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Exhibit 10.26  

 
 

VANTAGE ENERGY SERVICES, INC.    
    
    CHARTER OF THE AUDIT COMMITTEE
  OF THE BOARD OF DIRECTORS    
    

        The board of directors (the "Board") of Vantage Energy Services, Inc. (the
"Company") hereby establishes the Audit Committee of the Board with the following purpose, authority, powers, duties and responsibilities. 

Purpose  

        The purpose of the Audit Committee is to represent and assist the board of directors (the "Board") of the Company
in its general oversight of the Company's accounting and financial reporting processes, audits of the financial statements, and internal control and audit functions. Management is responsible for
(1) the preparation, presentation and integrity of the Company's financial statements; (2) accounting and financial reporting principles; and (3) the Company's internal controls
and procedures designed to promote compliance with accounting standards and applicable laws and regulations. The Company's independent auditing firm is responsible for performing an independent audit
of the consolidated financial statements in accordance with generally accepted auditing standards in the United States ("GAAP"). 

        The
Audit Committee members are not professional accountants or auditors and their functions are not intended to duplicate or to certify the activities of management and the independent
auditor, nor can the Audit Committee certify that the independent auditor is "independent" under applicable rules. The Audit Committee serves a board level oversight role where it oversees the
relationship with the independent auditor, as set forth in this charter, receives information and provides advice, counsel and general direction, as it deems appropriate, to management and the
auditors, taking into account the information it receives, discussions with the auditor, and the experience of the Audit Committee's members in business, financial and accounting matters. 

Membership and Structure  

        The Audit Committee is initially comprised of at least four directors determined by the Board to meet the director and audit committee member independence
requirements and financial literacy requirements of the American Stock Exchange, Inc. ("Amex"). At least one member of the Audit Committee must
be financially sophisticated, as determined by the Board, and no Audit Committee member may have participated in the preparation of the financial statements of the Company or any of the Company's
current subsidiaries at any time during the past three years, each as required by Amex listing standards. Appointment to the Audit Committee and the designation of any Audit Committee members as
"audit committee financial experts" shall be made on an annual basis by the full Board. 

        Meetings
of the Audit Committee shall be held at such times and places as the Audit Committee shall determine, including by written consent. When necessary, the Audit Committee shall
meet in executive session outside of the presence of any senior officer of the Company. The Chair of the Audit Committee shall report on activities of the Audit Committee to the full Board. In
fulfilling its responsibilities the Audit Committee shall have authority to delegate its authority to subcommittees, in each case to the extent permitted by applicable law. 

Responsibilities  

        The Audit Committee: 

	•
	is
directly responsible for the appointment, replacement, compensation, and oversight of the work of the independent auditor. The independent auditor shall report directly
to the Audit Committee. 

	•
	obtains
and reviews annually a report by the independent auditor describing the Company's internal quality-control procedures, any material issues raised by the most recent
internal quality-control review or by any inquiry or investigation by governmental or professional authorities, and any steps taken to deal with any such issues.

	•
	reviews
and discusses with the independent auditor the written statement from the independent auditor concerning any relationship between the auditor and the Company or any
other relationships that may adversely affect the independence of the auditor, and, based on such review, assesses the independence of the auditor.

	•
	establishes
policies and procedures for the review and pre-approval by the Audit Committee of all auditing services and permissible non-audit
services (including the fees and terms thereof) to be performed by the independent auditor.

	•
	reviews
and discusses with the independent auditor: (a) its audit plans, and audit procedures, including the scope, fees and timing of the audit; (b) the
results of the annual audit examination and accompanying management letters; and (c) the results of the independent auditor's procedures with respect to interim periods.

	•
	reviews
and discusses reports from the independent auditors on (a) all critical accounting policies and practices used by the Company, (b) alternative
accounting treatments within GAAP related to material items that have been discussed with management, including the ramifications of the use of the alternative treatments and the treatment preferred
by the independent auditor, and (c) other material written communications between the independent auditor and management.

	•
	reviews
and discusses with the independent auditor the independent auditor's judgments as to the quality, not just the acceptability, of the Company's accounting principles
and such further matters as the independent auditors present the Audit Committee under GAAP.

	•
	discusses
with the Company's officers and the independent auditor quarterly earnings press releases, including the interim financial information and other disclosures
included therein, reviews the year-end audited financial statements and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and, if deemed appropriate,
recommends to the Board of Directors that the audited financial statements be included in the Company's Annual Report on Form 10-K for the year.

