Document:

Exhibit 10.6

 

NEITHER THIS NOTE NOR THE SECURITIES
THAT ARE ISSUABLE TO THE COMPANY UPON CONVERSION HEREOF (COLLECTIVELY, THE “SECURITIES”) HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THE SECURITIES
NOR ANY INTEREST OR PARTICIPATION THEREIN MAY BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED: (I) IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE 1933 ACT OR APPLICABLE STATE SECURITIES LAWS; OR (II) IN THE ABSENCE OF AN OPINION OF COUNSEL,
IN A FORM ACCEPTABLE TO THE ISSUER, THAT REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT OR; (III) UNLESS SOLD, TRANSFERRED OR ASSIGNED
PURSUANT TO RULE 144 UNDER THE 1933 ACT.

 

CONVERTIBLE PROMISSORY NOTE

 

	May 26, 2022	Principal Amount: $312,500
	 	Purchase Price: $250,000

 

FOR VALUE RECEIVED, ELEPHANT OIL
CORP., a corporation incorporated under the laws of the State of Nevada (the “Company”), hereby promises to pay to the
order of DRAGON DYNAMIC FUNDS (the “Holder”), the principal amount of Three Hundred Twelve Thousand Five Hundred
and zero/100 United States Dollars (US$312,500.00), on the maturity date (the “Maturity Date”), which shall be the earlier
of (i) August 2022 and (ii) the date of the initial public offering of the Company’s common stock, par value $0.0001 per share (“Common
Stock”). This Convertible Promissory Note (as may be amended or supplemented from time to time, this “Note”) shall bear
no interest except following an Event of Default as provided herein.

 

The Purchase Price of this Note shall
be equal to Two Hundred Fifty Thousand and zero/100 United States Dollars (US$250,000.00). The Company shall pay to the Holder a twenty
percent (20%) original issue discount in the amount of Sixty-Two Thousand Five Hundred and zero/100 United States Dollars (US$62,500.00)
(the “OID”). The OID has been added to the principal amount of this Note and as such the aggregate principal amount of this
Note is Three Hundred Twelve Thousand Five Hundred and zero/100 United States Dollars (US$312,500.00).

 

 1. Payments of Principal and Interest.

 

(a) Payment
of Principal. The principal amount of this Note shall be paid to the Holder on the Maturity Date.

 

(b)
Payment of Interest. The unpaid principal balance of this Note shall bear no interest except pursuant to Section 1(c). Interest
shall be computed on the basis of a 360-day year and paid for the actual number of days elapsed. Any accrued but unpaid interest shall,
at the option of the Holder, be included, from time to time, in the Conversion Amount (as defined herein).

 

     

     

    

 

(c) Payment
of Default Interest. Following an Event of Default this Note shall bear interest at 20% per annum (the “Default Rate”)
until the Event of Default is cured, if capable of being cured. Any accrued but unpaid default interest (the “Default Interest”)
shall, at the option of the Holder, be included, from time to time, in the Conversion Amount.

 

(d) General
Payment Provisions. All payments of principal and interest on this Note shall be made in lawful money of the United States of America
by certified bank check or wire transfer to such account as the Holder may designate by written notice to the Company in accordance with
the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business
Day, the same shall instead be due on the next succeeding Business Day. For purposes of this Note, “Business Day” shall mean
any day other than a Saturday, Sunday or a day on which commercial banks in the State of New York are authorized or required by law or
executive order to remain closed.

 

(e) Optional
Prepayment. At any time, upon five Business Days’ notice to the Holder, the Company may pre-pay this Note in advance of the
Maturity Date by paying 120% of the amounts owing hereunder.

 

2. Conversion
of Note. Upon the Maturity Date, this Note shall be convertible into Common Stock, at the option of the Holder, in accordance with
the terms and conditions set forth in this Paragraph 2.

 

(a) Voluntary
Conversion. The Holder shall have the right from time to time, beginning on the Maturity Date, to convert all or any part of the
outstanding and unpaid principal amount of this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock
exists on the date hereof, or any shares of capital stock or other securities of the Company into which such Common Stock shall
hereafter be changed or reclassified at the Conversion Price (as defined below) determined as provided herein (a
“Conversion”); provided, however, that in no event shall the Holder be entitled to convert any portion of this Note in
excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned
by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of
the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Company subject to a
limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock
issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made,
would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock.
For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder,
except as otherwise provided in clause (1) of such proviso, provided, further, however, that the limitations on conversion may be
waived by the Holder (up to a maximum of 9.99%) upon, at the election of the Holder, not less than 61 days’ prior notice to
the Company, and the provisions of the conversion limitation shall continue to apply until such 61st day (or such later date, as
determined by the Holder, as may be specified in such notice of waiver). The number of shares of Common Stock to be issued upon each
conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price
then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice
of Conversion”); provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in,
or reasonably expected to result in, notice) to the Company before 11:59 p.m., New York, New York time on such conversion date (the
“Conversion Date”). The term “Conversion Amount” means, with respect to any conversion of this Note, the sum
of (1) the principal amount of this Note to be converted in such conversion plus (2) at the Holder’s option, accrued and
unpaid interest, if any, on such principal amount at the interest rates provided in this Note to the Conversion Date, provided
however, that the Company shall have the right to pay any or all interest in cash plus (3) at the Holder’s option, Default
Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2).

