Document:

Exhibit 10.1

    Exhibit
      10.1

     

    
 

    THIS
      AGREEMENT RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO
      PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) PURSUANT TO
      REGULATION S UNDER THE SECURITIES ACT. NONE OF THE SECURITIES TO WHICH THIS
      AGREEMENT RELATES HAVE BEEN REGISTERED UNDER THE SECURITIES 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
      SECURITIES ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
      SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
      NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
      EACH
      CASE ONLY IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS. IN ADDITION,
      HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
      ACCORDANCE WITH THE SECURITIES ACT.

    

     

    INDEX
      OIL AND GAS INC.

     

    SUBSCRIPTION
      AGREEMENT

     

    SUBSCRIPTION
      AGREEMENT (this “Agreement”) made as of this __th
      day of
      June 2006 between Index Oil & Gas Inc., a Nevada corporation, (the
“Company”), and the undersigned (the “Subscriber”).

     

    WHEREAS,
      the Company is offering Units to be sold in connection with the proposed private
      placement (the "Private Placement") of $4,500,000
      minimum offering (“Minimum Offering”), $11,000,000 maximum offering (“Maximum
      Offering”). Each Unit consists of 5,000 shares of the Company’s common stock,
      $0.001 par value (the “Common Stock”); 

    

    WHEREAS,
      the Company intends to offer the Units through the services of ICP, the Private
      Placement Agent (the “Agent”), as defined in the Placement Agent agreement dated
      May 30, 2006 entered into among the Company and the Agent; 

    

    WHEREAS,
      the offering period (the “PPO
      Period”)
      for
      the Private Placement Offering (“PPO”) shall commence on the day the Offering
      Documents, as defined below, are first made available to the Agent by the
      Company for delivery in connection with the PPO, which is expected to be on
      or
      about June 13, 2006 (the “Delivery
      Date”
or
      the
“Commencement
      Date”)
      and
      shall continue until the earlier to occur of: (i) the sale of all of the Shares;
      (ii) close of business on June 30, 2006, or (iii) a later date, which shall
      be
      mutually agreed to by the Company and the Agent and which shall not exceed
      30
      days from June 30, 2006; and

     

    
 

    
      
        
        

      

      
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    WHEREAS,
      the Subscriber desires to purchase Units in the amount set forth on the
      signature page hereof on the terms and conditions hereinafter set
      forth.

    

    NOW,
      THEREFORE, in consideration of the premises and the mutual representations
      and
      covenants hereinafter set forth, the parties hereto do hereby agree as
      follows:

    

    
      	 	
              I.

            	
              SUBSCRIPTION
                FOR SECURITIES; REPRESENTATIONS BY AND COVENANTS OF
                SUBSCRIBER

            

    

     

    1.1 Subscription
      for Securities.
      Subject
      to the terms and conditions hereinafter set forth and in the Confidential
      Private Placement Memorandum dated June 13, 2006 (such memorandum, together
      with
      all amendments thereof and supplements and exhibits thereto, the “Memorandum”),
      the Subscriber hereby irrevocably subscribes for and agrees to purchase from,
      and the Company agrees to sell to the Subscriber, such number of Units which
      is
      set forth on the signature page hereof. The entire purchase price is due and
      payable upon the submission of this Subscription Agreement, and shall be payable
      by wire transfer or check subject to collection, to the order of Gottbetter
      & Partners, LLP, as Escrow Agent. The wire transfer instructions are as
      follows:

    

    Account: Gottbetter
      & Partners, LLP as escrow agent for Index Oil & Gas Inc.

    

    BANK:
      CITIBANK, N.A., 330 Madison Avenue, New York, New York 

    ABA:
      021000089

    BENEFICIARY:
      Gottbetter & Partners, LLP

    ACCOUNT:
      49061322

    REFERENCE:
      “Index Oil - [insert Subscriber’s name]”

    

    Gottbetter
      & Partners, LLP Accounting Contact: Vincent DiPaola; telephone: (212)
      400-6900; email: vdp@gottbetter.com.

    

    

    1.2 Reliance
      on Exemptions.
      The
      Subscriber acknowledges that the Offering has not been reviewed by the United
      States Securities and Exchange Commission (the “SEC”) or any state agency
      because it is intended to be an offshore transaction pursuant to Regulation
      S
      (“Regulation S”) as promulgated by the SEC under the Securities Act of 1933, as
      amended. The Subscriber understands that the Company is relying in part upon
      the
      truth and accuracy of, and the Subscriber’s compliance with the representations,
      warranties, agreements, acknowledgments and understandings of the Subscriber
      set
      forth herein in order to determine the availability of such exemptions and
      the
      eligibility of the Subscriber to acquire the Securities.

     

    1.3 Offshore
      Transaction.
      The
      Subscriber agrees that it is acquiring the Securities in an offshore transaction
      pursuant to Regulation S, promulgated under the Securities Act, and hereby
      represents to the Company as follows: 

     

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

    

    
      
        
        

      

      
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    (b) Subscriber
      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 Securities
      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 Subscriber may sell or
      otherwise dispose of the Securities pursuant to registration of the Securities
      under the Securities Act and any applicable state and provincial securities
      laws
      or under an exemption from such registration requirements and as otherwise
      provided herein;

    

    1.4 Rejection
      of Subscriptions. This
      offering is made subject to withdrawal, cancellation or modification by the
      Company. The Company reserves the right to reject any subscription in whole
      or
      in part or to allot to any prospective Subscriber fewer than the number of
      units
      subscribed for by such Subscriber. Units and/or fractions of Units will be
      sold
      only to a limited number of Subscribers meeting certain standards. 

    

    1.5 Compliance
      with U.S. Securities Laws.
      The
      Subscriber agrees that 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 Securities Act, or pursuant
      to
      an available exemption from the registration requirements of the Securities
      Act
      and in accordance with applicable state and provincial securities
      laws.

    

    1.6 Distribution
      Compliance Period.
      The
      Subscriber understands and agrees that offers and sales of any of the Securities
      prior to the expiration of a period of one year after the date of transfer
      of
      the Securities under this Subscription Agreement (the “Distribution Compliance
      Period”), shall only be made in compliance with the safe harbor provisions set
      forth in Regulation S, pursuant to the registration provisions of the Securities
      Act or an exemption therefrom, and that all offers and sales after the
      Distribution Compliance Period shall be made only in compliance with the
      registration provisions of the Securities Act or an exemption therefrom, and
      in
      each case only in accordance with all applicable securities laws.

    

    1.7 Hedging
      Transactions.
      The
      Subscriber understands and agrees not to engage in any hedging transactions
      involving the Securities prior to the end of the Distribution Compliance Period
      unless such transactions are in compliance with the Securities Act.

    

    1.8
       Legends.
      The
      Subscriber understands that the certificates representing the Securities, until
      such time as they have been registered under the Securities Act, shall bear
      a
      restrictive legend in substantially the following form (and a stop-transfer
      order may be placed against transfer of such certificates or other
      instruments):

     

    

    
      
        
        

      

      
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    THESE
      SECURITIES WERE ISSUED 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”). ACCORDINGLY, NONE OF THE
      SECURITIES TO WHICH THIS CERTIFICATE 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 IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS
      (AS DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
      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. IN ADDITION, HEDGING TRANSACTIONS
      INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE
      1933
      ACT.

    

    The
      legend set forth above shall be removed and the Company shall issue a
      certificate without such legend to the holder of the Securities upon which
      it is
      stamped, if (a) such Securities are being sold pursuant to a registration
      statement under the Securities Act, or (b) such holder delivers to the Company
      an opinion of counsel, in a reasonably acceptable form, to the Company that
      a
      disposition of the Securities is being made pursuant to an exemption from such
      registration.

