact, liability, or
                fault.

            

    

    

    
      	
               

            	
              5.8

            	
              Entire
                Agreement.  This Mutual Release constitutes the
                entire agreement between the Parties pertaining to the subject matter
                hereof and supersedes all prior and contemporaneous agreements,
                understandings, negotiations and discussions, whether oral or written,
                of
                the Parties in connection with the subject matter
                hereof.

            

    

    

    
      	
               

            	
              5.9.

            	
              Interpretation.  The
                interpretation, construction and performance of this Mutual Release
                shall
                be governed by the laws of the State of Texas.  Whenever used
                herein, the singular number shall include the plural, the plural
                shall
                include the singular and the use of any gender shall be applicable
                to all
                genders.

            

    

    

    
      	
               

            	
              5.10.

            	
              Faxed
                Signatures.  For purposes of this
                Mutual Release a faxed signature shall constitute an original
                signature.

            

    

    

    
      	
               

            	
              5.11.

            	
              Execution.  This
                Mutual Release may be executed in several counterparts, each of which
                shall be deemed an original, and such counterparts taken together
                shall
                constitute but one and the same Mutual Release.  A photocopy of
                this Mutual Release shall be effective as an original for all
                purposes.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, intending to be legally bound, the Parties hereto have
      executed this Mutual Release as of the date first written above.

    

                                                                                   
      Texhoma Energy, Inc.

    

    

                                                                                                   
      /s/ William M. Simmons

                                                   
      William M. Simmons

                                                    President

    

    

    Terje
      Reiersen:

    

    

    /s/
      Terje Reiersen

    Terje
      Reiersen

     

    Dated:
      October 30, 2007Unassociated Document

Exhibit 10.33

    FIRST
      AMENDMENT TO

    SECURITIES
      PURCHASE AGREEMENT, SECURED TERM NOTE

    AND
      REGISTRATION RIGHTS AGREEMENT

     

    THIS
      FIRST AMENDMENT TO SECURITIES PURCHASE AGREEMENT, SECURED TERM NOTE AND
      REGISTRATION RIGHTS AGREEMENT (this “Amendment” or “First Amendment”) is entered
      into as of November2, 2007, to be effective as of May 1, 2007 (the “Effective
      Date”), by and between Texhoma Energy, Inc., a Nevada corporation (“Texhoma”)
      and its wholly owned subsidiary, Texaurus Energy, Inc. a Delaware corporation
      (“Texaurus” and collectively with Texhoma, each a “Corporation” and collectively
      the “Corporations”), and Laurus Master Fund, Ltd. (“Laurus”).

     

    BACKGROUND

     

    Texaurus
      and Laurus are parties to: (a) a Securities Purchase Agreement dated as of
      March
      28, 2006 (as amended, restated, supplemented or otherwise modified from time
      to
      time, the “SPA”); and (b) a Secured Term Note in the original amount of
      $8,500,000 issued on March 28, 2006 (as amended, restated, supplemented or
      otherwise modified from time to time, the “Note”).

     

    Texhoma
      and Laurus entered into a Registration Rights Agreement dated as of March 28,
      2006 (as amended, restated, supplemented or otherwise modified from time to
      time, the “Registration Rights Agreement”); pursuant to which Texhoma, among
      other things, has agreed to file a registration statement covering the
      Registrable Securities (as therein defined).

     

    The
      Corporation has requested that Laurus amend the SPA, the Registration Rights
      Agreement and the Note, and Laurus is willing to do so on the terms and
      conditions hereafter set forth.

     

    NOW,
      THEREFORE, in consideration of the agreements set forth herein, and for
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the parties hereto hereby agree as follows:

     

    1.           Current
      Reporting Requirements.  So long as the Corporation shall
      have delivered to Laurus, on or prior to December 15, 2007, evidence reasonably
      satisfactory to Laurus that Texhoma is then current on all of Texhoma’s
      Securities and Exchange Commission filings (the “SEC Filing Deliverable”),
      Laurus hereby  waives any Event of Default (as defined under the Note)
      occurring through and including December 15, 2007 or such earlier date as Laurus
      shall have received evidence of the SEC Filing Deliverable, but such waiver
      shall only extend to an Event of Default arising solely from Texhoma’s failure
      to be current on its filings with the Securities and Exchange
      Commission.

     

    2.           Amendments
      to Note.  Subject to satisfaction of the
      conditions precedent set forth in Section 4 below, the following Section 2.1(i),
      Change in Control, of the Note is hereby amended in its entirety to provide
      as
      follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    “(i)           Change
      of Control.  A Change of Control (as defined below) shall occur
      with respect to the Company, unless Holder shall have expressly consented to
      such Change of Control in writing.  A “Change of
      Control” shall mean any event or circumstance as a result of which (i)
      any “Person” or “group” (as such terms are
      defined in Sections 13(d) and 14(d) of the Exchange Act, as in effect on the
      date hereof), other than the Holder, is or becomes the “beneficial
      owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange
      Act), directly or indirectly, of 35% or more on a fully diluted basis of the
      then outstanding voting equity interest of the Company (other than a
“Person” or “group” that beneficially owns 35%
      or more of such outstanding voting equity interests of the Company on the date
      hereof), (ii) unless the Holder provides its written consent thereto (which
      shall not be unreasonably withheld), the Board of Directors of the Company
      shall
      cease to include each of Daniel Vesco and William M. Simmons or (iii) the
      Company or any of its Subsidiaries merges or consolidates with, or sells all
      or
      substantially all of its assets to, any other person or entity;”