 

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(b) Calculation
of Conversion Price. Subject to the adjustments described herein, the conversion price (the “Conversion Price”)
shall equal 70% (representing a discount rate of 30%) of the price of the Common Stock in the initial public offering of the Common
Stock (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the
Company’s securities or the securities of any subsidiary of the Company, combinations, recapitalization, reclassifications,
extraordinary distributions and similar events). If the shares of the Company’s Common Stock have not been delivered within
three (3) business days to the Company, the Notice of Conversion may be rescinded. At any time after the Maturity Date, if in the
case that the Company’s Common Stock is not deliverable by DWAC (including if the Company’s transfer agent has a policy
prohibiting or limiting delivery of shares of the Company’s Common Stock specified in a Notice of Conversion), an additional
10% discount will apply for all future conversions under all Notes. If in the case that the Company’s Common Stock is
“chilled” for deposit into the DTC system and only eligible for clearing deposit, an additional 15% discount shall apply
for all future conversions under all Notes while the “chill” is in effect. If in the case of both of the above, an
additional cumulative 25% discount shall apply. Additionally, if the Company ceases to be a reporting company pursuant to the 1934
Act or if the Note cannot be converted into free trading shares after one hundred eighty-one (181) days from the Issuance Date, an
additional 15% discount will be attributed to the Conversion Price.

 

(c) Mechanics
of Conversion. The conversion of this Note shall be conducted in the following manner:

 

(1) Holder’s
Delivery Requirements. To convert this Note into shares of Common Stock on any date set forth in the Conversion Notice by the Holder
(the “Conversion Date”), the Holder shall (A) transmit by facsimile or electronic mail (or otherwise deliver) a copy of the
fully executed Conversion Notice to the Company and (B) upon receipt by the Holder of the Common Stock, surrender the original Note to
a nationally recognized overnight courier for delivery to the Company.

 

(2) Company’s
Response. Upon receipt by the Company of a copy of a Conversion Notice, the Company shall as soon as practicable, but in no event
later than two (2) Business Days after receipt of such Conversion Notice, send, via facsimile or electronic mail (or otherwise deliver)
a confirmation of receipt of such Conversion Notice (the “Conversion Confirmation”) to the Holder indicating that the Company
will process such Conversion Notice in accordance with the terms herein. Within five (5) Business Days after the date of the Conversion
Confirmation, provided that the Company’s transfer agent is participating in the Depository Trust Company (“DTC”) Fast
Automated Securities Transfer (“FAST”) program, the Company shall cause the transfer agent to electronically transmit the
applicable Common Stock which the Holder shall be entitled by crediting the account of the Holder’s prime broker with DTC through
its Deposit Withdrawal Agent Commission (“DWAC”) system, and provide proof satisfactory to the Holder of such delivery. In
the event that the Company’s transfer agent is not participating in the DTC FAST program and is not otherwise DWAC eligible, the
Company shall issue and surrender to a nationally recognized overnight courier for delivery to the address specified in the Conversion
Notice, a certificate, registered in the name of the Holder, for the number of shares of Common Stock to which the Holder shall be entitled.
If less than the full principal and accrued but unpaid interest amount of this Note is submitted for conversion, then the Company shall
within three (3) Business Days after receipt of the Note, at its own expense, issue and deliver to the Holder a new Note for the outstanding
principal and interest amount not so converted; provided that such new Note shall be substantially in the same form as this Note.

 

(3) Record
Holder. The Person(s) entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for
all purposes as the record holder(s) of such shares of Common Stock as of the Conversion Date.

 

(d) Adjustments
to Conversion Price. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization or otherwise) one
or more classes of its outstanding shares of Common Stock into a greater number of shares, the Conversion Price in effect immediately
prior to such subdivision will be proportionately reduced. If the Company at any time combines (by combination, reverse stock split or
otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in effect
immediately prior to such combination will be proportionately increased.

 

3. Grant
of Security. The Company hereby grants a security interest, as that term is defined in the Uniform Commercial Code of Nevada (the
“UCC”), in the Collateral (as such term is hereinafter defined), as security for the payment and performance of all the obligations
of the Company under and in connection with this Note now or hereafter existing whether for principal, interest, fees, expenses or otherwise
(all such obligations of the Company are hereinafter collectively referred to as the “Secured Obligations”). The Company,
as security for the Secured Obligations, hereby assigns, pledges, transfers and sets over unto the Holder and its successors and assigns,
and hereby grants to the Holder a continuing security interest in, all of the Company’s right, title and interest in and to all
of the Company’s now existing or hereafter acquired tangible and intangible properties, including, without limitation, a lien on
all present and future assets of the Company and its subsidiaries (collectively hereinafter referred to as the “Collateral”).

 

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This Note shall create a continuing
security interest in the Collateral and shall (i) remain in full force and effect until payment in full of the Secured Obligations, (ii)
be binding upon the Company, its successors and permitted assigns, and (iii) inure to the benefit of the Holder and its respective successors,
transferees and assigns.

 

This Note secures the payment
and performance of all of the Secured Obligations and by its execution hereof, the Company authorizes the Holder to file any and all documents
necessary or advisable to properly perfect a security interest in the Collateral, including, but not limited to, the filing of such UCC-1
Financing Statements with the Secretaries of State in any and all jurisdictions deemed advisable by Holder. Upon the payment in full of
the Secured Obligations to the satisfaction of the Holder in its sole discretion, the security interest granted hereby shall terminate,
all rights in and to the Collateral shall revert to the Company and the Holder shall duly file, at the expense of the Company, such UCC-3
Amendments necessary to terminate the Holder’s security interest.

 

 4. Defaults and Remedies.

 

(a)
Events of Default. An “Event of Default” means: (i) a default for five (5) days in payment of principal or interest
on this Note; (ii) failure by the Company to comply with any material provision of this Note or the Common Stock Purchase Warrant being
issued to the Holder simultaneously hereto, including, without limitation, failure to complete the initial public offering in the United
States of American of the Company’s common stock on or prior to August    , 2022; (iii) the Company, pursuant to or within the meaning
of any Bankruptcy Law (as defined herein): (A) commence a voluntary case; (B) consent to the entry of an order for relief against it
in an involuntary case; (C) consent to the appointment of a Custodian (as defined herein) of it or for all or substantially all of its
property; (D) make a general assignment for the benefit of its creditors; or (E) admit in writing that it is generally unable to pay
its debts as the same become due; or (iv) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(A) is for relief against the Company in an involuntary case; (B) appoints a Custodian of the Company for all or substantially all of
its property; or (C) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for sixty (60) days.
“Bankruptcy Law” means Title 11, U.S. Code, or any similar Federal or state law for the relief of debtors. The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

