Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Texola Energy Corporation - Exhibit 10.18

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S.
PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT. 

STOCK OPTION AND SUBSCRIPTION
AGREEMENT

THIS STOCK OPTION AND SUBSCRIPTION AGREEMENT is entered into as
of the 21st day of November, 2005 (the "Date of Grant").

BETWEEN:

TEXOLA ENERGY CORPORATION, who
has a business address at 206-475 Howe Street, Vancouver, British Columbia,
Canada V6C 2B3 (the "Company")

AND:

Y.R. (Joe) Boury, whose address
is 395 Arbour Lake Way NW, Calgary T3G 4A2 (the "Optionee").

RECITALS

WHEREAS:

A.                   
The Optionee is a director of the Company;

B.                    
The board of directors of the Company (the “Board”) has approved and adopted the
2005 Stock Option Plan (the “Plan”), pursuant to which the Board is authorized
to grant to directors, officers, employees and other selected persons stock
options to purchase common shares of the Company; and

C.                    
The Board has authorized the grant to the Optionee of stock options to purchase
a total of two hundred thousand (200,000) common shares of the
Company.

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration
of other good and valuable consideration and the sum of One ($1.00) Dollar now
paid by the Optionee to the Company (the 

2

receipt and sufficiency whereof is hereby acknowledged), it is
hereby agreed by and between the parties as follows: 

1.1                    
In this Agreement, the following terms shall have the following meanings:

	 	(a) 	
      "Common Stock" means the shares of common stock of
      the Company;

	 	 	 
	 	(b) 	
      "Exercise Payment" means the amount of money equal
      to the Exercise Price multiplied by the number of Optioned Shares
      specified in the Notice of Exercise;

	 	 	 
	 	(c) 	
      "Exercise Price" means $0.50;

	 	 	 
	 	(d) 	
      "Expiry Date" means November 21,
    2010;

	 	 	 
	 	(e) 	
      "Notice of Exercise" means a notice in writing
      addressed to the Company at its address first recited (or such other
      address of the Company as may from time to time be notified to the
      Optionee in writing), substantially in the form attached as Exhibit "A"
      hereto, which notice shall specify therein the number of Optioned Shares
      in respect of which the Options are being exercised;

	 	 	 
	 	(f) 	
      "Options" means the irrevocable right and option
      to purchase, from time to time, all, or any part of the Optioned Shares
      granted to the Optionee by the Company pursuant to Section 1.3 of this
      Agreement;

	 	 	 
	 	(g) 	
      "Optioned Shares" means the shares of Common
      Stock, subject to the Options;

	 	 	 
	 	(h) 	
      "Securities" means, collectively, the Options and
      the Optioned Shares;

	 	 	 
	 	(i) 	
      "Shareholders" means holders of record of the
      shares of Common Stock;

	 	 	 
	 	(j) 	
      "U.S. Person" shall have the meaning ascribed
      thereto in Regulation S under the 1933 Act, and for the purpose of the
      Agreement includes any person in the United States; and

	 	 	 
	 	(k) 	
      "Vested Options" means the Options that have
      vested in accordance with Section 1.4 of this
Agreement.

1.2                    
Capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Plan.

1.3                    
The Company agrees to offer to the Optionee the option to purchase, upon the
terms and conditions set forth herein and in the Plan, Options to purchase a
total of two hundred thousand (200,000) Optioned Shares at the Exercise
Price.

1.4                    
The Options may be exercised after vesting and only in accordance with the
following schedule, whereby one-fourth (25%) of the Options shall vest upon:

	 	(i) 	
      the Date of Grant,

	 	 	 
	 	(ii) 	
      the sixth (6) month anniversary of the Date of
    Grant,

	 	 	 
	 	(iii) 	
      the one (1) year anniversary of the Date of Grant,
    and

3

	 	(iv) 	
      the eighteenth (18) month anniversary of the Date of
      Grant.

1.5                    
The Options shall, at 5:00 p.m. (Vancouver time) on the Expiry Date, forthwith
expire and be of no further force or effect whatsoever.

1.6                    
Vested Options shall terminate, to the extent not previously exercised, upon the
occurrence of the first of the following events:

	 	(a) 	
      five (5) years from the Date of Grant;

	 	 	 
	 	(b) 	
      the expiration of thirty (30) days from (1) the date of
      an Optionee's termination of employment or contractual relationship with
      the Company or any Related Corporation (as defined in the Plan) for cause
      (as determined in the sole discretion of the Plan Administrator, acting
      reasonably) or (2) the date of resignation by an Optionee from the
      Optionee’s employment or contractual relationship with the Company or any
      Related Company;

	 	 	 
	 	(c) 	
      the expiration of one (1) year from the date of the death
      of the Optionee, or the expiration of one (1) year from termination of an
      Optionee's employment or contractual relationship by reason of Disability
      (as defined in Section 5(g) of the Plan); or

	 	 	 
	 	(d) 	
      the expiration of thirty (30) days from the date of an
      Optionee's termination of employment or contractual relationship with the
      Company or any Related Corporation for any reason whatsoever other than
      cause, death or Disability.

Each unvested Option granted pursuant hereto shall terminate
immediately upon termination of or resignation from the Optionee's employment or
contractual relationship with the Company for any reason whatsoever, unless
vesting is accelerated in accordance with Section 5.1(f) of the Plan.

1.7                    
Subject to compliance with any applicable securities laws, the Options shall be
exercisable, in full or in part, at any time after vesting, until termination;
provided, however, that any Optionee who is subject to the reporting and
liability provisions of Section 16 of the Securities Exchange Act of 1934
with respect to the Common Stock shall be precluded from selling, transferring
or otherwise disposing of any Common Stock underlying any Options during the six
(6) months immediately following the grant of that Option. If less than all of
the shares included in the vested portion of any Options are purchased, the
remainder may be purchased at any subsequent time prior to the Expiry Date. No
portion of any Options for less than fifty (50) shares (as adjusted pursuant to
Section 5.1(m) of the Plan) may be exercised; provided, that if the vested
portion of any Options is less than fifty (50) shares, it may be exercised with
respect to all shares for which it is vested. Only whole shares may be issued
pursuant to the exercise of any Options, and to the extent that any Options
covers less than one (1) share, it is unexercisable.