	•
	reviews
and discusses with the Company's officers and the independent auditor various topics and events that may have significant financial impact on the Company or that are
the subject of discussions between the Company's officers and the independent auditors.

	•
	reviews
and discusses with the Company's officers the Company's major financial risk exposures and the steps the Company's officers have taken to monitor and control such
exposures.

	•
	reviews,
passes on the fairness of, and approves related-party transactions.

	•
	reviews
and discusses with the independent auditor, and the Company's officers: (a) the adequacy and effectiveness of the Company's internal controls (including any
significant deficiencies and significant changes in internal controls reported to the Committee by the independent auditor or management; (b) the Company's internal audit procedures; and
(c) the adequacy and effectiveness of the Company's disclosures controls and procedures, and management reports thereon.

	•
	reviews
annually with the Company's officers the scope of the internal audit program, and reviews annually the performance of both the internal audit group and the
independent auditor in executing their plans and meeting their objectives.

	•
	reviews
the use of auditors other than the independent auditor.

	•
	reviews
matters related to the corporate compliance activities of the Company. 

	•
	establishes
procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls, or auditing
matters, and the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.

	•
	establishes
policies for the hiring of employees and former employees of the independent auditor.

	•
	prepares
the report of the Audit Committee required by the rules of the United States Securities and Exchange Commission to be included in the Company's annual proxy
statement.

	•
	when
appropriate, designates one or more of its members to perform certain of its duties on its behalf, subject to such reporting to or ratification by the Audit Committee
as the Audit Committee shall direct. 

Advisors  

        The Audit Committee shall have the authority to engage independent legal, accounting and other advisors, as it determines necessary to carry out its duties. The
Audit Committee shall have sole authority to approve related fees and retention terms. 

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Exhibit 10.27  

 
 

VANTAGE ENERGY SERVICES, INC.    
    
    NOMINATING COMMITTEE CHARTER    
    

        The Nominating Committee's responsibilities and powers as delegated by the board of directors are set forth in this charter. Whenever the Committee takes an
action, it shall exercise its independent judgment on an informed basis that the action is in the best interests of the Company and its stockholders. 

I.     PURPOSE 

        As
set forth herein, the Committee shall, among other things, discharge the responsibilities of the board of directors relating to the appropriate size, functioning and needs of the
board including, but not limited to, recruitment and retention of high quality board members and committee composition and structure, and shall be guided in the discharge of their responsibilities
hereunder by the Board of Directors Candidate Guidelines appended hereto. 

II.    MEMBERSHIP 

        The
Committee shall initially consist of at least four members of the board of directors as determined from time to time by the board. Each member shall be "independent" in accordance
with the listing standards of the American Stock Exchange, as amended from time to time. 

        The
board of directors shall elect the members of this Committee at the first board meeting practicable following the annual meeting of stockholders and may make changes from time to
time pursuant to the provisions below. Unless a chair is elected by the board of directors, the members of the Committee shall designate a chair by majority vote of the full Committee membership. 

        A
Committee member may resign by delivering his or her written resignation to the chairman of the board of directors, or may be removed by majority vote of the board of directors by
delivery to such member of written notice of removal, to take effect at a date specified therein, or upon delivery of such written notice to such member if no date is specified. 

III.  MEETINGS AND COMMITTEE ACTION 

        The
Committee shall meet at such times as it deems necessary to fulfill its responsibilities. Meetings of the Committee shall be called by the chairman of the Committee upon such notice
as is provided for in the by-laws of the company with respect to meetings of the board of directors. A majority of the members shall constitute a quorum. Actions of the Committee may be
taken in person at a meeting or in writing without a meeting. Actions taken at a meeting, to be valid, shall require the approval of a majority of the members present and voting. Actions taken in
writing, to be valid, shall be signed by all members of the Committee. The Committee shall report its minutes from each meeting to the board of directors. 

        The
chairman of the Committee shall establish such rules as may from time to time be necessary or appropriate for the conduct of the business of the Committee. At each meeting, the
chairman shall appoint as secretary a person who may, but need not, be a member of the Committee. A certificate of the secretary of the Committee or minutes of a meeting of the Committee executed by
the secretary setting forth the names of the members of the Committee present at the meeting or actions taken by the Committee at the meeting shall be sufficient evidence at all times as to the
members of the Committee who were present, or such actions taken. 

IV.   COMMITTEE AUTHORITY AND RESPONSIBLITIES 

	•
	Developing
the criteria and qualifications for membership on the board. 

	•
	Recruiting,
reviewing and nominating candidates for election to the board of directors or to fill vacancies on the board of directors.