     

    1.9 Risk
      of Investment.
      The
      Subscriber recognizes that the purchase of the Securities involves a high degree
      of risk in that: (a) an investment in the Company is highly speculative and
      only
      investors who can afford the loss of their entire investment should consider
      investing in the Company and the Securities; (b) transferability of the
      Securities is limited; and (c) the Company may require substantial additional
      funds to operate its business and subsequent equity financings will dilute
      the
      ownership and voting interests of Subscriber.

     

    1.10 Information.
      The
      Subscriber acknowledges careful review of this Subscription Agreement as well
      as
      the Company’s filings with the Securities and Exchange Commission, as required
      pursuant to the Securities and Exchange Act of 1934, which are available on
      the
      Internet at www.sec.gov
      (collectively, the “Offering Documents”), all of which the undersigned
      acknowledges have been provided to the undersigned. The undersigned has been
      given the opportunity to ask questions of, and receive answers from, the Company
      concerning the terms and conditions of this Offering and the Offering Documents
      and to obtain such additional information, to the extent the Company possesses
      such information or can acquire it without unreasonable effort or expense,
      necessary to verify the accuracy of same as the undersigned reasonably desires
      in order to evaluate the investment. The undersigned understands the Offering
      Documents, and the undersigned has had the opportunity to discuss any questions
      regarding any of the Offering Documents with its counsel or other advisor.
      Notwithstanding the foregoing, the only information upon which the undersigned
      has relied is that set forth in the Offering Documents. The undersigned has
      received no representations or warranties from the Company, its employees,
      agents or attorneys in making this investment decision other than as set forth
      in the Offering Documents. The undersigned does not desire to receive any
      further information.

    

    
      
        
        

      

      
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    1.11 No
      Representations.
      The
      Subscriber hereby represents that, except as expressly set forth in the Offering
      Documents, no representations or warranties have been made to the Subscriber
      by
      the Company or any agent, employee or affiliate of the Company, and in entering
      into this transaction the Subscriber is not relying on any information other
      than that contained in the Offering Documents and the results of independent
      investigation by the Subscriber.

    1.12 Tax
      Consequences.
      The
      Subscriber acknowledges that the Offering may involve tax consequences and
      that
      the contents of the Offering Documents do not contain tax advice or information.
      The Subscriber acknowledges that it must retain its own professional advisors
      to
      evaluate the tax and other consequences of an investment in the
      Securities.

     

    1.13 Transfer
      or Resale.
      The
      Subscriber understands and hereby acknowledges that the Company is under no
      obligation to register the Securities under the Securities Act except as
      contained herein. The Subscriber consents that the Company may, if it desires,
      permit the transfer of the Securities out of the Subscriber’s name only when the
      Subscriber’s request for transfer is accompanied by an opinion of counsel
      reasonably satisfactory to the Company that neither the sale nor the proposed
      transfer results in a violation of the Securities Act or any applicable state
      “blue sky” laws. 

     

    1.14 Validity;
      Enforcement.
      If the
      Subscriber is a corporation, partnership, trust or other entity, the Subscriber
      represents and warrants that: (a) it is authorized and otherwise duly qualified
      to purchase and hold the Securities; and (b) that this Subscription Agreement
      has been duly and validly authorized, executed and delivered and constitutes
      the
      legal, binding and enforceable obligation of the undersigned. If the Subscriber
      is an individual, the Subscriber represents and warrants that this Subscription
      Agreement has been duly and validly executed and delivered and constitutes
      the
      legal, binding and enforceable obligation of the undersigned.

     

    1.15 Address.
      The
      Subscriber hereby represents that the address of the Subscriber furnished by
      the
      Subscriber at the end of this Subscription Agreement is the undersigned’s
      principal residence if the Subscriber is an individual or its principal business
      address if it is a corporation or other entity.

     

    1.16 Foreign
      Subscriber.
      The
      Subscriber hereby represents that it has satisfied itself as to the full
      observance of the laws of its jurisdiction in connection with any invitation
      to
      subscribe for the Securities or any use of this Subscription Agreement,
      including: (a) the legal requirements within its jurisdiction for the purchase
      of the Securities; (b) any foreign exchange restrictions applicable to such
      purchase; (c) any governmental or other consents that may need to be obtained;
      and (d) the income tax and other tax consequences, if any, that may be relevant
      to the purchase, holding, redemption, sale or transfer of the Securities. Such
      Subscriber’s subscription and payment for, and its continued beneficial
      ownership of the Securities, will not violate any applicable securities or
      other
      laws of the Subscriber’s jurisdiction.

     

    
      	 	
              II.

            	
              REPRESENTATIONS
                BY THE COMPANY

            

    

     

    The
      Company represents and warrants to the Subscriber, except as set forth in the
      disclosure schedules attached hereto:

     

    
      
        
        

      

      
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    2.1 Organization,
      Good Standing and Qualification. The
      Company is a corporation duly organized, validly existing and in good standing
      under the laws of the State of Nevada and has full corporate power and authority
      to conduct its business.

    

    2.2 Capitalization
      and Voting Rights.
      Except
      as set forth on Schedule 2.2 and the Company’s SEC filings, the authorized,
      issued and outstanding capital stock of the Company is as set forth in the
      Company’s Annual Report filed with the SEC on Form 10-KSB on April 10, 2006, and
      all issued and outstanding shares of the Company are validly issued, fully
      paid
      and nonassessable. Except as set forth in the Offering Documents and the
      Company’s SEC filings, there are no outstanding options, warrants, agreements,
      convertible securities, preemptive rights or other rights to subscribe for
      or to
      purchase any shares of capital stock of the Company. Except as set forth in
      the
      Offering Documents and the Company’s SEC filings, and as otherwise required by
      law, there are no restrictions upon the voting or transfer of any of the shares
      of capital stock of the Company pursuant to the Company’s Articles of
      Incorporation (the “Articles of Incorporation”), By-Laws or other governing
      documents or any agreement or other instruments to which the Company is a party
      or by which the Company is bound.

    

    2.3 Authorization;
      Enforceability. 
      Except
      as set forth on Schedule 2.3, the Company has all corporate right, power and
      authority to enter into this Agreement and to consummate the transactions
      contemplated hereby. All corporate action on the part of the Company, its
      directors and stockholders necessary for the (i) authorization execution,
      delivery and performance of this Agreement by the Company; and (ii)
      authorization, sale, issuance and delivery of the Securities contemplated hereby
      and the performance of the Company’s obligations hereunder has been taken. This
      Agreement has been duly executed and delivered by the Company and constitutes
      a
      legal, valid and binding obligation of the Company, enforceable against the
      Company in accordance with its terms, subject to laws of general application
      relating to bankruptcy, insolvency and the relief of debtors and rules of law
      governing specific performance, injunctive relief or other equitable remedies,
      and to limitations of public policy. The Common Stock, when issued and fully
      paid for in accordance with the terms of this Agreement, will be validly issued,
      fully paid and nonassessable. The issuance and sale of the Common Stock
      contemplated hereby will not give rise to any preemptive rights or rights of
      first refusal on behalf of any person which have not been waived in connection
      with this offering.

    

    2.4 No
      Conflict; Governmental Consents.

    

    (a) The
      execution and delivery by the Company of this Agreement and the consummation
      of
      the transactions contemplated hereby will not result in the violation of any
      material law, statute, rule, regulation, order, writ, injunction, judgment
      or
      decree of any court or governmental authority to or by which the Company is
      bound, or of any provision of the Articles of Incorporation or By-Laws of the
      Company, and will not conflict with, or result in a material breach or violation
      of, any of the terms or provisions of, or constitute (with due notice or lapse
      of time or both) a default under, any lease, loan agreement, mortgage, security
      agreement, trust indenture or other agreement or instrument to which the Company
      is a party or by which it is bound or to which any of its properties or assets
      is subject, nor result in the creation or imposition of any lien upon any of
      the
      properties or assets of the Company.