Each exercise of the Options shall be by means of delivery of a
Notice of Exercise (which may be in the form attached hereto as Exhibit
A) to the Secretary of the Company at its principal executive office,
specifying the number of shares of Common Stock to be purchased and accompanied
by payment in cash by certified check or cashier's check in the amount of the
full exercise price for the Common Stock to be purchased. In addition to payment
in cash by certified check or cashier's check, an Optionee or transferee of the
Options may pay for all or any portion of the aggregate exercise price by
complying with one or more of the following alternatives:

4

	 	(a) 	
      by delivering a properly executed Notice of Exercise
      together with irrevocable instructions to a broker promptly to sell or
      margin a sufficient portion of the Common Stock and deliver directly to
      the Company the amount of sale or margin loan proceeds to pay the exercise
      price; or

	 	 	 
	 	(b) 	
      by complying with any other payment mechanism approved by
      the Plan Administrator at the time of exercise.

It is a condition precedent to the issuance of Optioned Shares
that the Optionee execute and/or deliver to the Company all documents and
withholding taxes required in accordance with Section 5.1 of the Plan.

1.8                    
Nothing in this Agreement shall obligate the Optionee to purchase any Optioned
Shares except those Optioned Shares in respect of which the Optionee shall have
exercised the Options in the manner provided in this Agreement.

1.9                    
The terms of the Options are subject to the provisions of the Plan, as the same
may from time to time be amended, and any inconsistencies between this Agreement
and the Plan, as the same may be from time to time amended, shall be governed by
the provisions of the Plan, a copy of which has been delivered to the Optionee,
and which is available for inspection at the principal offices of the
Company.

2.                      
Acknowledgements of the Optionee

2.1                    
The Optionee acknowledges and agrees that:

	 	(a) 	
      none of the Options or the Optioned Shares have been
      registered under the 1933 Act or under any state securities or "blue sky"
      laws of any state of the United States, and, unless so registered, may not
      be offered or sold in the United States or, directly or indirectly, to
      U.S. Persons, except in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act, or
      pursuant to an exemption from, or in a transaction not subject to, the
      registration requirements of the 1933 Act and in each case only in
      accordance with applicable state securities laws;

	 	 	 
	 	(b) 	
      the Company has not undertaken, and will have no
      obligation, to register any of the Securities under the 1933
Act;

	 	 	 
	 	(c) 	
      the Optionee has received and carefully read this
      Agreement and the public information which has been filed with the
      Securities and Exchange Commission (the "SEC") in compliance or intended
      compliance with applicable securities legislation (collectively, the
      "Company Information");

	 	 	 
	 	(d) 	
      the decision to execute this Agreement and acquire the
      Securities hereunder has not been based upon any oral or written
      representation as to fact or otherwise made by or on behalf of the
      Company, and such decision is based entirely upon a review of the Company
      Information (the receipt of which is hereby acknowledged);

	 	 	 
	 	(e) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

	 	 	 
	 	(f) 	
      there is no government or other insurance covering the
      Securities;

	 	 	 
	 	(g) 	
      there are risks associated with an investment in the
      Securities;

5

	 	(h) 	
      the Company has advised the Optionee that the Company is
      relying on an exemption from the requirements to provide the Optionee with
      a prospectus and to sell the Securities through a person registered to
      sell securities under the Securities Act (British Columbia) (the
      "B.C. Act") and, as a consequence of acquiring the Securities pursuant to
      this exemption, certain protections, rights and remedies provided by the
      B.C. Act, including statutory rights of rescission or damages, will not be
      available to the Optionee;

	 	 	 
	 	(i) 	
      the Optionee has not acquired the Securities as a result
      of, and will not itself engage in, any "directed selling efforts" (as
      defined in Regulation S under the 1933 Act) in the United States in
      respect of the Securities which would include any activities undertaken
      for the purpose of, or that could reasonably be expected to have the
      effect of, conditioning the market in the United States for the resale of
      the Securities; provided, however, that the Optionee may sell or otherwise
      dispose of the Securities pursuant to registration thereof under the 1933
      Act and any applicable state and provincial securities laws or under an
      exemption from such registration requirements;

	 	 	 
	 	(j) 	
      the Optionee and the Optionee's advisor(s) (if
      applicable) have had a reasonable opportunity to ask questions of and
      receive answers from the Company in connection with the distribution of
      the Securities hereunder, and to obtain additional information, to the
      extent possessed or obtainable without unreasonable effort or expense,
      necessary to verify the accuracy of the information about the
    Company;

	 	 	 
	 	(k) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Optionee during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Optionee, the Optionee's attorney
      and/or advisor(s) (if applicable);

	 	 	 
	 	(l) 	
      the Company is entitled to rely on the representations
      and warranties and the statements and answers of the Optionee contained in
      this Agreement;

	 	 	 
	 	(m) 	
      the Optionee will indemnify and hold harmless the Company
      and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Optionee contained herein or in any document furnished by the Optionee
      to the Company in connection herewith being untrue in any material respect
      or any breach or failure by the Optionee to comply with any covenant or
      agreement made by the Optionee to the Company in connection
    therewith;

	 	 	 
	 	(n) 	
      none of the Securities are listed on any stock exchange
      or automated dealer quotation system and no representation has been made
      to the Optionee that any of the Securities will become listed on any stock
      exchange or automated dealer quotation system; except that currently
      certain market makers make market in the common shares of the Company on
      the OTC Bulletin Board service of the National Association of Securities
      Dealers, Inc.;

6

	 	(o) 	
      in addition to resale restrictions imposed under U.S.
      securities laws, there are additional restrictions on the Optionee's
      ability to resell the Securities under the B.C. Act and Multilateral
      Instrument 45-102 adopted by the British Columbia Securities
      Commission;

	 	 	 	 
	 	(p) 	
      the Company will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with applicable state and provincial
      securities laws;

	 	 	 	 
	 	(q) 	
      the statutory and regulatory basis for the exemption
      claimed for the offer of the Securities, although in technical compliance
      with Regulation S, would not be available if the offering is part of a
      plan or scheme to evade the registration provisions of the 1933 Act or any
      applicable state and provincial securities laws;

	 	 	 	 
	 	(r) 	
      the Optionee has been advised to consult the Optionee's
      own legal, tax and other advisors with respect to the merits and risks of
      an investment in the Securities and with respect to applicable resale
      restrictions, and it is solely responsible (and the Company is not in any
      way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Optionee is resident in connection with the distribution of the Securities
      hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions; and

	 	 	 	 
	 	(s) 	
      this Agreement is not enforceable by the Optionee unless
      it has been accepted by the Company.

