Document:

VE DRAFT 2/1/13

  

SECURITIES PURCHASE AGREEMENT

 

Dated February 1, 2013

 

by and among

 

Emerald Oil, Inc.,

 

WDE Emerald Holdings LLC

 

and

 

White Deer Energy FI L.P.

 

    	 

    	 

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 
	ARTICLE I Purchase and Sale; Closing; Closing Transactions	1
	 	 	 
	1.1	Purchase and Sale	1
	1.2	Closing	2
	1.3	Conditions Precedent to Closing	2
	1.4	Issuance of Additional Preferred Shares and Warrants	4
	1.5	Investors Minimum Return	5
	 	 
	ARTICLE II Definitions	5
	 	 	 
	2.1	Defined Terms	5
	2.2	Other Terms	7
	 	 	 
	ARTICLE III Representations and Warranties	8
	 	 	 
	3.1	Representations and Warranties of the Company	8
	3.2	Representations and Warranties of the Investors	15
	 	 
	ARTICLE IV Covenants and Additional Agreements	17
	 	 	 
	4.1	Further Assurances	17
	4.2	Expenses	17
	4.3	Transfer Restrictions	17
	4.4	Legend	18
	4.5	Sufficiency of Authorized Preferred Stock and Common Stock	18
	4.6	Certain Notifications Until Closing	19
	4.7	Conduct of Business	19
	4.8	Financial Statements and Other Reports	20
	4.9	Board Designation Rights	21
	4.10	Shareholder Approval Proposal	21
	4.11	Short Sales	21
	4.12	Survival; Indemnification	22
	4.13	Business Opportunities	24
	4.14	Certain Tax Matters	24
	 	 
	ARTICLE V Miscellaneous	25
	 	 	 
	5.1	Termination	25
	5.2	Effect of Termination	25
	5.3	Amendment	25
	5.4	Waivers	25
	5.5	Counterparts and Facsimile	26
	5.6	Governing Law; Submission to Jurisdiction, Etc	26
	5.7	Specific Performance	26
	5.8	Notices	26
	5.9	Publicity	27
	5.10	Entire Agreement, Etc	28
	5.11	Assignment	28

 

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	5.12	Severability	28
	5.13	No Third Party Beneficiaries	28
	5.14	Interpretation	29

 

LIST OF ANNEXES AND SCHEDULES

 

	Annex A:	Form of Certificate of Designations of Series A Perpetual Preferred Stock
	Annex B:	Form of Certificate of Designations of Series B Voting Preferred Stock
	Annex C:	Form of Warrant
	Annex D:	Form of Registration Rights Agreement
	Annex E:	Form of Director Indemnification Agreement
	Schedule 1.1:	Purchased Securities
	Schedule 1.5:	Preferential Payment Rights Example Calculations
	Schedule 3.1(a):	Subsidiaries
	Schedule 3.1(b):	Capitalization
	Schedule 3.1(e):	Conflicts
	Schedule 3.1(f):	Material Changes
	Schedule 3.1(k):	Litigation
	Schedule 3.1(n):	Employee Matters
	Schedule 3.1(p):	Brokers’ Fees
	Schedule 4.7:	Conduct of Business

 

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This SECURITIES PURCHASE
AGREEMENT, dated February 1, 2013 (this “Agreement”), is entered into by and among Emerald Oil, Inc., a Montana
corporation (the “Company”), WDE Emerald Holdings LLC, a Delaware limited liability company (“WD Investor
I”), and White Deer Energy FI L.P., a Cayman Islands exempted limited partnership (together with WD Investor I, the “Investors”
and each, an “Investor”).

 

RECITALS

 

A.           The
Company. As of the date hereof, the Company has 500,000,000 authorized shares of common stock, $0.001 par value per share (“Common
Stock”), and 20,000,000 authorized shares of preferred stock, $0.001 par value per share (“Preferred Stock”).

 

B.           The
Issuance. The Company intends to issue to the Investors in a private placement (1) an initial aggregate amount of 500,000
shares of Preferred Stock designated as Series A Perpetual Preferred Stock (the “Series A Shares”) having the
rights, preferences and privileges set forth in the Certificate of Designations of Series A Perpetual Preferred Stock of the Company
in the form attached as Annex A (the “Series A Certificate”), (2) an initial aggregate amount of
5,114,633 shares of Preferred Stock designated as Series B Voting Preferred Stock (the “Series B Shares” and,
together with the Series A Shares, the “Preferred Shares”) having the rights, preferences and privileges set
forth in the Certificate of Designations of Series B Voting Preferred Stock of the Company in the form attached as Annex B
(the “Series B Certificate” and, together with the Series A Certificate, the “Certificates of Designations”),
and (3) warrants to purchase an initial aggregate amount of 5,114,633 shares of Common Stock at an initial exercise price
of $5.77 per share (the “Warrants” and, together with the Preferred Shares, the “Purchased Securities”)
in the form attached as Annex C, and the Investors intend to purchase from the Company the Purchased Securities.

 

AGREEMENTS

 

NOW, THEREFORE, in
consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, the parties hereto
agree as follows:

 

ARTICLE
I

Purchase and Sale; Closing; Closing Transactions

 

1.1           Purchase
and Sale. On the terms and subject to the conditions set forth in this Agreement, the Company shall issue and sell to each
Investor, and each Investor shall purchase, severally and not jointly, from the Company (collectively, the sales of all of the
Purchased Securities hereunder, the “Purchase”) (a) the number of Series A Shares, (b) the number
of Series B Shares and (c) a Warrant exercisable for the number of Warrant Shares, in each case as set forth opposite such
Investor’s name on Schedule 1.1, for an aggregate purchase price as set forth opposite such Investor’s name
on Schedule 1.1, all of which together shall total $50,000,000. At or prior to the Closing, the Company and the Investors
shall mutually agree upon the allocation of such total aggregate purchase price among the Series A Shares, the Series B Shares
and the Warrants.

 

    	 

    	 

    

 

1.2           Closing.

 

(a)          On
the terms and subject to the conditions set forth in this Agreement, the closing of the Purchase (the “Closing”)
shall take place at the offices of Vinson & Elkins LLP, 666 Fifth Avenue, 26th Floor, New York, New York 10103,
at 9:00 a.m., New York time, on February 19, 2013, or as soon as practicable thereafter after fulfillment or waiver of the conditions
to the Closing as set forth in Section 1.3, or at such other place, time and date as shall be determined by the Investors
and the Company. The date on which the Closing occurs is referred to in this Agreement as the “Closing Date.”

 

(b)          At
the Closing, (i) the Company shall deliver to each of the Investors duly executed certificates, dated as of the Closing Date
and bearing appropriate legends as hereinafter provided for, representing (A) all of the Series A Shares set forth opposite
such Investor’s name on Schedule 1.1, (B) all of the Series B Shares set forth opposite such Investor’s
name on Schedule 1.1 and (C) a Warrant initially exercisable for the number of Warrant Shares set forth opposite such
Investor’s name on Schedule 1.1 and (ii) the Investors shall pay the total aggregate purchase price therefor
as set forth in Section 1.1 by wire transfer of immediately available funds to a bank account designated by the Company.

 

1.3           Conditions
Precedent to Closing.

 

(a)          Conditions
to Obligations of the Company. The obligation of the Company to consummate the Closing is subject to the fulfillment (or waiver
by the Company) at the Closing of each of the following conditions:

 

(i)          (A) the
representations and warranties of the Investors set forth in Section 3.2 shall be true and correct in all material respects
(except for any representations and warranties that are qualified by materiality, Material Adverse Effect or similar qualifications,
all of which shall be true and correct in all respects) as though made on and as of the Closing Date (other than representations
and warranties that by their terms speak as of another date, which representations and warranties shall be so true and correct
as of such date), and (B) the Investors shall have performed in all material respects all obligations required to be performed
by them under this Agreement at or prior to the Closing;

 

(ii)         the
Investors shall have delivered to the Company a certificate, executed on behalf of each Investor by a duly authorized officer of
such Investor or such Investor’s general partner, as applicable, dated as of the Closing Date, certifying the fulfillment
of the conditions specified in this Section 1.3(a).

 

(b)          Conditions
to Obligations of the Investors. The obligation of the Investors to consummate the Closing is subject to the fulfillment (or
waiver by the Investors) at the Closing of each of the following conditions:

 

(i)          (A) the
representations and warranties of the Company set forth in Section 3.1 shall be true and correct in all material respects
(except for any representations and warranties that are qualified by materiality, all of which shall be true and correct in all
respects) as though made on and as of the Closing Date (other than representations and warranties that by their terms speak as
of another date, which representations and warranties shall be so true and correct as of such date), and (B) the Company shall
have performed in all material respects all obligations required to be performed by it under this Agreement at or prior to the
Closing;

 

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(ii)         the
Company shall have filed with the Montana Secretary of State articles of amendment to which the Certificates of Designations shall
have been attached and such filing shall have been accepted;

 

(iii)        the
Company shall have duly executed and delivered to the Investors, and each of the Investors shall have duly executed and delivered
to the Company, a Registration Rights Agreement in the form attached as Annex D (the “Registration Rights Agreement”);

 

(iv)        Thomas
J. Edelman shall have been, or shall be concurrently with the Closing, appointed to the board of directors of the Company (the
“Board”);

 

(v)         the
Company shall have duly executed and delivered to the Investor Director a Director Indemnification Agreement in the form attached
as Annex E (the “Director Indemnification Agreement”);

 

(vi)        no
stop order or suspension of trading shall have been imposed by NYSE MKT, the Securities and Exchange Commission (the “SEC”)
or any other Governmental Entity with respect to public trading of the Common Stock and the Company shall not have received any
notice indicating that the Common Stock will be suspended, limited or delisted;

 

(vii)       neither
the Company nor any of its Subsidiaries shall be a debtor in a bankruptcy case or have filed for bankruptcy (under title 11 of
the United States Code or any other bankruptcy, receivership, or any other insolvency proceeding in any jurisdiction);

 

(viii)      since
the date hereof, there shall not have occurred a Material Adverse Change;

 

(ix)         the
Company shall have delivered to the Investors a good standing certificate with respect to the Company and each of its Subsidiaries
issued by the Montana Secretary of State and the Colorado Secretary of State or, with respect to any such Subsidiary not incorporated
or otherwise organized under the laws of the State of Montana or the State of Colorado, the applicable Governmental Entity of the
jurisdiction in which such Subsidiary is organized, each dated as of a recent date;

 

(x)          the
Company shall have delivered to the Investors a certificate, executed on behalf of the Company by its Secretary, dated as of the
Closing Date, certifying (A) the resolutions adopted by the Board approving the Transaction Documents, the Transactions and
the issuance of the Purchased Securities, (B) the current versions of the Articles of Incorporation and the Bylaws, (C) the
signatures and authority of persons signing the Transaction Documents and related documents on behalf of the Company and (D) the
fulfillment of the conditions specified in this Section 1.3(b);

 

(xi)         the
Company shall have delivered to the Investors, at least two business days prior to the date hereof, a reasonably detailed annual
budget for the Company and its Subsidiaries for the 2013 fiscal year, together with a schedule detailing the use of proceeds of
the Transactions, in each case in form and substance reasonably satisfactory to the Investors; provided, however, that if
any revisions, supplements, corrections or other changes thereto occur between the date hereof and the Closing Date, then the Company
also shall have delivered to the Investors, at least two business days prior to Closing, updated versions of such budget and schedule;

 

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(xii)        the
Company shall have delivered to the Investors, at least two business days prior to the Closing Date, an allocation of the total
aggregate purchase price to be paid at the Closing by the Investors pursuant to Section 1.1 among the Series A Shares, the
Series B Shares and the Warrants, together with supporting documentation showing in reasonable detail the basis for such allocation,
in each case in form and substance reasonably satisfactory to the Investors;

 

(xiii)       to
the extent necessary or reasonably expected by the Investors to be necessary in order to be in compliance, including with respect
to the Transaction, with any covenant of the Company contained in the Credit Agreement, dated as of November 20, 2012, among the
Company, Wells Fargo Bank, N.A. and the lenders party thereto, the Company shall have obtained from Wells Fargo, N.A. and delivered
to the Investors a consent, approval or waiver, in form and substance reasonably satisfactory to the Investors; and

 

(xiv)      the
Company shall have delivered all other documents, certificates, instruments and writings reasonably requested by any of the Investors
or their counsel prior to the Closing as may be necessary or advisable in connection with the consummation of any of the Transactions.

 

1.4           Issuance
of Additional Preferred Shares and Warrants. On any Dividend Payment Date during the period commencing on the Closing Date
and ending on March 31, 2015, the Company may, instead of paying any dividends then due on the Series A Shares to the holders
of the Series A Shares in cash (such amount, the “Accrued and Unpaid Dividend Amount”), issue to each such
holder (a) a number of additional Series A Shares equal to (i) the Accrued and Unpaid Dividend Amount due to such holder
divided by (ii) $100.00 and (b) an additional Warrant (each, a “PIK Warrant”) exercisable for a number
of Warrant Shares equal to (i) the Accrued and Unpaid Dividend Amount due to such holder divided by (ii) the Weighted
Average Price as of such Dividend Payment Date; provided, however, that the Company may not issue such additional Series
A Shares or such PIK Warrants, and shall pay such Accrued and Unpaid Dividend Amount in cash, unless and until the Company first
obtains Shareholder Approval. Any such additional Series A Shares shall be issued as of such Dividend Payment Date, and the Company
shall duly execute and deliver such additional Series A Shares to such holder promptly after such Dividend Payment Date. Any such
PIK Warrant shall have an exercise price per Warrant Share equal to such Weighted Average Price and shall be issued as of such
Dividend Payment Date, and the Company shall duly execute and deliver such PIK Warrant to such holder promptly after such Dividend
Payment Date. The Company shall also simultaneously issue to such holder a number of additional Series B Shares stapled to such
PIK Warrant such that, as of such Dividend Payment Date, the aggregate number of votes that may be cast with respect to such additional
Series B Shares shall equal the number of Warrant Shares issuable in respect of such PIK Warrant. “Dividend Payment
Date” has the meaning ascribed to it in the Certificates of Designations. For purposes of this Agreement, notwithstanding
anything to the contrary contained herein, any Preferred Shares issued pursuant to this Section 1.4 and any PIK Warrants shall
be deemed to be Purchased Securities.

 

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1.5           Investors
Minimum Return. The Company and the Investors hereby acknowledge and agree that, pursuant to the Warrants, the Investors have
the right, but not the obligation, to elect to receive a payment resulting in the achievement of a minimum return upon the occurrence
of certain specified events. For purposes of clarification, illustrative example calculations with respect to such minimum return
are set forth on Schedule 1.5 and the worksheets contained in the Microsoft Excel file delivered substantially concurrently
with the execution of this Agreement.

 

ARTICLE
II

Definitions

 

2.1           Defined
Terms. For purposes of this Agreement, the following words and phrases shall have the following meanings:

 

(a)          “Affiliate”
means, with respect to any person, any person directly or indirectly controlling, controlled by or under common control with, such
other person. For purposes of this definition, “control” when used with respect to any person, means the possession,
directly or indirectly, of the power to cause the direction of management or policies of such person, whether through the ownership
of voting securities, by contract or otherwise.

