Document:

<PAGE>   1

                                                                     EXHIBIT 4.9

THIS WARRANT AND THE SECURITIES PURCHASED ON EXERCISE HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
OR ANY STATE SECURITIES LAW, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED,
HYPOTHECATED OR OTHERWISE DISPOSED OF UNTIL EITHER (i) A REGISTRATION STATEMENT
UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS SHALL HAVE BECOME
EFFECTIVE WITH REGARD THERETO, OR (ii) THE CORPORATION SHALL HAVE RECEIVED AN
OPINION OF COUNSEL ACCEPTABLE TO THE CORPORATION AND ITS COUNSEL THAT AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR APPLICABLE STATE
SECURITIES LAWS IS AVAILABLE IN CONNECTION THEREWITH.

Warrant to Purchase                                         Warrant No. 2000-3
470,035 Shares

                        WARRANT TO PURCHASE COMMON STOCK
                                       OF
                           AER ENERGY RESOURCES, INC.

         THIS CERTIFIES that FW AER II, L.P., a Delaware limited partnership
("Holder") or any subsequent holder hereof, has the right to purchase from AER
Energy Resources, Inc., a Georgia corporation (the "Company"), up to 470,035
fully paid and nonassessable shares of the Company"s Common Stock, no par value
("Common Stock"), at the Exercise Price (as defined herein), subject to
adjustment as provided below, at any time on or before 5:00 p.m., Atlanta,
Georgia time, on September 30, 2005.

         This Warrant is issued and all rights hereunder shall be held subject
to all of the conditions, limitations and provisions set forth herein.

         1.       Exercise.

                  This Warrant may be exercised as to all or any lesser number
of full shares of Common Stock covered hereby upon surrender of this Warrant,
with the Subscription Form attached hereto duly executed, together with the full
Exercise Price in cash, or by certified or official bank check payable in New
York Clearing House Funds or wire transfer payable in immediately available
federal funds for each share of Common Stock as to which this Warrant is
exercised, at the office of the Company, AER Energy Resources, Inc., 4600
Highlands Parkway, Suite G, Smyrna, GA 30082, or at such other office or agency
as the Company may designate in writing (such surrender and payment hereinafter
called the "Exercise of this Warrant"). The "Date of Exercise" of the Warrant
shall be defined as the date that the original Warrant and Subscription Form are
received by the Company. This Warrant shall be canceled upon its Exercise, and,
as soon as practicable thereafter, the Holder hereof shall be entitled to
receive a certificate or certificates for the number of shares of

<PAGE>   2

Common Stock purchased upon such Exercise and a new Warrant or Warrants
(containing terms identical to this Warrant) representing any unexercised
portion of this Warrant. Each person in whose name any certificate for shares of
Common Stock is issued shall, for all purposes, be deemed to have become the
Holder of record of such shares on the Date of Exercise of this Warrant,
irrespective of the date of delivery of such certificate. Nothing in this
Warrant shall be construed as conferring upon the Holder hereof any rights as a
shareholder of the Company.

         2.       Payment of Warrant Exercise Price.

                  Payment of the Exercise Price may be made by any of the
following, or a combination thereof, at the election of Holder:

         (i)      cash, certified check or cashier's check or wire transfer
payable in immediately available federal funds; or

         (ii)     surrender of this Warrant at the principal office of the
Company together with notice of election, in which event the Company shall issue
Holder a number of shares of Common Stock computed using the following formula:

                            X = Y (A-B)/A

where: X = the number of shares of Common Stock to be issued to Holder (not to
exceed the number of shares set forth on the cover page of this Warrant, as
adjusted pursuant to the provisions of Section 5 of this Warrant).

                  Y = the number of shares of Common Stock for which this
                  Warrant is being exercised.

                  A = the Market Price of one share of Common Stock (for
                  purposes of this Section 2(ii), the "Market Price" shall be
                  defined as the average closing bid price of the Common Stock
                  for the five trading days prior to the Date of Exercise of
                  this Warrant (the "Five-Day Average Closing Bid Price"), as
                  reported on the Nasdaq National Market, or if the Common Stock
                  is not traded on the Nasdaq National Market, the Five-Day
                  Average Closing Bid Price in the over-the-counter market;
                  provided, however, that if the Common Stock is listed on a
                  stock exchange, the Market Price shall be the Five-Day Average
                  Closing Bid Price on such exchange).

                  B = the Exercise Price.

It is intended that the Common stock issuable upon exercise of this Warrant in a
cashless exercise transaction shall be deemed to have been acquired at the time
this Warrant was issued, for purposes of Rule 144(d)(3)(ii).

                                      -2-
<PAGE>   3

         3.       Exercise Price.

                  The Exercise Price shall initially be $0.886 per share.
However, if 120% of the average closing bid price of a share of Common Stock (as
reported on any tier of The Nasdaq Stock Market, Inc., including the
Over-the-Counter Bulletin Board automated quotation system or on a national
securities exchange) for 20 consecutive trading days ending on September 26,
2001 (the "20-Day Average Closing Bid Price"), is less than the Exercise Price,
then the Exercise Price shall be adjusted to equal the greater of (i) 120% of
the 20-Day Average Closing Bid Price or (ii) $0.554. Notwithstanding the
foregoing, in the event that the Exercise Price is adjusted pursuant to this
Section 3, no such adjustment shall be made to the number of Shares of Common
Stock that may be received upon the Exercise of this Warrant.