    

    
      
        
        

      

      
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    (b) No
      consent, approval, authorization or other order of any governmental authority
      is
      required to be obtained by the Company in connection with the authorization,
      execution and delivery of this Agreement or with the authorization, issue and
      sale of the Units, except such filings as may be required to be made with the
      SEC, NASD, NASDAQ and with any state or foreign blue sky or securities
      regulatory authority.

    

    2.5 Licenses.
      Except
      as otherwise set forth in the Memorandum, the Company has sufficient licenses,
      permits and other governmental authorizations currently required for the conduct
      of its business or ownership of properties and is in all material respects
      in
      compliance therewith.

    

    2.6 Litigation. Except
      as
      may be disclosed in the Offering Documents and the Company’s SEC filings, the
      Company knows of no pending or threatened legal or governmental proceedings
      against the Company which could materially adversely affect the business,
      property, financial condition or operations of the Company or which materially
      and adversely questions the validity of this Agreement or any agreements related
      to the transactions contemplated hereby or the right of the Company to enter
      into any of such agreements, or to consummate the transactions contemplated
      hereby or thereby. The Company is not a party or subject to the provisions
      of
      any order, writ, injunction, judgment or decree of any court or government
      agency or instrumentality which could materially adversely affect the business,
      property, financial condition or operations of the Company. There is no action,
      suit, proceeding or investigation by the Company currently pending in any court
      or before any arbitrator or that the Company intends to initiate.

    

    2.7 Disclosure.
      The
      information set forth in the Offering Documents as of the date hereof contains
      no untrue statement of a material fact nor omits to state a material fact
      necessary in order to make the statements contained therein, in light of the
      circumstances under which they were made, not misleading.

    

    2.8 Investment
      Company.
      The
      Company is not an “investment company” within the meaning of such term under the
      Investment Company Act of 1940, as amended, and the rules and regulations of
      the
      SEC thereunder.

    

    2.9 Intellectual
      Property.

    

    (a) To
      the
      best of its knowledge, the Company owns or possesses sufficient legal rights
      to
      all patents, trademarks, service marks, trade names, copyrights, trade secrets,
      licenses, information and other proprietary rights and processes necessary
      for
      its business as now conducted and as presently proposed to be conducted, without
      any known infringement of the rights of others. Except as disclosed in the
      Memorandum, there are no material outstanding options, licenses or agreements
      of
      any kind relating to the foregoing proprietary rights, nor is the Company bound
      by or a party to any material options, licenses or agreements of any kind with
      respect to the patents, trademarks, service marks, trade names, copyrights,
      trade secrets, licenses, information and other proprietary rights and processes
      of any other person or entity other than such licenses or agreements arising
      from the purchase of “off the shelf” or standard products. The Company has not
      received any written communications alleging that the Company has violated
      or,
      by conducting its business as presently proposed to be conducted, would violate
      any of the patents, trademarks, service marks, trade names, copyrights or trade
      secrets or other proprietary rights of any other person or entity. 

    

    
      
        
        

      

      
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    (b) Except
      as
      disclosed in the Memorandum, the Company is not aware that any of its employees
      is obligated under any contract (including licenses, covenants or commitments
      of
      any nature) or other agreement, or subject to any judgment, decree or order
      of
      any court or administrative agency, that would interfere with their duties
      to
      the Company or that would conflict with the Company’s business as presently
      conducted. 

    

    (c) Neither
      the execution nor delivery of this Agreement, nor the carrying on of the
      Company’s business by the employees of the Company, nor the conduct of the
      Company’s business as presently conducted, will, to the Company’s knowledge,
      conflict with or result in a breach of the terms, conditions or provisions
      of,
      or constitute a default under, any contract, covenant or instrument under which
      any employee is now obligated.

    

    (d) To
      the
      Company’s knowledge, no employee of the Company, nor any consultant with whom
      the Company has contracted, is in violation of any term of any employment
      contract, proprietary information agreement or any other agreement relating
      to
      the right of any such individual to be employed by, or to contract with, the
      Company because of the nature of the business conducted by the Company; and
      to
      the Company’s knowledge the continued employment by the Company of its present
      employees, and the performance of the Company’s contracts with its independent
      contractors, will not result in any such violation. The Company has not received
      any written notice alleging that any such violation has occurred. Except as
      described in the Memorandum, no employee of the Company has been granted the
      right to continued employment by the Company or to any compensation following
      termination of employment with the Company except for any of the same which
      would not have a material adverse effect on the business of the Company. The
      Company is not aware that any officer, key employee or group of employees
      intends to terminate his, her or their employment with the Company, nor does
      the
      Company have a present intention to terminate the employment of any officer,
      key
      employee or group of employees.

    

    2.10
       Title
      to Properties and Assets; Liens, Etc.
      The
      Company has good and marketable title to its properties and assets, including
      the properties and assets reflected in the most recent balance sheet included
      in
      the Financial Statements, and good title to its leasehold estates, in each
      case
      subject to no mortgage, pledge, lien, lease, encumbrance or charge, other than
      (a) those resulting from taxes which have not yet become delinquent; (b) liens
      and encumbrances which do not materially detract from the value of the property
      subject thereto or materially impair the operations of the Company; and (c)
      those that have otherwise arisen in the ordinary course of business. The Company
      is in compliance with all material terms of each lease to which it is a party
      or
      is otherwise bound.

    

    2.11 Obligations
      to Related Parties.
      Except
      as described in the Memorandum, there are no obligations of the Company to
      officers, directors, stockholders, or employees of the Company other than (a)
      for payment of salary or other compensation for services rendered, (b)
      reimbursement for reasonable expenses incurred on behalf of the Company and
      (c)
      for other standard employee benefits made generally available to all employees
      (including stock option agreements outstanding under any stock option plan
      approved by the Board of Directors of the Company). Except as may be disclosed
      in the Memorandum, the Company is not a guarantor or indemnitor of any
      indebtedness of any other person, firm or corporation.

     

    
      
        
        

      

      
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                III.

              	
                MISCELLANEOUS

              

      

       

    

    3.1 Notice.
      Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Subscription Agreement must be in writing and
      will
      be deemed to have been delivered: (a) upon receipt, when delivered personally,
      (b) upon receipt, when sent by facsimile (provided confirmation of transmission
      is mechanically or electronically generated and kept on file by the sending
      party), or (c) one (1) business day after deposit with an overnight courier
      service, in each case properly addressed to the party to receive the same.
      The
      addresses and facsimile numbers for such communications shall be:

     

    If
      to the
      Company:

    

    Index
      Oil
& Gas Inc. 

    10000
      Memorial Drive, Suite 440

    Houston,
      Texas 77024

    Attn:
       Lyndon
      West

    Facsimile:
      (713) 956-8855

    

    

    With
      a
      copy to (which shall not constitute notice):

    

    Sichenzia
      Ross Friedman Ference LLP

    1065
      Avenue of the Americas

    New
      York,
      NY 10018

    Attn:
       Richard
      A. Friedman, Esq

    Facsimile:
      (212) 930-9725

    

    

    If
      to the
      Subscriber, to its address and facsimile number set forth at the end of this
      Subscription Agreement, or to such other address and/or facsimile number and/or
      to the attention of such other person as specified by written notice given
      to
      the Company five (5) days prior to the effectiveness of such change. Written
      confirmation of receipt (a) given by the recipient of such notice, consent,
      waiver or other communication, (b) mechanically or electronically generated
      by
      the sender’s facsimile machine containing the time, date, recipient facsimile
      number and an image of the first page of such transmission, or (c) provided
      by
      an overnight courier service shall be rebuttable evidence of personal service,
      receipt by facsimile or receipt from an overnight courier service in accordance
      with clause (a), (b) or (c) above, respectively.