 

(b)          “Articles
of Incorporation” means the Company’s articles of incorporation, as amended, modified or supplemented from time
to time.

 

(c)          “Bylaws”
means the Company’s bylaws, as amended, modified or supplemented from time to time.

 

(d)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended, modified or supplemented from time to time.

 

(e)          “GAAP”
means generally accepted accounting principles in the United States.

 

(f)          “Governmental
Entity” means any (i) federal, state, local, municipal, foreign or other government (or agency thereof), (ii) governmental,
quasi-governmental or regulatory authority of any nature (including any governmental agency, branch, department or other entity
and any court or other tribunal), (iii) multinational organization or (iv) body exercising, or entitled to exercise,
any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power any nature.

 

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(g)          “Material
Adverse Change” means any change, development or event that has had, has or would reasonably be expected to have, as
applicable, a material adverse effect on (i) the business, properties, results of operations or financial condition of the
Company and its Subsidiaries, taken as a whole, or (ii) the ability of the Company to timely consummate the Transactions;
provided, however, that in determining whether there has been a Material Adverse Change or whether a Material Adverse
Change could or would occur, any change, development or event principally attributable to, arising out of, or resulting from any
of the following shall be disregarded (except if such change, development or event disproportionately and adversely impacts the
business, properties, results of operations or financial condition of the Company or any of its Subsidiaries, taken as a whole,
compared to that or those, as applicable, of companies in the industry in which the Company and its Subsidiaries operate): (A) general
economic, business, industry or credit, financial or capital market conditions in the United States, including conditions affecting
generally the industry in which the Company and its Subsidiaries operate; (B) the taking of any action required or permitted
by this Agreement or the Transaction Documents; (C) the taking of any action with the prior written consent of the Investors,
(D) pandemics, earthquakes, tornados, hurricanes, floods and acts of God, (E) acts of war (whether declared or not declared),
sabotage, terrorism, military actions or the escalation thereof; (F) any changes or prospective changes in applicable laws,
regulations or accounting rules, including GAAP or interpretations thereof, or any changes or prospective changes in the interpretation
or enforcement of any of the foregoing, or any changes in general legal, regulatory or political conditions; (G) any existing
change, development or event with respect to which any Investor has knowledge as of the date hereof (including any matter set forth
in the Schedules to this Agreement); (H) the failure by the Company or any of its Subsidiaries to meet any projections, estimates
or budgets for any period prior to, on or after the date of this Agreement (but excluding herefrom any change, development or event
underlying such failure to the extent such change, development or event would otherwise constitute a Material Adverse Change);
and (I) any adverse change in or effect on the business of the Company and its Subsidiaries that is cured by or on behalf
of the Company to the reasonable satisfaction of the Investors before the earlier of the Closing Date and termination of this Agreement
as set forth in Article V.

 

(h)          “Material
Adverse Effect” means any change, development or event that has had, has or would reasonably be expected to have, as
applicable, a material adverse effect on (i) the business, properties, results of operations or financial condition of the
Company and its Subsidiaries, taken as a whole; or (ii) the ability of the Company to timely consummate the Transactions.

 

(i)          “NYSE
MKT” means NYSE MKT LLC.

 

(j)          “SEC
Reports” means all reports and forms filed by the Company with the SEC since April 19, 2010.

 

(k)          “Securities
Act” means the Securities Act of 1933, as amended, modified or supplemented from time to time.

 

(l)          “Shareholder
Approval” means, with respect to the issuance of any PIK Warrants and any Warrant Shares issuable upon exercise of such
PIK Warrants, the approval, in accordance with Section 705 of the NYSE MKT Company Guide, of the stockholders of the Company required
to authorize such issuances pursuant to Section 713 of the NYSE MKT Company Guide.

 

(m)          “Short
Sales” means, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO
under the Exchange Act, whether or not against the box, and forward sale contracts, options, puts, calls, short sales, “put
equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements, and sales and other
transactions through non-U.S. broker dealers or foreign regulated brokers.

 

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(n)          “Subsidiary”
means, with respect to any person, those entities of which such person owns or controls more than 50% of the outstanding equity
securities either directly or through an unbroken chain of entities as to each of which more than 50% of the outstanding equity
securities is owned directly or indirectly by its parent.

 

(o)          “Transaction
Documents” means, collectively, this Agreement, the Certificates of Designations, the Warrants, the Registration Rights
Agreement and the Director Indemnification Agreement, in each case as amended, modified or supplemented from time to time in accordance
with their respective terms.

 

(p)          “Transactions”
means the transactions contemplated by the Transaction Documents, including the Purchase.

 

(q)          “Voyager/Emerald
Transaction” means the transactions contemplated by the Voyager/Emerald Transaction Documents.

 

(r)          “Voyager/Emerald
Transaction Documents” means, collectively, the Securities Purchase Agreement, dated as of July 9, 2012, by and among
Voyager Oil & Gas, Inc., Emerald Oil & Gas NL and Emerald Oil, Inc., and all agreements, certificates, authorizations and
approvals required to be delivered at the closing of the transactions contemplated thereby.

 

(s)          “Weighted
Average Price” means, with respect to one share of Common Stock, on any date of determination, the dollar volume-weighted
average price for such security on NYSE MKT or, if the Common Stock is no longer traded on NYSE MKT, the principal U.S. national
securities exchange on which the Common Stock is then traded, for the 10 consecutive trading days immediately preceding such date,
as reported by Bloomberg through its “Volume at Price” functions.

 

2.2           Other
Terms. For purposes of this Agreement, the following terms shall have the meaning specified in the Sections indicated below:

 

	Term	 	Location of Definition
	Accrued and Unpaid Dividend Amount	 	1.4
	Agreement	 	Preamble
	Antitakeover Laws	 	3.1(j)
	Bankruptcy Exceptions	 	3.1(e)(i)
	Board	 	1.3(b)(iv)
	business day	 	5.14
	Certificates of Designations	 	Recital B
	Claim	 	4.12(e)
	Closing	 	1.2(a)
	Closing Date	 	1.2(a)
	Common Stock	 	Recital A
	Company	 	Preamble

 

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	Term	 	Location of Definition
	Confidentiality Agreement	 	5.2
	Deductible	 	4.12(d)
	Director Indemnification Agreement	 	1.3(b)(v)
	Evaluation Date	 	3.1(o)
	Indemnified Person	 	4.12(e)
	Indemnifier	 	4.12(e)
	Investor(s)	 	Preamble
	Investor Director	 	4.9
	Investor Indemnified Parties	 	4.12(b)
	Investor Material Adverse Effect	 	3.2(a)(ii)
	Losses	 	4.12(b)
	PIK Warrant	 	1.4
	Preferred Shares	 	Recital B
	Preferred Stock	 	Recital A
	Proposal	 	4.10
	Purchase	 	1.1
	Purchased Securities	 	Recital B
	Registration Rights Agreement	 	1.3(b)(iii)
	SEC	 	1.3(b)(vi)
	Series A Certificate	 	Recital B
	Series A Shares	 	Recital B
	Series B Certificate	 	Recital B
	Series B Shares	 	Recital B
	Special Representations	 	4.12(a)
	Warrant Shares	 	3.1(d)
	Warrants	 	Recital B
	WD Investor I	 	Preamble
	White Deer Group	 	4.13
	White Deer Group Member	 	4.13

 

ARTICLE
III

Representations and Warranties

 

3.1           Representations
and Warranties of the Company. The Company represents and warrants to the Investors that as of the date hereof and as of the
Closing Date (or such other date specified herein):

 

(a)          Organization,
Authority and Subsidiaries. The Company has been duly incorporated and is validly existing as a corporation in good standing
under the laws of the State of Montana and is in good standing under the laws of the State of Colorado, with corporate power and
authority to own its properties and conduct its business as currently conducted, and has been duly qualified as a foreign corporation
for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties,
or conducts any business so as to require such qualification, except where the failure to qualify does not constitute a Material
Adverse Effect. Each Subsidiary of the Company, its jurisdiction of organization and all shares of capital stock or other voting
securities of, or ownership interests in, each such Subsidiary are set forth on Schedule 3.1(a). Each Subsidiary of the
Company has been duly organized and is validly existing in good standing under the laws of its jurisdiction of organization, with
corporate, partnership, limited liability company or other entity power and authority to own its properties and conduct its business
as currently conducted, and has been duly qualified as a foreign corporation, partnership, limited liability company or other entity
for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties,
or conducts any business so as to require such qualification, except where the failure to qualify does not constitute a Material
Adverse Effect.

 

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(b)          Capitalization.
The authorized capital stock of the Company consists of 500,000,000 shares of Common Stock,
of which 25,585,958 shares are issued and outstanding, and 20,000,000 shares of Preferred Stock, of which no shares are issued
or outstanding. Schedule 3.1(b) sets forth all of the options, warrants and equity incentive plans of the Company, and the
number of shares of Common Stock reserved for issuance pursuant to any outstanding options, warrants or equity incentive plans.
The outstanding shares of the Company’s capital stock have been duly authorized and are validly issued and outstanding, fully
paid and non-assessable, are not subject to preemptive rights (and were not issued in violation of any preemptive rights) and were
issued in full compliance with applicable state and federal securities laws and any rights of third parties. No person is entitled
to preemptive or similar statutory or contractual rights with respect to any securities of the Company. Except as set forth above
or on Schedule 3.1(b), there are no outstanding warrants, options, convertible securities or other rights, agreements or
arrangements of any character under which the Company or any of its Subsidiaries is or may be obligated to issue any equity securities
of any kind and, except as contemplated by this Agreement, neither the Company nor any of its Subsidiaries is currently in negotiations
for the issuance of any equity securities of any kind. The issuance and sale of the Purchased Securities hereunder will not obligate
the Company to issue shares of Common Stock or other securities to any other person (other than the Investors) and will not result
in the adjustment of the exercise, conversion, exchange or reset price of any outstanding security.

 

(c)          Preferred
Shares. The Preferred Shares (including any Preferred Shares issued pursuant to Section 1.4) have been duly and validly
authorized, and, when issued and delivered pursuant to this Agreement, the Preferred Shares will be duly and validly issued, fully
paid and non-assessable.

 

(d)          Warrants
and Warrant Shares. The Warrants (including any PIK Warrants, which are hereby acknowledged to be subject to certain issuance
restrictions set forth in Section 1.4) have been duly authorized and, when executed and delivered as contemplated hereby,
will constitute a valid and legally binding obligation of the Company in accordance with their terms, and the shares of Common
Stock issuable upon exercise of such Warrants (the “Warrant Shares”) have been duly authorized and reserved
for issuance upon exercise of such Warrants and when issued will be duly and validly issued, fully paid and non-assessable.

 

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(e)          Authorization,
Enforceability.

 

(i)          The
Company has the corporate power and authority to execute and deliver the Transaction Documents and to carry out its obligations
hereunder (which includes the issuance of the Purchased Securities and the Warrant Shares) and thereunder. The execution, delivery
and performance by the Company of the Transaction Documents and the consummation of the Transactions have been duly authorized
by all necessary corporate action on the part of the Company, and, other than any Shareholder Approval that is required with respect
to the issuance of the PIK Warrants, no further approval or authorization is required on the part of the Company. The Transaction
Documents are or will be valid and binding obligations of the Company enforceable against the Company in accordance with their
respective terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent transfer or
conveyance, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles,
regardless of whether such enforceability is considered in a proceeding at law or in equity (“Bankruptcy Exceptions”).

 

(ii)         Except
as set forth in Schedule 3.1(e), the execution, delivery and performance by the Company of the Transaction Documents, compliance
by the Company with any of the provisions hereof or thereof and the consummation of the Transactions, will not (A) violate,
conflict with, or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time
or both, would constitute a default) under, or result in the termination of, accelerate the performance required by, or result
in any payment obligations under, or result in a right of termination, acceleration or payment of, or result in the creation of,
any lien, security interest, charge or encumbrance upon any of the properties or assets of the Company or any of its Subsidiaries
under any of the terms, conditions or provisions of (1) the Articles of Incorporation or the Bylaws or (2) any material
note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the Company
or any of its Subsidiaries is a party or by which it or any of its Subsidiaries may be bound, or to which the Company or any of
its Subsidiaries or any of the properties or assets of the Company or any of its Subsidiaries may be subject, including as a result
of any change of control or similar provision (except for violations, conflicts, breaches or defaults that do not constitute a
Material Adverse Effect) or (B) subject to compliance with the statutes and regulations referred to in the next paragraph,
materially violate (1) any statute, rule or regulation or any judgment, ruling, order, writ, injunction or decree or (2) any
rule related to the qualification, listing and delisting of companies on NYSE MKT, including the NYSE MKT Company Guide, in each
case applicable to the Company or any of its Subsidiaries or any of their respective properties or assets.

 

(iii)        Other
than the filing of the Certificates of Designations with the Montana Secretary of State, any current report on Form 8-K and a Form
D required to be filed with the SEC, and such as have been made or obtained, no notice to, filing with, exemption or review by,
or authorization, consent or approval of, any Governmental Entity is required to be made or obtained by the Company in connection
with the consummation of the Transactions.

 

(f)          No
Material Changes. Since December 31, 2011, except as expressly contemplated by the Transaction Documents, as set forth on Schedule
3.1(f) or as specifically disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011
or a Quarterly Report on Form 10-Q or a Current Report on Form 8-K, in each case filed since December 31, 2011:

 

    	10

    	 

    

 

(i)          there
has not been a Material Adverse Effect;

 

(ii)         there
has not been any damage, destruction or loss, whether or not covered by insurance, with respect to the property and assets of the
Company or any of its Subsidiaries that constitutes a Material Adverse Effect;

 

(iii)        there
has not been any declaration, setting aside or payment of any dividend or other distribution in respect of any shares of capital
stock of the Company or any repurchase, redemption or other acquisition by the Company or any of its Subsidiaries of any outstanding
shares of capital stock or other securities of, or other ownership interest in, the Company or any of its Subsidiaries;

 

(iv)        neither
the Company nor any of its Subsidiaries has entered into any employment, deferred compensation, severance or similar agreement
(nor amended any such agreement) or agreed to increase the compensation payable or to become payable by it to any of the Company’s
or any of its Subsidiaries’ directors, officers, employees, agents or representatives or agreed to increase the coverage
or benefits available under any severance pay, termination pay, vacation pay, company awards, salary continuation for disability,
sick leave, deferred compensation, bonus or other incentive compensation, insurance, pension or other employee benefit plan, payment
or arrangement made to, for or with such directors, officers, employees, agents or representatives, in each case other than increases
in the ordinary course of business consistent with past practice;

 

(v)         except
as described in the notes to the financial statements included in the SEC Reports, there has not been any change by the Company
or any of its Subsidiaries in accounting or tax reporting principles, methods or policies;

 

(vi)        neither
the Company nor any of its Subsidiaries has made or rescinded any election relating to taxes, settled or compromised any claim
relating to taxes;

 

(vii)       neither
the Company nor any of its Subsidiaries has made any loans, advances or capital contributions to, or investments in, any person
other than Subsidiaries of the Company or paid any fees or expenses to any director, officer, partner, stockholder or Affiliate
of any other person;

 

(viii)      neither
the Company nor any of its Subsidiaries has acquired any material assets or sold, assigned, transferred, conveyed, leased or otherwise
disposed of any material assets of the Company or any of its Subsidiaries, except for assets acquired or sold, assigned, transferred,
conveyed, leased or otherwise disposed of in the ordinary course of business;

 

(ix)         neither
the Company nor any of its Subsidiaries has discharged or satisfied any lien, or paid any obligation or liability (fixed or contingent),
except in the ordinary course of business and which, in the aggregate, would not constitute a Material Adverse Effect;

 

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(x)          neither
the Company nor any of its Subsidiaries has canceled or compromised any debt or claim in favor of the Company or amended, canceled,
terminated, relinquished, waived or released any contract or right except in the ordinary course of business and which, in the
aggregate, would not constitute a Material Adverse Effect;

 

(xi)         except
as set forth on schedule detailing the use of proceeds of the Transactions required to be delivered by the Company to the Investors
pursuant to Section 1.3(b)(xi), neither the Company nor any of its Subsidiaries has made or committed to make any capital
expenditures or capital additions or betterments in excess of $250,000 individually or $1,000,000 in the aggregate;

 

(xii)        neither
the Company nor any of its Subsidiaries has instituted or settled any material legal proceeding;

 

(xiii)       neither
the Company nor any of its Subsidiaries has any indebtedness for borrowed money in an amount in excess of $100,000 in the aggregate;
and

 

(xiv)      neither
the Company nor any of its Subsidiaries has agreed, committed, arranged or entered into any understanding to do anything set forth
in this Section 3.1(f).

