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Exhibit 10.13  

 
 

Summary of Director Compensation    
    

        We pay our non-employee directors, who consist of all our directors other than our chief executive officer, an annual fee of $20,000 for their
services as directors, plus $2,400 for each regular board meeting attended and $1,000 for each special board meeting attended, whether in person or by telephone. We pay an annual fee of $40,000 to the
chair of the Audit Committee, $20,000 to the chair of the Compensation Committee, $12,000 to the chairs of the Executive Committee, the Nominating and Corporate Governance Committee and the Strategic
Planning Committee, and $5,000 to each non-employee director who serves as a member of any committee. We pay all non-employee directors $2,000 for each committee meeting
attended, whether in person or by telephone. Our chairman also receives an annual fee of $150,000, as well as office space, support services and healthcare benefits for his services as chairman of the
board. Directors who are employees do not receive separate fees for their services as directors. We also pay some of our directors consulting fees for their services as outside experts. 

        Under
the terms of our equity incentive plan, each director who is not employed by, and does not provide independent contractor services as a consultant or advisor to, us or our
subsidiaries receives automatic restricted stock awards. We refer to these directors as our outside directors. Currently, our outside directors are Basil L. Anderson, William F. Concannon, Ronald T.
Maheu, Rowland T. Moriarty, and Nancy L. Rose. Each outside director who is re-elected as one of our directors or whose term continues after our annual meeting will on the date of the
annual meeting receive a restricted stock award, vesting over a period of four years in equal annual installments, valued at $75,000 based on the closing price of our common stock as of that date.
Each person who is first elected an outside director will receive on the date of his or her election a restricted stock award, vesting over a period of four years in equal annual installments, in an
amount to be determined by our board of directors. We expect to make similar annual grants of restricted stock to our non-employee directors who provide consulting services to us,
currently Franklin M. Fisher, Steven C. Salop, and Carl Shapiro; however, these grants are not automatic under our equity incentive plan, and instead must be approved by our board on an annual basis. 

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Exhibit 4.4  

THE
REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF
THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A PERIOD OF ONE YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER
THAN (I) DEUTSCHE BANK SECURITIES INC. ("DEUTSCHE BANK") OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING (DEFINED
BELOW), OR (II) A BONA FIDE OFFICER OR PARTNER OF DEUTSCHE BANK OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER. THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF (I) THE
CONSUMMATION BY VANTAGE ENERGY SERVICES, INC. ("COMPANY") OF A MERGER, CAPITAL STOCK EXCHANGE, ASSET OR STOCK ACQUISITION, EXCHANGEABLE SHARE
TRANSACTION, JOINT VENTURE OR OTHER SIMILAR BUSINESS COMBINATION ("BUSINESS COMBINATION") (AS DESCRIBED MORE FULLY IN THE COMPANY'S REGISTRATION
STATEMENT (DEFINED HEREIN)) AND (II)                         , 2008. VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME,
                        , 2011.
 

 
 

UNIT PURCHASE OPTION    
    
    FOR THE PURCHASE OF    
    
    1,250,000 UNITS    
    
    OF    
    
    VANTAGE ENERGY SERVICES, INC.    

1.     Purchase Option.  

        THIS CERTIFIES THAT, in consideration of $100.00 duly paid by or on behalf of ("Holder"), as registered owner of
this Purchase Option ("Purchase Option"), to the Company, Holder is entitled, at any time or from time to time upon the later of the consummation of a
Business Combination or                        , 2008 ("Commencement Date"),
and at or before 5:00 p.m., New York City local time,                        , 2011
("Expiration Date"), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to one million two hundred fifty thousand
(1,250,000) units ("Units") of the Company, each Unit consisting of one share of common stock of the Company, par value $0.001 per share
("Common Stock"), and one warrant ("Warrant") expiring four (4) years from the effective date
("Effective Date") of the registration statement ("Registration Statement") pursuant to which Units are
offered for sale to the public ("Offering"). Each Warrant is the same as the warrants included in the Units being registered for sale to the public by
way of the Registration Statement ("Public Warrants"), except that the exercise price of the Warrant is $7.20 per share (such exercise price, as it may
be adjusted hereunder, the "Underwriter's Warrant Price"). If the Expiration Date is a day on which banking institutions are authorized by law to close in New York City, then this Purchase Option may
be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that
would terminate the Purchase Option. This Purchase Option is initially exercisable at $9.60 per Unit so purchased; provided, however, that upon the occurrence of any of the events specified in
Section 6 hereof, the rights granted by this Purchase Option, including the exercise price per Unit and the number of Units (and shares of Common Stock and Warrants) to be received upon such
exercise, shall be adjusted as therein specified. The term "Exercise Price" shall mean the initial exercise price per Unit or the adjusted exercise
price per Unit, depending on the context. 