3.                     
 Representations, Warranties and Covenants of the
Optionee

3.1                    
The Optionee hereby represents and warrants to and covenants with the Company
(which representations, warranties and covenants shall survive the closing)
that:

	 	(a) 	
      the Optionee is a director of the Company;

	 	 	 
	 	(b) 	
      the Optionee has the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto;

	 	 	 
	 	(c) 	
      the Optionee has received and carefully read this
      Agreement;

	 	 	 
	 	(d) 	
      the Optionee has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the Optionee
      enforceable against the Optionee in accordance with its terms;

	 	 	 
	 	(e) 	
      the Optionee is not acquiring the Securities for the
      account or benefit of, directly or indirectly, any U.S. Person;

	 	 	 
	 	(f) 	
      the Optionee is not a U.S. Person;

	 	 	 
	 	(g) 	
      the Optionee is resident in the jurisdiction set out on
      page 1 of this Agreement;

7

	 	(h) 	
      the acquisition of the Securities by the Optionee as
      contemplated in this Agreement complies with or is exempt from the
      applicable securities legislation of the jurisdiction of residence of the
      Optionee;

	 	 	 
	 	(i) 	
      the Optionee is acquiring the Securities for investment
      only and not with a view to resale or distribution and, in particular, it
      has no intention to distribute either directly or indirectly any of the
      Securities in the United States or to U.S. Persons;

	 	 	 
	 	(j) 	
      the Optionee is outside the United States when receiving
      and executing this Agreement and is acquiring the Securities as principal
      for the Optionee's own account, for investment purposes only, and not with
      a view to, or for, resale, distribution or fractionalisation thereof, in
      whole or in part, and no other person has a direct or indirect beneficial
      interest in such Securities;

	 	 	 
	 	(k) 	
      the Optionee is not an underwriter of, or dealer in, the
      common shares of the Company, nor is the Optionee participating, pursuant
      to a contractual agreement or otherwise, in the distribution of the
      Securities;

	 	 	 
	 	(l) 	
      the Optionee (i) has adequate net worth and means of
      providing for his/her/its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the
      Securities for an indefinite period of time, and can afford the complete
      loss of such investment;

	 	 	 
	 	(m) 	
      the Optionee is aware that an investment in the Company
      is speculative and involves certain risks, including the possible loss of
      the investment, and the Optionee has carefully read and considered the
      matters set forth under the caption "Risk Factors" appearing in the
      Company's various disclosure documents, filed with the SEC;

	 	 	 
	 	(n) 	
      the Optionee has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Securities and the
    Company;

	 	 	 
	 	(o) 	
      the Optionee understands and agrees that the Company and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations and agreements contained in this Agreement, and agrees
      that if any of such acknowledgements, representations and agreements are
      no longer accurate or have been breached, the Optionee shall promptly
      notify the Company;

	 	 	 
	 	(p) 	
      the Optionee acknowledges that the Optionee has not
      acquired the Securities as a result of, and will not itself engage in, any
      "directed selling efforts" (as defined in Regulation S under the 1933 Act)
      in the United States in respect of the Securities which would include any
      activities undertaken for the purpose of, or that could reasonably be
      expected to have the effect of, conditioning the market in the United
      States for the resale of the Securities; provided, however, that the
      Optionee may sell or otherwise dispose of the Securities pursuant to
      registration of the Securities pursuant to the 1933 Act and any applicable
      state and provincial securities laws or under an exemption from such
      registration requirements and as otherwise provided herein;

	 	 	 
	 	(q) 	
      the Optionee has made an independent examination and
      investigation of an investment in the Securities and the Company and has
      depended on the advice of its legal and
financial

8

	 		
      advisors and agrees that the Company will not be
      responsible in anyway whatsoever for the Optionee's decision to invest in
      the Securities and the Company;

	 	 	 	 
	 	(r) 	
      the Optionee understands and agrees that none of the
      Options or the Optioned Securities have been or will be registered under
      the 1933 Act, or under any state securities or “blue sky” laws of any
      state of the United States, and, unless so registered, may not be offered
      or sold except in accordance with the provisions of Regulation S, pursuant
      to an effective registration statement under the 1933 Act, or pursuant to
      an exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case only in accordance with
      applicable state securities laws;

	 	 	 	 
	 	(s) 	
      it understands and agrees that the Company will refuse to
      register any transfer of the Optioned Securities not made in accordance
      with the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from,
      or in a transaction not subject to, the registration requirements of the
      1933 Act;

	 	 	 	 
	 	(t) 	
      the Optionee is not aware of any advertisement of any of
      the Securities and is not acquiring the Securities as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising;

	 	 	 	 
	 	(u) 	
      no person has made to the Optionee any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities;

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities; or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the
      Securities.

4.                      
Acknowledgement and Waiver

4.1                    
The Optionee has acknowledged that the decision to purchase the Securities was
solely made on the basis of publicly available information contained in the
Company Information. The Optionee hereby waives, to the fullest extent permitted
by law, any rights of withdrawal, rescission or compensation for damages to
which the Optionee might be entitled in connection with the distribution of any
of the Securities.

5.                      
Legending of Subject Securities

5.1                    
The Optionee hereby acknowledges that upon the issuance thereof, and until such
time as the same is no longer required under the applicable securities laws and
regulations, the certificates representing any of the Securities will bear a
legend in substantially the following form:

  
    
      
        THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED
          IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS
          DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES
          ACT OF 1933, AS AMENDED (THE "1933 ACT"). NONE OF THE SECURITIES 

      

    

  

9

  
    
      
        REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE
          1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED,
          MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES
          (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
          PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
          REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE
          EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
          REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH
          APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS
          INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH
          THE 1933 ACT. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION
          S UNDER THE 1933 ACT.

      

    

  

5.2                    
The Optionee hereby acknowledges and agrees to the Company making a notation on
its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Agreement.