 

(g)          Voyager/Emerald
Transaction.

 

(i)          The
Company had the corporate power and authority to execute and deliver the Voyager/Emerald Transaction Documents and to carry out
its obligations thereunder. The execution, delivery and performance by the Company of the Voyager/Emerald Transaction Documents
and the consummation of the Voyager/Emerald Transaction were duly authorized by all necessary corporate action on the part of the
Company. The Voyager/Emerald Transaction Documents are valid and binding obligations of the Company enforceable against the Company
in accordance with their respective terms, except as the same may be limited by Bankruptcy Exceptions.

 

(ii)         The
Company has not made and does not intend to make any claim seeking indemnification pursuant to the Voyager/Emerald Transaction
Documents or otherwise for any Losses arising out of or related to the Voyager/Emerald Transaction. Neither Emerald Oil & Gas
NL nor any of its Affiliates has made or, to the knowledge of the Company, intends to make any claim seeking indemnification pursuant
to the Voyager/Emerald Transaction Documents or otherwise for any Losses arising out of or related to the Voyager/Emerald Transaction.

 

(iii)        The
Company has not breached or otherwise failed to comply with any representation, warranty, covenant or obligation set forth in the
Voyager/Emerald Transaction Documents. To the knowledge of the Company, neither the Emerald Oil & Gas NL nor any of its Affiliates
has breached or otherwise failed to comply with any representation, warranty, covenant or obligation set forth in the Voyager/Emerald
Transaction Documents.

 

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(h)          Reports.

 

(i)          Since
April 19, 2010, the Company has complied in all material respects with the filing requirements of Sections 13(a), 14(a) and 15(d)
of the Exchange Act.

 

(ii)         The
SEC Reports, when they became effective or were filed with the SEC, as the case may be, conformed in all material respects to the
requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the SEC thereunder, and
none of such documents, when they became effective or were filed with the SEC, contained an untrue statement of a material fact
or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light of
the circumstances in which they were made, not misleading.

 

(i)          Company
Financial Statements. The consolidated financial statements of the Company and its Subsidiaries included or incorporated by
reference in the SEC Reports filed prior to the Closing (except with respect to customary year-end adjustments and the absence
of notes), present fairly in all material respects the consolidated financial position of the Company and its Subsidiaries as of
the dates indicated therein and the consolidated results of their operations for the periods specified therein; and, except as
stated therein, such financial statements were prepared in conformity with GAAP, applied on a consistent basis (except for the
absence of notes and as otherwise may be noted therein).

 

(j)          Application
of Takeover Protections.

 

(i)          There
are no “business combination with interested stockholders” or similar antitakeover provisions under the Articles of
Incorporation or the Bylaws or the antitakeover laws and regulations of any state (collectively, the “Antitakeover Laws”)
that are or could become applicable to the Investors as a result of the Investors and the Company fulfilling their obligations
or exercising their rights under the Transaction Documents, including the Company’s issuance of the Purchased Securities
and the Investors’ ownership of the Purchased Securities or Warrant Shares issuable upon exercise of the Warrants.

 

(ii)         The
Company has not adopted any poison pill (including any distribution under a rights agreement) or other similar antitakeover measure.

 

(k)          Litigation.
Schedule 3.1(k) sets forth a list and brief description of all securities-related or material actions, suits, claims, or
proceedings, or, to the Company’s knowledge, inquiries or investigations, before or by any court, arbitrator, Governmental
Entity, self-regulatory organization or body pending or, to the knowledge of the Company, threatened against the Company or any
of its Subsidiaries. Such suits, actions or proceedings pending or threatened against the Company or any of its Subsidiaries do
not and would not reasonably be expected to impair in any material respect the ability of the Company to perform its obligations
under the Transaction Documents, or prevent or materially impede the consummation by the Company of the Transactions.

 

(l)          Compliance.
Neither the Company nor any of its Subsidiaries (i) is in material violation of any order of any court, arbitrator or Governmental
Entity, or (ii) is in material violation of any statute, rule or regulation of any Governmental Entity, including all foreign,
federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and
safety and employment and labor matters. The Company is in compliance in all material respects with all applicable requirements
of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations thereunder, applicable to it.

 

    	13

    	 

    

 

(m)          Regulatory
Permits. The Company and its Subsidiaries possess all material certificates, authorizations and permits issued by the appropriate
Governmental Entities necessary to conduct their respective businesses, and neither the Company nor any Subsidiary has received
any notice of proceedings relating to the revocation or modification of any such certificates, authorizations and permits. The
execution and delivery by the Company of, and the performance by it of its obligations under, the Transaction Documents and the
consummation of the Transactions will not result in a violation or breach of any of the terms, conditions or provisions of any
such any such certificates, authorizations and permits, except for any violation or breach that would not constitute a Material
Adverse Effect.

 

(n)          Employee
Matters. Schedule 3.1(n) sets forth each benefit plan, employment agreement, trust for the benefit of employees or loan
to employees that provides for any termination payment (whether of severance pay or otherwise), acceleration, forgiveness of indebtedness,
vesting, distribution, increase in benefits or obligation to fund benefits with respect to any current or former employee of the
Company or any of its Subsidiaries upon a change of control. Except as set forth in Schedule 3.1(n), the execution and delivery
of the Transaction Documents, and performance of the Transactions, will not (i) trigger any such provision or (ii) trigger
or impose any restrictions or limitations on the right of the Company or any of its Subsidiaries to amend or terminate any Company
benefit plan or employee agreement (or result in any adverse consequence for any such action). Any such provisions that may be
triggered by the Transactions have been waived by the party or parties entitled thereto.

 

(o)          Internal
Accounting Controls. The Company and its Subsidiaries maintain a system of internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization,
and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. The Company has established disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15(d)-15(e)) for the Company and designed such disclosure controls and procedures to ensure that
material information relating to the Company, including its Subsidiaries, is made known to the certifying officers by others within
those entities, particularly during the period in which the Company’s Form 10-K or Form 10-Q, as the case may be, is being
prepared. The Company’s certifying officers have evaluated the effectiveness of the Company’s disclosure controls and
procedures as of the last day of the period covered by the Company’s most recently filed Form 10-Q (such date, the “Evaluation
Date”). The Company presented in its most recently filed Form 10-Q the conclusions of the certifying officers about the
effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation
Date, there have been no significant changes in the Company’s internal controls (as described in Item 308(c) of Regulation
S-K under the Exchange Act) or in other factors that could significantly and adversely affect the Company’s internal controls.
The Company’s auditors have not identified any control deficiency, significant deficiency or material weakness in the Company’s
system of internal controls for the Company’s last fiscal year.

 

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(p)          Brokers
or Finders. Except as set forth on Schedule 3.1(p), no agent, broker, investment banker or other firm or person is or
will be entitled to any broker’s or finder’s fee or any other commission or similar fee in connection with the Purchase.

 

(q)          No
Directed Selling Efforts or General Solicitation. Neither the Company nor any person acting on its behalf has conducted any
general solicitation or general advertising (as those terms are used in Regulation D of the Securities Act) in connection
with the offer or sale of any of the Purchased Securities.

 

(r)          No
Integrated Offering. Neither the Company nor any of its Affiliates, nor any person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any Company security or solicited any offers to buy any security, under circumstances
that would adversely affect reliance by the Company on Section 4(2) of the Securities Act for the exemption from registration
for the transactions contemplated hereby or would require registration of the Purchased Securities under the Securities Act.

 

(s)          Private
Placement. Assuming the accuracy of the representations of the Investors in Section 3.2(b), the offer and sale of the
Purchased Securities to the Investors as contemplated hereby is exempt from the registration requirements of the Securities Act.

 

3.2           Representations
and Warranties of the Investors. The Investors, jointly and severally, hereby represent and warrant to the Company that as
of the date hereof and as of the Closing:

 

(a)          Authorization,
Enforceability.

 

(i)          Each
Investor has been duly organized and is validly existing as a limited liability company under the laws of the State of Delaware
or an exempted limited partnership under the laws of the Cayman Islands, as applicable, with the limited liability company power
and authority or limited partnership power and authority, respectively, to own its properties and conduct its business as currently
conducted and to execute and deliver this Agreement and the Registration Rights Agreement and to carry out its obligations hereunder
and thereunder. The execution, delivery and performance by each Investor of this Agreement and the Registration Rights Agreement
and the consummation of the transactions contemplated hereby and thereby have been duly authorized (including by such Investor’s
general partner, if applicable) and all other necessary limited liability company or limited partnership, as applicable, action
on the part of such Investor, and no further approval or authorization is required on the part of such Investor or any other party
for such authorization to be effective. This Agreement and the Registration Rights Agreement are or will be valid and binding obligations
of each Investor enforceable against such Investor in accordance with their respective terms, except as the same may be limited
by Bankruptcy Exceptions.

 

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(ii)         The
execution, delivery and performance by each Investor of this Agreement and the Registration Rights Agreement and the consummation
of the transactions contemplated hereby and thereby and compliance by such Investor with any of the provisions hereof and thereof,
will not (A) violate, conflict with, or result in a breach of any provision of, or constitute a default (or an event which,
with notice or lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance
required by, or result in a right of termination or acceleration of, or result in the creation of, any lien, security interest,
charge or encumbrance upon any of the properties or assets of such Investor under any of the terms, conditions or provisions of
(1) its organizational documents or (2) any note, bond, mortgage, indenture, deed of trust, license, lease, agreement
or other instrument or obligation to which such Investor is a party or by which it may be bound, or to which such Investor or any
of the properties or assets of such Investor may be subject, or (B) violate any statute, rule or regulation or any judgment,
ruling, order, writ, injunction or decree applicable to such Investor or any of its properties or assets except, in the case of
clauses (A)(2) and (B), for such occurrences that, individually or in the aggregate, have not had, do not have or would not be
reasonably likely to have a material adverse effect on the ability of the Investors to consummate the Purchase and the other transactions
contemplated by this Agreement (an “Investor Material Adverse Effect”).

 

(iii)        Other
than such as have been made or obtained, no notice to, filing with, exemption or review by, or authorization, consent or approval
of, any Governmental Entity is required to be made or obtained by any Investor in connection with the consummation by such Investor
of the Purchase except for any such notices, filings, exemptions, reviews, authorizations, consent and approvals the failure of
which to make or obtain would not constitute an Investor Material Adverse Effect.

 

(b)          Purchase
for Investment. Each Investor acknowledges that the offering and sale of the Purchased Securities and the Warrant Shares have
not been registered under the Securities Act or under any state securities laws. Each Investor understands that the Purchased Securities
and the Warrant Shares are “restricted securities” under applicable U.S. federal and state securities laws and that,
pursuant to these laws, each Investor must hold the Purchased Securities indefinitely unless they are registered with the
Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification
requirements is available. Each Investor (i) is acquiring the Purchased Securities pursuant to an exemption from registration
under the Securities Act solely for investment with no present intention to distribute them to any person in violation of the Securities
Act or any applicable U.S. state securities laws, (ii) is acquiring the Purchased Securities for investment for its own account,
not as a nominee or agent, and not with a view to resale or distribute any part thereof; provided, however, that such representation
is made without prejudice to such Investor’s right to sell or otherwise dispose of all or any portion of the Purchased Securities
in compliance with the registration requirements or exemption provisions of the Securities Act and any applicable U.S. state securities
laws, (iii) will not sell or otherwise dispose of any of the Purchased Securities or the Warrant Shares, except in compliance
with the registration requirements or exemption provisions of the Securities Act and any applicable U.S. state securities laws,
(iv) has such knowledge and experience in financial and business matters and in investments of this type that it is capable
of evaluating the merits and risks of the Purchase and of making an informed investment decision, and has conducted a review of
the business and affairs of the Company that it considers sufficient and reasonable for purposes of making the Purchase, (v) has
had the opportunity to ask questions and receive answers from the authorized representatives or agents of the Company and the terms
and conditions of this investment, and that any such questions have been answered to such Investor’s full satisfaction, and
(vi) is an “accredited investor” (as that term is defined by Rule 501 under the Securities Act). Each Investor
acknowledges that the Company has no obligation to register or qualify the Purchased Securities except as set forth in the Registration
Rights Agreement.

 

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(c)          No
General Solicitation. No Investor is purchasing the Purchased Securities as a result of any advertisement, article, notice
or other communication regarding the Purchased Securities published in any newspaper, magazine or similar media, posted on the
internet or broadcast over television or radio.

 

(d)          Company
Representations. Each of the Investors acknowledges and agrees that (i) other than as expressly set forth in Section
3.1, the Company neither is making nor has made any representations or warranties, written or oral, statutory, express or implied,
concerning the Company, its Subsidiaries, their respective businesses or assets or any aspect of the Transactions and (ii) such
Investor has not been induced by and has not relied upon any representations, warranties or statements, whether written or oral,
statutory, express or implied, made by the Company that are not expressly set forth in Section 3.1.

 

ARTICLE
IV

Covenants and Additional Agreements

 

4.1           Further
Assurances. At any time and from time to time after the Closing, at the request of any Investor, the Company shall execute
and deliver such further documents, and perform such further acts, as may be reasonably necessary in order to effectively transfer
and convey the applicable Purchased Securities and the Warrant Shares to each of the Investors, on the terms herein contained,
and to otherwise comply with the terms of this Agreement and consummate the Transactions.

 

4.2           Expenses.
Each party hereto will pay its own expenses in connection with the transactions contemplated hereby, whether or not such transactions
shall be consummated; provided, however, that if such transactions are consummated, the Company shall pay out of the aggregate
purchase price the reasonable fees and out-of-pocket expenses of the Investors (including reasonable legal and engineering fees),
as evidenced by appropriate supporting documentation delivered to the Company in connection with such transactions in an amount
not to exceed $200,000.