     

    

    3.           .Amendments
      to the Registration Rights
      Agreement.  Subject to satisfaction of
      the conditions precedent set forth in Section 4 below, the following defined
      term set forth in Section 1 of the Registration Rights Agreement is hereby
      amended in its entirety to provide as follows:

    “Effectiveness
      Date” means (i) with respect to the initial Registration Statement required
      to be filed hereunder, a date no later than April 30, 2008; and (ii) with
      respect to each additional Registration Statement required to be filed
      hereunder, if any, a date no later than thirty (30) days following the
      applicable Filing Date.”

     

    

    4.           Conditions
      of Effectiveness.  This Amendment shall
      become effective upon satisfaction of the following conditions
      precedent:  Laurus shall have received (i) a copy of this Amendment
      executed by Texhoma and Texaurus, (ii) all such certificates of insurance and
      evidence of property insurance (naming Laurus as additional insured, mortgagee
      and lenders’ loss payee, and (iii) all such other certificates, instruments,
      documents, agreements and opinions of counsel as may be required by Laurus
      or
      its counsel, if any, each of which shall be in form and substance satisfactory
      to Laurus and its counsel.

     

    5.           Representations
      and Warranties of the Corporation.  Each Corporation
      hereby represents and warrants as follows:

     

    (a)           This
      Amendment, the SPA, Registration Rights Agreement, and the Note, as amended
      hereby, constitute legal, valid and binding obligations of the companies party
      thereto and are enforceable against such companies in accordance with their
      respective terms.

     

    (b)           Upon
      the effectiveness of this Amendment, each Corporation, hereby reaffirms all
      covenants, representations and warranties made in the SPA and the Related
      Agreements (as defined in the SPA), as applicable, to the extent the same are
      not amended hereby
      and agree that all such covenants, representations and warranties shall be
      deemed to have been remade as of the effective date of this
      Amendment.

     

    (c)           No
      event of default has occurred and is continuing or would exist under any
      document, instrument or agreement by and between any Corporation and Laurus
      after giving effect to this Amendment.

     

    (d)           No
      Corporation has any defense, counterclaim or offset with respect to the SPA
      or
      any other Related Agreement (as defined in the SPA).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    6.           Effect
      on the Registration Rights Agreement.

     

    (a)           Except
      as specifically amended herein, the SPA, the Registration Rights Agreement,
      the
      Note, the other Related Agreements (as defined in the SPA) and all other
      documents, instruments and agreements executed and/or delivered in connection
      therewith, shall remain in full force and effect, and are hereby ratified and
      confirmed.

     

    (b)           The
      execution, delivery and effectiveness of this Amendment shall not operate as
      a
      waiver of any right, power or remedy of Laurus, nor constitute a waiver of
      any
      provision of the SPA, the Registration Rights Agreement, the Note, any Related
      Agreement (as defined in the SPA) or any other documents, instruments or
      agreements executed and/or delivered under or in connection
      therewith.

     

    7.           Governing
      Law.  This Amendment shall be binding
      upon and inure to the benefit of the parties hereto and their respective
      successors and assigns and shall be governed by and construed in accordance
      with
      the laws of the State of New York.

     

    8.           Headings.  Section
      headings in this Amendment are included herein for convenience of reference
      only
      and shall not constitute a part of this Amendment for any other
      purpose.

     

    9.           Counterparts;
      Facsimile.  This Amendment may be
      executed by the parties hereto in one or more counterparts, each of which shall
      be deemed an original and all of which when taken together shall constitute
      one
      and the same agreement.  Any signature delivered by a party by
      facsimile transmission shall be deemed to be an original signature
      hereto.

     

    

     

    [Remainder
      of page left intentionally blank. Signature Pages to Follow.]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, this Amendment has been duly executed as of the day and year
      first written above to be effective as of the Effective Date set forth
      above.

     

    

     

    TEXHOMA
      ENERGY, INC.

     

    
      	
               

            	
              By:
                /s/ Daniel
                Vesco____________________

            

    

     

    
      	
               

            	
              Name:
                Daniel Vesco

            

    

     

    
      	
               

            	
              Title:  CEO

            

    

     

    
      	
               

            	
              TEXAURUS
                ENERGY, INC.

            

    

     

    
      	
               

            	
              By:/s/
                Daniel
                Vesco____________________

            

    

     

    
      	
               

            	
              Name:  Daniel
                Vesco

            

    

     

    
      	
               

            	
              Title:  CEO

            

    

     

    LAURUS
      MASTER FUND, LTD.

     

    
      	
               

            	
              By:/s/
                Eugene
                Grin_____________________

            

    

     

    
      	
               

            	
              Name:  Eugene
                Grin

            

    

     

    
      	
               

            	
              Title:
                Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}]]