	•
	Reviewing
candidates proposed by stockholders, and conducting appropriate inquiries into the background and qualifications of any such candidates.

	•
	Establishing
subcommittees for the purpose of evaluating special or unique matters.

	•
	Monitoring
and making recommendations regarding committee functions, contributions and composition.

	•
	Evaluating,
on an annual basis, the Committee's performance. 

VI.  REPORTING 

        The
Committee shall prepare a statement each year concerning its compliance with this charter for inclusion in the Company's proxy statement. 

 
 

VANTAGE ENERGY SERVICES, INC.
  BOARD OF DIRECTOR CANDIDATE GUIDELINES    
    

        The Nominating Committee of VANTAGE ENERGY SERVICES, INC. (the "Company") will identify, evaluate and recommend candidates to become members of the Board
of Directors ("Board") with the goal of creating a balance of knowledge and experience. Nominations to the Board may also be submitted to the Nominating Committee by the Company's stockholders in
accordance with the
Company's policy, a copy of which is attached hereto. Candidates will be reviewed in the context of current composition of the Board, the operating requirements of the Company and the
long-term interests of the Company's stockholders. In conducting this assessment, the Committee will consider and evaluate each director-candidate based upon its assessment of the
following criteria: 

	•
	Whether
the candidate is independent pursuant to the requirements of the American Stock Exchange.

	•
	Whether
the candidate is accomplished in his or her field and has a reputation, both personal and professional, that is consistent with the image and reputation of the
Company.

	•
	Whether
the candidate has the ability to read and understand basic financial statements. The Nominating Committee also will determine if a candidate satisfies the criteria
for being an "audit committee financial expert," as defined by the Securities and Exchange Commission.

	•
	Whether
the candidate has relevant experience and expertise and would be able to provide insights and practical wisdom based upon that experience and expertise.

	•
	Whether
the candidate has knowledge of the Company and issues affecting the Company.

	•
	Whether
the candidate is committed to enhancing stockholder value.

	•
	Whether
the candidate fully understands, or has the capacity to fully understand, the legal responsibilities of a director and the governance processes of a public company.

	•
	Whether
the candidate is of high moral and ethical character and would be willing to apply sound, objective and independent business judgment, and to assume broad fiduciary
responsibility.

	•
	Whether
the candidate has, and would be willing to commit, the required hours necessary to discharge the duties of Board membership.

	•
	Whether
the candidate has any prohibitive interlocking relationships or conflicts of interest.

	•
	Whether
the candidate is able to develop a good working relationship with other Board members and contribute to the Board's working relationship with the senior management
of the Company.

	•
	Whether
the candidate is able to suggest business opportunities to the Company. 

 
 

STOCKHOLDER RECOMMENDATIONS FOR DIRECTORS    
    

        Stockholders who wish to recommend to the Nominating Committee a candidate for election to the Board of Directors should send their letters to 777 Post Oak Blvd.,
Suite 610, Houston, Texas 77056, Attention: Nominating Committee. The Corporate Secretary will promptly forward all such letters to the members of the Nominating Committee. Stockholders must follow
certain procedures to recommend to the Nominating Committee candidates for election as directors. In general, in order to provide sufficient time to enable the Nominating Committee to evaluate
candidates recommended by stockholders in connection with selecting candidates for nomination in connection with the Company's annual meeting of stockholders, the Corporate Secretary must receive the
stockholder's recommendation no later than thirty (30) days after the end of the Company's fiscal year. 

        The
recommendation must contain the following information about the candidate: 

	•
	Name;

	•
	Age;

	•
	Business
and current residence addresses, as well as residence addresses for the past 20 years;

	•
	Principal
occupation or employment and employment history (name and address of employer and job title) for the past 10 years (or such shorter period as the candidate
has been in the workforce);

	•
	Educational
background;

	•
	Permission
for the Company to conduct a background investigation, including the right to obtain education, employment and credit information;

	•
	The
number of shares of common stock of the Company beneficially owned by the candidate;

	•
	The
information that would be required to be disclosed by the Company about the candidate under the rules of the SEC in a Proxy Statement soliciting proxies for the election
of such candidate as a director (which currently includes information required by Items 401, 404 and 405 of Regulation S-K); and

	•
	A
signed consent of the nominee to serve as a director of the Company, if elected. 

QuickLinks

VANTAGE ENERGY SERVICES, INC. NOMINATING COMMITTEE CHARTER

VANTAGE ENERGY SERVICES, INC. BOARD OF DIRECTOR CANDIDATE GUIDELINES

STOCKHOLDER RECOMMENDATIONS FOR DIRECTORS

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