6.                      
British Columbia Resale Restrictions

6.1                    
The Optionee acknowledges that the Optioned Shares are subject to resale
restrictions in British Columbia and may not be traded in British Columbia
except as permitted by the B.C. Act and the rules made thereunder.

6.2                    
Pursuant to Multilateral Instrument 45-102, as adopted by the BCSC, a subsequent
trade in the Optioned Shares will be a distribution subject to the prospectus
and registration requirements of applicable Canadian securities legislation
(including the B.C. Act) unless certain conditions are met, which conditions
include a hold period (the "Canadian Hold Period") that shall have elapsed from
the date on which the Options were issued to the Optionee and, during the
currency of the Canadian Hold Period, any certificate representing the Optioned
Shares is to be imprinted with a restrictive legend (the "Canadian Legend").

6.3                    
By executing and delivering this Agreement, the Optionee will have directed the
Company not to include the Canadian Legend on any certificates representing the
Optioned Shares to be issued to the Optionee.

6.4                    
As a consequence, the Optionee will not be able to rely on the resale provisions
of Multilateral Instrument 45-102, and any subsequent trade in the Optioned
Shares during or after the Canadian Hold Period will be a distribution subject
to the prospectus and registration requirements of Canadian securities
legislation, to the extent that the trade is at that time subject to any such
Canadian securities legislation.

7.                     
 Costs

7.1                    
The Optionee acknowledges and agrees that all costs and expenses incurred by the
Optionee (including any fees and disbursements of any special counsel retained
by the Optionee) relating to the acquisition of the Securities shall be borne by
the Optionee.

10

8.                      
Governing Law

8.1                    
This Agreement is governed by the laws of the Province of British Columbia and
the federal laws of Canada applicable therein. The Optionee irrevocably attorns
to the jurisdiction of the courts of the Province of British Columbia.

9.                      
Survival

9.1                    
This Agreement, including without limitation the representations, warranties and
covenants contained herein, shall survive and continue in full force and effect
and be binding upon the parties hereto notwithstanding the completion of the
purchase of the shares underlying the Options by the Optionee pursuant
hereto.

10.                     
Assignment

10.1                    This
Agreement is not transferable or assignable.

11.                     
Counterparts and Electronic Means

11.1                   
This Agreement may be executed in several counterparts, each of which will be
deemed to be an original and all of which will together constitute one and the
same instrument. Delivery of an executed copy of this Agreement by electronic
facsimile transmission or other means of electronic communication capable of
producing a printed copy will be deemed to be execution and delivery of this
Agreement as of the date first above written.

12.                     
Severability

12.1                   
The invalidity or unenforceability of any particular provision of this Agreement
shall not affect or limit the validity or enforceability of the remaining
provisions of this Agreement.

13.                     
Entire Agreement

13.1                   
Except as expressly provided in this Agreement and in the agreements,
instruments and other documents contemplated or provided for herein, this
Agreement is the only agreement between the Optionee and the Company with
respect to the Options, and this Agreement and the Plan supersede all prior and
contemporaneous oral and written statements and representations and contain the
entire agreement between the parties with respect to the Options.

14.                     
Effectiveness

14.1                   
This Agreement shall be deemed to be effective following the delivery by the
Optionee to the Company of two fully executed copies of this Agreement.

11

IN WITNESS WHEREOF the parties hereto have duly executed
this Agreement as of the date first above written.

TEXOLA ENERGY CORPORATION

	By: 	/s/ Thornton Donaldson 	 
	  	Authorized Signatory 	 

	SIGNED, SEALED and DELIVERED by Y.R.
    	) 	  
	(JOE) BOURY in the presence of: 	) 	  
	  	) 	  
	/s/
      Signed 	) 	  
	Signature 	) 	  
	  	) 	/s/
      Y.R. (Joe) Boury 
	Print Name 	) 	Y.R. (JOE) BOURY 
	  	) 	  
	Address 	) 	  
	  	) 	  
	  	) 	  
	  	) 	  
	Occupation 	) 	  

EXHIBIT A

	TO: 	Texola Energy Corporation 
	 	206-475 Howe Street 
	  	Vancouver, B.C., Canada 
	  	V6C 2B3 

Notice of Exercise

          This
Notice of Election to Exercise shall constitute proper notice pursuant to
Section 5.1(h) of Texola Energy Corporation's (the "Company") 2005 Stock Option
Plan (the "Plan") and Section 1.6 of that certain Stock Option Agreement (the
"Agreement") dated as of November ____, 2005, between the Company and the
undersigned. The undersigned hereby elects to exercise Optionee's option to
purchase____________________shares of the common stock of the Company at a price
of $0.50 per share, for aggregate consideration of $____________, on the terms
and conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 1.6 of the Agreement,
accompanies this notice.

The Optionee hereby directs the Company to issue, register and
  deliver the certificates representing the shares as follows:

	Registration Information: 	 	Delivery Instructions: 
	 	 	 
	 	 	 
	Name to appear on certificates
    	 	Name 
	 	 	 
	 	 	 
	Address 	 	Address
    
	 	 	 
	 
    	 	  
	 	 	 
	 	 	 
	  	 	Telephone Number 

DATED at ____________________________________, the _______day
of______________, _______.

	 	 
	 	(Name of Optionee – Please type or print)

	 	 
	 	 
	 	(Signature and, if applicable, Office) 
	 	 
	 	 
	 	(Address of Optionee) 
	 	 
	 	 
	 	(City, State, and Zip Code of Optionee) 
	 	 
	 	 
	 	(Fax Number)Filed by Automated Filing Services Inc. (604) 609-0244 - Texola Energy Corporation - Exhibit 10.19

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE
"SUBSCRIPTION AGREEMENT") RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE
TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"1933 ACT"). 

NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT
RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES AND PROVINCIAL LAWS. IN ADDITION, HEDGING TRANSACTIONS
INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933
ACT.

SUBSCRIPTION AGREEMENT

THIS SUBSCRIPTION AGREEMENT is entered into as of this
_______ day of __________________ , 2005 between TEXOLA ENERGY CORPORATION
(the "Company"), a Nevada corporation, and the undersigned (the
"Subscriber").

WHEREAS:

A.          
The Company desires to issue __________________ shares of common stock of the
Company at a price of US$0.50 per share to the Subscriber (the "Offering");
and

B.          
The Subscriber seeks to acquire the number of common shares of the Offering, as
set forth below, on the terms and subject to the conditions of this Subscription
Agreement.