         4.       Transfer and Registration.

                  Subject to the provisions of Section 8 of this Warrant, this
Warrant may be transferred on the books of the Company, wholly or in part, in
person or by attorney, upon surrender of this Warrant properly endorsed, with
signature guaranteed. This Warrant shall be canceled upon such surrender and, as
soon as practicable thereafter, the person to whom such transfer is made shall
be entitled to receive a new Warrant or Warrants as to the portion of this
Warrant transferred, and the Holder of this Warrant shall be entitled to receive
a new Warrant or Warrants as to the portion hereof retained.

         5.       Anti-Dilution Adjustments.

         (a)      If the Company shall at any time declare a dividend payable in
shares of Common Stock, then the Holder hereof, upon Exercise of this Warrant
after the record date for the determination of Holders of Common Stock entitled
to receive such dividend, shall be entitled to receive upon Exercise of this
Warrant, in addition to the number of shares of Common Stock as to which this
Warrant is Exercised, such additional shares of Common stock as such Holder
would have received had this Warrant been Exercised immediately prior to such
record date.

         (b)      If the Company shall at any time effect a recapitalization or
reclassification of such character that the shares of Common stock shall be
changed into or become exchangeable for a larger or smaller number of shares,
then upon the effective date thereof, the number of shares of Common Stock which
the Holder hereof shall be entitled to purchase upon Exercise of this Warrant
shall be increased or decreased, as the case may be, in direct proportion to the
increase or decrease in the number of shares of Common Stock by reason of such
recapitalization or reclassification, and the Exercise Price shall be, in the
case of an increase in the number of shares, proportionately decreased and, in
the case of a decrease in the number of shares, proportionally increased.

         (c)      If the Company shall at any time distribute to Holders of
Common Stock cash, evidences of indebtedness or other securities or assets
(other than cash dividends or distributions payable out of earned surplus or net
profits for the current or preceding year) then, in any such case, the Holder of
this Warrant shall be entitled to receive, upon Exercise of this Warrant, with
respect to each share of Common Stock issuable upon such Exercise, the amount of
cash or evidences of

                                      -3-
<PAGE>   4

indebtedness or other securities or assets which such Holder would have been
entitled to receive with respect to each such share of Common stock as a result
of the happening of such event had this Warrant been Exercised immediately prior
to the record date or other date fixing shareholders to be affected by such
event (the "Determination Date") or, in lieu thereof, if the Board of Directors
of the Company should so determine at the time of such distribution, a reduced
Exercise Price determined by multiplying the Exercise Price on the Determination
Date by a fraction, the numerator of which is the result of such Exercise Price
reduced by the value of such distribution applicable to one share of Common
stock (such value to be determined by the Board in its discretion) and the
denominator of which is such Exercise Price.

         (d)      If the Company shall at any time consolidate or merge with any
other corporation or transfer all or substantially all of its assets or
dissolve, then the Company shall deliver written notice to the Holder of such
merger, consolidation or sale of assets or dissolution at least thirty (30) days
prior to the closing of such merger, consolidation or sale of assets or
dissolution, and this Warrant shall terminate and expire immediately prior to
the closing of such merger, consolidation or sale of assets or dissolution.

         (e)      As used in this Warrant, the term "Exercise Price" shall mean
the purchase price per share specified in Section 3 of this Warrant until the
occurrence of an event stated in Section 5(b) or 5(c) and thereafter shall mean
said price as adjusted from time to time in accordance with the provisions of
said sections. No such adjustment pursuant to Section 5(b) or 5(c) shall be made
unless such adjustment would change the Exercise Price at the time by $.01 or
more; provided, however, that all adjustments not so made shall be deferred and
made when the aggregate thereof would change the Exercise Price at the time by
$.01 or more. No adjustment made pursuant to any provision of this Section 5
shall have the effect of increasing the total consideration payable upon
Exercise of this Warrant in respect of all the Common Stock as to which this
Warrant may be exercised.

         (f)      In the event that at any time, as a result of an adjustment
made pursuant to this Section 5, the Holder of this Warrant shall, upon Exercise
of this Warrant, become entitled to receive shares and/or other securities or
assets (other than Common Stock) then, wherever appropriate, all references
herein to shares of Common Stock shall be deemed to refer to and include such
shares and/or other securities or assets; and thereafter the number of such
shares and/or other securities or assets shall be subject to adjustment from
time to time in a manner and upon terms as nearly equivalent as practicable to
the provisions of this Section 5.

         6.       Fractional Interests.

                  No fractional shares or scrip representing fractional shares
shall be issuable upon the Exercise of this Warrant, but on Exercise of this
Warrant, the Holder hereof may purchase only a whole number of shares of Common
Stock. The Company shall make a payment in cash in respect of any fractional
shares which might otherwise be issuable upon Exercise of this Warrant,
calculated by multiplying the fractional share amount by the market price of the
Company"s Common Stock on the Date of Exercise as reported on the Nasdaq
National Market or such other exchange or system on which the Company"s Common
Stock is traded.