1

 

2.     Exercise.  

        2.1.    Exercise Form.    In order to exercise this Purchase Option, the exercise form
attached hereto must be duly executed and completed and delivered to the Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable in cash or
by certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., New York City local time, on the Expiration Date this
Purchase Option shall become and be void without further force or effect, and all rights represented hereby shall cease and expire. 

        2.2.    Cashless Exercise.    

        2.2.1.    Determination of Amount.    In lieu of the payment of the Exercise Price multiplied
by the number of Units for which this Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1, the Holder shall
have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units ("Conversion Right") as
follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of Units (or that number of
shares of Common Stock and Warrants comprising that number of Units) equal to the quotient obtained by dividing (x) the Value (as defined below) of the portion of the Purchase Option being
converted by (y) the Current Market Value (as defined below) of a Unit. The "Value" of the portion of the Purchase Option being converted shall
equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from
(b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used herein, the term "Current
Market Value" per Unit at any date means: (A) in the event that neither the Units nor Public Warrants are still trading, the remainder derived from subtracting
(x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying one Unit from (y) (i) the Current Market Price
of the Common Stock multiplied by (ii) the number of shares of Common Stock underlying one Unit, which shall include the shares of Common Stock underlying the Warrants included in such Unit;
(B) in the event that the Units, Common Stock and Public Warrants are still trading, (i) if the Units are listed on a national securities exchange or quoted on the Nasdaq Global Market,
Nasdaq Capital Market or NASD OTC Bulletin Board (or successor exchange), the last sale price of the Units in the principal trading market for the Units as reported by the exchange, Nasdaq or the
NASD, as the case may be, on the last trading day preceding the date in question; or (ii) if the Units are not listed on a national securities exchange or quoted on the Nasdaq Global Market,
Nasdaq Capital Market or the NASD OTC Bulletin Board (or successor exchange), but is traded in the residual over-the-counter market, the closing bid price for Units on the last
trading day preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (C) in the event that the Units are not
still trading but the Common Stock and Public Warrants underlying the Units are still trading, the Current Market Price of the Common Stock plus the product of (x) the Current Market Price of
the Public Warrants and (y) the number of shares of Common Stock underlying the Warrants included in one Unit. The "Current Market Price" shall
mean (i) if the Common Stock (or Public Warrants, as the case may be) is listed on a national securities exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market or NASD OTC
Bulletin Board (or successor exchange), the last sale price of the Common Stock (or Public Warrants) in the principal trading market for the Common Stock as reported by the exchange, Nasdaq or the
NASD, as the case may be, on the last trading day preceding the date in question; (ii) if the Common Stock (or Public Warrants, as the case may be) is not listed on a national securities
exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market or the NASD OTC Bulletin Board (or successor exchange), but is traded in the residual over-the-counter
market, the closing bid price for the Common Stock (or Public Warrants) on the last trading day preceding 

2

 

the
date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be
determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith. In the event the Public Warrants have expired and are
no longer exercisable, no "Value" shall be attributed to the Warrants underlying this Purchase Option. Additionally, in the event that this Purchase
Option is exercised pursuant to this Section 2.2 and the Public Warrants are still trading, the "Value" shall be reduced by the difference
between the Warrant Exercise Price and the exercise price of the Public Warrants multiplied by the number of Warrants
underlying the Units included in the portion of this Purchase Option being converted. 

        2.2.2.    Mechanics of Cashless Exercise.    The cashless exercise right described in this
Section 2.2 (the "Cashless Exercise Right") may be exercised by the Holder on any business day on or after the Commencement Date and not later
than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto with the cashless exercise section completed to the Company, exercising the Cashless
Exercise Right and specifying the total number of Units the Holder will purchase pursuant to such Cashless Exercise Right. 

        2.3.    Limitations.    Notwithstanding the foregoing, the Company shall not be obligated to
deliver any securities pursuant to the exercise of a Purchase Option and shall have no obligation to settle the Purchase Option exercise unless a registration statement under the Securities Act of
1933, as amended (the "Securities Act"), with respect to the securities underlying the Purchase Option is effective and a current prospectus is on file
with the Securities and Exchange Commission (the "Commission"). In the event that a registration statement with respect to the securities underlying a
Purchase Option is not effective under the Securities Act or a current prospectus is not on file with the Commission, the holder of such Purchase Option shall not be entitled to exercise such Purchase
Option. Notwithstanding anything to the contrary in this Purchase Option, under no circumstances will the Company be required to net cash settle the Purchase Option exercise. Purchase Options may not
be exercised by, or securities underlying such Purchase Option issued to, any registered holder in any state in which such exercise or issuance would be unlawful. For the avoidance of doubt, as a
result of this Section 2.3, any or all of the Purchase Option may expire unexercised. In no event shall the registered Holder of this Purchase Option be entitled to receive any monetary damages
if the securities underlying this Purchase Option have not been registered by the Company pursuant to an effective registration statement or if a current prospectus is not on file with the Commission,
provided the Company has fulfilled its obligation to use its best efforts to effect such registration and ensure a current prospectus is on file with the Commission. 