NOW THEREFORE THIS SUBSCRIPTION AGREEMENT witnesses
that, for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto agree as follows:

1.                      
Subscription

1.1                    
The Subscriber hereby irrevocably subscribes for and agrees to purchase
_______common shares in the capital of the Company (the "Shares") at a price of
US$0.50 per Share (such subscription and agreement to purchase being the
"Subscription"), for the total purchase price of US$_______(the "Subscription
Proceeds"), which is tendered herewith, on the basis of the representations and
warranties and subject to the terms and conditions set forth herein.

1.2                    
Subject to the terms hereof, the Subscription will be effective upon its
acceptance by the Company. Any acceptance by the Company of the Subscription is
conditional upon compliance with all securities laws and other applicable laws
of the jurisdiction in which the Subscriber is resident.

2.                      
Payment

2.1                    
The Subscription Proceeds must accompany this Subscription and shall be paid by
cash or cheque or bank draft drawn on a major Canadian or U.S. chartered bank
made payable to the Company and delivered to the Company or its lawyers or may
be wired directly to either one of them. If the Subscription proceeds are
delivered to the Company's lawyers, the Subscriber authorizes the Company's
lawyers to deliver the Subscription Proceeds to the Company on the Closing
Date.

- 2 -

2.2                    
The Subscriber acknowledges and agrees that this Subscription Agreement, the
Subscription Proceeds and any other documents delivered in connection herewith
will be held by the Company's lawyers on behalf of the Company. In the event
that this Subscription Agreement is not accepted by the Company for whatever
reason within 30 days of the delivery of an executed Subscription Agreement by
the Subscriber, this Subscription Agreement, the Subscription Proceeds and any
other documents delivered in connection herewith will be returned to the
Subscriber at the address of the Subscriber as set forth in this Subscription
Agreement.

2.3                    
Where the Subscription Proceeds are paid to the Company, the Company is entitled
to treat such Subscription Proceeds as an interest free loan to the Company
until such time as the Subscription is accepted and the certificates
representing the Shares have been issued to the Subscriber.

3.                      
Documents Required from Subscriber

3.1                    
The Subscriber must complete, sign and return to the Company two (2) executed
copies of this Subscription Agreement.

3.2                    
The Subscriber shall complete, sign and return to the Company as soon as
possible, on request by the Company, any documents, questionnaires, notices and
undertakings as may be required by any regulatory authorities, stock exchanges,
or applicable laws.

4.                      
Closing

4.1                    
Closing of the offering of the Shares (the "Closing") shall occur on or before
_____________, 2005, or on such other date as may be determined by the Company
(the "Closing Date").

5.                     
 Acknowledgements of Subscriber

5.1                    
The Subscriber acknowledges and agrees that:

	 	(a) 	
      none of the Shares have been or will be registered under
      the 1933 Act, or under any state securities or "blue sky" laws of any
      state of the United States, and, unless so registered, may not be offered
      or sold in the United States or, directly or indirectly, to U.S. Persons,
      as that term is defined in Regulation S under the 1933 Act ("Regulation
      S"), except in accordance with the provisions of Regulation S, pursuant to
      an effective registration statement under the 1933 Act, or pursuant to an
      exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case only in accordance with any
      applicable state securities and provincial laws;

	 	 	 
	 	(b) 	
      the Company has not undertaken, and will have no
      obligation, to register any of the Shares under the 1933 Act or qualify
      any of the Shares under any state or provincial securities laws;

	 	 	 
	 	(c) 	
      the Subscriber has received and carefully read this
      Subscription Agreement;

	 	 	 
	 	(d) 	
      the decision to execute this Subscription Agreement and
      purchase the Shares agreed to be purchased hereunder has not been based
      upon any oral or written representation as to fact or otherwise made by or
      on behalf of the Company;

	 	 	 
	 	(e) 	
      the Subscriber and the Subscriber's advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Company in connection with the Offering, and to obtain additional
      information, to the extent possessed or obtainable by the Company without
      unreasonable effort or expense;

	 	 	 
	 	(f) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Subscriber during reasonable business hours at its
      principal place of business and that all documents, records and books in
      connection with the

- 3 -

	 		
      Offering have been made available for inspection by the
      Subscriber, the Subscriber's attorney and/or advisor(s);

	 	 	 
	 	(g) 	
      the Company is entitled to rely on the representations
      and warranties of the Subscriber contained in this Subscription Agreement
      and the Subscriber will hold harmless the Company from any loss or damage
      it or they may suffer as a result of the Subscriber's failure to correctly
      complete this Subscription Agreement;

	 	 	 
	 	(h) 	
      the Subscriber will indemnify and hold harmless the
      Company and, where applicable, its respective directors, officers,
      employees, agents, advisors and shareholders from and against any and all
      loss, liability, claim, damage and expense whatsoever (including, but not
      limited to, any and all fees, costs and expenses whatsoever reasonably
      incurred in investigating, preparing or defending against any claim,
      lawsuit, administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Subscriber contained herein or in any document furnished by the
      Subscriber to the Company in connection herewith being untrue in any
      material respect or any breach or failure by the Subscriber to comply with
      any covenant or agreement made by the Subscriber to the Company in
      connection therewith;

	 	 	 
	 	(i) 	
      the Subscriber has been advised to consult the
      Subscriber's own legal, tax and other advisors with respect to the merits
      and risks of an investment in the Shares and with respect to applicable
      resale restrictions and the Subscriber is solely responsible (and the
      Company is not in any way responsible) for compliance with applicable
      resale restrictions;

	 	 	 
	 	(j) 	
      there is no market for the Shares, no market for the
      Shares may ever exist and none of the Shares are listed on any stock
      exchange or automated dealer quotation system and no representation has
      been made to the Subscriber that any of the Shares will become listed on
      any stock exchange or automated dealer quotation system, except that
      currently certain market makers make market in the common shares of the
      Company on the OTC Bulletin Board service of the National Association of
      Securities Dealers, Inc.;

	 	 	 
	 	(k) 	
      the Subscriber is acquiring the Shares pursuant to an
      exemption from the registration and prospectus requirements of applicable
      securities legislation in all jurisdictions relevant to this Subscription,
      and, as a consequence, the Subscriber will not be entitled to use most of
      the civil remedies available under applicable securities legislation and
      the Subscriber will not receive information that would otherwise be
      required to be provided to the Subscriber pursuant to applicable
      securities legislation;