 

4.3           Transfer
Restrictions. The Purchased Securities are, and the Warrant Shares will be when issued, restricted securities under the Securities
Act and may not be offered or sold except pursuant to an effective registration statement or an available exemption from registration
under the Securities Act. Accordingly, each Investor agrees it shall not, directly or through others, offer or sell any Purchased
Securities or any Warrant Shares except pursuant to an effective registration statement or pursuant to Rule 144 or another exemption
from registration under the Securities Act, if available. Prior to any transfer of Purchased Securities or Warrant Shares other
than pursuant to an effective registration statement, each Investor agrees it shall notify the Company of such transfer, and the
Company may require such Investor to provide, prior to such transfer, such evidence that the transfer will comply with the Securities
Act (including written representations and an opinion of counsel) as the Company may reasonably request. The Company may impose
stop-transfer instructions with respect to any securities that are to be transferred in contravention of this Agreement.

 

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4.4           Legend.
Each Investor agrees that all certificates or other instruments representing Purchased Securities or Warrant Shares will bear
a legend substantially to the following effect:

 

“THE SECURITIES REPRESENTED
BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND
MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER
SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. THIS INSTRUMENT
IS ISSUED PURSUANT TO AND SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF THE SECURITIES PURCHASE AGREEMENT, DATED
FEBRUARY 1, 2013, AS AMENDED FROM TIME TO TIME, AMONG THE ISSUER OF THESE SECURITIES AND THE INVESTORS REFERRED TO THEREIN, A COPY
OF WHICH IS ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT
IN COMPLIANCE WITH SAID AGREEMENT. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.”

 

In the event that (a) any Purchased
Securities or Warrant Shares become registered under the Securities Act or (b) Purchased Securities or Warrant Shares are
eligible to be transferred without restriction in accordance with Rule 144 under the Securities Act, the Company shall issue new
certificates or other instruments representing such Purchased Securities or Warrant Shares, which shall not contain such portion
of the above legend that is no longer applicable; provided that the Investors surrender to the Company the previously issued
certificates or other instruments.

 

4.5           Sufficiency
of Authorized Preferred Stock and Common Stock. During the period commencing on the Closing Date and ending on March 31, 2015,
the Company shall at all times have reserved for issuance, free of preemptive or similar rights, a sufficient number of shares
of authorized and unissued Preferred Stock to effectuate the issuances of additional Preferred Shares contemplated by Section
1.4. During the period commencing on the Closing Date and ending on the date on which the Warrants (including any PIK Warrants,
which are hereby acknowledged to be subject to certain issuance restrictions set forth in Section 1.4) have been fully
exercised, the Company shall at all times have reserved for issuance, free of preemptive or similar rights, a sufficient number
of shares of authorized and unissued Common Stock to effectuate the issuances of Warrant Shares issuable upon exercise of such
Warrants. Nothing in this Section 4.5 shall preclude the Company from satisfying its obligations in respect of the issuance
of any Preferred Shares or Warrant Shares by delivery of shares of Preferred Stock or Common Stock, as applicable, which are held
in the treasury of the Company. As soon as practicable following the Closing, the Company shall, at its expense, (a) cause
the Warrant Shares (including all Warrant Shares underlying the PIK Warrants) to be listed on NYSE MKT at the time they become
freely transferable in the public market under the Securities Act, subject to official notice of issuance, and shall maintain
such listing on NYSE MKT for so long as any Common Stock is listed on NYSE MKT and (b) use its commercially reasonable efforts
to satisfy all continued listing criteria necessary to maintain the listing of the Common Stock with NYSE MKT until the date that
is two years following the date on which the Warrants (including any PIK Warrants) have been fully exercised.

 

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4.6           Certain
Notifications Until Closing. From the date of this Agreement until the Closing, each party shall promptly notify the other
parties of (a) any fact, event or circumstance of which it is aware and which would be reasonably likely to cause any representation
or warranty of such party contained in this Agreement to be untrue or inaccurate in any material respect or to cause any covenant
or agreement of such party contained in this Agreement not to be complied with or satisfied in any material respect and (b) any
fact, circumstance, event, change, occurrence, condition or development of which it is aware and which, individually or in the
aggregate, constitutes a Material Adverse Effect or an Investor Material Adverse Effect, as the case may be; provided,
however, that delivery of any notice pursuant to this Section 4.6 shall not limit or affect any rights of or remedies
available to the other parties.

 

4.7           Conduct
of Business.

 

(a)          Except
as set forth in Schedule 4.7 or as otherwise required to perform its obligations under the Transaction Documents or any
other agreement contemplated herein, or as otherwise agreed to in writing by the Investors, from the date hereof to the Closing
Date, the Company shall, and shall cause each of its Subsidiaries to (i) conduct its business only in the ordinary course
and consistent with past practice; (ii) use its reasonable best efforts to preserve and maintain its relationships with its
customers, suppliers, clients, advertisers, distributors, agents, officers and employees and other persons with which it has significant
business dealings; (iii) use its reasonable best efforts to maintain all of the material assets and properties it owns or
uses in the ordinary course of business consistent with past practice; (iv) use its reasonable best efforts to preserve the
goodwill and ongoing operations of its business; (v) maintain its books and records in the usual, regular and ordinary manner,
on a basis consistent with past practice; (vi) perform and comply in all material respects with its existing contractual arrangements;
(vii) maintain insurance in full force and effect with respect to its business with responsible companies, comparable in amount,
scope and coverage to that in effect on the date of this Agreement; and (viii) comply in all material respects with applicable
laws.

 

(b)          Except
as set forth in Schedule 4.7 or as expressly contemplated by the Transaction Documents or any other agreement contemplated
herein, between the date hereof and the Closing Date, without the prior written consent of the Investors, the Company shall not,
and shall cause each of its Subsidiaries not to, take any of the following actions:

 

(i)          change
its articles or certificate of incorporation or bylaws or other organizational documents (including by amendment, waiver, merger
or otherwise);

 

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(ii)         reclassify
any capital stock of the Company or its Subsidiaries;

 

(iii)        increase
the authorized number of shares of, authorize the issuance of, or issue any shares of Preferred Stock or Common Stock;

 

(iv)        accelerate
the vesting of any shares of Common Stock subject to vesting;

 

(v)         pay
any dividends or make any distributions on any shares of Common Stock or any other capital stock of the Company or repurchase or
redeem any Common Stock or any other capital stock of the Company;

 

(vi)        take
any of the actions that, after the Closing, will require the consent of the holders of Series A Shares under Section 9 of the Series
A Certificate; or

 

(vii)       agree
to take any of the actions restricted by this Section 4.7(b).

 

4.8           Financial
Statements and Other Reports. The Investors shall have the reasonable right to consult from time to time with the Officers
and the supervisors or independent accountants of the Company and its Subsidiaries at their respective places of business regarding
operating and financial matters of the Company and its Subsidiaries and to visit and inspect any of the properties, assets, books
and records, agreements or information of the Company and its Subsidiaries, so long as the exercise of such rights does not materially
interfere with the operations or business of the Company. The Company shall deliver to the Investors:

 

(a)          within
90 days after the end of each fiscal year of the Company, (i) an audited, consolidated balance sheet of the Company and its
Subsidiaries as of the end of such fiscal year, (ii) an audited, consolidated income statement of the Company and its Subsidiaries
for such fiscal year and (iii) an audited, consolidated statement of cash flows of the Company and its Subsidiaries for such
fiscal year;

 

(b)          within
45 days after the end of each of the first three quarters of each fiscal year of the Company, (i) an unaudited, consolidated
balance sheet of the Company and its Subsidiaries as of the end of such fiscal quarter, (ii) an unaudited, consolidated income
statement of the Company and its Subsidiaries for such fiscal quarter and (iii) an unaudited, consolidated statement of cash
flows of the Company and its Subsidiaries for such fiscal quarter;

 

(c)          (i) monthly
verbal financial, construction and operating updates with respect to the Company and its Subsidiaries, together with reasonably
detailed supporting documentation, and (ii) beginning on June 1, 2013 for the month ending May 31, 2013, monthly written financial,
construction and operating reports with respect to the Company and its Subsidiaries;

 

(d)          promptly
upon delivery to or receipt by the Company or any of its Subsidiaries, any operating report or notice delivered to or received
from any lender to the Company or any of its Subsidiaries or any holder of equity securities in the Company or any of its Subsidiaries;

 

(e)          no
more than 30 days subsequent to the beginning of any fiscal year of the Company, a reasonably detailed annual budget for the Company
and its Subsidiaries;

 

    	20

    	 

    

 

(f)        
  promptly upon delivery to or receipt by the Company or any of its Subsidiaries, any notice of default under any
agreement or instrument evidencing indebtedness of the Company or any of its Subsidiaries for borrowed money;

 

(g)          prompt
notice of any event or circumstance that constitutes a Material Adverse Effect;

 

(h)          prompt
notice of significant events with respect to the Company or any of its Subsidiaries (including litigation); and

 

(i)          as
soon as reasonably practicable upon receipt of any such request, any such other report or information (in any form, electronic
or otherwise) as an Investor may reasonably request.

 

Financial statements
and other reports required to be delivered pursuant to this Section 4.8 filed by the Company with the SEC and available on EDGAR
(or such other free, publicly-accessible internet database that may be established and maintained by the SEC as a substitute for
or successor to EDGAR) shall be deemed to have been delivered to the Investors on the date on which the Company posts such documents
to EDGAR (or such other free, publicly-accessible internet database that may be established and maintained by the SEC as a substitute
for or successor to EDGAR).

 

4.9           Board
Designation Rights. Prior to the Closing Date, the Company shall use its reasonable best efforts to take all necessary corporate
action so that upon the Closing, the Board shall adopt resolutions increasing the authorized number of directors constituting
the Board by one and electing an individual designated by the Investors (the “Investor Director”) to fill the
newly created directorship on the Board resulting from such increase. The Company, through the Board and subject to the Board’s
fiduciary duties to the stockholders of the Company, shall take all necessary action to nominate and recommend the Investor Director
for election to the Board in the proxy statements relating to the annual meetings of the stockholders of Company following the
Closing; provided, however, that if at any time there are no longer any issued and outstanding Series A Shares, then the
Company and its Board shall have no obligation to nominate and recommend the Investor Director. The initial Investor Director
shall be Thomas J. Edelman.

 

4.10         Shareholder
Approval Proposal. Prior to issuing any PIK Warrants, the Company shall use its reasonable best efforts to take all necessary
corporate action so that the Board shall convene a meeting of stockholders of the Company to consider and vote upon a proposal
to grant Shareholder Approval (the “Proposal”). Subject to fiduciary duties under applicable Law, the Board
shall, in connection with such meeting, recommend approval of the Proposal and shall take all other lawful action to solicit the
approval of the Proposal by the stockholders of the Company.

 

4.11         Short
Sales. So long as any Warrants remain issued and outstanding, the Investors shall not enter into any Short Sales of the Common
Stock acquired by the Investors from and after the date of this Agreement.

 

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4.12         Survival;
Indemnification.

 

(a)          Survival.
The representations, warranties, covenants and agreements contained in this Agreement shall survive the Closing; provided,
however, that no action for a breach of the representations and warranties contained herein or for a breach or violation
of a covenant or agreement set forth in the Transaction Documents that was required to be performed prior to or at the Closing,
shall be brought more than 10 days after the Company’s Annual Report on Form 10-K for the year ending December 31, 2013 is
filed with the SEC, except for claims arising out of the representations and warranties contained in Section 3.1(b) (Capitalization),
Section 3.1(c) (Preferred Shares), Section 3.1(d) (Warrants and Warrant Shares) and Section 3.1(e) (Authorization,
Enforceability) (collectively, the “Specified Representations”), which shall survive indefinitely after the
Closing.

 

(b)          Indemnification
by the Company. From and after the Closing, the Company shall indemnify and hold harmless the Investors and their respective
Affiliates and their respective directors, officers, employees and agents (collectively, the “Investor Indemnified Parties”)
from and against any and all losses, claims, damages, liabilities and expenses (including reasonable attorney fees and disbursements
and other expenses reasonably incurred in connection with investigating, preparing or defending any action, claim or proceeding,
pending or threatened and the costs of enforcement thereof) (collectively, “Losses”) asserted against or incurred
by such Investor Indemnified Party to the extent arising out of or in connection with (i) any breach of the representations
or warranties of the Company set forth in this Agreement or (ii) any breach or violation of the covenants or agreements of
the Company set forth in this Agreement.

 

(c)          Indemnification
by the Investors. From and after the Closing, each of the Investors shall, severally but not jointly, indemnify and hold the
Company and its Affiliates and their respective directors, officers, employees and agents (collectively, the “Company
Indemnified Parties”) harmless from and against all Losses asserted against or incurred by such Company Indemnified Party
to the extent arising out of or in connection with (i) any breach of the representations or warranties of such Investor set
forth in this Agreement or (ii) any breach or violation of the covenants or agreements of such Investor set forth in this
Agreement.

 

(d)          Indemnification
Limits. The Investor Indemnified Parties shall not be entitled to recover any Losses pursuant to Section 4.12(b) (i) unless
and until the Investor Indemnified Parties’ aggregate claims therefor exceed $500,000, at which time the Investor Indemnified
Parties shall be entitled to recover Losses only to the extent that the aggregate amount of Investor Indemnified Parties’
indemnifiable Losses exceeds such amount (the “Deductible”); provided, however, that no event,
claim or item of Loss will constitute a Loss and indemnification will not be available with respect to such event, claim or item
of Loss (nor will any such event, claim or item of Loss be counted towards the Deductible) unless such event, claim or item of
Loss, together with all related events, claims or items of Loss, results in a Loss of $50,000 or more, in which case the Investor
Indemnified Parties will be entitled to indemnification for the full amount of Losses related to such event, claim or item of Loss
subject to the Deductible and the other limitations set forth herein (and such Losses will be counted towards the Deductible);
or (ii) for an aggregate amount in excess of $50,000,000; provided, however that claims for breach of any of
the Specified Representations shall not be subject to the foregoing limitations and shall not be included in the determination
of whether a limitation has been reached. In addition, the Losses incurred by any Investor shall be determined on the basis of
the number of Purchased Securities purchased by such Investor (or such Investor’s Affiliate, as applicable) hereunder and
not on the basis of any other shares of Common Stock beneficially owned by such Investor, whether acquired prior to or after the
consummation of the Transactions.