                                      -4-
<PAGE>   5

         7.       Reservation of Shares.

                  The Company shall at all times reserve for issuance such
number of authorized and unissued shares of Common Stock (or other securities
substituted therefor as herein above provided) as shall be sufficient for
Exercise of this Warrant. The Company covenants and agrees that upon Exercise of
this Warrant, all shares of Common Stock issuable upon such Exercise shall be
duly and validly issued, fully paid, nonassessable and not subject to preemptive
rights of any shareholders.

         8.       Restrictions on Transfer.

                  This Warrant and the Common Stock issuable on Exercise hereof
have been or will be acquired by the Holder hereof for investment for its own
account and not with a view to the distribution thereof, have not been
registered under the Securities Act of 1933, as amended (the "Act"), or under
any state securities laws (the "State Acts") and may not be sold, transferred,
pledged, hypothecated or otherwise disposed of in the absence of registration or
the availability of an exemption from registration under the Act and any
applicable State Acts and, in the event a Holder believes an exemption from the
registration requirements of the Act and any applicable State Acts is available,
the Holder must deliver a legal opinion satisfactory in form and substance to
the Company and its counsel, stating that such exemption is available. All
shares of Common Stock issued upon Exercise of this Warrant shall bear an
appropriate legend to such effect. Holder has represented to the Company that it
and any transferee of all or any portion of this Warrant is and will remain at
all times while this Warrant is outstanding an "accredited investor" as defined
in Regulation D promulgated under the Act.

         9.       Benefits of this Warrant.

                  Nothing in this Warrant shall be construed to confer upon any
person other than the Company and the Holder of this Warrant any legal or
equitable right, remedy or claim under this Warrant and this Warrant shall be
for the sole and exclusive benefit of the Company and the Holder of this
Warrant.

         10.      Applicable Law.

                  This Warrant is issued under and shall for all purposes be
governed by and construed in accordance with the laws of the State of Georgia.
Jurisdiction for any dispute regarding this Warrant lies in Georgia.

         11.      Loss of Warrant.

                  Upon receipt by the Company of evidence of the loss, theft,
destruction or mutilation of this Warrant, and (in the case of loss, theft or
destruction) of indemnity or security reasonably satisfactory to the Company,
and upon surrender and cancellation of this Warrant, if mutilated, the Company
shall execute and deliver a new Warrant of like tenor and date.

         12.      Purchase Agreement.

                                      -5-
<PAGE>   6

                  This Warrant is issued and sold pursuant to that certain
Securities Purchase Agreement dated as of September 27, 2000 (the "Purchase
Agreement"). The Holder shall be entitled to all of the rights and benefits and
subject to all of the obligations of a Purchaser under the Purchase Agreement,
including without limitation, rights with respect to registration under the Act.
The terms of the Purchase Agreement are hereby incorporated herein for all
purposes and shall be considered a part of this Warrant as if they had been
fully set forth herein.

         13.      Notice to Company and Holder.

                  Notices or demands pursuant to this Warrant to be given or
made by the Holder of this Warrant to or on the Company shall be sufficiently
given or made if sent by certified or registered mail, return receipt requested,
postage prepaid, and addressed, until another address is designated in writing
by the Company, AER Energy Resources, Inc., 4600 Highlands Parkway, Suite G,
Smyrna, GA 30082, Attention: Chief Executive Officer. Notices or demands
pursuant to this Warrant to be given or made by the Company to or on the Holder
of this Warrant shall be sufficiently given or made if sent by certified or
registered mail, return receipt requested, postage prepaid, and addressed to the
Holder as follows: FW AER II, L.P., 201 Main Street, Suite 3100, Ft. Worth,
Texas 76102, Attn:. Vice President and Controller, with a copy to David G.
Brown, c/o Arbor Investors, 2775 Sand Hill Road, Suite 220, Menlo Park,
California 94025 or another person or address designated in writing by Holder.

                        (signature follows on next page)

                                      -6-
<PAGE>   7

         IN WITNESS WHEREOF, this Warrant is hereby executed effective as of the
date set forth below.

Dated as of September 27, 2000.

                                  AER ENERGY RESOURCES, INC.

                                  By:    /s/    J.T. Moore
                                    ------------------------------------------
                                    J.T. Moore
                                    Vice President and Chief Financial Officer

                                      -7-
<PAGE>   8

                                SUBSCRIPTION FORM

                         TO: AER ENERGY RESOURCES, INC.

         The undersigned hereby irrevocably exercises the right to purchase
_______________ shares of Common Stock of AER Energy Resources, Inc., a Georgia
corporation, evidenced by the attached Warrant, and herewith makes payment of
the Exercise Price with respect to such shares in full, all in accordance with
the conditions and provisions of said Warrant.

         The undersigned represents that it is an "accredited investor" as
defined in Regulation D under the Securities Act of 1933, as amended, agrees not
to offer, sell, transfer or otherwise dispose of any of such Common Stock,
except in accordance with the provisions of Section 8 of the Warrant, and
consents that the following legend may be affixed to the certificates for the
Common Stock hereby subscribed for, if such legend is applicable:

         "The securities represented by this certificate have not been
         registered under the Securities Act of 1933, as amended (the
         "Securities Act"), or any state securities law, and may not be sold,
         transferred, pledged, hypothecated or otherwise disposed of until
         either (i) a registration statement under the Securities Act and
         applicable state securities laws shall have become effective with
         regard thereto, or (ii) the corporation shall have received an opinion
         of counsel acceptable to the corporation and its counsel that an
         exemption from registration under the Securities Act or applicable
         state securities laws is available in connection therewith."