3.     Transfer.  

        3.1.    General Restrictions.    The registered Holder of this Purchase Option, by its
acceptance hereof, agrees that it will not sell, transfer, assign, pledge or hypothecate, or enter into any hedging, short sale, derivative, put, or call transaction that would result in the effective
economic disposition of, this Purchase Option for a period of one year following the Effective Date to anyone other than (i) Deutsche Bank or an underwriter or a selected dealer in connection
with the Offering, or (ii) a bona fide officer or partner of Deutsche Bank or of any such underwriter or selected dealer. On and after the first anniversary of the Effective Date, transfers to
others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form
attached hereto duly executed and completed, together with the Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five business days
transfer this Purchase Option on the books of the Company and shall execute and deliver a new Purchase Option or Purchase Options of like tenor to the appropriate assignee(s) expressly evidencing the
right to purchase the aggregate 

3

 

number
of Units purchasable hereunder or such portion of such number as shall be contemplated by any such assignment. 

        3.2.    Restrictions Imposed by the Act.    The securities evidenced by this Purchase Option
shall not be transferred unless and until (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration
under the Securities Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of
Elenoff Grossman & Schole LLP shall be deemed satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to
the Registration Statement relating to such securities has been filed by the Company and declared effective by the Commission and compliance with applicable state securities law has been established. 

4.     New Purchase Options to be Issued.  

        4.1.    Partial Exercise or Transfer.    Subject to the restrictions in Section 3
hereof, this Purchase Option may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Option for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a
new Purchase Option of like tenor to this Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder as to which this Purchase
Option has not been exercised or assigned. 

        4.2.    Lost Certificate.    Upon receipt by the Company of evidence satisfactory to it of the
loss, theft, destruction or mutilation of this Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Option of
like tenor and date. Any such new Purchase Option executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of
the Company. 

5.     Registration Rights.  

        5.1.    Demand Registration.    

        5.1.1.    Grant of Right.    The Company, upon written demand
("Initial Demand Notice") of the Holder(s) of at least 50.1% of the Purchase Options and/or the underlying Units and/or the underlying securities
("Majority Holders"), agrees to use its best efforts to register (the "Demand Registration") under the
Securities Act on one occasion, all of the Purchase Options requested by the Majority Holders in the Initial Demand Notice and all of the securities underlying such Purchase Options, including the
Units, Common Stock, the Warrants and the Common Stock underlying the Warrants (collectively, the "Registrable Securities"). On such occasion, the
Company will file a registration statement for use in an offering of the Registrable Securities from time-to-time or a post-effective amendment to the
Registration Statement covering all of the Registrable Securities that will permit an offering of the Registrable Securities from time-to-time within sixty days after receipt
of the Initial Demand Notice and use its best efforts to have such registration statement or post-effective amendment declared effective as soon as possible thereafter. The demand for
registration may be made at any time during a period of five years beginning on the Effective Date. The Initial Demand Notice shall specify the intended method(s) of distribution of the Registrable
Securities. The Company will notify all holders of the Purchase Options and/or Registrable Securities of the demand within ten days from the date of the receipt of any such Initial Demand Notice. Each
holder of Registrable Securities who wishes to include all or a portion of such holder's Registrable Securities in the Demand Registration (each such holder 

4

 

including
shares of Registrable Securities in such registration, a "Demanding Holder") shall so notify the Company within fifteen (15) days after
the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration,
subject to Section 5.1.4. 

        5.1.2.    Effective Registration.    A registration will not count as a Demand Registration
until the registration statement filed with the Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under this
Agreement with respect
thereto; provided, however, that if, after such registration statement has been declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any
stop order or injunction of the Commission or any other governmental agency or court, the registration statement with respect to such Demand Registration will be deemed not to have been declared
effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding
Holders thereafter elect to continue the offering. 