 

    	22

    	 

    

 

(e)          Conduct
of Indemnification Proceedings. Promptly after receipt by any person (the “Indemnified Person”) of notice
of any demand, claim or circumstances of any kind which would or might give rise to a claim or the commencement of any action,
proceeding or investigation (in each case, a “Claim”) in respect of which indemnity may be sought pursuant to
Section 4.12(b) or Section 4.12(c), such Indemnified Person shall promptly notify the party or parties required to
provide such indemnification (the “Indemnifier”) in writing and the Indemnifier shall assume the defense thereof,
including the employment of counsel reasonably satisfactory to such Indemnified Person, and shall assume the payment of all fees
and expenses; provided, however, that the failure of any Indemnified Person so to notify the Indemnifier shall not relieve
the Indemnifier of its obligations hereunder except to the extent that it shall be finally determined by a court of competent jurisdiction
that such failure to notify shall have materially prejudiced the Indemnifier. In any such proceeding, any Indemnified Person shall
have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Person unless: (i) the Indemnifier and the Indemnified Person shall have mutually agreed to the retention of such counsel;
or (ii) in the reasonable judgment of counsel to such Indemnified Person representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them. The Indemnifier shall not be liable for any
settlement of any proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled
with such consent, the Indemnifier shall indemnify and hold harmless such Indemnified Person from and against any Loss (to the
extent stated above) by reason of such settlement. Without the prior written consent of the Indemnified Person, which consent shall
not be unreasonably withheld (provided that the Indemnified Person shall have the absolute right in its sole discretion
to withhold consent from any settlement of any pending or threatened proceeding if such settlement does not include an unconditional
release of such Indemnified Person from any liability arising out of such proceeding), the Indemnifier shall not effect any settlement
of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity
could have been sought hereunder by such Indemnified Party. The parties shall cooperate fully with each other in connection with
the defense of any Claim.

 

(f)          Insurance.
Any Indemnifier shall be subrogated to the rights of any Indemnified Person in respect of any insurance relating to Losses to the
extent of any indemnification payments made under this Agreement, and such Indemnified Person shall provide all reasonably requested
assistance to such Indemnifier in respect of such subrogation.

 

(g)          No
Duplication. Any liability for indemnification under this Agreement shall be determined without duplication of recovery by
reason of the state of facts giving rise to such liability constituting a breach or violation of more than one representation,
warranty, covenant or agreement.

 

    	23

    	 

    

 

(h)          Sole
Remedy. If the Closing occurs, the parties agree that the sole and exclusive remedy of any party to this Agreement or any Investor
Indemnified Parties, the events giving rise to this Agreement and the transactions provided for in this Agreement (excluding, for
the avoidance of doubt, the transactions provided for in the Registration Rights Agreement), shall be limited to the indemnification
provisions set forth in this Section 4.12 and, in furtherance of the foregoing, each of the parties, on behalf of itself
and its Affiliates, waives and releases the other parties to this Agreement (and such other parties’ Affiliates) from, to
the fullest extent permitted under any applicable law, any and all rights, claims and causes of action it or its Affiliates may
have against the other parties to this Agreement in connection with the events giving rise to this Agreement and the transactions
provided for in this Agreement (excluding, for the avoidance of doubt, the transactions provided for in the Registration Rights
Agreement), except pursuant to the indemnification provisions set forth in this Section 4.12; provided, however,
that nothing herein shall limit in any way any such party’s remedies in respect of fraud, intentional misrepresentation or
omission or intentional misconduct by the other parties in connection herewith or the Transactions.

 

(i)          NO
SPECIAL DAMAGES. IN NO EVENT SHALL ANY PARTY BE LIABLE UNDER THIS SECTION 4.12 OR OTHERWISE IN RESPECT OF THIS AGREEMENT
(EXCLUDING, FOR THE AVOIDANCE OF DOUBT, THE REGISTRATION RIGHTS AGREEMENT) FOR EXEMPLARY, SPECIAL, PUNITIVE, INDIRECT, REMOTE OR
SPECULATIVE DAMAGES EXCEPT TO THE EXTENT ANY SUCH PARTY SUFFERS SUCH DAMAGES TO AN UNAFFILIATED THIRD PARTY IN CONNECTION WITH
A LOSS, IN WHICH EVENT SUCH DAMAGES SHALL BE RECOVERABLE.

 

4.13         Business
Opportunities. The Company recognizes that the Investors are private equity funds and that the Investors, their partners or
investors, and professionals affiliated with the Investors (such persons, together with the operating companies described in this
sentence, are collectively referred to as the “White Deer Group” and individually as a “White Deer
Group Member”) invest in, serve on the boards of directors and other governing bodies of, serve as officers of, provide
services to and have minority and controlling ownership interests in, existing and future operating companies. Nothing in this
Agreement or the nature of the existing or any future relationship between any White Deer Group Member, on the one hand, and the
Company or any of its Affiliates, on the other, will prohibit any White Deer Group Member from engaging in any activity or business
opportunity whatsoever for its own account or will require any White Deer Group Member to make any business opportunity available
to the Company, even if such activity or business opportunity competes with or relates to the business conducted by the Company.
Notwithstanding the foregoing, no Investor may (and each Investor shall cause its Affiliates not to) engage in any activity or
business opportunity that is (a) presented to the Investor Director in such person’s capacity as a director of the
Company and with respect to which no other White Deer Group Member (other than the Investor Director) independently receives notice
or otherwise identifies such activity or opportunity or (b) identified by the White Deer Group solely through the disclosure
of information by or on behalf of the Company.

 

4.14         Certain
Tax Matters.

 

(a)          If
the Company determines that withholding of tax with respect to the Series A Shares, the Warrants or the Warrant Shares held by
an Investor is necessary, the Company shall use commercially reasonable efforts to notify such Investor reasonably in advance of
such withholding, and provide such Investor with a reasonable opportunity to establish an exemption or other basis for reducing
or eliminating such withholding tax.

 

    	24

    	 

    

 

(b)          The
Company shall cooperate with the Investors, and shall use commercially reasonable efforts to provide the Investors with information
that the Investors may request, in connection with the Investors’ tax reporting and withholding obligations relating to the
Series A Shares, the Warrants and the Warrant Shares, including, with respect to each dividend payable on the Series A Shares (whether
in cash or in kind), providing the Investors with a contemporaneous reasonable estimate as to the amount of any such dividend that
is expected to be treated as a dividend pursuant to section 301(c)(1) of the Internal Revenue Code of 1986, as amended.

 

ARTICLE
V

Miscellaneous

 

5.1           Termination.
This Agreement may be terminated at any time prior to the Closing:

 

(a)          by
either the Investors or the Company if the Closing shall not have occurred by March 19, 2013; provided, however, that the
right to terminate this Agreement under this Section 5.1(a) shall not be available to any party whose breach of any representation
or warranty or failure to perform any obligation under this Agreement shall have caused or resulted in the failure of the Closing
to occur on or prior to such date;

 

(b)          by
either the Investors or the Company in the event that any Governmental Entity shall have issued an order, decree or ruling or taken
any other action restraining, enjoining or otherwise prohibiting the Transactions and such order, decree, ruling or other action
shall have become final and nonappealable; or

 

(c)          by
the mutual written consent of the Investors and the Company.

 

5.2           Effect
of Termination. In the event of termination of this Agreement as provided in Section 5.1, this Agreement shall forthwith
become void (except for the provisions of this Article V and of the Confidentiality Agreement, which shall continue in full force
and effect) and there shall be no liability on the part of any party hereto, except that nothing herein shall relieve any party
from liability for any willful, material breach of this Agreement. “Confidentiality Agreement” means the letter
agreement, dated December 12, 2012, by and between the Company and White Deer Energy L.P.

 

5.3           Amendment.
No amendment of any provision of this Agreement shall be effective unless made in writing and signed by a duly authorized representative
of each party.

 

5.4           Waivers.
The conditions to each party’s obligation to consummate the Purchase are for the sole benefit of such party and may be waived
by such party in whole or in part to the extent permitted by applicable law. Any failure by any party to comply with any of its
obligations, agreements or covenants herein may be waived by the party to whom such compliance is owed. No waiver will be effective
unless it is in a writing signed by a duly authorized officer or representative of the waiving party that makes express reference
to the provision or provisions subject to such waiver. A waiver of any breach or failure to enforce any of the terms or conditions
of this Agreement shall not in any way affect, limit or waive a party’s rights hereunder at any time to enforce strict compliance
thereafter with every term or condition of this Agreement.

 

    	25

    	 

    

 

5.5           Counterparts
and Facsimile. For the convenience of the parties hereto, this Agreement may be executed in any number of separate counterparts,
each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.
Executed signature pages to this Agreement may be delivered by PDF (Portable Document Format) or facsimile and such PDFs or facsimiles
will be deemed as sufficient as if actual signature pages had been delivered.

 

5.6           Governing
Law; Submission to Jurisdiction, Etc. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York applicable to contracts made and to be performed entirely within such State, without giving effect to any choice
of law or conflict of law rules or provisions that would cause the application of the laws of any other jurisdiction. With respect
to any lawsuit or claim arising out of or in connection with any Transaction Document, each of the parties hereto agrees (a) to
submit to the personal jurisdiction of the State or Federal courts in the Borough of Manhattan, the City of New York, (b) that
jurisdiction and venue shall lie in the State or Federal courts in the State of New York, and (c) that notice may be served
upon such party at the address and in the manner set forth for such party in Section 5.8. To
the extent permitted by applicable law, each of the parties hereto hereby unconditionally waives trial by jury in any legal action
or proceeding relating to the Transaction Documents or the transactions contemplated hereby or thereby.

 

5.7           Specific
Performance. The parties hereto agree that irreparable damage would occur if any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each of the parties
hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the
terms and provisions of this Agreement, without the necessity of proving the inadequacy of money damages as a remedy, in addition
to any other remedy at law or in equity.

 

5.8           Notices.
Any notice, request, instruction or other document to be given hereunder by any party to the other will be in writing and will
be deemed to have been duly given (a) on the date of delivery if delivered personally or by facsimile (transmission confirmed),
or (b) on the second business day following the date of dispatch if delivered by a recognized next day courier service. All notices
hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the
party to receive such notice.

 

(a)          If
to the Investors, to:

 

c/o White Deer Energy L.P.

667 Madison Ave., 4th Floor

New York, New York 10065

Attention: Thomas J. Edelman

 

    	26

    	 

    

 

Telephone: (212) 371-1117

Facsimile: (212) 888-6877

 

and

 

c/o White Deer Energy L.P.

700 Louisiana, Suite 4770

Houston, Texas 77002

Attention: James E. Saxton

Telephone: (713) 581-6906

Facsimile: (713) 581-6901

 

and

 

Vinson & Elkins LLP

666 Fifth Avenue, 26th Floor

New York, New York 10103

Attention: Robert Seber

Telephone: (212) 237-0132

 

(b)          If
to the Company, to:

 

Emerald Oil, Inc.

1600 Broadway, Suite 1360

Denver, Colorado 80202

Attention: McAndrew Rudisill

Telephone: (303) 323-0008

Facsimile: (303) 323-0008

 

and

 

Mayer Brown LLP

700 Louisiana, Suite 3400

Houston, Texas 77002

Attention: Kirk Tucker

Telephone: (713) 238-2500

Facsimile: (713) 238-4603

 

5.9           Publicity.
Except as set forth below, no public release or announcement concerning the Transactions shall be issued by the Company, its Subsidiaries
or the Investors without the prior consent of the Company (in the case of a release or announcement by the Investors) or the Investors
(in the case of a release or announcement by the Company or its Subsidiaries) (which consents shall not be unreasonably withheld,
conditioned or delayed), except as such release or announcement may be required by law or the applicable rules or regulations
of any securities exchange or securities market, in which case the affected party shall allow the other parties hereto, to the
extent reasonably practicable in the circumstances, reasonable time to comment on such release or announcement in advance of such
issuance. The Company shall by 8:30 a.m. (New York City time) on the fourth trading day immediately following the date of
this Agreement file a Current Report on Form 8-K disclosing the execution and delivery of this Agreement as well as
copies of the Transaction Documents. In addition, the Company will make such other filings and notices in the manner and time
required by applicable law or the SEC or NYSE MKT.

 

    	27

    	 

    

 

5.10         Entire
Agreement, Etc. This Agreement (including the Annexes and Schedules) and the other Transaction Documents constitute the entire
agreement, and supersede all other prior agreements, understandings, representations and warranties, both written and oral, among
the parties hereto, with respect to the subject matter hereof.

 

5.11         Assignment.
Neither this Agreement nor any right, remedy, obligation nor liability arising hereunder or by reason hereof shall be assignable
by any party hereto without the prior written consent of the other parties, and any attempt to assign any right, remedy, obligation
or liability hereunder without such consent shall be void. This Section 5.11 applies only to an assignment of this Agreement
and the rights, remedies, obligations and liabilities arising hereunder and does not apply to a sale, transfer or assignment of
Purchased Securities or Warrant Shares, which is addressed in Section 4.3.

 

5.12         Severability.
If any provision of this Agreement or the Registration Rights Agreement, or the application thereof to any person or circumstance,
is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the
application of such provision to persons or circumstances other than those as to which it has been held invalid or unenforceable,
will remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic
or legal substance of the Transactions is not affected in any manner materially adverse to any party. Upon such determination,
the parties hereto shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect
the original intent of the parties hereto.

 

5.13         No
Third Party Beneficiaries. Nothing contained in this Agreement, expressed or implied, is intended to confer upon any person
or entity other than the Company and the Investors (and any persons to whom an Investor has transferred its rights hereunder in
accordance with this Agreement), any benefits, rights, or remedies.

 

    	28

    	 

    

 

5.14         Interpretation.
When a reference is made in this Agreement to “Recitals,” “Articles,” “Sections,” “Annexes”
or “Schedules,” such reference shall be to a Recital, Article or Section of, or Annex or Schedule to, this Agreement
unless otherwise indicated. The terms defined in the singular have a comparable meaning when used in the plural, and vice versa.
References to “herein”, “hereof”, “hereunder” and the like refer to this Agreement as a whole
and not to any particular section or provision, unless the context requires otherwise. The table of contents and headings contained
in this Agreement are for reference purposes only and are not part of this Agreement. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed followed by the words “without
limitation.” The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In connection
with the interpretation or enforcement of this Agreement, this Agreement shall be construed as if drafted jointly by the parties
hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any
of the provisions of this Agreement. Time is of the essence for each and every provision of this Agreement. All references to
“$” or “dollars” mean the lawful currency of the United States of America. Except as expressly stated
in this Agreement, all references to any statute, rule or regulation are to the statute, rule or regulation as amended, modified,
supplemented or replaced from time to time (and, in the case of statutes, include any rules and regulations promulgated under
the statute) and to any section of any statute, rule or regulation include any successor to the section. References to a “business
day” shall mean any day except a Saturday, Sunday or other day on which (a) NYSE MKT is not open for trading or
(b) commercial banks in the State of New York or the State of Montana are authorized or required by law or executive order
to close.

 

[Signature Page Follows.]

 

    	29

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by the parties hereto as of the date first herein above written.

 

	 	EMERALD OIL, INC.
	 	 	 
	 	By:	/s/ McAndrew Rudisill
	 	 	Name: 	McAndrew Rudisill
	 	 	Title:	President
	 	 	 
	 	WDE EMERALD HOLDINGS LLC
	 	 	 
	 	By:	/s/ Thomas J. Edelman
	 	 	Name: 	Thomas J. Edelman
	 	 	Title:	President

 

	 	WHITE DEER ENERGY FI L.P.
	 	 	 