         The undersigned requests that certificates for such shares be issued,
and a warrant representing any unexercised portion thereof be issued, pursuant
to the Warrant in the name of the Registered Holder and delivered to the
undersigned at the address set forth below:

                  The undersigned hereby elects to make payment of the Exercise
                  Price through a cashless exercise pursuant to Section 2(ii) of
                  the Warrant.

(Check Box if
applicable)

Dated:
      ------------------------------

--------------------------------------------------------------------------------
                         Signature of Registered Holder

--------------------------------------------------------------------------------
                        Name of Registered Holder (Print)

--------------------------------------------------------------------------------
                                     Address

--------------------------------------------------------------------------------

The attached Warrant and the securities issuable on exercise thereof have not
been registered under the Securities Act of 1933, as amended, or any state
securities law and may not be sold, transferred, pledged, hypothecated or
otherwise disposed of in the absence of registration or the availability of an
exemption from registration under said Act or any state securities law.

--------------------------------------------------------------------------------

<PAGE>   9

                                   ASSIGNMENT

                    (To be executed by the registered Holder
                        desiring to transfer the Warrant)

FOR VALUE RECEIVED, the undersigned Holder of the attached Warrant hereby sells,
assigns and transfers unto the person or persons below named the right to
purchase ____________ shares of the Common Stock of AER ENERGY RESOURCES, INC.
evidenced by the attached Warrant and does hereby irrevocably constitute and
appoint _____________________________ attorney to transfer the said Warrant on
the books of the Company, with full power of substitution in the premises.

Dated:
      ----------------------------------     -----------------------------------
                                                          Signature

Fill in for new Registration of Warrant:     Signature Guarantee:

----------------------------------------     -----------------------------------
                  Name                                Name of Guarantor

                                             By:
----------------------------------------            ----------------------------
                                             Name:
----------------------------------------              --------------------------
                  Address                    Title:
                                                      --------------------------

Please print name and address of assignee
(including zip code)

--------------------------------------------------------------------------------
NOTICE

The signature to the foregoing Subscription Form or Assignment must correspond
to the name as written upon the face of the attached Warrant in every
particular, without alteration or enlargement or any change whatsoever.

--------------------------------------------------------------------------------<PAGE>   1

                                                                   EXHIBIT 10.27

                          SECURITIES PURCHASE AGREEMENT

         THIS IS A SECURITIES PURCHASE AGREEMENT (this "Agreement") by and
between the undersigned ("Purchasers"), and AER Energy Resources, Inc., a
Georgia corporation ("AER"), dated as of September 27, 2000, and by which
Purchasers and AER, in consideration of the agreements set forth below (the
mutuality, adequacy and sufficiency of which are hereby acknowledged), hereby
agree as follows:

         1.       Agreement to Purchase and Sell. Upon the terms set forth in
this Agreement, each Purchaser hereby agrees to purchase from AER and AER agrees
to sell to each Purchaser (i) (A) 200,000 shares of AER's no par value Series A
Convertible Preferred Stock (the "Preferred Stock") and (B) 2,250 shares of
Preferred Stock (representing 50% of a transaction fee to be paid by AER to each
Purchaser) (collectively, the shares to be issued by AER pursuant to clauses (A)
and (B) above shall be referred to as the "Shares") and (ii) a warrant to
purchase 470,035 shares of AER's no par value Common Stock (collectively, the
"Warrants") in the form attached hereto as Exhibit A. The aggregate purchase
price for each Purchaser for its Shares and Warrants shall be $2,000,000.

         2.       The Closing. The closing shall occur at 10:00 a.m. on
September 27, 2000 (the "Closing") at the offices of Sutherland Asbill & Brennan
LLP, 999 Peachtree Street, N.E., Atlanta, Georgia 30309-3996, or as the parties
shall otherwise agree. At the Closing, the following shall occur:

                  (a)      AER shall deliver to each Purchaser (i) a duly
completed and executed share certificate in the name of each Purchaser
representing its Shares, (ii) a duly completed and executed Warrant, and (iii)
if such Purchaser converts in part its $1,000,000 AER convertible promissory
note dated March 31, 2000 (a "Note") to Preferred Stock, a new AER promissory
note for the remaining principal balance, with otherwise identical terms.

                  (b)      Each Purchaser shall deliver to AER by wire transfer
in immediately available federal funds the aggregate purchase price of its
Shares and its Warrant (less $22,500, representing 50% of the transaction fee to
be paid by AER in cash to each Purchaser), or at its option, it may pay a
portion of the purchase price by converting its Note at a conversion price of
$10.00 of principal per Share, in which case the Note will be surrendered for
cancellation in whole or in part, as appropriate.