        5.1.3.    Underwritten Offering.    If the Majority Holders so elect and such holders so
advise the Company as part of the Initial Demand Notice, the offering of all or any portion of the Registrable Securities pursuant to such Demand Registration shall be in the form of one underwritten
offering. All Demanding Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters
selected for such underwriting by the Majority Holders. 

        5.1.4.    Reduction of Offering.    If the managing underwriter or underwriters for a Demand
Registration that is to be an underwritten offering advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the Demanding
Holders desire to sell pursuant to the underwritten offering, taken together with all other shares of Common Stock or other securities which the Company desires to sell and the shares of Common Stock,
if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights held by other stockholders of the Company who desire to sell, exceeds the
maximum dollar amount or maximum number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of
success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the "Maximum Number of Shares"), then the Company shall
include in such registration: (i) first, the Registrable Securities as to which Demand Registration has been requested by the Demanding Holders that want to participate in such underwritten
offering (pro rata in accordance with the number of shares that each such Person has requested be included in such registration, regardless of the number of shares held by each such Person (such
proportion is referred to herein as "Pro Rata")) that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that
the Maximum Number of Shares has not been reached under the foregoing clause (i), the shares of Common Stock or other securities that the Company desires to sell that can be sold without
exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the shares of Common
Stock or other securities registrable pursuant to the terms of the Registration Rights Agreement between the Company and the initial investors in the Company, dated as
of                        , 2007 (the
"Registration Rights Agreement" and such registrable securities, the "Investor Securities") as to which
"piggy-back" registration has been requested by the holders thereof, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the extent that
the Maximum Number of Shares have not been reached under the foregoing clauses (i), (ii), and (iii), the shares of Common Stock or other securities for the account of other persons that the Company is
obligated to register pursuant to 

5

 

written
contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares. 

        5.1.5.    Withdrawal.    If a majority-in-interest of the Demanding
Holders disapprove of the terms of any underwriting or are not entitled to include all of their Registrable Securities in any offering, such majority-in-interest of the
Demanding Holders may elect to withdraw from such offering by giving written notice to the Company and the underwriter or underwriters of their request to withdraw prior to the effectiveness of the
registration statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest of the Demanding Holders withdraws from a proposed
offering relating to a Demand Registration, then such registration shall not count as a Demand Registration provided for in Section 5.1. 

        5.1.6.    Terms    The Company shall bear all fees and expenses attendant to registering the
Registrable Securities, including the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities, but the Holders shall pay any
and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register the Registrable Securities in such states as are reasonably requested by the Majority
Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a state in which such registration would cause (i) the Company to be
obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction or (ii) the principal stockholders of
the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall use its best efforts to cause any registration statement or post-effective amendment
filed pursuant to the demand rights granted under Section 5.1.1 to remain effective until the expiration of the Warrants in accordance with the terms and conditions of that certain Warrant
Agreement, dated as of            , 2007, between the Company and Continental Stock Transfer & Trust Company. 

        5.2.    Piggy-Back Registration.    

        5.2.1.    Piggy-Back Rights.    If at any time during the seven year period
commencing on the Effective Date the Company proposes to file a registration statement under the Securities Act with respect to an offering of equity securities, or securities or other
obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for stockholders of the Company for their account (or by the Company and by
stockholders of the Company including, without limitation, pursuant to Section 5.1), other than a registration statement (i) filed in connection with any employee stock option or other
benefit plan, (ii) for an exchange offer or offering of securities solely to the Company's existing stockholders, (iii) for an offering of debt that is convertible into equity securities
of the Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders of Registrable Securities as soon as
practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering, the
intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such
notice the opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in writing within five (5) days following receipt of such notice (a
"Piggy-Back Registration"). The Company shall cause such Registrable Securities to be included in such registration and shall use its best
efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration on
the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of
distribution thereof. All holders of Registrable Securities proposing to distribute their securities through a Piggy-Back Registration that involves an underwriter or underwriters shall
enter into an underwriting 

6

 

agreement
in customary form with the underwriter or underwriters selected for such Piggy-Back Registration. 