	 	By:	Edelman & Guill Energy L.P., its general partner
	 	 	 
	 	By:	Edelman & Guill Energy Ltd., its general partner

 

	 	By:	/s/ Thomas J. Edelman
	 	 	Name:	Thomas J. Edelman
	 	 	Title:	Director

  

Signature Page to Securities Purchase
Agreement

 

    	 

    	 

    

 

Annex
A – Form of Certificate of Designations of Series A Perpetual Preferred Stock

 

[See Attached.]

 

Annex A – Form of Certificate of
Designations of Series A Perpetual Preferred Stock

 

    	 

    	 

    

 

Annex A to Securities Purchase Agreement

 

CERTIFICATE OF DESIGNATIONS

 

OF

 

SERIES A PERPETUAL PREFERRED STOCK

 

OF

 

EMERALD OIL, INC.

 

EMERALD OIL, INC.,
a corporation organized and existing under the Montana Business Corporation Act (the “Corporation”), in accordance
with the provisions of Sections 35-1-618 and 35-1-619 thereof, does
hereby certify:

 

The board of directors
of the Corporation (the “Board of Directors”), in accordance with the provisions of the Articles of Incorporation
and the Bylaws and applicable law, pursuant to a unanimous written consent of the Board of Directors dated [●], 2013, adopted
the following resolution creating a series of 650,000 shares of Preferred Stock designated as “Series A Perpetual Preferred
Stock”:

 

RESOLVED, that
pursuant to the authority vested in the Board of Directors and in accordance with the provisions of the articles of incorporation
of the Corporation and applicable law, a series of Preferred Stock, par value $0.001 per share, of the Corporation be and hereby
is created, and that the designation and number of shares of such series, and the voting and other powers, preferences and relative,
participating, optional or other rights, and the qualifications, limitations and restrictions thereof (in addition to those set
forth in the articles of incorporation of the Corporation that are applicable to Preferred Stock of all series), of the shares
of such series, are as follows:

 

Section
1.        Designation. The distinctive serial designation of such series of Preferred Stock is “Series A Perpetual
Preferred Stock” (“Series A”). Each share of Series A shall be identical in all respects to every other
share of Series A.

 

Section
2.        Number of Shares. The authorized number of shares of Series A shall be 650,000. Shares of Series A that
are redeemed, purchased or otherwise acquired by the Corporation, or converted into another series of Preferred Stock, shall be
cancelled and retired and revert to authorized but unissued shares of Preferred Stock (provided that any such cancelled
shares of Series A may be reissued only as shares of any series other than Series A).

 

Section
3.        Definitions. As used herein with respect to Series A:

 

(a)        “Accrued
and Unpaid Dividend Amount” has the meaning set forth in Section 4(a).

 

(b)        “Accrued
Principal Amount” means, with respect to each share of Series A, on any date of determination, the sum of (i) $100.00
and (ii) the accrued and unpaid dividends thereon (including, if applicable as provided in Section 4(a), dividends on such amount),
whether or not declared, to such date.

  

    	 

    	 

    

 

(c)       “Additional
Directors” has the meaning set forth in Section 11(a).

 

(d)       “Articles
of Incorporation” means the articles of incorporation of the Corporation, as it may be amended from time to time, and
shall include this Certificate of Designations and the Series B Certificate.

 

(e)        “Board
of Directors” has the meaning set forth in the preamble hereto.

 

(f)        “Business
Day” means a day that is a Monday, Tuesday, Wednesday, Thursday or Friday and is not a day on which banking institutions
in Billings, Montana or New York, New York generally are authorized or obligated by law, regulation or executive order to close.

 

(g)        “Bylaws”
means the bylaws of the Corporation, as they may be amended from time to time.

 

(h)       “Certificate
of Designations” means this Certificate of Designations relating to Series A, as it may be amended from time to time.

 

(i)        “Change
of Control” means the occurrence of any of the following events:

 

(i)        the
sale, lease or transfer, in one transaction or a series of related transactions, of more than 50% of the Corporation’s assets
(determined on a consolidated basis) to any “person” or “group” (as such terms are used in Section 13(d)(3)
of the Exchange Act) other than a Wholly Owned Subsidiary; provided, however, that a transaction covered by this clause
(i) shall not be a Change of Control if a Specified Person is a party in the transaction; or

 

(ii)        the
consolidation or merger of the Corporation with or into any other Person or the merger of another Person with or into the Corporation,
pursuant to which the holders of 100% of the total voting power of the total outstanding capital stock of the Corporation immediately
prior to the consummation of such consolidation or merger do not beneficially own (within the meaning of Rule 13d-3 of the Exchange
Act) in the aggregate more than 50% of the total voting power of the total outstanding capital stock of the continuing or surviving
Person immediately after such transaction; provided, however, that a transaction covered by this clause (ii) shall not be
a Change of Control if the parties to such transaction include a Specified Person; or

 

(iii)        the
acquisition, directly or indirectly, by any “person” or “group” (as such terms are used in Section 13(d)(3)
of the Exchange Act), other than a Specified Person, of beneficial ownership (as defined in Rule 13d-3 under the Exchange
Act) of more than 50% of the total voting power of the total outstanding capital stock of the Corporation; provided, however,
that a transaction covered by this clause (iii) shall not be a Change of Control if the party from whom such stock is acquired
in such acquisition is a Specified Person; or

 

(iv)        the
first day on which a majority of the individuals who constitute the entire Board of Directors (excluding any Additional Directors)
shall not be Continuing Directors.

 

(j)         “Change
of Control Offer” has the meaning set forth in Section 7(a).

 

    	2

    	 

    

 

(k)        “Change
of Control Payment Date” has the meaning set forth in Section 7(b)(ii).

 

(l)         “Change
of Control Price” has the meaning set forth in Section 7(f).

 

(m)       “Common
Stock” means the common stock, par value $0.001 per share, of the Corporation.

 

(n)        “Continuing
Directors” means individuals (i) who are directors of the Corporation on the Original Issue Date (“Incumbent
Directors”), (ii) whose nomination for election or election to the Board of Directors was approved by a majority of the
Incumbent Directors then still in office, or (iii) whose nomination for election or election to the Board of Directors was approved
by a majority of the Incumbent Directors and the directors approved pursuant to clause (ii) then still in office.

 

(o)        “Corporation”
has the meaning set forth in the preamble hereto.

 

(p)        “Credit
Facility” means the Credit Agreement, dated as of November 20, 2012, among the Corporation, Wells Fargo Bank, N.A. and
the lenders party thereto, as it may be amended from time to time, or any other credit agreement pursuant to which the Credit Facility
is repaid or otherwise refinanced.

 

(q)        “Default”
means an Event of Default or an Event of Material Default.

 

(r)        “Dividend
Payment Date” means each March 31, June 30, September 30 and December 31, commencing on March 31, 2013.

 

(s)        “Dividend
Period” has the meaning set forth in Section 4(a).

 

(t)        “Dividend
Record Date” has the meaning set forth in Section 4(a).

 

(u)        “Event
of Default” means, with respect to the Credit Facility, an “Event of Default” pursuant thereto other than
as set forth in the definition of Event of Material Default, or in each case pursuant to any similar provision contained in any
credit agreement pursuant to which the Credit Facility is repaid or otherwise refinanced.

 

(v)        “Event
of Material Default” means, with respect to the Credit Facility, an “Event of Default” pursuant to Sections
(i) 10.01(a) (Loan Principal Payments), (ii) 10.01(b) (Loan Interest and Fee Payments), (iii) 10.01(d) (Covenant
Breaches) (solely with respect to the failure to observe or perform any covenant, condition or agreement contained in Sections
9.01(a) (Debt/EBITDAX Ratio), 9.01(b) (Current Ratio), 9.01(c) (Fixed Charge Coverage Ratio), 9.02 (Debt)
or 9.11 (Mergers, Etc.) thereof), (iv) 10.01(f) (Material Indebtedness Payments), (v) 10.01(g) (Material Indebtedness
Acceleration), (vi) 10.01(h) (Involuntary Bankruptcy) or (vii) 10.01(i) (Voluntary Bankruptcy) thereof, or in
each case pursuant to any similar provision contained in any credit agreement pursuant to which the Credit Facility is repaid or
otherwise refinanced.

 

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

 

    	3

    	 

    

 

 

(x)        “Investor
Director” has the meaning set forth in Section 10.

 

(y)        “Junior
Stock” means the Common Stock, Series B and any other class or series of stock of the Corporation (other than Series
A) that ranks junior to Series A either or both as to the payment of dividends and/or as to the distribution of assets on any liquidation,
dissolution or winding up of the Corporation.

 

(z)        “Liquidation
Preference” means, with respect to each share of Series A, on any date of determination, the sum of (i)(A) after the
Original Issue Date through and including the second anniversary thereof, $112.50, (B) after the second anniversary of the Original
Issue Date through and including the third anniversary thereof, $110.00, (C) after the third anniversary of the Original Issue
Date through and including the fourth anniversary thereof, $105.00 and (D) thereafter, $100.00 and (ii) the accrued and unpaid
dividends thereon (including, if applicable as provided in Section 4(a), dividends on such amount), whether or not declared, to
such date.

 

(aa)       “NYSE
MKT” means NYSE MKT LLC.

 

(bb)       “Original
Issue Date” means [●], 2013.

 

(cc)       “Person”
means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust,
unincorporated organization, or government or any agency or political subdivision thereof.

 

(dd)       “PIK
Warrant” has the meaning set forth in Section 4(a).

 

(ee)      “Preferred
Stock” means any and all series of preferred stock, par value $0.001 per share, of the Corporation, including Series
A and Series B.

 

(ff)        “Purchase
Agreement” means the Securities Purchase Agreement, dated as of February 1, 2013, by and among the Corporation, WDE Emerald
Holdings LLC, a Delaware limited liability company, and White Deer Energy FI L.P., a Cayman Islands exempted limited partnership,
including all schedules and annexes thereto, as it may be amended from time to time.

 

(gg)      “Series
A” has the meaning set forth in Section 1.

 

(hh)      “Series
B” means the series of Preferred Stock designated as “Series B Voting Preferred Stock.”

 

(ii)        “Series
B Certificate” means the Certificate of Designations of Series B Voting Preferred Stock relating to Series B, as it may
be amended from time to time.

 

(jj)        “Shareholder
Approval” means, with respect to the issuance of any PIK Warrants and any shares of Common Stock issuable upon exercise
of such PIK Warrants, the approval, in accordance with Section 705 of the NYSE MKT Company Guide, of the stockholders of the Corporation
required to authorize such issuances pursuant to Section 713 of the NYSE MKT Company Guide.

 

    	4

    	 

    

 

 

(kk)     “Specified
Person” means White Deer Energy L.P. or any of its affiliates, including White Deer Energy TE L.P. and White Deer Energy
FI L.P.

 

(ll)        “Subsidiary”
means, with respect to any person, those entities of which such person owns or controls more than 50% of the outstanding equity
securities either directly or through an unbroken chain of entities as to each of which more than 50% of the outstanding equity
securities is owned directly or indirectly by its parent.

 

(mm)    “Warrants”
means the Warrants to purchase shares of Common Stock, issued pursuant to the Purchase Agreement, including Section 1.4 thereof.

 

(nn)       “Weighted
Average Price” means, with respect to one share of Common Stock, on any date of determination, the dollar volume-weighted
average price for such security on NYSE MKT or, if the Common Stock is no longer traded on NYSE MKT, the principal U.S. national
securities exchange on which the Common Stock is then traded, for the 10 consecutive trading days immediately preceding such date,
as reported by Bloomberg through its “Volume at Price” functions.

 

(oo)        “Wholly
Owned Subsidiary” means any subsidiary of the Corporation to the extent that all of the securities of any class or classes
of capital stock of such subsidiary entitling the holders thereof (whether at all times or at the times that such class of capital
stock has voting power by reason of the happening of any contingency) to vote in the election of members of the board of directors
or comparable body of such subsidiary are owned directly or indirectly by the Corporation.

 

Section
4.        Dividends.

 

(a)        Rate.
The holders of Series A shall be entitled to receive, on each share of Series A, out of funds legally available for the payment
of dividends under Montana law, cumulative cash dividends at a per annum rate of 10% on the Accrued Principal Amount. Such dividends
shall begin to accrue and be cumulative from the Original Issue Date, shall compound on each Dividend Payment Date (i.e.,
no dividends shall accrue on other dividends unless and until the first Dividend Payment Date for such other dividends has passed
without such other dividends having been paid on such date), and shall be payable in arrears (as provided in this Section 4(a)).
On any Dividend Payment Date during the period commencing on the Original Issue Date and ending on March 31, 2015, the Corporation
may, instead of paying any dividends then due on shares of Series A to the holders of Series A in cash (such amount, the “Accrued
and Unpaid Dividend Amount”), issue to each such holder (i) a number of additional shares of Series A equal to (A) the
Accrued and Unpaid Dividend Amount due to such holder divided by (B) $100.00 and (ii) an additional Warrant (each, a “PIK
Warrant”) exercisable for a number of shares of Common Stock equal to (A) the Accrued and Unpaid Dividend Amount due
to such holder divided by (B) the Weighted Average Price as of such Dividend Payment Date; provided, however, that the
Corporation may not issue such additional shares of Series A or such PIK Warrants, and shall pay such Accrued and Unpaid Dividend
Amount in cash, unless and until the Corporation first obtains Shareholder Approval. Thereafter, the Board of Directors shall
declare dividends, payable on each Dividend Payment Date, subject only to the legal availability of funds for declaration and
payment thereof. If any such Dividend Payment Date would otherwise occur on a day that is not a Business Day, such Dividend Payment
Date shall instead be (and any dividend payable on Series A on such Dividend Payment Date shall instead be payable on) the immediately
succeeding Business Day with the same force and effect as if made on such Dividend Payment Date. The amount of dividends payable
on Series A shall be computed on the basis of a 360-day year consisting of twelve 30-day months, and with respect to any date
of determination that is not a Dividend Payment Date, actual days elapsed over a 30-day month.

 

 

    	5

    	 

    

 

Dividends that are
payable on Series A on any Dividend Payment Date shall be payable to the holders of record of Series A as they appear on the stock
register of the Corporation on the applicable record date, which shall be the fifteenth (15th) calendar day before such Dividend
Payment Date (as originally scheduled) or such other record date fixed by the Board of Directors that is not more than sixty (60)
days nor less than ten (10) days prior to such Dividend Payment Date (each, a “Dividend Record Date”). Any such
day that is a Dividend Record Date shall be a Dividend Record Date whether or not such day is a Business Day.

 

Each dividend period
(a “Dividend Period”) shall commence on the calendar day immediately following a Dividend Payment Date (other
than the initial Dividend Period, which shall commence on and include the Original Issue Date of Series A) and shall end on and
include the next Dividend Payment Date. Dividends payable in respect of a Dividend Period shall be payable in arrears on the Dividend
Payment Date ending such Dividend Period.

 

(b)        Priority
of Dividends. When dividends are not paid (or declared and a sum sufficient for payment thereof set aside for the benefit of
the holders thereof on the applicable Dividend Record Date) on any Dividend Payment Date in full upon Series A, all dividends declared
on Series A and payable on such Dividend Payment Date shall be declared pro rata so that the respective amounts of such
dividends declared shall bear the same ratio to each other as all accrued and unpaid dividends per share on Series A (including,
if applicable as provided in Section 4(a), dividends on such amount) bear to each other.