     

    
      
        
        

      

      
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    3.2 Entire
      Agreement; Amendment.
      This
      Subscription Agreement supersedes all other prior oral or written agreements
      between the Subscriber, the Company, their affiliates and persons acting on
      their behalf with respect to the matters discussed herein, and this Subscription
      Agreement and the instruments referenced herein contain the entire understanding
      of the parties with respect to the matters covered herein and therein and,
      except as specifically set forth herein or therein, neither the Company nor
      the
      Subscriber makes any representation, warranty, covenant or undertaking with
      respect to such matters. No provision of this Subscription Agreement may be
      amended or waived other than by an instrument in writing signed by the Company
      and the holders of at least a majority of the Securities then outstanding
      (determined on an as exercised to common stock basis) (or if prior to the
      closing, the Subscribers purchasing at least a majority of the Securities to
      be
      purchased at the closing). No such amendment shall be effective to the extent
      that it applies to less than all of the holders of the Securities then
      outstanding.

     

    3.3 Severability.
      If any
      provision of this Subscription Agreement shall be invalid or unenforceable
      in
      any jurisdiction, such invalidity or unenforceability shall not affect the
      validity or enforceability of the remainder of this Subscription Agreement
      in
      that jurisdiction or the validity or enforceability of any provision of this
      Subscription Agreement in any other jurisdiction.

     

    3.4 Governing
      Law; Jurisdiction; Waiver of Jury Trial.
      This
      Agreement shall be governed by, and construed in accordance with the laws of
      the
      State of New York without regard to the choice of law principles thereof. Each
      of the parties hereto irrevocably submits to the exclusive jurisdiction of
      the
      courts of the State of New York for the purpose of any suit, action, proceeding
      or judgment relating to or arising out of this Agreement and the transactions
      contemplated hereby. Service of process in connection with any such suit, action
      or proceeding may be served on each party hereto anywhere in the world by the
      same methods as are specified for the giving of notices under this Agreement.
      Each of the parties hereto irrevocably consents to the jurisdiction of any
      such
      court in any such suit, action or proceeding and to the laying of venue in
      such
      court. Each party hereto irrevocably waives any objection to the laying of
      venue
      of any such suit, action or proceeding brought in such courts and irrevocably
      waives any claim that any such suit, action or proceeding brought in any such
      court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO
      WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT
      TO
      THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY
      AS TO
      THIS WAIVER.

    

    3.5 Headings.
      The
      headings of this Subscription Agreement are for convenience of reference and
      shall not form part of, or affect the interpretation of, this Subscription
      Agreement.

    

    3.6 Successors
      And Assigns.
      This
      Subscription Agreement shall be binding upon and inure to the benefit of the
      parties and their respective successors and assigns. The Company shall not
      assign this Subscription Agreement or any rights or obligations hereunder
      without the prior written consent of the holders of at least a majority the
      Securities then outstanding, except by merger or consolidation. The Subscriber
      shall not assign its rights hereunder without the consent of the Company, which
      consent shall not be unreasonably withheld.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    3.7 No
      Third Party Beneficiaries.
      This
      Subscription Agreement is intended for the benefit of the parties hereto and
      their respective permitted successors and assigns, and is not for the benefit
      of, nor may any provision hereof be enforced by, any other person.

     

    3.8 Survival.
      The
      representations and warranties of the Company and the Subscriber contained
      in
      Articles I and II and the agreements set forth this Article IV shall survive
      closing for a period of two years.

     

    3.9 Further
      Assurances.
      Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as the other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Subscription Agreement and the consummation of the transactions contemplated
      hereby.

     

    3.10 No
      Strict Construction.
      The
      language used in this Subscription Agreement will be deemed to be the language
      chosen by the parties to express their mutual intent, and no rules of strict
      construction will be applied against any party.

     

    3.11 Legal
      Effect.
      The
      Subscriber acknowledges that: (a) it has read this Subscription Agreement and
      the exhibits hereto; and (b) it understands the terms and consequences of this
      Subscription Agreement and is fully aware of its legal and binding
      effect.

     

    3.12 Counterparts.
      This
      Subscription Agreement may be executed in two or more identical counterparts,
      all of which shall be considered one and the same agreement and shall become
      effective when counterparts have been signed by each party and delivered to
      the
      other party; provided that a facsimile signature shall be considered due
      execution and shall be binding upon the signatory thereto with the same force
      and effect as if the signature were an original, not a facsimile
      signature.

     

     

     

    [Signature
      page follows.]

     

    

     

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

     

    IN
      WITNESS WHEREOF, the parties have executed this Subscription Agreement as of
      the
      day and year first written above.

     

    

     

    
      	 	
              ______________________________________

              Name
                of Subscriber

            	
              No.
                of Units: 

              _________________________

            
	 	
               

              ______________________________________

              Signature

            
	 	
               

              ______________________________________

              Name
                (Please Print)

            
	 	 

              ______________________________________

              Title

            
	 	 

               

               ______________________________________

              Address
                of Subscriber

            
	 	 

               ______________________________________

              Taxpayer
                Identification Number of Subscriber

            

    

     

     

    

    

    Subscription
      Aceepted:

    

    INDEX
      OIL
      AND GAS INC.

    

    

    By:
      _________________________

    Name:
      Lyndon West

    Title:
      Chief Executive OfficerExhibit 10.1

    Exhibit
      10.2

    

    REGISTRATION
      RIGHTS AGREEMENT

    

    This
      Registration Rights Agreement (the “Agreement”) is made and entered into as of
      this ___
      day
      of June, 2006 by and among Index Oil & Gas Inc., a Nevada corporation (the
“Company”), the persons whose name appears on the signature page attached hereto
      (individually a "Investor" and collectively, with all other investors, the
      "Investors").

    

    The
      parties hereby agree as follows:

     

    1. Certain
      Definitions.

     

    As
      used
      in this Agreement, the following terms shall have the following
      meanings:

     

    “Affiliate”
means,
      with respect to any person, any other person which directly or indirectly
      controls, is controlled by, or is under common control with, such
      person.

     

    “Acquisition”
means
      the acquisition of Index Oil & Gas Ltd. by the Company pursuant to a certain
      Acquisition Agreement, dated January 20, 2006.

     

    “Business
      Day”
means
      a
      day, other than a Saturday or Sunday, on which banks in New York are open for
      the general transaction of business.

     

    “Common
      Stock”
shall
      mean the Company’s common stock, $.001 par value, and any securities into which
      such shares may hereinafter be reclassified.

     

        “Investors”
shall
      mean the Subscribers
      whose name appears on the signature page attached to
      the
      Subscription Agreement entered among the Company and each individual Investor,
      and any Affiliate or permitted transferee of any Investor who is a subsequent
      holder of any Warrants or Registrable Securities.

    

    “Prospectus”
shall
      mean the prospectus included in any Registration Statement, as amended or
      supplemented by any prospectus supplement, with respect to the terms of the
      offering of any portion of the Registrable Securities covered by such
      Registration Statement and by all other amendments and supplements to the
      prospectus, including post-effective amendments and all material incorporated
      by
      reference in such prospectus.

     

    “Register,”
      “registered”
and
      “registration”
refer
      to a registration made by preparing and filing a Registration Statement or
      similar document in compliance with the 1933 Act (as defined below), and the
      declaration or ordering of effectiveness of such Registration Statement or
      document.