         3.       Representations and Warranties.

                  (a)      By AER. AER hereby represents and warrants to each
Purchaser that:

                           (i)      AER is a duly incorporated and organized
Georgia corporation validly existing and in good standing under Georgia law;

<PAGE>   2

                           (ii)     AER has the power and authority to issue the
Shares and the Warrant to Purchaser pursuant to this Agreement and to execute,
deliver and otherwise perform this Agreement, and without limiting the
foregoing, the Board of Directors of AER has authorized and approved the
execution, delivery and performance of this Agreement;

                           (iii)    the Shares, the AER Common Stock ("Common
Stock") issuable upon exercise of the Warrants (the "Warrant Shares") and the
Common Stock issuable upon conversion of the Shares (the "Conversion Shares")
when issued will be validly issued, fully paid and non-assessable shares of
capital stock of AER free and clear of any liens, encumbrances, adverse rights
or claims of any kind whatsoever, and AER will at all times maintain a number of
authorized but unissued shares of Common Stock for issuance of the Warrant
Shares and the Conversion Shares;

                           (iv)     this Agreement and the Warrants each has
been duly executed and delivered by AER, and constitutes the legal, valid and
binding obligation of AER, enforceable in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency and other
laws and equitable principles affecting creditors' rights generally and the
discretion of the courts in granting equitable remedies;

                           (v)      the execution, delivery and performance of
this Agreement and the Warrants each is in compliance with, and is not and will
not be, after the giving of notice or the passage of time or both, in violation
of (A) the articles of incorporation or bylaws of AER as amended or restated,
(B) any applicable law, regulation or order to which AER or its assets is
subject or bound, or (C) any agreement to which AER or its assets is subject or
bound (and without limiting the foregoing, will not result in any preemptive
rights or otherwise require the issuance of stock or other securities to satisfy
antidilution or other similar requirements);

                           (vi)     all of the documents (the "SEC Documents")
filed by AER within the last thirty-six months prior to the date of this
Agreement with the Securities and Exchange Commission (the "Commission") in
accordance with the requirements of the Securities Act of 1933, as amended (the
"Securities Act"), and the Securities Exchange Act of 1934, as amended
(collectively the "Securities Acts"), conformed in all material respects to the
requirements of the Securities Acts and the rules and regulations of the
Commission thereunder, and none of such documents contained an untrue statement
of a material fact or omitted to state a material fact required to be stated
therein or necessary to make the statements therein not misleading;

                           (vii)    the authorized capital stock of AER consists
of 100,000,000 shares of common stock, no par value ("Common Stock") and
10,000,000 shares of preferred stock, no par value. As of September 21, 2000,
AER had 24,850,263 shares of Common Stock outstanding, and no shares of
preferred stock outstanding. Other than warrants previously issued to each
Purchaser, the Warrant issued to Swartz Investments, Inc. ("Swartz") in 1995,
and stock options granted to employees and restricted stock issued to directors,
both as described in the SEC Documents, AER has no outstanding securities
convertible into (or exercisable or exchangeable for) or evidencing the right to
purchase or subscribe for, shares of its capital stock or authorized
subscriptions, options, warrants, calls, rights, commitments or any other
agreements or

                                      -2-
<PAGE>   3

arrangements, obligating it to issue any shares of its capital stock or
securities convertible into capital stock;

                           (viii)   the financial statements (including any
related notes) included in the SEC Documents (the "Financial Statements"), have
been prepared in accordance with generally accepted accounting principles
consistently applied throughout the periods involved (except as may be noted
therein) and fairly present the financial condition, results of operations and
cash flows of AER as of the dates thereof and for the periods ended on such
dates (in each case subject, as to interim statements, to changes resulting from
year-end adjustments (none of which were or could be expected to be material in
amount or effect)); and

                           (ix)     except as set forth in the Financial
Statements, since December 31, 1999, AER has conducted its business only in the
ordinary course in substantially the same manner as theretofore conducted, and
AER has not undergone or suffered any material adverse change in its condition,
financial or otherwise, business, operations, affairs, properties, assets or
prospects.

                  (b)      By Purchasers. Each Purchaser hereby represents and
warrants to AER:

                           (i)      this Agreement has been duly executed and
delivered by Purchaser, and constitutes the legal, valid and binding obligation
of Purchaser, enforceable in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency and other laws and equitable
principles affecting creditors' rights generally and the discretion of the
courts in granting equitable remedies;

                           (ii)     Purchaser will acquire the Shares, the
Conversion Shares, the Warrant and the Warrant Shares (collectively the
"Securities") for its own account, to hold for investment, and with no present
intention of dividing its participation with others or reselling or otherwise
participating, directly or indirectly, in a distribution of the Securities, and
it will not make any sale, transfer, or other disposition of the Securities in
violation of the Securities Act or any applicable state securities laws (the
"State Acts"). There will be placed on the Warrant and any certificates for the
Shares, the Conversion Shares and the Warrant Shares, a legend stating in
substance:

                           THE SECURITIES EVIDENCED HEREBY HAVE NOT
                           BEEN REGISTERED UNDER THE SECURITIES ACT OF
                           1933 AS AMENDED (THE "SECURITIES ACT") OR
                           ANY STATE SECURITIES LAWS IN RELIANCE ON ONE
                           OR MORE EXEMPTIONS THEREUNDER AND MAY NOT BE
                           SOLD OR TRANSFERRED EXCEPT IN TRANSACTIONS
                           EXEMPT FROM REGISTRATION UNDER THE
                           SECURITIES ACT OR ANY APPLICABLE STATE
                           SECURITIES LAWS OR PURSUANT TO AN EFFECTIVE
                           REGISTRATION STATEMENT THEREUNDER. THE
                           SECURITIES EVIDENCED HEREBY ARE SUBJECT TO

                                      -3-
<PAGE>   4

                           RESTRICTIONS ON TRANSFER CONTAINED IN A
                           SECURITIES PURCHASE AGREEMENT TO WHICH THE
                           CORPORATION IS A PARTY. ANY TRANSFER OF THE
                           SECURITIES REPRESENTED HEREBY IN VIOLATION
                           OF SAID AGREEMENT SHALL BE VOID. THE
                           CORPORATION WILL MAIL TO THE HOLDER OF THESE
                           SECURITIES A COPY OF SUCH RESTRICTIONS
                           WITHOUT CHARGE WITHIN FIVE (5) DAYS AFTER
                           RECEIPT OF WRITTEN REQUEST THEREFOR
                           ADDRESSED TO THE CORPORATION.

                           (iii)    Purchaser, in offering to subscribe for the
Securities hereunder, has been given access to all material and relevant
information concerning AER, thereby enabling Purchaser to make an informed
investment decision concerning the Securities. Purchaser has relied solely upon
an independent investigation made by it and its representatives, if any, and
has, prior to the date hereof, been given access to and the opportunity to
examine data and information relating to AER. In making its investment decision
to purchase the Securities, Purchaser is not relying on any oral or written
representations or assurances from AER or any other person or any representation
of AER or any other person other than as set forth in this Agreement. Without
limiting the foregoing, Purchaser has reviewed AER's Annual Report on Form 10-K
for the year ended December 31, 1999 and AER's Quarterly Report on Form 10-Q for
the quarter ended June 30, 2000. Purchaser is an "accredited investor" as
defined in Rule 501 of Regulation D under the Securities Act.

                           (iv)     Purchaser understands and acknowledges that
an investment in the Securities involves a high degree of risk. Purchaser
represents that Purchaser is able to bear the economic risk of an investment in
the Securities, which Purchaser acknowledges are currently illiquid and may
remain illiquid indefinitely, including a possible total loss of its investment.
In making this statement Purchaser hereby represents and warrants to AER that
Purchaser has adequate means of providing for Purchaser's current needs and
contingencies; Purchaser is able to afford to hold the Securities for an
indefinite period and Purchaser further represents that Purchaser has such
knowledge and experience in financial and business matters that Purchaser is
capable of evaluating the merits and risks of the investment in the Securities.
Further, Purchaser represents that Purchaser has no present need for liquidity
in the Securities and Purchaser is willing to accept such investment risks.

                           (v)      Purchaser understands that no United States
federal or state agency, or similar agency of any other country, has reviewed,
approved, passed upon or made any recommendation or endorsement of AER or the
Securities.

                           (vi)     This Agreement is made by AER with Purchaser
in reliance upon Purchaser's representations and covenants made in this Section
3(b), which reliance by its execution of this Agreement Purchaser hereby
confirms.

                                      -4-
<PAGE>   5

                           (vii)    Purchaser understands that the Securities
have not been registered under the Securities Act or any State Acts and are
being offered and sold pursuant to exemptions therefrom based in part upon the
representations of Purchaser contained herein.

                           (viii)   Purchaser knows of no public solicitation or
advertisement of an offer in connection with the proposed issuance and sale of
the Securities.

                           (ix)     Purchaser has reviewed with its tax advisors
the U.S. federal, state, local and foreign tax consequences of an investment in
the Securities and the transactions contemplated by this Agreement. Purchaser is
relying solely on such advisors and not on any statements or representations of
AER or any of its agents and understands that Purchaser (and not AER) shall be
responsible for Purchaser's own tax liability that may arise as a result of this
investment or the transactions contemplated by this Agreement.

                           (x)      Purchaser's acquisition of the Securities is
not a transaction (or any element of a series of transactions) that is a part of
a plan or scheme to evade the registration provisions of the Securities Act.