 

Section
5.        Liquidation Rights.

 

(a)        Voluntary
or Involuntary Liquidation. In the event of any liquidation, dissolution or winding up of the affairs of the Corporation, whether
voluntary or involuntary, the holders of Series A shall be entitled to receive for each share of Series A, out of the assets of
the Corporation or proceeds thereof (whether capital or surplus) available for distribution to stockholders of the Corporation,
and after satisfaction of all liabilities and obligations to creditors of the Corporation, but before any distribution of such
assets or proceeds is made to or set aside for the holders of Common Stock and any other Junior Stock, payment in full in an amount
equal to the Liquidation Preference of such share as of the date of such liquidation, dissolution, winding up.

 

(b)        Partial
Payment. If in any distribution described in Section 5(a) or Section 11(b), the assets of the Corporation or proceeds thereof
are not sufficient to pay the aggregate Liquidation Preferences in full to all holders of Series A as to such distribution, the
amounts paid to the holders of Series A shall be paid pro rata in accordance with the respective aggregate Liquidation Preferences
of the holders of Series A.

 

    	6

    	 

    

 

(c)        Residual
Distributions. If in any distribution described in Section 5(a) or Section 11(b), the aggregate Liquidation Preferences have
been paid in full to all holders of Series A, the holders of other stock of the Corporation shall be entitled to receive all remaining
assets of the Corporation (or proceeds thereof) according to their respective rights and preferences.

 

(d)        Merger,
Consolidation and Sale of Assets Not Liquidation. For purposes of this Section 5, the merger or consolidation of the Corporation
with any other corporation or other entity, including a merger or consolidation in which the holders of Series A receive cash,
securities or other property for their shares, or the sale, lease or exchange (for cash, securities or other property) of all or
substantially all of the assets of the Corporation, shall not constitute a liquidation, dissolution or winding up of the Corporation,
but shall be governed by Section 7.

 

Section
6.        Redemption.

 

(a)        Optional
Redemption. From and after [●], 2013, the Corporation, at its option, may redeem, in whole at any time or in part from
time to time, the shares of Series A at the time outstanding, upon notice given as provided in Section 6(b), at a redemption price
per share equal to the Liquidation Preference of such share as of the redemption date; provided that the minimum number
of shares of Series A redeemable at any time is the lesser of (i) 50,000 shares of Series A and (ii) the number of shares of Series
A outstanding. The redemption price for any shares of Series A shall be payable on the redemption date to the holder of such shares
against surrender of the certificate(s) evidencing such shares to the Corporation or its agent.

 

(b)        Notice
of Redemption. Notice of every redemption of shares of Series A shall be given to the holders of record of the shares to be
redeemed at their respective last addresses appearing on the books of the Corporation. Such mailing shall be at least thirty (30)
days and not more than sixty (60) days before the date fixed for redemption. Any notice mailed as provided in this Subsection shall
be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such
notice by mail, or any defect in such notice or in the mailing thereof, to any holder of shares of Series A designated for redemption
shall not affect the validity of the proceedings for the redemption of any other shares of Series A. Each notice of redemption
given to a holder shall state: (i) the redemption date; (ii) the number of shares of Series A to be redeemed and, if less than
all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder; (iii) the redemption
price; and (iv) the place or places where certificates for such shares are to be surrendered for payment of the redemption price.

 

(c)        Partial
Redemption. In case of any redemption of part of the shares of Series A at the time outstanding, the shares to be redeemed
shall be selected pro rata among the holders of Series A. If fewer than all the shares represented by any certificate are
redeemed, a new certificate shall be issued representing the unredeemed shares without charge to the holder thereof.

 

    	7

    	 

    

 

(d)        Effectiveness
of Redemption. If notice of redemption has been duly given and if on or before the redemption date specified in the notice
all funds necessary for the redemption have been deposited by the Corporation, in trust for the pro rata benefit of the
holders of the shares called for redemption, with a bank or trust company doing business in the Borough of Manhattan, The City
of New York, and having a capital and surplus of at least $500 million and selected by the Board of Directors, so as to be and
continue to be available solely therefor, then, notwithstanding that any certificate for any share so called for redemption has
not been surrendered for cancellation, on and after the redemption date dividends shall cease to accrue on all shares so called
for redemption, all shares so called for redemption shall no longer be deemed outstanding and all rights with respect to such shares
shall forthwith on such redemption date cease and terminate, except only the right of the holders thereof to receive the amount
payable on such redemption from such bank or trust company, without interest. Any funds unclaimed at the end of three years from
the redemption date shall, to the extent permitted by law, be released to the Corporation, after which time the holders of the
shares so called for redemption shall look only to the Corporation for payment of the redemption price of such shares.

 

Section
7.        Offer to Purchase Upon a Change of Control.

 

(a)        In
connection with the occurrence of a Change of Control, the Corporation shall make an offer to purchase all of the shares of Series
A outstanding (a “Change of Control Offer”) on the terms set forth in this Section 7. The Change of Control
Offer shall be made in compliance with all applicable laws, including, without limitation (if applicable), Regulation 14E and 14D
under the Exchange Act and the rules thereunder and all other applicable Federal and state securities laws. To the extent that
the provisions of any securities laws or regulations conflict with the provisions of this Section 7, the Corporation shall comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section
7 by virtue thereof.

 

(b)        No
sooner than fifteen (15) days and within that time period, as soon as reasonably practicable, prior to the consummation, or anticipated
consummation, of a Change of Control, the Corporation shall commence the Change of Control Offer by mailing to each holder of shares
of Series A a notice, which shall govern the terms of the Change of Control Offer, and shall state:

 

(i)        that
the Change of Control Offer is being made pursuant to this Section 7 and that all shares of Series A tendered will be accepted
for payment subject to the consummation of the Change of Control;

 

(ii)      the
Change of Control Price (as defined below) and the date until which the Corporation may accept for payment shares of Series A (the
“Change of Control Payment Date”), which shall be (subject to consummation of the Change of Control) no later
than forty-five (45) days after the date the Change of Control occurs;

 

(iii)     that
any shares of Series A not tendered for payment pursuant to the Change of Control Offer shall continue to accrue dividends and
be redeemable in accordance with the terms hereof;

 

(iv)      that,
unless the Corporation defaults in the payment of the Change of Control Price, all shares of Series A accepted for payment pursuant
to the Change of Control Offer shall cease to accrue dividends on the Change of Control Payment Date;

 

    	8

    	 

    

 

(v)        that
any holder electing to have certificates representing shares of Series A pursuant to a Change of Control Offer shall be required
to surrender such certificates representing shares of Series A to the Corporation or its designated agent at the address specified
in the notice prior to the close of business on the Change of Control Payment Date;

 

(vi)      that
any holder of a share of Series A shall be entitled to withdraw such election if the Corporation or its designated agent receives,
not later than the close of business on the Change of Control Payment Date, a PDF (Portable Document Format), facsimile transmission
or letter setting forth the name of such holder, the number of shares of Series A such holder delivered for purchase, and a statement
that such holder is withdrawing its election to have such shares of Series A purchased;

 

(vii)      that
a holder whose shares of Series A are being purchased only in part shall be issued new shares of Series A for the unpurchased shares
of Series A represented by any certificate surrendered;

 

(viii)    the
instructions that the holders of Series A must follow in order to tender their shares of Series A; and

 

(ix)      the
circumstances and relevant facts regarding such Change of Control.

 

(c)        On
the Change of Control Payment Date, the Corporation shall, to the extent of funds legally available therefore and otherwise lawful,
accept for payment the shares of Series A tendered and not withdrawn pursuant to the Change of Control Offer. The Corporation shall
promptly mail to each holder of shares of Series A so accepted payment (or pay in person any holder presenting itself at the Corporation)
in an amount equal to the purchase price for such shares, and the unpurchased shares of Series A surrendered, if any.

 

(d)        The
Corporation shall make a public announcement of the results of the Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date.

 

(e)        The
Corporation shall not enter into any agreement providing for a Change of Control unless the agreement permits the Corporation or
any successor entity to comply with the provisions hereof.

 

(f)        “Change
of Control Price” means an amount of cash per share of Series A equal to the Liquidation Preference of such share as
of the Change of Control Payment Date.

 

Section
8.        Conversion. The holders of Series A shares shall have no right to exchange or convert such shares into
any other securities.

 

Section
9.        Voting Rights.

 

(a)        General.
The holders of Series A shall not have any voting rights except as set forth below or as otherwise from time to time required by
law.

 

    	9

    	 

    

 

(b)        Voting
Rights as to Particular Matters.

 

(i)        So
long as any shares of Series A are outstanding, in addition to any other vote or consent of stockholders of the Corporation required
by law or by the Articles of Incorporation, the vote or consent of the holders of a majority of the shares of Series A at the time
outstanding and entitled to vote thereon, given in person or by proxy, either in writing without a meeting or by vote at any meeting
called for the purpose, shall be necessary for effecting or validating:

 

(A)        any action
or failure to act involving the Corporation or any of its Subsidiaries that adversely affects the rights, preferences, privileges
or powers of Series A relative to any other class or series of capital stock of the Corporation;

 

(B)        any amendment,
alteration, waiver or repeal of any provision of the articles or certificate of incorporation or bylaws or other organizational
documents of the Corporation or any of its Subsidiaries (including the Articles of Incorporation and the Bylaws) so as to change
the rights, preferences, privileges or powers of Series A;

 

(C)        any issuance
of debt securities or incurrence of indebtedness for borrowed money, in each case by the Corporation or any of its Subsidiaries
that breaches any financial covenant set forth in the Credit Facility or any other credit agreement pursuant to which the Credit
Facility is repaid or otherwise refinanced, unless all or a portion of the proceeds of such issuance or incurrence are used by
the Corporation or any such Subsidiary to redeem all of the shares of Series A at the time outstanding in accordance with Section
6;

 

(D)        any issuance
of any shares of any class or series of capital stock of the Corporation, or any rights or securities exercisable or exchangeable
for or convertible into any such shares, ranking pari passu with or senior to Series A with respect to either or both the
payment of dividends or the distribution of assets on any liquidation, dissolution or winding up of the Corporation;

 

(E)        any declaration
or payment of dividends on any Common Stock or other Junior Stock; or

 

(F)        any redemption
or repurchase of any shares of any class or series of capital stock of the Corporation, other than Series A and any shares of Common
Stock withheld by the Corporation to pay taxes upon the granting or vesting of awards to any of its employees under any equity
compensation plan of the Corporation;

 

provided, however,
that the transactions contemplated in the Purchase Agreement, the Series B Certificate and the Warrant shall be permitted without
any vote or consent of the holders of shares of Series A.

 

    	10

    	 

    

 

(ii)        Upon
the occurrence of a Default, if (x) in the case of an Event of Material Default, such Default shall (i) not have been cured
or waived within thirty (30) days or (ii) not have been cured or waived and shall have resulted in any payment pursuant to
the Credit Facility becoming due and payable prior to its scheduled maturity, whether by acceleration or otherwise, or (y) in the
case of an Event of Default, such Default shall not have been cured or waived and shall have resulted in any payment pursuant to
the Credit Facility becoming due and payable prior to its scheduled maturity, whether by acceleration or otherwise, then in addition
to any other vote or consent of stockholders of the Corporation required by law or by the Articles of Incorporation, the vote or
consent of the holders of a majority of the shares of Series A at the time outstanding and entitled to vote thereon, given in person
or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting
or validating:

 

(A)        any issuance
of debt securities or incurrence of indebtedness for borrowed money or guaranty thereof, in each case by the Corporation or any
of its Subsidiaries;

 

(B)        (1) any change
in compensation of any officer of the Corporation, (2) any employment or severance agreement with or benefit plan for any officer
of the Corporation or (3) any amendment of any employment or severance agreement with or benefit plan for an officer of the Corporation;
or

 

(C)        any agreement,
contract or other arrangement pursuant to which the Company or any of its Subsidiaries would pay or otherwise be liable for or
reasonably expect to pay or otherwise be liable for, an aggregate amount in excess of $1,000,000 over the term of such agreement,
contract or other arrangement.

 

(c)        Procedures
for Voting and Consents. The rules and procedures for calling and conducting any meeting of the holders of Series A (including,
without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting,
the obtaining of written consents and any other aspect or matter with regard to such a meeting or such consents shall be governed
by any rules of the Board of Directors, in its discretion, may adopt from time to time, which rules and procedures shall conform
to the requirements of the Articles of Incorporation, the Bylaws, and applicable law and the rules of any national securities exchange
or other trading facility on which Series A is listed or traded at the time. Whether the vote or consent of the holders of a plurality,
majority or other portion of the shares of Series A has been cast or given on any matter on which the holders of shares of Series
A are entitled to vote shall be determined by the Corporation by reference to the Liquidation Preferences of the shares voted or
covered by the consent.

 

Section
10.        Board Designation Rights. So long as any shares of Series A are outstanding, the holders of Series A shall
be entitled to elect an individual designated by the holders of a majority of the shares of Series A (the “Investor Director”)
to serve as an additional member of the Board of Directors. The authorized number of directors constituting the Board of Directors
shall be automatically increased by one directorship, if necessary, to allow for the election of the Investor Director. The Investor
Director may be removed at any time with or without cause only by the holders of a majority of the shares of Series A. Any vacancy
in the directorship of the Investor Director shall be filled only by the holders of a majority of the shares of Series A.

 

Section
11.        Default. Upon the occurrence of a Default, if (x) in the case of an Event of Material Default, such Default
shall (i) not have been cured or waived within thirty (30) days or (ii) have not been cured or waived and results in
any payment pursuant to the Credit Facility becoming due and payable prior to its scheduled maturity, whether by acceleration or
otherwise, or (y) in the case of an Event of Default, such Default shall have resulted in any payment pursuant to the Credit Facility
becoming due and payable prior to its scheduled maturity, whether by acceleration or otherwise, then:

 

    	11

    	 

    

 

(a)        the
holders of Series A shall be entitled to elect a number of individuals designated by the holders of a majority of the shares of
Series A (the “Additional Directors”) that, together with the Investor Director, would constitute the greatest
number of members of the Board of Directors that does not exceed 25% of total number of members of the Board of Directors to serve
as additional members of the Board of Directors; provided, however, that if at any time such Default is cured or waived
by the holders of Series A, then such Additional Directors shall be removed from the Board of Directors and the holders of Series
A shall have no further rights pursuant to this Section 11(a). The authorized number of directors constituting the Board of Directors
shall be increased by such number of directorships, if necessary, to allow for the election of the Additional Directors. An Additional
Director may be removed at any time with or without cause only by the holders of a majority of the shares of Series A. Any vacancy
in the directorship of an Additional Director shall be filled only by the holders of a majority of the shares of Series A; and

 

(b)        the
holders of Series A shall be entitled to elect to receive for each share of Series A, out of the assets of the Corporation or proceeds
thereof (whether capital or surplus) available for distribution to stockholders of the Corporation, and after satisfaction of all
liabilities and obligations to creditors of the Corporation, but before any distribution of such assets or proceeds is made to
or set aside for the holders of Common Stock and any other Junior Stock, payment in full in an amount equal to the Liquidation
Preference of such share as of the date of such Default.