     

    “Registrable
      Securities”
shall
      mean the Shares, Warrant Shares, 22,615,552 shares of Common Stock issued in
      connection with the Acquisition, 8,533,333 shares of Common Stock issued by
      the
      Company pursuant to the private offering which concluded on January 20, 2006,
      and any other securities issued or issuable with respect to or in exchange
      for
      Registrable Securities; provided, that, a security shall cease to be a
      Registrable Security upon (A) sale pursuant to a Registration Statement or
      Rule
      144 under the 1933 Act, or (B) such security becoming eligible for sale by
      the
      Investors pursuant to Rule 144(k).

     

    “Registration
      Statement”
shall
      mean any registration statement of the Company filed under the 1933 Act that
      covers the resale of any of the Registrable Securities pursuant to the
      provisions of this Agreement, amendments and supplements to such Registration
      Statement, including post-effective amendments, all exhibits and all material
      incorporated by reference in such Registration Statement.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Required
      Investors”
means
      the Investors holding a majority of the Registrable Securities.

     

    “SEC”
means
      the U.S. Securities and Exchange Commission.

     

    “Shares”
means
      the shares of Common Stock issued pursuant to the Subscription
      Agreement.

     

    “Warrants”
means
      1,092,766 in aggregate amount of warrants issued in connection with the
      acquisition of Index Oil & Gas Ltd. by the Company pursuant to a certain
      Acquisition Agreement, dated January 20, 2006.

     

    “Warrant
      Shares”
means
      shares of Common Stock issuable upon the exercise of the Warrants.

     

    “1933
      Act”
means
      the Securities Act of 1933, as amended, and the rules and regulations
      promulgated thereunder.

     

    “1934
      Act”
means
      the Securities Exchange Act of 1934, as amended, and the rules and regulations
      promulgated thereunder.

     

     2. Registration.

     

    2.1(a) Registration
      Statement. The
      Company shall use its best efforts to prepare and file a Registration Statement
      on a form that shall (A) be available for the sale of the Registrable Securities
      by the Investors and (B) comply as to form with the requirements of the
      applicable form on which such Registration Statement is filed and include all
      financial statements required by the SEC to be filed therewith ("REGISTRATION
      STATEMENT") with the SEC within sixty (60) days of the Closing Date (“FILING
      DATE”) to provide for the offer and sale of the Registrable Securities and shall
      use its best efforts to cause the Registration Statement to become effective
      under the Act no later than the earlier of (i) one hundred and eighty (180)
      days
      after the Closing Date and (ii) the sixth (6th) business day following the
      date
      on which the Company is notified by the SEC that such Registration Statement
      will not be reviewed or is no longer subject to further review and comments
      ("EFFECTIVE DATE"). The Registration Statement filed pursuant to this Section
      2.1(a) may, at the Company's discretion include securities of the Company other
      than the Registrable Securities. If the Company does not file the Registration
      Statement by the Filing Date (the “Filing Date Requirement”), or the SEC has not
      declared the Registration Statement effective by the Effectiveness Deadline
      (the
“Effective Date Requirement”), the Company will be liable to the Investors for
      partial liquidated damages, in each instance, in the amount of 2% of the
      aggregate Subscription Amounts, as defined in the Subscription Agreement, for
      all of the Investors. The Company shall be further liable to the same extent
      for
      each subsequent 30 day period in which the Filing Date Requirement or the
      Effective Date Requirement, as the case may be, has not been met, subject to
      an
      overall limit of up to 15 months of partial liquidated damages.

     

    2.2
       Piggyback
      Registration.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

        (a)
       From
      and
      after the Closing Date and until such time as the Registrable Securities are
      freely saleable under Rule 144(k) without volume limitations, if the Company
      shall determine to proceed with the preparation and filing of a Registration
      Statement in connection with the proposed offer and sale of any of its
      securities by it or any of its security holders (other than a registration
      statement on Form S-4, S-8, any successor form thereto or other limited purpose
      form), the Company will give written notice of its determination to all record
      Investors of the Registrable Securities at least twenty (20) days prior to
      filing. Upon receipt of a written request from any such Holder within twenty
      (20) days after receipt of any such notice from the Company, the Company will,
      except as herein provided, cause all the Registrable Securities owned by such
      Investors to be included in such Registration Statement in order to permit
      the
      sale or other disposition by the prospective seller or sellers of the
      Registrable Securities to be so registered. If any registration pursuant to
      this
      Section 2.2 shall be underwritten in whole or in part, the Company shall cause
      the Registrable Securities requested for inclusion pursuant to this Section
      2.2
      to be included in the underwriting on the same terms and conditions as the
      securities otherwise being sold through the underwriters, except to the extent
      provided in Section 2.2(b) below. In such event the right of any Holder to
      registration shall be conditioned upon such underwriting and the inclusion
      of
      such Holder's Registrable Securities in such underwriting to the extent provided
      in Section 2.2(b) below. All Investors proposing to distribute their securities
      through such underwriting shall (together with the Company and the other
      investors distributing their securities through such underwriting) enter into
      an
      underwriting agreement with the underwriters' representative for such offering;
      provided that such holders shall have no right to participate in the selection
      of the underwriters for an offering pursuant to this Section 2.2(a). The
      obligation of the Company under this Section 2.2 shall be unlimited as to the
      number of Registration Statements to which it applies. Notwithstanding the
      foregoing, to the extent that all Registrable Securities are registered on
      an
      effective Registration Statement on Form S-3, the Company shall not be required
      to provide notice to Investors of the preparation and filing of a registration
      statement in connection with the proposed nonunderwritten offer and sale of
      any
      of its securities and the Investors shall not be entitled to include any
      Registrable Securities on such registration statement.

    

       (b)
       In
      connection with an underwritten public offering for the account of the Company,
      if, in the opinion of the underwriters' representative market factors
      (including, without limitation, the aggregate number of shares of Common Stock
      requested to be registered, the general condition of the market, and the status
      of the persons proposing to sell securities pursuant to the registration)
      require a limitation of the number of shares to be underwritten, the
      underwriters' representative may exclude some or all Registrable Securities
      from
      such registration and underwriting and the Company shall be obligated to include
      in such Registration Statement only such limited portion of the Registrable
      Securities with respect to which the Investors have requested inclusion
      hereunder as the underwriters shall permit. Any exclusion of Registrable
      Securities shall be made pro rata among the Investors seeking to include
      Registrable Securities, in proportion to the number of Registrable Securities
      sought to be included by such holder; provided, however, that the Company shall
      not exclude any Registrable Securities unless the Company has first excluded
      all
      outstanding securities, the investors of which are not contractually entitled
      to
      inclusion of such securities in such Registration Statement or are not
      contractually entitled to pro rata inclusion with the Registrable Securities;
      and provided, further, however, that, after giving effect to the immediately
      preceding proviso, any exclusion of Registrable Securities shall be made pro
      rata with holders of other securities having the right to include such
      securities in the Registration Statement. No Registrable Securities excluded
      from the underwriting by reason of this Section 2.2(b) shall be included in
      such
      Registration Statement.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    3.1
       Registration
      Procedures.
      If and
      whenever the Company is required by the provisions of Sections 2.1 or 2.2 to
      effect the registration of Registrable Securities under the Securities Act,
      the
      Company will:

    

    (a)
       use
      its
      best efforts to cause such a Registration Statement to become and remain
      effective for a period of two (2) years; provided, however, that any
      Registration Statement filed pursuant to Section 2.2 may be kept effective
      for
      such lesser period of time until which all Registrable Securities included
      thereunder are freely saleable (without restriction, except with regard to
      Registrable Securities held by persons deemed to be "affiliates" of the Company)
      or have been disposed of pursuant to a registration statement or all transfer
      restrictions or legends have otherwise been removed;