	 	 	 
	 	(l) 	
      the Company is not a reporting issuer in any Canadian
      province and accordingly, resale of any of the Shares in Canada is
      restricted except pursuant to an exemption from applicable securities
      legislation;

	 	 	 
	 	(m) 	
      neither the SEC nor any other securities commission or
      similar regulatory authority has reviewed or passed on the merits of the
      Shares;

	 	 	 
	 	(n) 	
      no documents in connection with the Offering have been
      reviewed by the SEC or any state securities administrators;

	 	 	 
	 	(o) 	
      there is no government or other insurance covering any of
      the Shares;

	 	 	 
	 	(p) 	
      the issuance and sale of the Shares to the Subscriber
      will not be completed if it would be unlawful or if, in the discretion of
      the Company acting reasonably, it is not in the best interests of the
      Company;

- 4 -

	 	(q) 	
      the statutory and regulatory basis for the exemption
      claimed for the offer and sale of the Shares, although in technical
      compliance with Regulation S, would not be available if the offering is
      part of a plan or scheme to evade the registration provisions of the 1933
      Act; and

	 	 	 
	 	(r) 	
      this Subscription Agreement is not enforceable by the
      Subscriber unless it has been accepted by the
Company.

6.                     
 Representations, Warranties and Covenants of the
Subscriber

6.1                    
The Subscriber hereby represents and warrants to and covenants with the Company
(which representations, warranties and covenants shall survive the Closing)
that:

	 	(a) 	
      the Subscriber is not a U.S. Person;

	 	 	 
	 	(b) 	
      the Subscriber is not acquiring the Shares for the
      account or benefit of, directly or indirectly, any U.S. Person;

	 	 	 
	 	(c) 	
      the Subscriber is resident in the jurisdiction set out
      under the heading "Name and Address of Subscriber" on the signature page
      of this Subscription Agreement and the sale of the Shares to the
      Subscriber as contemplated in this Subscription Agreement complies with or
      is exempt from the applicable securities legislation of the jurisdiction
      of residence of the Subscriber;

	 	 	 
	 	(d) 	
      the Subscriber is purchasing the Shares as principal for
      investment purposes only and not with a view to resale or distribution
      and, in particular, the Subscriber has no intention to distribute, either
      directly or indirectly, any of the Shares in the United States or to U.S.
      Persons;

	 	 	 
	 	(e) 	
      the Subscriber is outside the United States when
      receiving and executing this Subscription Agreement;

	 	 	 
	 	(f) 	
      the Subscriber is not an underwriter of, or dealer in,
      the common shares of the Company, nor is the Subscriber participating,
      pursuant to a contractual agreement or otherwise, in the distribution of
      the Shares;

	 	 	 
	 	(g) 	
      the Subscriber understands and agrees that none of the
      Shares have been registered under the 1933 Act, or under any state
      securities or "blue sky" laws of any state of the United States, and,
      unless so registered, may not be offered or sold in the United States or,
      directly or indirectly, to U.S. Persons except in accordance with the
      provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act, or pursuant to an exemption from, or in a
      transaction not subject to, the registration requirements of the 1933 Act
      and in each case only in accordance with applicable state and provincial
      securities laws;

	 	 	 
	 	(h) 	
      the Subscriber understands and agrees that offers and
      sales of any of the Shares prior to the expiration of a period of one year
      after the date of original issuance of the Shares shall only be made in
      compliance with the safe harbor provisions set forth in Regulation S,
      pursuant to the registration provisions of the 1933 Act or an exemption
      therefrom;

	 	 	 
	 	(i) 	
      the Subscriber understands and agrees not to engage in
      any hedging transactions involving any of the Shares unless such
      transactions are in compliance with the provisions of the 1933
  Act;

	 	 	 
	 	(j) 	
      the Subscriber understands and agrees that the Company
      will refuse to register any transfer of the Shares not made in accordance
      with the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from
      the registration requirements of the 1933 Act;

- 5 -

	 	(k) 	
      the Subscriber acknowledges that the Subscriber has not
      acquired the Shares as a result of, and will not itself engage in, any
      "directed selling efforts" (as defined in Regulation S under the 1933 Act)
      in the United States in respect of any of the Shares which would include
      any activities undertaken for the purpose of, or that could reasonably be
      expected to have the effect of, conditioning the market in the United
      States for the resale of any of the Shares; provided, however, that the
      Subscriber may sell or otherwise dispose of any of the Shares pursuant to
      registration of any of the Shares pursuant to the 1933 Act and any
      applicable state securities laws or under an exemption from such
      registration requirements and as otherwise provided herein;

	 	 	 
	 	(l) 	
      the Subscriber is aware that an investment in the Company
      is speculative and involves certain risks, including the possible loss of
      the entire investment;

	 	 	 
	 	(m) 	
      the Subscriber has made an independent examination and
      investigation of an investment in the Shares and the Company and has
      depended on the advice of the Subscriber’s legal and financial advisors
      and agrees that the Company will not be responsible in anyway whatsoever
      for the Subscriber's decision to invest in the Shares and the
    Company;

	 	 	 
	 	(n) 	
      the Subscriber (i) has adequate net worth and means of
      providing for its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the Shares
      for an indefinite period of time;

	 	 	 
	 	(o) 	
      it (i) is able to fend for itself in the Subscription;
      (ii) has such knowledge and experience in financial and business matters
      as to be capable of evaluating the merits and risks of its investment in
      the Shares and the Company; and (iii) has the ability to bear the economic
      risks of its prospective investment and can afford the complete loss of
      such investment;

	 	 	 
	 	(p) 	
      the Subscriber understands and agrees that the Company
      and others will rely upon the truth and accuracy of the acknowledgements,
      representations and agreements contained in this Subscription Agreement
      and agrees that if any of such acknowledgements, representations and
      agreements are no longer accurate or have been breached, the Subscriber
      shall promptly notify the Company;