         4.       Registration of Shares.

                  (a)      Demand Registration. If at any time prior to eight
(8) years from the date of the Closing, AER shall receive a written request from
a Purchaser or Purchasers holding Shares, Conversion Shares, Warrants and
Warrant Shares representing at least 25% of the Common Stock issuable upon
conversion of the Shares and exercise of the Warrants that AER file a
registration statement under the Securities Act, covering the registration of at
least $2,000,000 of the Warrant Shares, the Conversion Shares, other shares of
Common Stock owned by each Purchaser, and shares of Common Stock owned by
Keystone, Inc., David G. Brown, Mark A. Wolfson or "affiliates" or "associates"
thereof, as such terms are defined in the Securities Act (collectively the
"Third Party Shareholders") to the extent such shares of Common Stock are not
then freely tradable under the Securities Act, AER shall first notify in writing
any Purchaser who has not joined in such request of such request. Each such
Purchaser and any Third Party Shareholder shall have ten (10) days in which to
notify AER of its intention to join in the request to register its shares. Not
later than ninety (90) days after receipt by AER of a written request for a
demand registration pursuant to this Section 4(a), AER shall file a registration
statement with the Commission relating to the shares as to which such request
for a demand registration relates (the "Requested Shares") and AER shall use its
best efforts to cause the registration statement (which may cover, without
limitation, an offering on a delayed or continuous basis open for up to one
hundred eighty (180) days pursuant to Commission Rule 415) for the Requested
Shares to become effective under the Securities Act. AER shall be obligated to
effect only three (3) registrations pursuant to this Section 4(a) for all
Purchasers and Third Party Shareholders together, and only if the proposed
aggregate selling price in any such offering is at least $2,000,000. Any such
request shall be subject to the rights of the purchasers of AER Debentures (the
"Debenture Subscribers") and Swartz pursuant to the Registration Rights
Agreement dated as of November 22, 1995 among AER, the Debenture Subscribers and
Swartz.

                                      -5-
<PAGE>   6

                  (b)      Delay of Registration. Notwithstanding anything to
the contrary in Section 4(a), AER shall have the right (i) to defer the initial
filing or request for acceleration of effectiveness of any registration pursuant
to Section 4(a) or (ii) after effectiveness, to suspend effectiveness of any
such registration statement or to require holders to suspend further sales
pending amendment (collectively a "Delay"), if, in the good faith judgment of
the Board of Directors of AER and upon the advice of counsel to AER, such delay
in filing or requesting acceleration of effectiveness or such suspension of
effectiveness or suspension of sales is necessary in light of the existence of
material non-public information (financial or otherwise) concerning AER
disclosure of which at the time is not, in the opinion of the Board of Directors
of AER and upon the advice of counsel, (A) otherwise required and (B) in the
best interests of AER; provided, however that AER will not invoke a Delay for
more than three (3) months, unless the reason for the Delay is that AER is then
engaged in an acquisition, in which case it will use its best efforts to end the
Delay as soon as possible and provided, further that AER will not invoke Delays
for more than an aggregate of six (6) months in any calendar year. The one
hundred eighty (180) day period referred to herein during which the registration
statement may be kept current after its effective date shall be extended for an
additional number of business days equal to the number of business days during
which the right to sell shares was suspended pursuant to the preceding sentence,
and, if and to the extent necessary to effect such extension, the eight (8)-year
period referred to above shall also be extended. In addition, the eight (8)-year
period will also be extended if any registration has been delayed pursuant to
the foregoing and cannot be completed within such period.

                  (c)      "Piggyback" Registration. If at any time prior to
eight (8) years from the date of the Closing, AER shall determine to proceed
with the preparation and filing of a registration statement under the Securities
Act in connection with the proposed offer and sale for money of any of its
equity securities by it or any of its security holders (other than on Form S-4
or Form S-8 promulgated under the Securities Act or any successor or similar
form), AER will give written notice of its determination to each Purchaser. Upon
the written request of a Purchaser or any Third Party Shareholder given to AER
within ten (10) days after Purchaser's receipt of any such notice by AER, AER
will cause all the Conversion Shares and Warrant Shares and other shares of
Common Stock which Purchasers and any of the Third Party Shareholders have
requested to have registered (the "Piggyback Shares") to be included in such
registration statement; provided, however, that such request shall be subject to
the rights of the Debenture Subscribers and Swartz pursuant to the Registration
Rights Agreement dated as of November 22, 1995 among AER, the Debenture
Subscribers and Swartz, and provided, further that, if the managing underwriter,
in the case of an underwritten public offering, determines and advises in
writing that the inclusion in the registration statement of all the Piggyback
Shares proposed to be included by Purchasers or the Third Party Shareholders
would interfere with the successful marketing of the securities proposed to be
registered by AER, then the number of such Piggyback Shares to be included in
the registration statement shall be reduced in accordance with the
recommendations of the managing underwriter, except that if the managing
underwriter determines and advises that the inclusion in such registration
statement of any Piggyback Shares would so interfere, then no Piggyback Shares
shall be included in such registration statement; provided that any such
reduction shall be made pro rata with respect to all Purchasers and Third Party
Shareholders requesting such registration.

                                      -6-
<PAGE>   7

                  (d)      Expenses. With respect to each inclusion of shares in
a registration statement pursuant to Section 4(a) or 4(b), AER shall bear the
following fees, costs and expenses: all registration, filing and NASD fees,
printing expenses, fees and disbursements of counsel and accountants for AER and
all legal fees and disbursements and other expenses of complying with state
securities or blue sky laws of any jurisdictions in which the securities to be
offered are to be registered or qualified. Fees and disbursements not expressly
included above shall be borne pro rata by the Purchasers and the Third Party
Shareholders whose shares are included in such registration statement.

                  (e)      Indemnification, Etc. In the event that shares are
registered pursuant to Section 4(a) or 4(b), AER, Purchasers and the Third Party
Shareholders shall execute reasonable and customary underwriting,
indemnification and lock-up agreements relating to such registration and shall
undertake reasonable and customary registration procedures.