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(b) Remedies.
If an Event of Default occurs and is continuing, (i) the outstanding principal balance shall be automatically increased by thirty percent
(30%) and (ii) the Holder of this Note may declare all of this Note, including any interest and other amounts due that have not or will
not be converted under Section 2 hereof, to be due and payable immediately. The security interest created by this Note shall be enforceable
if an Event of Default shall have occurred and be continuing and the Holder shall have, among other things, the following rights:

 

		a.	subject to the limitations of Section 9-610 and 9-615 of
the UCC (if applicable), to sell, assign, transfer and deliver at any time the whole, or from time to time any part, of the Collateral
or any rights or interests therein, at public or private sale or in any other manner, at such price or prices and on such terms as the
Holder may deem appropriate, and either for cash, on credit, for other property or for future delivery, at the option of the Holder,
upon not less than 10 days’ written notice (which 10 day notice is hereby acknowledged by the Company to be reasonable) addressed
to the Company at its last address on file with the Holder, but without demand, advertisement or other notice of any kind (all of which
are hereby expressly waived by the Company). If any of the Collateral or any rights or interests therein are to be disposed of at a public
sale, the Holder may, without notice or publication, adjourn any such sale or cause the same to be adjourned from time to time by announcement
at the time and place fixed for sale, and such sale may, without further notice, occur at the time and place identified in such announcement.
If any of the Collateral or any rights or interests therein shall be disposed of at a private sale, the Holder shall be relieved from
all liability or claim for inadequacy of price. At any such public sale the Holder may purchase the whole or any part of the Collateral
or any rights or interests therein so sold. Each purchaser, including the Holder should it acquire the Collateral, at any public or private
sale shall hold the property sold free from any claim or right of redemption, stay, appraisal or reclamation on the part of the Company
which are hereby expressly waived and released to the extent permitted by applicable law. If any of the Collateral or any rights or interests
therein shall be sold on credit or for future delivery, the Collateral or rights or interests so sold may be retained by the Holder until
the selling price thereof shall be paid by the purchaser, but the Holder shall not incur any liability in case of failure of the purchaser
to take up and pay for the Collateral or rights or interests therein so sold. In case of any such failure, such Collateral or rights
or interests therein may again be sold or not less than 10 days’ written notice as aforesaid;

 

		b.	in addition to the rights and remedies granted to it in this Note and in any other
instrument or agreement securing, evidencing or relating to any of the Secured Obligations, the Holder shall have rights and remedies
of a secured party under the UCC; and

 

		c.	all cash proceeds received by the Holder in respect of any sale of, or other realization
upon, all or any part of the Collateral shall be applied (after payment of any amounts payable to the Holder pursuant to this Note) in
whole or in part by the Holder in accordance with the Note.

 

(c) Holder
Appointed Attorney-in-Fact. The Company hereby irrevocably appoints the Holder as the Company’s attorney-in-fact, with full
authority in the name, place and stead of the Company, from time to time in the Holder’s discretion upon the occurrence and during
the continuance of an Event of Default to take any action and to execute any document which the Holder may deem necessary or advisable
to accomplish the purposes of this Note.

 

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(d) Non-Interference
with Remedies; Specific Performance. The Company agrees that following the occurrence and during the continuance of an Event of
Default it will not at any time pledge, claim or take the benefit of any appraisal, valuation, stay, extension, moratorium or
redemption law now or hereafter in force in order to prevent or delay the enforcement of this Note, or the absolute sale of the
whole or any part of the Collateral or the possession thereof by any purchaser at any sale hereunder, and the Company waives the
benefit of all such laws to the extent it lawfully may do so. The Company agrees that it will not interfere with any right, power or
remedy of the Holder provided for in this Note now or hereafter existing at law or in equity or by statute or otherwise, or with the
exercise or beginning of the exercise by the Holder of any one or more of such rights, powers or remedies.

 

5. Voting
Rights. The Holder shall have no voting rights, except as required by applicable law, including, but not limited to, the Nevada Revised
Statutes, and as expressly provided in this Note.

 

6. Short
Sales. Holder represents and agrees, as applicable, (i) Holder has not prior to the date hereof, entered into or effected any Short
Sales and (ii) so long as the Note remains outstanding, Holder will not enter into or effect any Short Sales. The Company acknowledges
and agrees that upon submission of conversion notice as set forth herein, Holder immediately owns the Common Stock described in the conversion
notice and any sale of that Common Stock issuable under such conversion notice would not be considered Short Sales. For purposes herein,
“Short Sales” shall mean entering into any short sale or other hedging transaction which establishes a net short position
with respect to the Company.

 

7. Lost
or Stolen Note. Upon notice to the Company of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft
or destruction, of an indemnification undertaking by the Holder to the Company in a form reasonably acceptable to the Company and, in
the case of mutilation, upon surrender and cancellation of the Note, the Company shall execute and deliver a new Note of like tenor and
date and in substantially the same form as this Note; provided, however, the Company shall not be obligated to re-issue a Note
if the Holder contemporaneously requests the Company to convert such remaining principal amount and interest into Common Stock.

 

8. Cancellation.
After all principal and accrued interest at any time owed on this Note has been paid in full, this Note shall automatically be deemed
canceled, shall be surrendered to the Company for cancellation and shall not be re-issued.

 

9. Waiver
of Notice. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices in
connection with the delivery, acceptance, performance, default or enforcement of this Note.