    

    (b)
       prepare
      and file with the SEC such amendments to such Registration Statement and
      supplements to the prospectus contained therein as may be necessary to keep
      such
      Registration Statement effective for the period of time described in paragraph
      (a) above;

    

    (c)
       furnish
      to the Investors participating in such registration such reasonable number
      of
      copies of such Registration Statement, preliminary prospectus, final prospectus
      and such other documents as such underwriters or selling shareholders may
      reasonably request in order to facilitate the public offering of such
      securities;

    

    (d)
       use
      its
      best efforts to register or qualify the securities covered by the Registration
      Statement under such state securities or blue sky laws of such jurisdictions
      as
      such participating Investors may reasonably request in writing within twenty
      (20) days following the original filing of such Registration Statement, except
      that the Company shall not for any purpose be required to execute a general
      consent to service of process or to qualify to do business as a foreign
      corporation in any jurisdiction wherein it is not so qualified;

    

              (e)
       in
      the
      event that a registration involves an underwritten offering, enter into and
      perform its obligations under an underwriting agreement, in usual and customary
      form, including, without limitation, customary indemnification and contribution
      obligations, with the managing underwriter or such offering;

    

              (f)
       notify
      the Investors participating in such registration, promptly, and in no event
      later than two (2) business days after, the Registration Statement has become
      effective or a supplement to any prospectus forming a part of the Registration
      Statement has been filed;

    

              (g)
       notify
      such Investors promptly of any request by the SEC for the amending or
      supplementing the Registration Statement or prospectus or for additional
      information;

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        
        (h)
 notify
        such Investors promptly of the Company's reasonable determination that a
        post-effective amendment to a Registration Statement or prospectus would
        be
        appropriate;

    

    
 

            (i)
 prepare
      and file with the SEC, promptly upon the request of any such Investors, any
      amendments or supplements to the Registration Statement or prospectus which,
      in
      the opinion of counsel for such Investors (and concurred in by counsel for
      the
      Company), is required under the Securities Act or the rules and regulations
      thereunder in connection with the distribution of the Registrable
      Securities;

     

            (j)
 prepare
      and promptly file with the SEC and promptly notify such Investors of the filing
      of such amendment or supplement to the Registration Statement or prospectus
      as
      may be necessary to correct any statements or omissions if, at the time when
      a
      prospectus relating to such securities is required to be delivered under the
      Securities Act, any event shall have occurred as the result of which any such
      prospectus or any other prospectus as then in effect would include an untrue
      statement of a material fact or omit to state any material fact necessary to
      make the statements therein, in the light of the circumstances in which they
      were made, not misleading;

    

            (k)
 advise
      such Investors, promptly after it shall receive notice or obtain knowledge
      thereof, of the issuance of any stop order by the SEC suspending the
      effectiveness of the Registration Statement or the initiation or threatening
      of
      any proceeding for that purpose and promptly use its best efforts to prevent
      the
      issuance of any stop order or to obtain its withdrawal if such stop order should
      be issued;

     

            (l)
 at
      the
      request of Investors of a majority of the Registrable Securities included in
      the
      Registration Statement, furnish to the underwriters or selling shareholders
      on
      the date that the Registrable Securities are delivered to underwriters for
      sale
      in connection with a registration pursuant to this Agreement (i) an opinion,
      dated such date, of the counsel representing the Company for the purposes of
      such registration, in form and substance as is customarily given to underwriters
      in an underwritten public offering, addressed

    to
      the
      underwriters and (ii) a letter dated such date, from the independent certified
      accountants of the Company, in form an substance as is customarily given by
      independent certified public accountants to underwriters in an underwritten
      public offering, addressed to the underwriters;

    

            (m)
 make
      available for inspection by any underwriters participating in an offering
      covering Registrable Securities, and the counsel, accountants or other agents
      retained by any such underwriter, all pertinent financial and other records,
      corporate documents, and properties of the Company, and cause the Company's
      officers, directors and employees to supply all information reasonably requested
      by any such underwriters in connection with such offering;

    

            (n)
 to
      the
      extent the Registration Statement is not filed on Form SB-2, convert such
      Registration Statement to Form SB-2 as soon as reasonably practicable following
      the Company becoming eligible to register securities on Form SB-2;

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

            (o)
 if
      the
      Common Stock is then listed on a national securities exchange, cause the
      Registrable Securities to be listed on such exchange, or if reported on Nasdaq,
      to be reported on Nasdaq;

    

            (p)
 provide
      a
      transfer agent and registrar, which may be a single entity, for the Registrable
      Securities not later than the effective date of the Registration Statement
      in
      which Registrable Securities are included; and

    

            (q)
 comply
      with all applicable rules and regulations of the Commission and make generally
      available to its security holders earning statements satisfying the provisions
      of Section 11(a) of the Securities Act and Rule 158 thereunder no later than
      forty five (45) days after the end of any twelve (12) month period (or ninety
      (90) days after the end of any twelve (12) month period if such period is a
      fiscal year) commencing on the first day of the first fiscal quarter of the
      Company, after the effective date of the Shelf Registration Statement, which
      statements shall cover said twelve (12) month period.

    

    3.2
       Expenses.
       With
      respect to each inclusion of Registrable Securities in a Registration Statement
      pursuant to Sections 2.1 and 2.2 hereof, the fees, costs and expenses of
      registration to be borne by the Company shall include, all registration, filing,
      and NASD fees; printing expenses, fees and disbursements of counsel and
      accountants for the Company; all legal fees and disbursements and other expenses
      of complying with state securities or blue sky laws of any jurisdictions in
      which the securities to be offered are to be registered and qualified. Fees
      and
      disbursements of counsel and accountants for the selling security Investors
      shall be borne by the selling security Investors, and security Investors
      participating in such registration shall bear their pro rata share of the
      underwriting discounts and commissions and transfer taxes. If NASD Rule 2710
      or
      any similar rule requires any broker-dealer to make a filing prior to executing
      a sale of Registrable Securities, the Company shall make an Issuer Filing with
      the NASD Corporate Financing Department pursuant to NASD Rule 2710 and respond
      within five (5) business days to any comments received from the NASD in
      connection therewith.

    

    4. Certain
      Obligations of Investors

    