        5.2.2.    Reduction of Offering.    If the managing underwriter or underwriters for a
Piggy-Back Registration that is to be an underwritten offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common
Stock which the Company desires to sell, taken together with shares of Common Stock, if any, as to which registration has been demanded pursuant to written contractual arrangements with persons other
than the holders of Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under this Section 5.2, and the shares of Common Stock, if any, as
to which registration has been requested pursuant to the written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Shares, then
the Company shall include in any such registration: 

        (a)   If
the registration is undertaken for the Company's account: (A) first, the shares of Common Stock or other securities that the Company desires to sell that can
be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of
Common Stock or other securities, if any, comprised of Registrable Securities and Investor Securities, as to which registration has been requested pursuant to the applicable written contractual
piggy-back registration rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum
Number of shares has not been reached under the foregoing
clauses (A) and (B), the shares of Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
piggy-back registration rights with such persons and that can be sold without exceeding the Maximum Number of Shares; 

        (b)   If
the registration is a "demand" registration undertaken at the demand of holders of Investor Securities,
(A) first, the shares of Common Stock or other securities for the account of the demanding persons, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; (B) second,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities that the Company desires to sell that can be
sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the shares
of Registrable Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold without exceeding the Maximum Number of Shares; and (D) fourth,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the shares of Common Stock or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares; and 

        (c)   If
the registration is a "demand" registration undertaken at the demand of persons other than either the holders of
Registrable Securities or of Investor Securities, (A) first, the shares of Common Stock or other securities for the account of the demanding persons that can be sold without exceeding the
Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (A), the shares of Common Stock or other securities
that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (A) and (B), collectively the shares of Common Stock or other securities comprised of Registrable Securities and Investor Securities, Pro Rata, as to which registration has
been requested pursuant to the terms hereof and of the Registration Rights Agreement, as applicable, that 

7

 

can
be sold without exceeding the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and
(C), the shares of Common Stock or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual arrangements with such persons, that can
be sold without exceeding the Maximum Number of Shares. 

        5.2.3.    Withdrawal.    Any holder of Registrable Securities may elect to withdraw such
holder's request for inclusion of Registrable Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of
the registration statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand pursuant to written contractual obligations) may withdraw a
registration statement at any time prior to the effectiveness of the registration statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of
Registrable Securities in connection with such Piggy-Back Registration as provided in Section 5.2.4. 

        5.2.4.    Terms.    The Company shall bear all fees and expenses attendant to registering the
Registrable Securities but the Holders shall pay any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the
then Holders of outstanding Registrable Securities with not less than fifteen days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall
continue to be given for each applicable registration statement filed (during the period in which the Purchase Option is exercisable) by the Company until such time as all of the Registrable
Securities have been registered and sold. The Holders of the Registrable Securities shall exercise the "piggy-back" rights provided for herein by giving written notice, within ten days of
the receipt of the Company's notice of its intention to file a registration statement. The Company shall use its best efforts to cause any registration statement filed pursuant to the above
"piggyback" rights to remain effective for at least nine months from the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such securities. 

        5.3.    General Terms.    

        5.3.1.    Indemnification.    The Company shall indemnify the Holder(s) of the Registrable
Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or
Section 20(a) of the Securities Exchange Act of 1934, as amended ("Exchange Act"), against all loss, claim, damage, expense or liability
(including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether
arising out of any action between the underwriter and the Company or between the underwriter and any third party or otherwise) to which any of them may become subject under the Securities Act, the
Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the
underwriters contained in Section [8] of the Underwriting Agreement between the Company, Deutsche Bank and the other underwriters named therein dated the Effective Date. The
Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and
directors and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, against all loss, claim, damage,
expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or claim
whatsoever whether arising out of any action between the underwriters and the Company or between the Company and any third party or otherwise) to which they may become subject under the Securities
Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors 

8

 

or
assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section [5] of the
Underwriting Agreement pursuant to which the underwriters have agreed to indemnify the Company. 

        5.3.2.    Exercise of Purchase Options.    Nothing contained in this Purchase Option shall be
construed as requiring the Holder(s) to exercise their Purchase Options or Warrants underlying such Purchase Options prior to or after the initial filing of any registration statement or the
effectiveness thereof. 

        5.3.3.    Documents Delivered to Holders.    The Company shall furnish to the Holders
participating in any of the foregoing offerings, a signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company, dated the effective date of such
registration statement (and, if such registration includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and
(ii) a "cold comfort" letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing
under the underwriting agreement) signed by the independent public accountants who have issued a report on the Company's financial statements included in such registration statement, in each case
covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants' letter, with respect to events
subsequent to the date of such financial statements, as are customarily covered in opinions of issuer's counsel and in accountants' letters delivered to underwriters in underwritten public offerings
of securities. The Company shall also deliver promptly to the Holders participating in the offering, the correspondence and memoranda described below and copies of all correspondence between the
Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit the Holders, to do
such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable
securities laws or rules of the National Association of Securities Dealers, Inc. ("NASD"). Such investigation shall include access to books, records and properties and opportunities to discuss
the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often as the Holders shall reasonably request. The Company
shall not be required to disclose any confidential information or other records to the Holders, or to any other person, until and unless such persons shall have entered into reasonable confidentiality
agreements (in form and substance reasonably satisfactory to the Company), with the Company with respect thereto. 