                  (f)      Termination of Rights. Notwithstanding anything to
the contrary in this Section 4, all registration rights set forth in this
Section 4 shall terminate with respect to each Purchaser and Third Party
Shareholder at such time as it or he is able to sell all of its or his Common
Stock subject to such registration rights pursuant to Rule 144 under the
Securities Act within a single three (3)-month period.

         5.       Survival; Indemnification. The representations, warranties and
agreements made in this Agreement shall survive the Closing. Each party,
acknowledging that each of the others is entitled to rely on its
representations, warranties and agreements in this Agreement in order to
preserve the benefit of the bargain otherwise represented by this Agreement,
agrees that neither the survival of such representations, warranties and
agreements, nor their enforceability nor any remedies for breaches of them shall
be affected by any knowledge of a party regardless of when or how such party
acquired such knowledge.

         6.       Miscellaneous.

                  (a)      Good Faith Efforts; Further Assurances; Cooperation.
The parties shall in good faith undertake to perform their obligations in this
Agreement, to satisfy all conditions and to cause the transactions contemplated
in this Agreement to be carried out promptly in accordance with the terms of
this Agreement. Upon the execution of this Agreement and thereafter, each party
shall do such things as may be reasonably requested by the others in order more
effectively to consummate or document the transactions contemplated by this
Agreement. The parties shall cooperate with each other and their respective
counsel, accountants or representatives in connection with any actions required
to be taken as part of their respective rights and obligations under this
Agreement.

                  (b)      Notices. Each notice, communication and delivery
under this Agreement (i) shall be made in writing signed by the party making the
same, (ii) shall specify the section of this Agreement pursuant to which it is
given, (iii) shall be given either in person or by a nationally recognized next
business day delivery service or by telecopier, and (iv) if not given in person,
shall be given to a party at the address set forth below such party's signature
(or at such other address as a party may furnish to the other parties to this
Agreement pursuant to this

                                      -7-
<PAGE>   8

Section 6(b)). If notice is given pursuant to this Section 6(b) of a permitted
successor or assign of a party, then notice shall also thereafter be given as
set forth above to such successor or assign of such party.

                  (c)      Assignment. No assignment or transfer by a Purchaser
or any Third Party Shareholder of their respective rights and obligations under
this Agreement shall be made by merger or other operation of law or otherwise
except with the prior written consent of AER. This Agreement is binding upon the
parties and their successors and assigns and inures to the benefit of the
parties and their permitted successors and assigns and, when appropriate to
effect the binding nature of this Agreement for the benefit of the other
parties, of any other successor or assign.

                  (d)      Severability. Any determination by any court of
competent jurisdiction of the invalidity of any provision of this Agreement that
is not essential for accomplishing its purposes shall not affect the validity of
any other provision of this Agreement, which shall remain in full force and
effect and which shall be construed as to be valid under applicable law.

                  (e)      Controlling Law; Integration; Amendment; Waiver. This
Agreement is governed by, and shall be construed and enforced in accordance
with, the laws of the State of Georgia (except the laws of that state that would
render such choice of laws ineffective). This Agreement supersedes all prior
negotiations, agreements and understandings between the parties as to its
subject matter, constitutes the entire agreement between the parties as to its
subject matter and may not be altered or amended except in writing signed by the
parties. The failure of any party at any time or times to require performance of
any provision of this Agreement shall in no manner affect the right to enforce
the same; and no waiver by any party of any provision or of a breach of any
provision of this Agreement, whether by conduct or otherwise, in any one of more
instances shall be deemed or construed either as a further or continuing waiver
of any such provision or breach or as a waiver of any other provision or of a
breach of any other provision of this Agreement.

                  (f)      Copies. This Agreement may be executed in two or more
copies, each of which shall be deemed an original, and it shall not be necessary
in making proof of this Agreement or its terms to produce or account for more
than one of such copies.

                                      -8-
<PAGE>   9

         DULY EXECUTED and delivered by Purchasers and AER, on September 27,
2000.

PURCHASERS:                     FW AER II, L.P.

                                By:               /s/    David G. Brown
                                  ----------------------------------------------
                                   Name:           David G. Brown
                                   ---------------------------------------------
                                   Title:          Vice President
                                        ----------------------------------------

                                Address:
                                201 Main Street, Suite 3100
                                Fort Worth, Texas  76102
                                Phone:       (817) 390-8500
                                Fax Number:  (817) 338-2064

                                ELMWOOD PARTNERS II

                                By:               /s/    Jon A. Lindseth
                                   ---------------------------------------------
                                   Name:            Jon A. Lindseth
                                        ----------------------------------------
                                   Title:            Managing Partner
                                         ---------------------------------------

                                Address:
                                12651 Elmwood Avenue
                                Cleveland, Ohio  44111
                                Phone:       (216) 252-4122
                                Fax Number:  (216) 252-5639

AER:                            AER ENERGY RESOURCES, INC.
---

                                By:            /s/    J.T. Moore
                                  ----------------------------------------------
                                     J.T. Moore
                                     Vice President and Chief Financial Officer

                                Address:
                                4600 Highlands Parkway, Suite G
                                Smyrna, Georgia  30082
                                Phone:       (770) 433-2127
                                Fax Number:  (770) 433-2286

                                    * * * * *

                                      -9-

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