       (a)
       Each
      Holder agrees that, upon receipt of any notice from the Company of the happening
      of (i) any event of the kind described in 3.1(g), 3.1(h), 3.1(i), 3.1(j) or
      3.1(k) hereof, or (ii) a determination by the Company's Board of Directors
      that
      it is advisable to suspend use of the prospectus for a discrete period of time
      due to pending corporate developments such as negotiation of a material
      transaction which the Company, in its sole discretion after consultation with
      legal counsel, determines it would be obligated to disclose in the Registration
      Statement, which disclosure the Company believes would be premature or otherwise
      inadvisable at such time or would have a material adverse effect on the Company
      and its stockholders, such Holder will forthwith discontinue disposition of
      such
      Registrable Securities covered by the Registration Statement or prospectus
      until
      such Holder's receipt of the copies of the supplemented or amended prospectus
      contemplated by Section 3.1 hereof, or until such Holder is advised in writing
      by the Company that the use of the applicable prospectus may be resumed, and
      has
      received copies of any additional or supplemental filings that are incorporated
      or deemed to be incorporated by reference in such prospectus. The period of
      time
      in which the use of a prospectus or Shelf Registration Statement is so suspended
      shall be referred to as a "BLACK-OUT PERIOD." The Company agrees to so advise
      such Holder promptly of the commencement and termination of any such Black-Out
      Period, and the Holder agrees to keep the fact of such Black-Out Period
      confidential. The Company shall not impose a Black-Out Period under this Section
      4 for more than thirty (30) consecutive days and not more than twice in any
      given twelve (12) month period; provided, that at least ninety (90) days must
      pass between Black-Out Periods. Notwithstanding the foregoing, the Company
      may
      suspend the effectiveness of any Registration Statement if the SEC rules and
      regulations prohibit the Company from maintaining the effectiveness of a Shelf
      Registration because its financial statements are stale at a time when its
      fiscal year has ended or it has made an acquisition reportable under Item 2
      of
      Form 8-K or any other similar situation until the earliest time in which the
      SEC
      would allow the Company to re-effect a Registration Statement (provided that
      the
      Company shall use its reasonable best efforts to cure any such situation as
      soon
      as possible so that the Registration Statement can be made effective at the
      earliest possible time). The Company shall not effect a Black-Out Period unless
      the Company also institutes such Black-Out Period against sales under any
      Registration Statements on Form S-8 or any other registration statement that
      the
      Company has on file with the SEC at such time. Notwithstanding the foregoing,
      the Company undertakes and covenants that until the first to occur of (i) the
      end of two hundred and seventy (270) days following the Closing of the Private
      Placement Offering, or (ii) the date that all the Shares have been resold
      pursuant to a registration statement or Rule 144, the Company will not take
      any
      action, including, without limitation, entering into any acquisition, share
      exchange or sale or other transaction that could have the effect of delaying
      the
      effectiveness of any pending Registration Statement, requiring a post-effective
      amendment to be filed or causing a post-effective amendment to a Registration
      Statement to not be declared effective or for a Holder not to be able to effect
      sales for a period of fifteen (15) or more days.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (b)
       In
      connection with the registration of the Registrable Securities, each of the
      Investors shall have the following obligations:

    

                (i)
 It
      shall
      be a condition precedent to the obligations of the Company to take any action
      pursuant to this Agreement with respect to each Holder that such Holder shall
      furnish to the Company such information regarding itself, the Registrable
      Securities held by it and the intended methods of disposition of such securities
      as shall be reasonably required to effect the registration of the Registrable
      Securities and shall execute such documents in connection with such registration
      as the Company may reasonably request. At least fifteen (15) days prior to
      the
      first anticipated filing date of the Registration Statement, the Company shall
      notify each Holder of the information the Company requires from each such Holder
      (the "Requested Information") if it elects to have any of his Registrable
      Securities included in the Registration Statement. If within seven (7) days
      of
      the filing date the Company has not received the Requested Information from
      a
      Holder (a "Non-Responsive Holder"), then the Company may file the Registration
      Statement without including Registrable Securities of such Non-Responsive
      Holder.

    

                (ii)
 Each
      Holder participating in an underwritten offering agrees to cooperate with the
      Company in connection with the preparation and filing of any Registration
      Statement hereunder, unless each Holder has notified the Company in writing
      of
      its election to exclude all of its Registrable Securities from the Registration
      Statement.

     

    
      
        
        

      

      
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                (iii)
 In
      the
      event Investors holding a majority in interest of the Registrable Securities
      being sold pursuant to the Registration Statement select underwriters for the
      offering, each Holder agrees to enter into and perform its obligations under
      an
      underwriting agreement, in usual and customary form, including, without
      limitation, customary indemnification and contribution obligations and market
      stand-off obligations, with the managing underwriter of such offering and to
      take such other actions as are reasonably required in order to expedite or
      facilitate the disposition of the Registrable Securities being sold, unless
      such
      Holder has notified the Company in writing of its election to exclude all of
      his
      Registrable Securities from the Registration Statement.

    

    5.1
       Indemnification
      by the Company.
      To the
      extent permitted by law, the Company will indemnify and hold harmless each
      holder of Registrable Securities which are included in a Registration Statement
      pursuant to the provisions of Sections 2.1 and 2.2 hereof, such Holder's
      directors and officers, and any underwriter (as defined in the Securities Act)
      for such holder and each person, if any, who controls such holder or such
      underwriter within the meaning of the Securities Act, from and against, and
      will
      reimburse such holder and each such underwriter and controlling person with
      respect to, any and all loss, damage, liability, cost and expense to which
      such
      holder or any such underwriter or controlling person may become subject under
      the Securities Act or otherwise, insofar as such losses, damages, liabilities,
      costs or expenses are caused by any untrue statement or alleged untrue statement
      of any material fact contained in a Registration Statement, any prospectus
      contained therein or any amendment or supplement thereto, or arise out of or
      are
      based upon the omission or alleged omission to state therein a material fact
      required to be stated therein or necessary to make the statements therein,
      in
      light of the circumstances in which they were made, not misleading; provided,
      however, that the Company will not be liable in any such case to the extent
      that
      any such loss, damage, liability, cost or expenses arises out of or is based
      upon an untrue statement or alleged untrue statement or omission or alleged
      omission so made in conformity with written information furnished by such
      holder, such underwriter or such controlling person specifically for use in
      the
      preparation thereof; provided, however, that the indemnity agreement set forth
      herein shall not apply (i) to amounts paid in settlement of any such loss,
      claim, damage, liability or action if such settlement is effected without the
      prior consent of the Company or (ii) with respect to any preliminary prospectus,
      if the untrue statement or omission of material fact contained in such
      preliminary prospectus was corrected in an amended prospectus and the Company
      has provided notice of such amendment to each Investor pursuant to Section
      3.1
      hereof.

    

    5.2
       Indemnification
      by the Investors.
      Each
      holder of Registrable Securities included in a registration pursuant to the
      provisions of Sections 2.1 and 2.2 hereof will indemnify and hold harmless
      the
      Company, its directors and officers, any controlling person and any underwriter
      from and against, and will reimburse the Company, its directors and officers,
      any controlling person and any underwriter with respect to, any and all loss,
      damage, liability, cost or expense to which the Company or any controlling
      person and/or any underwriter may become subject under the Securities Act or
      otherwise, insofar as such losses, damages, liabilities, costs or expenses
      are
      caused by any untrue statement or alleged untrue statement of any material
      fact
      contained in the Registration Statement, any prospectus contained therein or
      any
      amendment or supplement thereto, or arise out of or are based upon the omission
      or alleged omission to state therein a material fact required to be stated
      therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading, in each case to the
      extent, but only to the extent, that such untrue statement or alleged untrue
      statement or omission or alleged omission was so made in reliance upon and
      in
      strict conformity with written information furnished by or on behalf of such
      Holder specifically for use in the preparation thereof and provided further,
      that the maximum amount that may be recovered from any holder shall be limited
      to the net amount of proceeds received by such Holder from the sale of the
      Registrable Securities.

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    5.3
       Indemnification
      Procedure.
      Promptly after receipt by an indemnified party under this Section 5 of a notice
      of the commencement of any action (including any governmental action) such
      indemnified party will, if a claim in respect thereof is to be made against
      any
      indemnifying party hereunder, deliver to the indemnifying party a written notice
      of the commencement thereof. The failure to deliver written notice to the
      indemnifying party within a reasonable time of the commencement of any such
      action shall relieve such indemnifying party of any liability to the indemnified
      party under this Section 5 only to the extent prejudicial to its ability to
      defend such action, but the omission so to deliver written notice to the
      indemnifying party will not relieve it of any liability that it may have to
      an
      indemnified party otherwise than under this Agreement. The indemnifying party
      shall have the right to participate in, and, to the extent the indemnifying
      party so desires, jointly with any other indemnifying party similarly noticed,
      to assume control of the defense thereof with counsel mutually satisfactory
      to
      the parties; provided, however, that an indemnified party shall have the right
      to retain its own counsel, with the reasonable fees and expenses to be paid
      by
      the indemnifying party, if in the reasonable determination of counsel for the
      indemnifying party, representation of such indemnified party by the counsel
      obtained by the indemnifying party would be inappropriate due to actual or
      potential conflicting interests between such indemnified party and any other
      party represented by such counsel in such proceeding. After notice from the
      indemnifying party to such indemnified party of its election so to assume the
      defense thereof, the indemnifying party will not be liable to such indemnified
      party pursuant to the provisions of paragraph 5.1 or 5.2 above for any legal
      or
      other expense subsequently incurred by such indemnified party in connection
      with
      the defense thereof other than reasonable costs of investigation, unless (i)
      the
      indemnified party shall have employed counsel in accordance with the provisions
      of the preceding sentence, (ii) the indemnifying party shall not have employed
      counsel reasonably satisfactory to the indemnified party to represent the
      indemnified party within a reasonable time after the notice of the commencement
      of the action or (iii) the indemnifying party has authorized in writing the
      employment of counsel for the indemnified party at the expense of the
      indemnifying party.