        5.4.    Underwriting Agreement.    The Company shall enter into an underwriting agreement with
the managing underwriter(s), if any, selected by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably
acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and shall contain such representations,
warranties and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting
agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the
benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with the Company
or the underwriters except as they may relate to such Holders and their intended methods of distribution. Such Holders, however, shall agree to such covenants and indemnification and contribution
obligations for selling stockholders as are customarily contained in agreements of that type used by the managing underwriter. Further, such Holders shall execute appropriate custody agreements and
otherwise 

9

 

cooperate
fully in the preparation of the registration statement and other documents relating to any offering in which they include securities pursuant to this Section 5. Each Holder shall also
furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the
registration of the Registrable Securities. 

        5.4.1.    Rule 144 Sale.    Notwithstanding anything contained in this Section 5
to the contrary, the Company shall have no obligation pursuant to Sections 5.1 or 5.2 for the registration of Registrable Securities held by any Holder (i) where such Holder would then be
entitled to sell under Rule 144 within any three-month period (or such other period prescribed under Rule 144 as may be provided by amendment thereof) all of the Registrable Securities
then held by such Holder, and (ii) where the number of Registrable Securities held by such Holder is within the volume limitations under paragraph (e) of Rule 144 (calculated as
if such Holder were an affiliate within the meaning of Rule 144). 

        5.4.2.    Supplemental Prospectus.    Each Holder agrees, that upon receipt of any notice from
the Company of the happening of any event as a result of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, such Holder will immediately discontinue
disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Holder's receipt of the copies of a supplemental or amended prospectus,
and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies, other
than permanent file copies then in such Holder's possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 

6.     Adjustments.  

        6.1.    Adjustments to Exercise Price and Number of Securities.    The Exercise Price and the
number of Units underlying the Purchase Option shall be subject to adjustment from time to time as hereinafter set forth: 

        6.1.1.    Stock Dividends—Split-Ups.    If after the date hereof, and
subject to the provisions of Section 6.3 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split-up
of shares of Common Stock or other similar event, then, on the effective date thereof, the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be increased in
proportion to such increase in outstanding shares. In such case, the number of shares of Common Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units
purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. For example, if the Company declares a two-for-one stock dividend and at the time of such
dividend this Purchase Option is for the purchase of one Unit at $9.60 per whole Unit (each Warrant underlying the Units is exercisable for $7.20 per share), upon effectiveness of the dividend, this
Purchase Option will be adjusted to allow for the purchase of one Unit at $9.60 per Unit, each Unit entitling the holder to receive two shares of Common Stock and four Warrants (each Warrant
exercisable for $3.30 per share). 

        6.1.2.    Extraordinary Dividends.    If the Company, at any time while this Purchase Option
is outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of Common Stock (or other shares of the Company's capital stock receivable
upon exercise of the Purchase Option), other than (i) as described in Sections 6.1.1, 6.1.3 or 6.1.4, (ii) regular quarterly or other periodic dividends, (iii) in connection with
the conversion rights of 

10

 

the
holders of Common Stock upon consummation of the Company's initial Business Combination or (iv) in connection with the Company's liquidation and the distribution of its assets upon its
failure to consummate a Business Combination (any such non-excluded event being referred to herein as an "Extraordinary Dividend"), then the
Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company's
Board of Directors, in good faith) of any securities or other assets paid on each share of Common Stock in respect of such Extraordinary Dividend. 

        6.1.3.    Aggregation of Shares.    If after the date hereof, and subject to the provisions of
Section 6.3, the number of outstanding shares of Common Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other similar event, then, on the
effective date thereof,
the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares. In such case, the number of shares of
Common Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. 

        6.1.4.    Replacement of Securities upon Reorganization, etc.    In case of any
reclassification or reorganization of the outstanding shares of Common Stock other than a change covered by Section 6.1.1 or 6.1.3 hereof or that solely affects the par value of such shares of
Common Stock, or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and
that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the property of
the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Option shall have the right thereafter (until the expiration
of the right of exercise of this Purchase Option) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of
shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or
transfer, by a Holder of the number of shares of Common Stock of the Company obtainable upon exercise of this Purchase Option and the underlying Warrants immediately prior to such event; and if any
reclassification also results in a change in shares of Common Stock covered by Section 6.1.1 or 6.1.3, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.3 and this
Section 6.1.4. The provisions of this Section 6.1.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 

        6.1.5.    Changes in Form of Purchase Option.    This form of Purchase Option need not be
changed because of any change pursuant to this Section, and Purchase Options issued after such change may state the same Exercise Price and the same number of Units as are stated in the Purchase
Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Options reflecting a required or permissive change shall not be deemed to waive any
rights to an adjustment occurring after the Commencement Date or the computation thereof. 