	 	 	 
	 	(q) 	
      the Subscriber has the legal capacity and competence to
      enter into and execute this Subscription Agreement and to take all actions
      required pursuant hereto and, if the Subscriber is a corporation, it is
      duly incorporated and validly subsisting under the laws of its
      jurisdiction of incorporation and all necessary approvals by its
      directors, shareholders and others have been obtained to authorize
      execution and performance of this Subscription Agreement on behalf of the
      Subscriber;

	 	 	 
	 	(r) 	
      the entering into of this Subscription Agreement and the
      transactions contemplated hereby do not result in the violation of any of
      the terms and provisions of any law applicable to, or the constating
      documents of, the Subscriber or of any agreement, written or oral, to
      which the Subscriber may be a party or by which the Subscriber is or may
      be bound;

	 	 	 
	 	(s) 	
      the Subscriber has duly executed and delivered this
      Subscription Agreement and it constitutes a valid and binding agreement of
      the Subscriber enforceable against the Subscriber in accordance with its
      terms;

	 	 	 
	 	(t) 	
      if it is acquiring the Shares as a fiduciary or agent for
      one or more investor accounts, it has sole investment discretion with
      respect to each such account and it has full power to make the foregoing
      acknowledgments, representations and agreements on behalf of such
      account;

	 	 	 
	 	(u) 	
      the Subscriber is not aware of any advertisement of any
      of the Shares and is not acquiring the Shares as a result of any form of
      general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising; and

- 6 -

	 	(v) 	
      no person has made to the Subscriber any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Shares;

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Shares; and

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the
    Shares.

6.2                    
If the Subscriber is a resident of British Columbia, the Subscriber represents
to the Company that the Subscriber (tick one or more of the following boxes)
is:

	 	(a) 	
      a director, officer, employee or control person of the
      Company
	[           ]
	 	 	 	 
	 	(b) 	
      a spouse, parent, grandparent, brother, sister or child
      of a director, senior officer or control person of the Company
	[           ]
	 	 	 	 
	 	(c) 	
      a close personal friend of a director, senior officer or
      control person of the Company
	[           ]
	 	 	 	 
	 	(d) 	
      a close business associate of a director, senior officer
      or control person of the Company
	[           ]
	 	 	 	 
	 	(e) 	
      an individual who, either alone or jointly with a spouse,
      beneficially owns, directly or indirectly, financial assets having an
      aggregate realizable value that before taxes, but net of any related
      liabilities, exceeds CDN$1,000,000
	[           ]
	 	 	 	 
	 	(f) 	
      an individual whose net income before taxes exceeded
      CDN$200,000 in each of the two most recent years or whose net income
      before taxes combined with that of a spouse exceeded CDN$300,000 in each
      of the two most recent years and who, in either case, reasonably expects
      to exceed that net income level in the current year
	[           ]
	 	 	 	 
	 	(g) 	
      an individual who, either alone or with a spouse, has net
      assets of at least CDN$5,000,000, as evidenced by recently prepared
      financial statements
	[           ]
	 	 	 	 
	 	(h) 	
      a corporation, limited partnership, limited liability
      partnership, trust or estate, other than a mutual fund or non-redeemable
      investment fund, that had net assets of at least CDN$5,000,000 as shown on
      its most recently prepared financial statements
	[           ]
	 	 	 	 
	 	(i) 	
      a person or company in respect of which all of the owners
      of interests, direct or indirect, legal or beneficial, are persons or
      companies described in (a) to (c)
	[           ]

6.3                    
If the Subscriber has ticked one or more of boxes (b), (c) or (d) in paragraph
6.2 above, the director(s), senior officer(s), or control person(s) of the
Company with whom the Subscriber has the relationship is:

	 
	 
	 
	 
	 
	 
	 
	 
	(Fill in the name of each director. senior
      officer and control person which you have the above-mentioned
      relationship with). 

- 7 -

6.4                    
In this Subscription Agreement, the term "U.S. Person" shall mean:

	 	(a) 	
      any natural person resident in the United
  States;

	 	 	 	 
	 	(b) 	
      any partnership or corporation organized or incorporated
      under the laws of the United States;

	 	 	 	 
	 	(c) 	
      any estate of which any executor or administrator is a
      U.S. person;

	 	 	 	 
	 	(d) 	
      any trust of which any trustee is a U.S.
person;

	 	 	 	 
	 	(e) 	
      any agency or branch of a foreign entity located in the
      United States;

	 	 	 	 
	 	(f) 	
      any non-discretionary account or similar account (other
      than an estate or trust) held by a dealer or other fiduciary for the
      benefit or account of a U.S. person;

	 	 	 	 
	 	(g) 	
      any discretionary account or similar account (other than
      an estate or trust) held by a dealer or other fiduciary organized,
      incorporated, or (if an individual) resident in the United States;
    and

	 	 	 	 
	 	(h) 	
      any partnership or corporation if:

	 	 	 	 
	 		(i) 	
      organized or incorporated under the laws of any foreign
      jurisdiction; and

	 	 	 	 
	 		(ii) 	
      formed by a U.S. person principally for the purpose of
      investing in securities not registered under the 1933 Act, unless it is
      organized or incorporated, and owned, by accredited investors, as that
      term is defined in Regulation D of the 1933 Act, who are not natural
      persons, estates or trusts.

7.                      
Representations and Warranties will be Relied Upon by the
Company

7.1                    
The Subscriber acknowledges that the representations and warranties contained
herein are made by it with the intention that such representations and
warranties may be relied upon by the Company and its legal counsel in
determining the Subscriber's eligibility to purchase the Shares under applicable
securities legislation, or (if applicable) the eligibility of others on whose
behalf it is contracting hereunder to purchase the Shares under applicable
securities legislation. The Subscriber further agrees that by accepting delivery
of the certificates representing the Shares on the Closing Date, it will be
representing and warranting that the representations and warranties contained
herein are true and correct as at the Closing Date with the same force and
effect as if they had been made by the Subscriber on the Closing Date and that
they will survive the purchase by the Subscriber of Shares and will continue in
full force and effect notwithstanding any subsequent disposition by the
Subscriber of such Shares.

8.                      
Resale Restrictions

8.1                    
The Subscriber acknowledges that any resale of the Shares will be subject to
resale restrictions contained in the securities legislation applicable to each
Subscriber or proposed transferee. The Subscriber acknowledges that the Shares
have not been registered under the 1933 Act of the securities laws of any state
of the United States and that the Company does not intend to register same under
the 1933 Act, or the securities laws of any such state and has no obligation to
do so. The Shares may not be offered or sold in the United States unless
registered in accordance with United States federal securities laws and all
applicable state securities laws or exemptions from such registration
requirements are available.