 

10. Governing
Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the laws of the State of Nevada, without giving effect to
provisions thereof regarding conflict of laws. Each party hereto hereby irrevocably submits to the non- exclusive jurisdiction of
the state and federal courts sitting in the Southern District of New York for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by sending by certified mail or overnight courier a copy thereof to such party at the address indicated
in the preamble hereto and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. THE
COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

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 11. Indemnity and Expenses. The Company agrees:

 

(a) To
indemnify and hold harmless the Holder and each of its partners, employees, agents and affiliates from and against any and all claims,
damages, demands, losses, obligations, judgments and liabilities (including, without limitation, attorneys’ fees and expenses) in
any way arising out of or in connection with this Note; and

 

(b) To
pay and reimburse the Holder upon demand for all costs and expenses (including, without limitation, attorneys’ fees and expenses)
that the Holder may incur in connection with (i) the exercise or enforcement of any rights or remedies (including, but not limited to,
collection) granted hereunder or otherwise available to it (whether at law, in equity or otherwise), or (ii) the failure by the Company
to perform or observe any of the provisions hereof. The provisions of this Section shall survive the execution and delivery of this Note,
the repayment of any or all of the principal or interest owed pursuant hereto, and the termination of this Note.

 

12. Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative and in
addition to all other remedies available under this Note, at law or in equity

 

13. Usury
Savings Clause. Notwithstanding any provision in this Note, the total liability for payments of interest and payments in the
nature of interest, including, without limitation, all charges, fees, exactions, or other sums which may at any time be deemed to be
interest, shall not exceed the limit imposed by the usury laws of the jurisdiction governing this Note or any other applicable law.
In the event the total liability of payments of interest and payments in the nature of interest, including, without limitation, all
charges, fees, exactions or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result in
an effective rate of interest, which for any month or other interest payment period exceeds the limit imposed by the usury laws of
the jurisdiction governing this Note, all sums in excess of those lawfully collectible as interest for the period in question shall,
without further agreement or notice by, between, or to any party hereto, be applied to the reduction of the outstanding principal
balance of this Note immediately upon receipt of such sums by the Holder hereof, with the same force and effect as though the
Company had specifically designated such excess sums to be so applied to the reduction of such outstanding principal balance and the
Holder hereof had agreed to accept such sums as a penalty-free payment of principal; provided, however, that the Holder of this Note
may, at any time and from time to time, elect, by notice in writing to the Company, to waive, reduce, or limit the collection of any
sums in excess of those lawfully collectible as interest rather than accept such sums as a prepayment of the outstanding principal
balance. It is the intention of the parties that the Company does not intend or expect to pay nor does the Holder intend or expect
to charge or collect any interest under this Note greater than the highest non-usurious rate of interest which may be charged under
applicable law.

 

14. Specific
Shall Not Limit General; Construction. No specific provision contained in this Note shall limit or modify any more general provision
contained herein. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any
person as the drafter hereof.

 

15. Failure
or Indulgence Not Waiver. No failure or delay on the part of this Note in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege.

 

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16. Notice.
Any notice, request or other communication to be given or made under this Note to the parties shall be in writing. Such notice, request
or other communication shall be deemed to have been duly given or made when it shall be delivered by hand, international courier (confirmed
by facsimile), or facsimile (with a hard copy delivered within two (2) Business Days) to the party to which it is required or permitted
to be given or made at such party’s address specified below or at such other address as such party shall have designated by notice
to the party giving or making such notice, request or other communication, it being understood that the failure to deliver a copy of any
notice, request or other communication to a party to whom copies are to be sent shall not affect the validity of any such notice, request
or other communication or constitute a breach of this Note.

 

	 	If to the Company:	Elephant Oil Corp.
	 	 	Pennzoil Place
	 	 	700 Milam, Suite 1300
	 	 	Houston, TX 77002
	 	 	Attention:
	 	 	E-Mail:
	 	 	 
	 	If to the Holder:	 
	 	 	 
	 	 	Attention:
	 	 	E-Mail:

 

17.
Piggy-Back Registration. The Company shall include and register in its Form S-1 all of the shares of Common Stock subject to Conversion
hereunder to the extent required to permit the disposition of the shares so to be registered.

 

[signature page follows]

 

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IN WITNESS WHEREOF, the Company
has caused this Note to be executed on and as of the Issuance Date.

 

	 	ELEPHANT OIL CORP.
	 	 	 
	 	By: 	/s/ Matt Lofgran
	 	Name: 	Matt Lofgran
	 	Title:	Chief Executive Officer
	 	 	 
	Date: May 26, 2022	 	 
	 	 	 
	Principal Amount: $312,500.00	 	 

 

	DRAGON DYNAMIC CATALYTIC BRIDGE SAC FUND
	 	 	 
	By:	/s/ Gary Carr	 
	Name: 	Gary Carr	 
	Title:	Director	 

 

[signature page]

 

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EXHIBIT A

 

NOTICE OF CONVERSION

 

The undersigned
hereby elects to convert principal and/or interest under the Convertible Promissory Note (the “Note”) of Elephant Oil Corp.,
a corporation incorporated under the laws of the State of Nevada (the “Company”), into shares of common stock (the “Common
Shares”), of the Company in accordance with the conditions of the Note, as of the date written below. If the Common Shares are to
be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto
and is delivering herewith such certificates and opinions as requested by the Company in accordance therewith. No fee will be charged
to the Holder for any conversion, except for such transfer taxes, if any.

 

By the delivery
of this Notice of Conversion, the undersigned represents and warrants to the Company that its ownership of the Common Shares does not
exceed the amounts determined in accordance with Section 13(d) of the Exchange Act of 1934, as amended, specified under the Note.

 

	Conversion calculations	 
	 	 
	Effective Date of Conversion:	 
	 	 
	Principal Amount and/or Interest to be Converted:	 
	 	 
	Number of Common Shares to be Issued:	 

 

	 	[HOLDER]
	 	 	 
	 	By:	 
	 	Name: 	           
	 	Title:	 

 

	 	Address:Exhibit 10.7

 

NEITHER THIS NOTE NOR THE SECURITIES THAT ARE
ISSUABLE TO THE COMPANY UPON CONVERSION HEREOF (COLLECTIVELY, THE “SECURITIES”) HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THE SECURITIES
NOR ANY INTEREST OR PARTICIPATION THEREIN MAY BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED: (I) IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE 1933 ACT OR APPLICABLE STATE SECURITIES LAWS; OR (II) IN THE ABSENCE OF AN OPINION OF COUNSEL,
IN A FORM ACCEPTABLE TO THE ISSUER, THAT REGISTRATION IS NOT REQUIRED UNDER THE 1933 ACT OR; (III) UNLESS SOLD, TRANSFERRED OR ASSIGNED
PURSUANT TO RULE 144 UNDER THE 1933 ACT.