        6.1.6.    Adjustments of Warrants.    To the extent the price of the Warrants is lowered
pursuant to Section 3.1 of the Warrant Agreement, dated                        , 2007, between the Company and Continental
Stock Transfer & Trust Company (the "Warrant
Agreement") the price of the Warrants underlying the Purchase Option shall be reduced on identical terms, subject to any limitations and conditions that may be imposed by NASD
Corporate Financing Rule 2710 and any such reduction must remain in effect for at least twenty (20) business days. To the extent the duration of the Warrants is extended pursuant to
Section 3.2 of the Warrant Agreement, the duration of the 

11

 

Warrants
underlying the Purchase Option shall be extended on identical terms, subject to any limitations that may be imposed by NASD Corporate Financing Rule 2710. 

        6.2.    Substitute Purchase Option.    In case of any consolidation of the Company with, or
merger of the Company with, or merger of the Company into, another corporation (other than a consolidation or merger which does not result in any reclassification or change of the outstanding Common
Stock), the corporation formed by such consolidation or merger shall execute and deliver to the Holder a supplemental Purchase Option providing that the holder of each Purchase Option then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Option) to receive, upon exercise of such Purchase Option, the kind and amount of shares of stock and
other securities and property receivable upon such consolidation or merger, by a holder of the number of shares of Common Stock of the Company for which such Purchase Option might have been exercised
immediately prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide for adjustments which shall be identical to the adjustments provided in
Section 6. The above provision of this Section shall similarly apply to successive consolidations or mergers. 

        6.3.    Elimination of Fractional Interests.    The Company shall not be required to issue
certificates representing fractions of shares of Common Stock or Warrants upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any fractional
interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of Warrants, shares of Common Stock or other
securities, properties or rights. 

7.     Reservation and Listing.  

        The Company shall at all times reserve and keep available out of its authorized shares of Common Stock, solely for the purpose of issuance upon exercise of the
Purchase Options or the Warrants underlying the Purchase Option, such number of shares of Common Stock or other securities, properties or rights as shall be issuable upon the exercise thereof. The
Company covenants and agrees that, upon exercise of the Purchase Options and payment of the Exercise Price therefor, all shares of Common Stock and other securities issuable upon such exercise shall
be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. The Company further covenants and agrees that upon exercise of the
Warrants underlying the Purchase Options and payment of the respective Warrant exercise price therefor, all shares of Common Stock and other securities issuable upon such exercise shall be duly and
validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. As long as the Purchase Options shall be outstanding, the Company shall use its best
efforts to cause all (i) Units and shares of Common Stock issuable upon exercise of the Purchase Options, (iii) Warrants issuable upon exercise of the Purchase Options and
(iv) shares of Common Stock issuable upon exercise of the Warrants included in the Units issuable upon exercise of the Purchase Option to be listed (subject to official notice of issuance) on
all securities exchanges (or, if applicable on the Nasdaq Global Market, Nasdaq Capital Market, NASD OTC Bulletin Board or any successor trading market) on which the Units, the Common Stock or the
Public Warrants issued to the public in connection herewith may then be listed and/or quoted. 

12

  

8.     Certain Notice Requirements.  

        8.1.    Holder's Right to Receive Notice.    Nothing herein shall be construed as conferring
upon the Holders the right to vote or consent as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at
any time prior to the expiration of the Purchase Options and their exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give
written notice of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled to such
dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such
record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other
stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders. 

        8.2.    Events Requiring Notice.    The Company shall be required to give the notice described
in this Section 8 upon one or more of the following events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to
receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment of such
dividend or distribution on the books of the Company, or (ii) the Company shall offer to all the holders of its Common Stock any additional shares of capital stock of the Company or securities
convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the
Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business shall be proposed. 

        8.3.    Notice of Change in Exercise Price.    The Company shall, promptly after an event
requiring a change in the Exercise Price pursuant to Section 6 hereof, send notice to the Holders of such event and change ("Price Notice"). The
Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company's President and Chief Financial Officer. 

        8.4.    Transmittal of Notices.    All notices, requests, consents and other communications
under this Purchase Option shall be in writing and shall be deemed to have been duly made when hand delivered, or
mailed by express mail or private courier service: (i) if to the registered Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii) if
to the Company, to the following address or to such other address as the Company may designate by notice to the Holders: 

Vantage
Energy Services, Inc.