9.                      
Acknowledgement and Waiver

9.1                    
The Subscriber has acknowledged that the decision to purchase the Shares was
solely made on the basis of publicly available information. The Subscriber
hereby waives, to the fullest extent permitted by law, any 

- 8 -

rights of withdrawal, rescission or compensation for damages to
which the Subscriber might be entitled in connection with the distribution of
any of the Shares.

10.                      
Legending and Registration of Subject Shares

10.1                    
The Subscriber hereby acknowledges that upon the issuance thereof, and until
such time as the same is no longer required under the applicable securities laws
and regulations, the certificates representing any of the Shares will bear a
legend in substantially the following form:

  
    
      
        THE SHARES REPRESENTED HEREBY HAVE BEEN OFFERED
          IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS
          DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES
          ACT OF 1933, AS AMENDED (THE "1933 ACT"). NONE OF THE SECURITIES REPRESENTED
          HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
          LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY
          OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS
          EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933
          ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933
          ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
          NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN
          EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.
          IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
          CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND
          "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.

      

    

  

10.2                    
The Subscriber hereby acknowledges and agrees to the Company making a notation
on its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Subscription Agreement.

11.                      
British Columbia Resale Restrictions

11.1                    
The Subscriber acknowledges that the Shares are subject to resale restrictions
in British Columbia and may not be traded in British Columbia except as
permitted by the B.C. Act and the rules made thereunder.

11.2                    
Pursuant to Multilateral Instrument 45-102, as adopted by the BCSC, a subsequent
trade in the Shares will be a distribution subject to the prospectus and
registration requirements of applicable Canadian securities legislation
(including the B.C. Act) unless certain conditions are met, which conditions
include a hold period (the "Canadian Hold Period") that shall have elapsed from
the date on which the Securities were issued to the Subscriber and, during the
currency of the Canadian Hold Period, any certificate representing the
Securities is to be imprinted with a restrictive legend (the "Canadian
Legend").

11.3                    
By executing and delivering this Agreement, the Subscriber will have directed
the Company not to include the Canadian Legend on any certificates representing
the Securities to be issued to the Subscriber.

11.4                    
As a consequence, the Subscriber will not be able to rely on the resale
provisions of Multilateral Instrument 45-102, and any subsequent trade in the
Securities during or after the Canadian Hold Period will be a distribution
subject to the prospectus and registration requirements of Canadian securities
legislation, to the extent that the trade is at that time subject to any such
Canadian securities legislation.

- 9 -

12.                     
 Costs

12.1                    
The Subscriber acknowledges and agrees that all costs and expenses incurred by
the Subscriber (including any fees and disbursements of any special counsel
retained by the Subscriber) relating to the purchase of the Shares shall be
borne by the Subscriber.

13.                      
Governing Law

13.1                    
This Subscription Agreement is governed by the laws of the Province of British
Columbia and the federal laws of Canada applicable thereto. The Subscriber
irrevocably attorns to the jurisdiction of the courts of British Columbia.

14.                      
Survival

14.1                    
This Subscription Agreement, including without limitation the representations,
warranties and covenants contained herein, shall survive and continue in full
force and effect and be binding upon the parties hereto notwithstanding the
completion of the purchase of the Shares by the Subscriber pursuant hereto.

15.                      
Assignment

15.1                    
This Subscription Agreement is not transferable or assignable.

16.                      
Execution

16.1                    
The Company shall be entitled to rely on delivery by facsimile machine of an
executed copy of this Subscription Agreement and acceptance by the Company of
such facsimile copy shall be equally effective to create a valid and binding
agreement between the Subscriber and the Company in accordance with the terms
hereof.

17.                      
Severability

17.1                    
The invalidity or unenforceability of any particular provision of this
Subscription Agreement shall not affect or limit the validity or enforceability
of the remaining provisions of this Subscription Agreement.

18.                      
Entire Agreement

18.1                    
Except as expressly provided in this Subscription Agreement and in the
agreements, instruments and other documents contemplated or provided for herein,
this Subscription Agreement contains the entire agreement between the parties
with respect to the sale of the Shares and there are no other terms, conditions,
representations or warranties, whether expressed, implied, oral or written, by
statute or common law, by the Company or by anyone else.

19.                      
Notices

19.1               
All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication. Notices to the Subscriber shall be directed to the address on
page 10 and notices to the Company shall be directed to: 206-475 Howe Street,
Vancouver, British Columbia, Canada V6C 2B3, Attention: The President.

- 10 -

20.                      
Counterparts

20.1                    
This Subscription Agreement may be executed in any number of counterparts, each
of which, when so executed and delivered, shall constitute an original and all
of which together shall constitute one instrument.

IN WITNESS WHEREOF the Subscriber has duly executed this
Subscription Agreement as of the date first above mentioned.

DELIVERY INSTRUCTIONS

	1. 	
      Delivery - please deliver the certificates to:

	 	 
	 	 
	 	 
	 	 
	 	 
	2. 	
      Registration - registration of the certificates which are
      to be delivered at closing should be made as follows:

	 	 
	 	 
		
      (name)

	 	 
	 	 
		
      (address)

	 	 
	3. 	
      The undersigned hereby acknowledges that it will deliver
      to the Company all such additional completed forms in respect of the
      Subscriber's purchase of the Shares as may be required for filing with the
      appropriate securities commissions and regulatory
  authorities.

	 	 
	 	(Name of Subscriber – Please type or print)
  
	 	 
	 	 
	 	(Signature and, if applicable, Office) 
	 	 
	 	 
	 	(Address of Subscriber) 
	 	 
	 	 
	 	(City, State or Province, Postal Code of
	 	Subscriber) 
	 	 
	 	 
	 	(Country of Subscriber)

- 11 -

A C C E P T A N C E

The above-mentioned Subscription Agreement in respect of the
Shares is hereby accepted by TEXOLA ENERGY CORPORATION.

DATED at ___________________________________________, the
_______day of __________________, 2005.

TEXOLA ENERGY CORPORATION

	Per: 	 	 
	 	Authorized Signatory

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