 

CONVERTIBLE PROMISSORY NOTE

 

	July 30, 2022	Principal Amount: $437,500
	 	Purchase Price: $350,000

 

FOR VALUE RECEIVED, ELEPHANT OIL CORP.,
a corporation incorporated under the laws of the State of Nevada (the “Company”), hereby promises to pay to the order of John
Bolitho (the “Holder”), the principal amount of Four Hundred Thirty Seven Thousand Five Hundred and zero/100
United States Dollars ($437,500), on the maturity date (the “Maturity Date”), which shall be the earlier of (i)
October 29, 2022 and (ii) the date of the initial public offering of the Company’s common stock, par value $0.0001 per share (“Common
Stock”). This Convertible Promissory Note (as may be amended or supplemented from time to time, this “Note”) shall bear
no interest except following an Event of Default as provided herein.

 

The Purchase Price of this Note shall be equal
to Three Hundred Fifty Thousand and zero/100 United States Dollars ($350,000). The Company shall pay to the Holder a twenty percent
(20%) original issue discount in the amount of Eighty Seven Thousand Five zero/100 United States Dollars ($87,500) (the “OID”).
The OID has been added to the principal amount of this Note and as such the aggregate principal amount of this Note is Four Hundred
Thirty Seven Thousand Five Hundred and zero/100 United States Dollars ($437,500).

 

1. Payments
of Principal and Interest.

 

(a) Payment
of Principal. The principal amount of this Note shall be paid to the Holder on the Maturity Date.

 

(b) Payment
of Interest. The unpaid principal balance of this Note shall bear no interest except pursuant to Section 1(c). Interest shall be computed
on the basis of a 360-day year and paid for the actual number of days elapsed. Any accrued but unpaid interest shall, at the option of
the Holder, be included, from time to time, in the Conversion Amount (as defined herein).

 

    

     

    

 

(c) Payment
of Default Interest. Following an Event of Default this Note shall bear interest at 20% per annum (the “Default Rate”)
until the Event of Default is cured, if capable of being cured. Any accrued but unpaid default interest (the “Default Interest”)
shall, at the option of the Holder, be included, from time to time, in the Conversion Amount.

 

(d) General
Payment Provisions. All payments of principal and interest on this Note shall be made in lawful money of the United States of America
by certified bank check or wire transfer to such account as the Holder may designate by written notice to the Company in accordance with
the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business
Day, the same shall instead be due on the next succeeding Business Day. For purposes of this Note, “Business Day” shall mean
any day other than a Saturday, Sunday or a day on which commercial banks in the State of New York are authorized or required by law or
executive order to remain closed.

 

(e) Optional
Prepayment. At any time, upon five Business Days’ notice to the Holder, the Company may pre-pay this Note in advance of the
Maturity Date by paying 120% of the amounts owing hereunder.

 

2. Conversion
of Note. Upon the Maturity Date, this Note shall be convertible into Common Stock, at the option of the Holder, in accordance with
the terms and conditions set forth in this Paragraph 2.

 

(a) Voluntary
Conversion. The Holder shall have the right from time to time, beginning on the Maturity Date, to convert all or any part of the outstanding
and unpaid principal amount of this Note into fully paid and non-assessable shares of Common Stock, as such Common Stock exists on the
date hereof, or any shares of capital stock or other securities of the Company into which such Common Stock shall hereafter be changed
or reclassified at the Conversion Price (as defined below) determined as provided herein (a “Conversion”); provided, however,
that in no event shall the Holder be entitled to convert any portion of this Note in excess of that portion of this Note upon conversion
of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of
Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Notes or the unexercised or
unconverted portion of any other security of the Company subject to a limitation on conversion or exercise analogous to the limitations
contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Note with respect to
which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than
4.99% of the outstanding shares of Common Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership
shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso, provided, further, however, that the limitations
on conversion may be waived by the Holder (up to a maximum of 9.99%) upon, at the election of the Holder, not less than 61 days’
prior notice to the Company, and the provisions of the conversion limitation shall continue to apply until such 61st day (or such later
date, as determined by the Holder, as may be specified in such notice of waiver). The number of shares of Common Stock to be issued upon
each conversion of this Note shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price
then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice of
Conversion”); provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably
expected to result in, notice) to the Company before 11:59 p.m., New York, New York time on such conversion date (the “Conversion
Date”). The term “Conversion Amount” means, with respect to any conversion of this Note, the sum of (1) the principal
amount of this Note to be converted in such conversion plus (2) at the Holder’s option, accrued and unpaid interest, if any, on
such principal amount at the interest rates provided in this Note to the Conversion Date, provided however, that the Company shall have
the right to pay any or all interest in cash plus (3) at the Holder’s option, Default Interest, if any, on the amounts referred
to in the immediately preceding clauses (1) and/or (2).

 

    2

     

    

 

(b) Calculation
of Conversion Price. Subject to the adjustments described herein, the conversion price (the “Conversion Price”) shall
equal 70% (representing a discount rate of 30%) of the price of the Common Stock in the initial public offering of the Common Stock (subject
to equitable adjustments for stock splits, stock dividends or rights offerings by the Company relating to the Company’s securities
or the securities of any subsidiary of the Company, combinations, recapitalization, reclassifications, extraordinary distributions and
similar events). If the shares of the Company’s Common Stock have not been delivered within three (3) business days to the Company,
the Notice of Conversion may be rescinded. At any time after the Maturity Date, if in the case that the Company’s Common Stock is
not deliverable by DWAC (including if the Company’s transfer agent has a policy prohibiting or limiting delivery of shares of the
Company’s Common Stock specified in a Notice of Conversion), an additional 10% discount will apply for all future conversions under
all Notes. If in the case that the Company’s Common Stock is “chilled” for deposit into the DTC system and only eligible
for clearing deposit, an additional 15% discount shall apply for all future conversions under all Notes while the “chill”
is in effect. If in the case of both of the above, an additional cumulative 25% discount shall apply. Additionally, if the Company ceases
to be a reporting company pursuant to the 1934 Act or if the Note cannot be converted into free trading shares after one hundred eighty-one
(181) days from the Issuance Date, an additional 15% discount will be attributed to the Conversion Price.