6435 Vanderbilt Street

Houston, Texas 77005

Attn: Chief Executive Officer 

with
a copy to: 

Elenoff,
Grossman & Schole LLP

370 Lexington Avenue

New York, New York 10017

Attn: [Douglas Elenoff, Esq.] 

9.     Miscellaneous.  

        9.1.    Amendments.    The Company may from time to time supplement or amend this Purchase
Option without the approval of any of the Holders in order to cure any ambiguity, to correct or 

13

 

supplement
any provision contained herein that may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder
that the Company may deem necessary or desirable and that the Company, in the exercise of reasonable judgment, determines that it shall not adversely affect the interest of the Holders. All other
modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought. 

        9.2.    Headings.    The headings contained herein are for the sole purpose of convenience of
reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Option. 

        9.3.    Entire Agreement.    This Purchase Option (together with the other agreements and
documents being delivered pursuant to or in connection with this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all
prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof. 

        9.4.    Binding Effect.    This Purchase Option shall inure solely to the benefit of and shall
be binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or
equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option or any provisions herein contained. 

        9.5.    Governing Law; Submission to Jurisdiction.    This Purchase Option shall be governed
by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of law principles thereof. The Company hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Purchase Option shall be brought and enforced in the courts of the State of New York or the United States District Court for the
Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such
courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action,
proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and
expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. 

        9.6.    Waiver, Etc.    The failure of the Company or the Holder to at any time enforce any of
the provisions of this Purchase Option shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any provision hereof or
the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of any
of the provisions of this Purchase Option shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and
no waiver of any such breach, non-compliance or non- fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach or non-compliance. 

        9.7.    Execution in Counterparts.    This Purchase Option may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. 

14

 

        9.8.    Underlying Warrants.    At any time after exercise by the Holder of this Purchase
Option, the Holder may exchange his Warrants (with an initial exercise price of $7.20) for Public Warrants (with an initial exercise price of $6.00) upon payment to the Company of the difference
between the exercise price of his Warrant and the exercise price of the Public Warrants. Any such Public Warrants and the Common Stock underlying such Public Warrants shall constitute Registrable
Securities. 

        IN
WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its duly authorized officer as of the            day
of                        , 2007.
 

	

VANTAGE ENERGY SERVICES, INC.	

 
	

By:	
 	

	

 
	Name: Paul A. Brag

Title: Chairman and Chief Executive Officer	 

15

 

	

Form to be used to exercise Purchase Option:	

 
	

Vantage Energy Services, Inc.

6435 Vanderbilt Street

Houston, Texas 77005

Attn: Chief Executive Officer	

 
	

Date:            , 200            	

 

        The
undersigned hereby elects irrevocably to exercise all or a portion of the within Purchase Option and to purchase Units of Vantage Energy Services, Inc. and hereby makes
payment of $                        (at the rate of $            per
Unit) in payment of the Exercise Price pursuant thereto. Please issue the Common Stock and Warrants as to which this Purchase Option is
exercised in accordance with the instructions given below. 

        or

        The
undersigned hereby elects irrevocably to convert its right to purchase                        Units purchasable under the within
Purchase Option by surrender of the unexercised portion of
the attached Purchase Option (with a "Value" of
$                                         
 based on a "Market
Price" of
$                                         
 ). Please issue the securities comprising the Units as to which this Purchase Option is exercised in accordance with the instructions
given below. 

        NOTICE:
The signature to this exercise notice must correspond with the name as written upon the face of the Purchase Option in every particular, without alteration or any change
whatever. 

	

 Signature(s) Guaranteed:	

 

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15). 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES 

	

 Name	

 
	

 (Print in Block Letters)	

 
	

	

 
	

 Address	

 

16

 

Form
to be used to assign Purchase Option: 

 
 

ASSIGNMENT    

        (To
be executed by the registered Holder to effect a transfer of the within Purchase Option): 

        FOR
VALUE RECEIVED,                                      does
hereby sell, assign and transfer
unto                                      the right to
purchase            Units of Vantage Energy Services, Inc.
("Company") evidenced by the within Purchase Option and does hereby authorize the Company to transfer such right on the books of the Company. 

	

Dated:	

 	
 	

, 200	

 	
 	

 
	 	
	 	 	
	 	 
	

 Signature

	
 	

 

        NOTICE: The signature to this assignment must correspond with the name as written upon the face of the Purchase Option in every particular, without alteration or
any change whatever. 

	

 Signature(s) Guaranteed:

	

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15). 

17

QuickLinks

UNIT PURCHASE OPTION FOR THE PURCHASE OF 1,250,000 UNITS OF VANTAGE ENERGY SERVICES, INC.

ASSIGNMENT

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