    

    5.4
       Contribution.
      To the
      extent any indemnification by an indemnifying party is prohibited or limited
      by
      law, the indemnifying party agrees to make the maximum contribution with respect
      to any amounts for which it would otherwise be liable under Section 5 hereof
      to
      the extent permitted by law, provided that (i) no contribution shall be made
      under circumstances where the maker would not have been liable for
      indemnification pursuant to the provisions of Section 5 hereof, (ii) no seller
      of Registrable Securities guilty of fraudulent misrepresentation (within the
      meaning of Section 11(f) of the Securities Act) shall be entitled to
      contribution from any seller of Registrable Securities who was not guilty of
      such fraudulent misrepresentation, and (iii) contribution by any seller of
      Registrable Securities shall be limited to the net amount of proceeds received
      by such seller from the sale of such Registrable Securities.

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    6.1
       Assignable
      Rights.
       The
      rights with respect to the Registrable Securities under this Agreement shall,
      in
      addition to being for the benefit of the parties hereto, be for the benefit
      of
      and enforceable by a transferee of the Registrable Securities, provided that
      the
      Company is furnished with written notice of the name and address of such
      transferee or assignee with respect to which such registration rights are being
      assigned, such notice provides a written agreement for the transferee or
      assignee to be bound by the terms and provisions of this Agreement and the
      Purchase Agreement and such assignment or transfer is in accordance with and
      permitted by applicable Federal and state securities laws and the terms of
      the
      Purchase Agreement, including Section 2.1(f) thereof. The obligations of the
      Company contained in this Agreement shall be binding upon any successor to
      the
      Company and continue to be in effect with respect to any securities issued
      by
      any successor to the Company in substitution or exchange for any Registrable
      Securities.

    

    6.2
      Reports
      Under Exchange Act.
      With a
      view to making available to the Investors of Registrable Securities the benefits
      of Rule 144 and any other rule or regulation of the SEC that may at any time
      permit the Investors of the Registrable Securities to sell any of the
      Registrable Securities to the public without registration, the Company agrees
      to
      apply its best efforts to:

    

                (a)
 make
      and
      keep public information available, as those terms are understood and defined
      in
      Rule 144, at all times;

    

                (b)
 file
      with
      the SEC in a timely manner all reports and other documents required of the
      Company under the Securities Act and the Exchange Act;

    

                (c)
 furnish
      to each holder of Registrable Securities, forthwith upon request (i) a written
      statement by the Company that it has complied with the reporting requirements
      of
      Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most
      recent annual or quarterly report of the Company and such other reports and
      documents so filed by the Company and (iii) such other information as may be
      reasonably requested in availing the Investors of any Registrable Securities
      of
      any rule or regulation of the SEC which permits the

    selling
      of any such securities without registration; and

    

                (d)
 direct
      its counsel to issue an appropriate legal opinion instructing the Company's
      transfer agent to remove the legend with respect to such Registrable Securities,
      subject to Investor providing any documentation reasonably requested by the
      Company or its counsel for review in connection with such request.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    7. Miscellaneous.

     

    (a)  Amendments
      and Waivers.
      This
      Agreement may be amended only by a writing signed by the Company and the
      Required Investors. The Company may take any action herein prohibited, or omit
      to perform any act herein required to be performed by it, only if the Company
      shall have obtained the written consent to such amendment, action or omission
      to
      act, of the Required Investors.

     

    (b)  Notices.
      All
      notices and other communications provided for or permitted hereunder shall
      be
      made as set forth in Section 9.4 of the Purchase Agreement.

     

    (c)  Benefits
      of the Agreement.
      The
      terms and conditions of this Agreement shall inure to the benefit of and be
      binding upon the respective permitted successors and assigns of the parties.
      Nothing in this Agreement, express or implied, is intended to confer upon any
      party other than the parties hereto or their respective successors and assigns
      any rights, remedies, obligations, or liabilities under or by reason of this
      Agreement, except as expressly provided in this Agreement.

     

    (d)  Counterparts;
      Faxes.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument. This Agreement may also be executed via facsimile, which shall
      be
      deemed an original.

     

    (e)  Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

     

    (f)  Severability.
      Any
      provision of this Agreement that is prohibited or unenforceable in any
      jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof but shall be interpreted as if it were written so as to be
      enforceable to the maximum extent permitted by applicable law, and any such
      prohibition or unenforceability in any jurisdiction shall not invalidate or
      render unenforceable such provision in any other jurisdiction. To the extent
      permitted by applicable law, the parties hereby waive any provision of law
      which
      renders any provisions hereof prohibited or unenforceable in any
      respect.

     

    (g)  Further
      Assurances.
      The
      parties shall execute and deliver all such further instruments and documents
      and
      take all such other actions as may reasonably be required to carry out the
      transactions contemplated hereby and to evidence the fulfillment of the
      agreements herein contained.

     

    (h)  Entire
      Agreement.
      This
      Agreement is intended by the parties as a final expression of their agreement
      and intended to be a complete and exclusive statement of the agreement and
      understanding of the parties hereto in respect of the subject matter contained
      herein. This Agreement supersedes all prior agreements and understandings
      between the parties with respect to such subject matter.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (i)  Governing
      Law; Consent to Jurisdiction; Waiver of Jury Trial.
      This
      Agreement shall be governed by, and construed in accordance with the laws of
      the
      State of Nevada without regard to the choice of law principles thereof. Each
      of
      the parties hereto irrevocably submits to the exclusive jurisdiction of the
      courts of the State of Nevada for the purpose of any suit, action, proceeding
      or
      judgment relating to or arising out of this Agreement and the transactions
      contemplated hereby. Service of process in connection with any such suit, action
      or proceeding may be served on each party hereto anywhere in the world by the
      same methods as are specified for the giving of notices under this Agreement.
      Each of the parties hereto irrevocably consents to the jurisdiction of any
      such
      court in any such suit, action or proceeding and to the laying of venue in
      such
      court. Each party hereto irrevocably waives any objection to the laying of
      venue
      of any such suit, action or proceeding brought in such courts and irrevocably
      waives any claim that any such suit, action or proceeding brought in any such
      court has been brought in an inconvenient forum. EACH
      OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY
      LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN
      CONSULTED SPECIFICALLY AS TO THIS WAIVER.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement or caused their duly
      authorized officers to execute this Agreement as of the date first above
      written.

     

     

    
      	The Company:	
              Index Oil & Gas Inc.

               

               

               

               

              
                By:_________________________________________

                Lyndon
                  West

                Chief
                  Executive Officer

              

            
	 	 
	The Investors:	
              ____________________________________________

              Print Name of Holder

            
	 	 
	 	 

              By:
                _________________________________________

              Name:
                

              Title:

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