 

(c) Mechanics
of Conversion. The conversion of this Note shall be conducted in the following manner:

 

(1) Holder’s
Delivery Requirements. To convert this Note into shares of Common Stock on any date set forth in the Conversion Notice by the Holder
(the “Conversion Date”), the Holder shall (A) transmit by facsimile or electronic mail (or otherwise deliver) a copy of the
fully executed Conversion Notice to the Company and (B) upon receipt by the Holder of the Common Stock, surrender the original Note to
a nationally recognized overnight courier for delivery to the Company.

 

(2) Company’s
Response. Upon receipt by the Company of a copy of a Conversion Notice, the Company shall as soon as practicable, but in no event
later than two (2) Business Days after receipt of such Conversion Notice, send, via facsimile or electronic mail (or otherwise deliver)
a confirmation of receipt of such Conversion Notice (the “Conversion Confirmation”) to the Holder indicating that the Company
will process such Conversion Notice in accordance with the terms herein. Within five (5) Business Days after the date of the Conversion
Confirmation, provided that the Company’s transfer agent is participating in the Depository Trust Company (“DTC”) Fast
Automated Securities Transfer (“FAST”) program, the Company shall cause the transfer agent to electronically transmit the
applicable Common Stock which the Holder shall be entitled by crediting the account of the Holder’s prime broker with DTC through
its Deposit Withdrawal Agent Commission (“DWAC”) system, and provide proof satisfactory to the Holder of such delivery. In
the event that the Company’s transfer agent is not participating in the DTC FAST program and is not otherwise DWAC eligible, the
Company shall issue and surrender to a nationally recognized overnight courier for delivery to the address specified in the Conversion
Notice, a certificate, registered in the name of the Holder, for the number of shares of Common Stock to which the Holder shall be entitled.
If less than the full principal and accrued but unpaid interest amount of this Note is submitted for conversion, then the Company shall
within three (3) Business Days after receipt of the Note, at its own expense, issue and deliver to the Holder a new Note for the outstanding
principal and interest amount not so converted; provided that such new Note shall be substantially in the same form as this Note.

 

    3

     

    

 

(3) Record
Holder. The Person(s) entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for
all purposes as the record holder(s) of such shares of Common Stock as of the Conversion Date.

 

(d) Adjustments
to Conversion Price. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization or otherwise) one
or more classes of its outstanding shares of Common Stock into a greater number of shares, the Conversion Price in effect immediately
prior to such subdivision will be proportionately reduced. If the Company at any time combines (by combination, reverse stock split or
otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in effect
immediately prior to such combination will be proportionately increased.

 

3. Grant
of Security. The Company hereby grants a security interest, as that term is defined in the Uniform Commercial Code of Nevada (the
“UCC”), in the Collateral (as such term is hereinafter defined), as security for the payment and performance of all the obligations
of the Company under and in connection with this Note now or hereafter existing whether for principal, interest, fees, expenses or otherwise
(all such obligations of the Company are hereinafter collectively referred to as the “Secured Obligations”). The Company,
as security for the Secured Obligations, hereby assigns, pledges, transfers and sets over unto the Holder and its successors and assigns,
and hereby grants to the Holder a continuing security interest in, all of the Company’s right, title and interest in and to all
of the Company’s now existing or hereafter acquired tangible and intangible properties, including, without limitation, a lien on
all present and future assets of the Company and its subsidiaries (collectively hereinafter referred to as the “Collateral”).

 

This Note shall create a continuing security interest
in the Collateral and shall (i) remain in full force and effect until payment in full of the Secured Obligations, (ii) be binding upon
the Company, its successors and permitted assigns, and (iii) inure to the benefit of the Holder and its respective successors, transferees
and assigns.

 

This Note secures the payment and performance
of all of the Secured Obligations and by its execution hereof, the Company authorizes the Holder to file any and all documents necessary
or advisable to properly perfect a security interest in the Collateral, including, but not limited to, the filing of such UCC-1 Financing
Statements with the Secretaries of State in any and all jurisdictions deemed advisable by Holder. Upon the payment in full of the Secured
Obligations to the satisfaction of the Holder in its sole discretion, the security interest granted hereby shall terminate, all rights
in and to the Collateral shall revert to the Company and the Holder shall duly file, at the expense of the Company, such UCC-3 Amendments
necessary to terminate the Holder’s security interest.

 

    4

     

    

 

4. Defaults
and Remedies.

 

(a) Events
of Default. An “Event of Default” means: (i) a default for five (5) days in payment of principal or interest on this Note;
(ii) failure by the Company to comply with any material provision of this Note or the Common Stock Purchase Warrant being issued to the
Holder in connection herewith, including, without limitation, failure to complete the initial public offering in the United States of
American of the Company’s common stock on or prior to October 29, 2022; (iii) the Company, pursuant to or within the meaning of
any Bankruptcy Law (as defined herein): (A) commence a voluntary case; (B) consent to the entry of an order for relief against it in an
involuntary case; (C) consent to the appointment of a Custodian (as defined herein) of it or for all or substantially all of its property;
(D) make a general assignment for the benefit of its creditors; or (E) admit in writing that it is generally unable to pay its debts as
the same become due; or (iv) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (A) is for relief
against the Company in an involuntary case; (B) appoints a Custodian of the Company for all or substantially all of its property; or (C)
orders the liquidation of the Company, and the order or decree remains unstayed and in effect for sixty (60) days. “Bankruptcy Law”
means Title 11, U.S. Code, or any similar Federal or state law for the relief of debtors. The term “Custodian” means any receiver,
trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Remedies. If an Event of Default occurs
and is continuing, (i) the OID on the Note shall increase to thirty percent (30%), resulting in an aggregate OID of One Hundred and
Fifty Thousand and zero/100 United States Dollars ($150,000), which, when added to the principal amount of this Note, shall result
in the aggregate principal amount of this Note being Five Hundred Thousand and zero/100 United Sates Dollars ($500,000) and (ii)
the Holder of this Note may declare all of this Note, including any interest and other amounts due that have not or will not be converted
under Section 2 hereof, to be due and payable immediately. The security interest created by this Note shall be enforceable if an Event
of Default shall have occurred and be continuing and the Holder shall have, among other things, the following rights:

 

		a.	subject to the limitations of Section 9-610 and 9-615 of the UCC (if applicable), to sell, assign, transfer
and deliver at any time the whole, or from time to time any part, of the Collateral or any rights or interests therein, at public or private
sale or in any other manner, at such price or prices and on such terms as the Holder may deem appropriate, and either for cash, on credit,
for other property or for future delivery, at the option of the Holder, upon not less than 10 days’ written notice (which 10 day
notice is hereby acknowledged by the Company to be reasonable) addressed to the Company at its last address on file with the Holder, but
without demand, advertisement or other notice of any kind (all of which are hereby expressly waived by the Company). If any of the Collateral
or any rights or interests therein are to be disposed of at a public sale, the Holder may, without notice or publication, adjourn any
such sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may,
without further notice, occur at the time and place identified in such announcement. If any of the Collateral or any rights or interests
therein shall be disposed of at a private sale, the Holder shall be relieved from all liability or claim for inadequacy of price. At any
such public sale the Holder may purchase the whole or any part of the Collateral or any rights or interests therein so sold. Each purchaser,
including the Holder should it acquire the Collateral, at any public or private sale shall hold the property sold free from any claim
or right of redemption, stay, appraisal or reclamation on the part of the Company which are hereby expressly waived and released to the
extent permitted by applicable law. If any of the Collateral or any rights or interests therein shall be sold on credit or for future
delivery, the Collateral or rights or interests so sold may be retained by the Holder until the selling price thereof shall be paid by
the purchaser, but the Holder shall not incur any liability in case of failure of the purchaser to take up and pay for the Collateral
or rights or interests therein so sold. In case of any such failure, such Collateral or rights or interests therein may again be sold
or not less than 10 days’ written notice as aforesaid;

 

    5

     

    

 

		b.	in addition to the rights and remedies granted to it in this Note and in any other instrument or agreement
securing, evidencing or relating to any of the Secured Obligations, the Holder shall have rights and remedies of a secured party under
the UCC; and

 

		c.	all cash proceeds received by the Holder in respect of any sale of, or other realization upon, all or
any part of the Collateral shall be applied (after payment of any amounts payable to the Holder pursuant to this Note) in whole or in
part by the Holder in accordance with the Note.

 

(b) Holder
Appointed Attorney-in-Fact. The Company hereby irrevocably appoints the Holder as the Company’s attorney-in-fact, with full
authority in the name, place and stead of the Company, from time to time in the Holder’s discretion upon the occurrence and during
the continuance of an Event of Default to take any action and to execute any document which the Holder may deem necessary or advisable
to accomplish the purposes of this Note.

 

(c) Non-Interference
with Remedies; Specific Performance. The Company agrees that following the occurrence and during the continuance of an Event of Default
it will not at any time pledge, claim or take the benefit of any appraisal, valuation, stay, extension, moratorium or redemption law now
or hereafter in force in order to prevent or delay the enforcement of this Note, or the absolute sale of the whole or any part of the
Collateral or the possession thereof by any purchaser at any sale hereunder, and the Company waives the benefit of all such laws to the
extent it lawfully may do so. The Company agrees that it will not interfere with any right, power or remedy of the Holder provided for
in this Note now or hereafter existing at law or in equity or by statute or otherwise, or with the exercise or beginning of the exercise
by the Holder of any one or more of such rights, powers or remedies.

 

5. Voting
Rights. The Holder shall have no voting rights, except as required by applicable law, including, but not limited to, the Nevada Revised
Statutes, and as expressly provided in this Note.

 

6. Short
Sales. Holder represents and agrees, as applicable, (i) Holder has not prior to the date hereof, entered into or effected any Short
Sales and (ii) so long as the Note remains outstanding, Holder will not enter into or effect any Short Sales. The Company acknowledges
and agrees that upon submission of conversion notice as set forth herein, Holder immediately owns the Common Stock described in the conversion
notice and any sale of that Common Stock issuable under such conversion notice would not be considered Short Sales. For purposes herein,
“Short Sales” shall mean entering into any short sale or other hedging transaction which establishes a net short position
with respect to the Company.

 

7. Lost
or Stolen Note. Upon notice to the Company of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft
or destruction, of an indemnification undertaking by the Holder to the Company in a form reasonably acceptable to the Company and, in
the case of mutilation, upon surrender and cancellation of the Note, the Company shall execute and deliver a new Note of like tenor and
date and in substantially the same form as this Note; provided, however, the Company shall not be obligated to re-issue a Note
if the Holder contemporaneously requests the Company to convert such remaining principal amount and interest into Common Stock.

 

8. Cancellation.
After all principal and accrued interest at any time owed on this Note has been paid in full, this Note shall automatically be deemed
canceled, shall be surrendered to the Company for cancellation and shall not be re-issued.

 

9. Waiver
of Notice. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices in
connection with the delivery, acceptance, performance, default or enforcement of this Note.

 

    6

     

    

 

10. Governing
Law. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation
and performance of this Note shall be governed by, the laws of the State of New York, without giving effect to provisions thereof regarding
conflict of laws. Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting
in the Southern District of New York for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereto hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or proceeding by sending by certified mail or overnight courier
a copy thereof to such party at the address indicated in the preamble hereto and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

11. Indemnity
and Expenses. The Company agrees:

 

(a) To
indemnify and hold harmless the Holder and each of its partners, employees, agents and affiliates from and against any and all claims,
damages, demands, losses, obligations, judgments and liabilities (including, without limitation, attorneys’ fees and expenses) in
any way arising out of or in connection with this Note; and

 

(b) To
pay and reimburse the Holder upon demand for all costs and expenses (including, without limitation, attorneys’ fees and expenses)
that the Holder may incur in connection with (i) the exercise or enforcement of any rights or remedies (including, but not limited to,
collection) granted hereunder or otherwise available to it (whether at law, in equity or otherwise), or (ii) the failure by the Company
to perform or observe any of the provisions hereof. The provisions of this Section shall survive the execution and delivery of this Note,
the repayment of any or all of the principal or interest owed pursuant hereto, and the termination of this Note.

 

12. Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative and in
addition to all other remedies available under this Note, at law or in equity

 

13. Usury
Savings Clause. Notwithstanding any provision in this Note, the total liability for payments of interest and payments in the nature
of interest, including, without limitation, all charges, fees, exactions, or other sums which may at any time be deemed to be interest,
shall not exceed the limit imposed by the usury laws of the jurisdiction governing this Note or any other applicable law. In the event
the total liability of payments of interest and payments in the nature of interest, including, without limitation, all charges, fees,
exactions or other sums which may at any time be deemed to be interest, shall, for any reason whatsoever, result in an effective rate
of interest, which for any month or other interest payment period exceeds the limit imposed by the usury laws of the jurisdiction governing
this Note, all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or
notice by, between, or to any party hereto, be applied to the reduction of the outstanding principal balance of this Note immediately
upon receipt of such sums by the Holder hereof, with the same force and effect as though the Company had specifically designated such
excess sums to be so applied to the reduction of such outstanding principal balance and the Holder hereof had agreed to accept such sums
as a penalty-free payment of principal; provided, however, that the Holder of this Note may, at any time and from time to time, elect,
by notice in writing to the Company, to waive, reduce, or limit the collection of any sums in excess of those lawfully collectible as
interest rather than accept such sums as a prepayment of the outstanding principal balance. It is the intention of the parties that the
Company does not intend or expect to pay nor does the Holder intend or expect to charge or collect any interest under this Note greater
than the highest non-usurious rate of interest which may be charged under applicable law.

 

    7

     

    

 

14. Specific
Shall Not Limit General; Construction. No specific provision contained in this Note shall limit or modify any more general provision
contained herein. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any
person as the drafter hereof.

 

15. Failure
or Indulgence Not Waiver. No failure or delay on the part of this Note in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privilege.

 

16. Notice.
Any notice, request or other communication to be given or made under this Note to the parties shall be in writing. Such notice, request
or other communication shall be deemed to have been duly given or made when it shall be delivered by hand, international courier (confirmed
by facsimile), or facsimile (with a hard copy delivered within two (2) Business Days) to the party to which it is required or permitted
to be given or made at such party’s address specified below or at such other address as such party shall have designated by notice
to the party giving or making such notice, request or other communication, it being understood that the failure to deliver a copy of any
notice, request or other communication to a party to whom copies are to be sent shall not affect the validity of any such notice, request
or other communication or constitute a breach of this Note.

 

	If to the Company:	Elephant Oil Corp.
	 	Pennzoil Place
	 	700 Milam, Suite 1300
	 	Houston, TX 77002
	 	Attention:
	 	E-Mail:
	 	 
	If to the Holder:	John Bolitho
	 	Summerhill, Smallyhythe Road, 

Tenterden, Kent TN30 7NB 

E-Mail: jgbolitho@jgbolitho.com

 

17. Piggy-Back
Registration. The Company shall file a resale registration statement on Form S-1 within 180 days of the closing of the Company’s
initial public offering to register all of the shares of Common Stock to the extent required to permit the disposition of the Shares so
to be registered.

 

18. Warrant
Issuance. In the event of a Conversion pursuant to Section 2 hereof, the Company shall issue to Holder a Warrant, in the form attached
hereto as Exhibit B, for a number of Warrant Shares equivalent to the number of shares of Common Stock issued by the Company upon the
conversion of the Note, if any.

 

[signature page follows]

 

    8

     

    

 

IN WITNESS WHEREOF, the
Company has caused this Note to be executed on and as of the Issuance Date.

 

	 	ELEPHANT OIL CORP.
	 	 
	 	By:	/s/ Matthew Lofgran
	 	Name:	Matthew Lofgran
	 	Title:	Chief Executive Officer

 

Date: July 30, 2022

 

Principal Amount: $437,500

 

[ signature page to Note ]

 

    9

     

    

 

Exhibit
A

 

NOTICE OF CONVERSION

 

The undersigned hereby elects
to convert principal and/or interest under the Convertible Promissory Note (the “Note”) of Elephant Oil Corp., a corporation
incorporated under the laws of the State of Nevada (the “Company”), into shares of common stock (the “Common Shares”),
of the Company in accordance with the conditions of the Note, as of the date written below.  If the Common Shares are to be issued
in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering
herewith such certificates and opinions as requested by the Company in accordance therewith. No fee will be charged to the Holder for
any conversion, except for such transfer taxes, if any.

 

By the delivery of this Notice
of Conversion, the undersigned represents and warrants to the Company that its ownership of the Common Shares does not exceed the amounts
determined in accordance with Section 13(d) of the Exchange Act of 1934, as amended, specified under the Note.

 

Conversion calculations

 

	Effective Date of Conversion:	
	 	 
	Principal Amount and/or Interest to be Converted:	
	 	 
	Number of Common Shares to be Issued:	

 

 

	 	[HOLDER]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

    10

     

    

 

Exhibit
B

 

[INSERT
WARRANT]

 

 

11

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