 

Section
12.        Record Holders. To the fullest extent permitted by applicable law, the Corporation may deem and treat
the record holder of any share of Series A as the true and lawful owner thereof for all purposes, and the Corporation shall not
be affected by any notice to the contrary.

 

Section
13.        Notices. All notices or communications in respect of Series A shall be sufficiently given if given in
writing and delivered in person or by fax, overnight or certified mail, or if given in such other manner as may be permitted in
this Certificate of Designations, in the Articles of Incorporation or Bylaws or by applicable law.

 

Section
14.        No Preemptive Rights. No share of Series A shall have any rights of preemption whatsoever as to any securities
of the Corporation, or any warrants, rights or options issued or granted with respect thereto, regardless of how such securities,
or such warrants, rights or options, may be designated, issued or granted.

 

Section
15.        Replacement Certificates. The Corporation shall replace any mutilated certificate at the holder’s
expense upon surrender of that certificate to the Corporation. The Corporation shall replace certificates that become destroyed,
stolen or lost at the holder’s expense upon delivery to the Corporation of reasonably satisfactory evidence that the certificate
has been destroyed, stolen or lost, together with any indemnity that may be reasonably required by the Corporation.

 

    	12

    	 

    

 

Section
16.        Other Rights. The shares of Series A shall not have any rights, preferences, privileges or voting powers
or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than
as set forth herein or in the Articles of Incorporation or as provided by applicable law.

 

[Signature Page Follows.]

 

    	13

    	 

    

 

IN WITNESS WHEREOF,
EMERALD OIL, INC. has caused this certificate to be signed this [●] day of [●], 2013.

 

	 	EMERALD OIL, INC.
	 	 	 
	 	By: 	 
	 	 	Name: McAndrew Rudisill
	 	 	Title: President

  

    	 

    	 

    
 

Annex
B – Form of Certificate of Designations of Series B Voting Preferred Stock

 

[See Attached.]

 

Annex B – Form of Certificate of
Designations of Series B Voting Preferred Stock

 

    	 

    	 

    

 

Annex B to Securities Purchase Agreement

 

CERTIFICATE OF DESIGNATIONS

 

OF

 

SERIES B VOTING PREFERRED STOCK

 

OF

 

EMERALD OIL, INC.

 

EMERALD OIL, INC.,
a corporation organized and existing under the Montana Business Corporation Act (the “Corporation”), in accordance
with the provisions of Sections 35-1-618 and 35-1-619 thereof, does
hereby certify:

 

The board of directors
of the Corporation (the “Board of Directors”), in accordance with the provisions of the Articles of Incorporation
and the Bylaws and applicable law, pursuant to a unanimous written consent of the Board of Directors dated [●], 2013, adopted
the following resolution creating a series of 6,500,000 shares of Preferred Stock designated as “Series B Voting Preferred
Stock”:

 

RESOLVED, that
pursuant to the authority vested in the Board of Directors and in accordance with the provisions of the articles of incorporation
of the Corporation and applicable law, a series of Preferred Stock, par value $0.001 per share, of the Corporation be and hereby
is created, and that the designation and number of shares of such series, and the voting and other powers, preferences and relative,
participating, optional or other rights, and the qualifications, limitations and restrictions thereof (in addition to those set
forth in the articles of incorporation of the Corporation that are applicable to Preferred Stock of all series), of the shares
of such series, are as follows:

 

Section
1.        Designation. The distinctive serial designation of such series of Preferred Stock is “Series B Voting
Preferred Stock” (“Series B”). Each share of Series B shall be identical in all respects to every other
share of Series B.

 

Section
2.        Number of Shares. The authorized number of shares of Series B shall be 6,500,000. Shares of Series B that
are purchased or otherwise acquired by the Corporation may thereafter be reissued or otherwise disposed of by the Corporation in
accordance herewith or may be retired and cancelled by the Corporation.

 

Section
3.        Definitions. As used herein with respect to Series B:

 

(a)        “Articles
of Incorporation” means the articles of incorporation of the Corporation, as it may be amended from time to time, and
shall include this Certificate of Designations and the Series A Certificate.

 

(b)        “Board
of Directors” has the meaning set forth in the preamble hereto.

 

(c)        “Bylaws”
means the bylaws of the Corporation, as they may be amended from time to time.

 

    	 

    	 

    

  

(d)        “Certificate
of Designations” means this Certificate of Designations relating to Series B, as it may be amended from time to time.

 

(e)        “Common
Stock” means the common stock, par value $0.001 per share, of the Corporation.

 

(f)         “Corporation”
has the meaning set forth in the preamble hereto.

 

(g)        “NYSE
MKT” means NYSE MKT LLC.

 

(h)        “PIK
Warrants” means the Warrants to purchase shares of Common Stock issued pursuant to Section 1.4 of the Purchase Agreement.

 

(i)        “Preferred
Stock” means any and all series of preferred stock, par value $0.001 per share, of the Corporation, including Series
A and Series B.

 

(j)        “Purchase
Agreement” means the Securities Purchase Agreement, dated as of February 1, 2013, by and among the Corporation, WDE Emerald
Holdings LLC, a Delaware limited liability company, and White Deer Energy FI L.P., a Cayman Islands exempted limited partnership,
including all schedules and annexes thereto, as it may be amended from time to time.

 

(k)        “Series
A” means the series of Preferred Stock designated as “Series A Perpetual Preferred Stock.”

 

(l)         “Series
A Certificate” means the Certificate of Designations of Series A Perpetual Preferred Stock relating to Series A, as it may
be amended from time to time.

 

(m)       “Series
B” has the meaning set forth in Section 1.

 

(n)        “Shareholder
Approval” means, with respect to the issuance of any PIK Warrants and any shares of Common Stock issuable upon exercise
of such PIK Warrants, the approval, in accordance with Section 705 of the NYSE MKT Company Guide, of the stockholders of the Corporation
required to authorize such issuances pursuant to Section 713 of the NYSE MKT Company Guide.

 

(o)        “Warrants”
means the Warrants to purchase shares of Common Stock issued pursuant to the Purchase Agreement, including the PIK Warrants.

 

(p)        “Voting
Stock” means Series B and Common Stock.

 

Section
4.        Dividends. No dividends shall be paid to the holders of Series B.

 

    	2

    	 

    

 

Section
5.        Liquidation Rights. In the event of any liquidation, dissolution or winding up of the affairs of the Corporation,
whether voluntary or involuntary, the holders of Series B shall be entitled to receive for each share of Series B, out of the assets
of the Corporation or proceeds thereof (whether capital or surplus) available for distribution to stockholders of the Corporation,
and after satisfaction of all liabilities and obligations to creditors of the Corporation and any distributions of such assets
or proceeds made to or set aside for the holders of Series A, before any distribution of such assets or proceeds is made to or
set aside for the holders of Common Stock and any other stock of the Corporation ranking junior to Series B as to such distribution,
payment in full in an amount equal to $0.001 per share. For purposes of this Section 5, the merger or consolidation of the Corporation
with any other corporation or other entity, including a merger or consolidation in which the holders of Series B receive cash,
securities or other property for their shares, or the sale, lease or exchange (for cash, securities or other property) of all or
substantially all of the assets of the Corporation, shall not constitute a liquidation, dissolution or winding up of the Corporation.

 

Section
6.        Conversion, Redemption and Other Rights.

 

(a)        Series
B is not convertible into any other class or series of the capital stock of the Corporation or into cash, property or other rights,
and no share of Series B may be redeemed prior to January 1, 2020.

 

(b)        On
and from time to time after January 1, 2020, the Corporation may, at its option, redeem, in whole or in part, the then-outstanding
shares of Series B, at a redemption price per share equal to $0.001. The redemption price for any such shares of Series B shall
be payable on the applicable redemption date selected by the Corporation to the holder of such shares against surrender of the
certificate(s) evidencing such shares to the Corporation or its agent. The Corporation may elect to pay the redemption price in
cash or whole shares of Common Stock of the Corporation with a value equal to the Market Price (as defined in the Warrant) on the
trading day immediately preceding the redemption date.

 

(c)        If
on or before each redemption date all funds or shares of Common Stock necessary for the redemption have been deposited by the Corporation,
in trust for the pro rata benefit of the holders of the shares called for redemption, with a bank or trust company doing
business in the Borough of Manhattan, The City of New York, so as to be and continue to be available solely therefor, then, notwithstanding
that any certificate for any share so called for redemption has not been surrendered for cancellation, on and after the applicable
redemption date all shares so called for redemption shall no longer be deemed outstanding and all rights with respect to such shares
shall forthwith on the applicable redemption date cease and terminate, except only the right of the holders thereof to receive
the redemption price payable on such redemption from such bank or trust company, without interest. Any funds or shares of Common
Stock unclaimed at the end of ninety days from the applicable redemption date shall, to the extent permitted by law, be released
to the Corporation, after which time the holders of the shares so called for redemption shall look only to the Corporation for
payment of the redemption price of such shares.

 

Section
7.        Transfer; Surrender Upon Exercise of Warrants. Each share of Series B shall be issued as a unit with a
Warrant, or portion thereof, representing the right to purchase one share of Common Stock and may only be sold or otherwise transferred
concurrently with the sale of such Warrant. Any sale or transfer, or purported sale or transfer, of shares of Series B shall be
null and void, and the Corporation shall have no obligation to effect any transfer, unless the foregoing transfer restrictions
are strictly observed. In the event that a holder of Series B exercises its right to acquire Common Stock of the Corporation pursuant
to a Warrant, such holder shall surrender to the Corporation a number of shares of Series B of such holder equal to the number
of shares of Common Stock purchased upon exercise of such Warrant. In no event shall the Corporation issue any shares of Series
B other than in connection with the issuance of Warrants pursuant to and in accordance with the Purchase Agreement, including Section
1.4 thereof (which provides that no PIK Warrants shall be issuable unless and until the Company first obtains Shareholder Approval)
and otherwise in connection with such Warrants.

 

    	3

    	 

    

  

Section
8.        Voting Rights.

 

(a)        Each
share of Series B shall be entitled to one vote. So long as any shares of Series B are outstanding, in addition to any other vote
or consent of stockholders of the Corporation required by law or by the Articles of Incorporation, the holders of Series B shall
be entitled to vote in the election of directors and on all other matters submitted to a vote of the holders of Common Stock,
with Series B and Common Stock voting together as a single class. If more than
one person holds Series B, then the voting rights of such persons shall be reduced pro rata according to their ownership percentages
in order to comply with this limitation. Any share of Series B and, if applicable, other Voting Stock with respect to which the
holders of Series B and their affiliates are not entitled to vote pursuant to the limitations in this Section 8(a), shall not
be considered, in determining whether a quorum is present at any meeting of stockholders of the Corporation, as outstanding shares
of capital stock entitled to vote at such meeting.

 

(b)        So
long as any shares of Series B are outstanding, in addition to any other vote or consent of stockholders required by law or by
the Articles of Incorporation, the vote or consent of the holders of a majority of the shares of Series B at the time outstanding
and entitled to vote thereon, given in person or by proxy, either in writing without a meeting or by vote at any meeting called
for the purpose, shall be necessary for effecting or validating:

 

(i)        any
action or failure to act involving the Corporation or any of its Subsidiaries that adversely affects the rights, preferences, privileges
or powers of Series B relative to any other class or series of capital stock of the Corporation; and

 

(ii)        any
amendment, alteration, waiver or repeal of any provision of the articles or certificate of incorporation or bylaws or other organizational
documents of the Corporation or any of its Subsidiaries (including the Articles of Incorporation and the Bylaws) so as to change
the rights, preferences, privileges or powers of Series B.

 

Notwithstanding anything herein to the
contrary, in no event shall any holder of shares of Series B be entitled to (x) vote on any matter on which Series B is entitled
to vote unless such holder shall also be the record holder of the corresponding Warrant that is part of the unit with such shares
or (y) cast a number of votes in excess of the number of shares purchasable upon exercise of the Warrants of which such holder
is the record holder. Furthermore, except as provided by law, no share of Series B shall have any voting rights following January
1, 2020.

 

Section
9.        Record Holders. To the fullest extent permitted by applicable law, the Corporation may deem and treat the
record holder of any share of Series B as the true and lawful owner thereof for all purposes, and the Corporation shall not be
affected by any notice to the contrary.

 

    	4

    	 

    

 

 

Section
10.        Notices. All notices or communications in respect of Series B shall be sufficiently given if given in
writing and delivered in person or by fax, overnight or certified mail, or if given in such other manner as may be permitted in
this Certificate of Designations, in the Articles of Incorporation or Bylaws or by applicable law.

 

Section
11.        No Preemptive Rights. No share of Series B shall have any rights of preemption whatsoever as to any securities
of the Corporation, or any warrants, rights or options issued or granted with respect thereto, regardless of how such securities,
or such warrants, rights or options, may be designated, issued or granted.

 

Section
12.        Replacement Certificates. The Corporation shall replace any mutilated certificate at the holder’s
expense upon surrender of that certificate to the Corporation. The Corporation shall replace certificates that become destroyed,
stolen or lost at the holder’s expense upon delivery to the Corporation of reasonably satisfactory evidence that the certificate
has been destroyed, stolen or lost, together with any indemnity that may be reasonably required by the Corporation.

 

Section
13.        Other Rights. The shares of Series B shall not have any rights, preferences, privileges or voting powers
or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than
as set forth herein or in the Articles of Incorporation or as provided by applicable law.

 

[Signature Page Follows.]

 

    	5

    	 

    

 

IN WITNESS WHEREOF,
EMERALD OIL, INC. has caused this certificate to be signed this [●] day of [●], 2013.

 

	 	EMERALD OIL, INC.
	 	 	 
	 	By: 	 
	 	 	Name: McAndrew Rudisill
	 	 	Title: President

   

    	 

    	 

    
 

Annex
C – Form of Warrant

 

[See Attached.]

 

Annex C – Form of Warrant

 

    	 

    	 

    

 

 

Annex C to Securities Purchase Agreement

 

WARRANT TO PURCHASE COMMON STOCK

 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED,
SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE
STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS.

 

THIS INSTRUMENT IS ISSUED PURSUANT TO AND
SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF A SECURITIES PURCHASE AGREEMENT, DATED AS OF FEBRUARY 1, 2013,
AS AMENDED FROM TIME TO TIME, BETWEEN THE ISSUER OF THESE SECURITIES AND THE INVESTORS REFERRED TO THEREIN, A COPY OF WHICH IS
ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE
WITH SAID AGREEMENT. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT WILL BE VOID.

 

THIS WARRANT IS ISSUED AS A UNIT WITH A
NUMBER OF SHARES OF SERIES B VOTING PREFERRED STOCK OF THE CORPORATION EQUAL TO THE SHARES PURCHASABLE HEREBY AND MAY NOT BE SOLD
OR OTHERWISE TRANSFERRED EXCEPT IN CONNECTION WITH A CORRESPONDING NUMBER OF SUCH SHARES.

 

WARRANT No. [●]

 

to purchase

 

[●]

 

Shares of Common Stock

 

EMERALD OIL, INC.

a Montana Corporation

 

Issue Date: [●], 2013

 

1.       Definitions.
Unless the context otherwise requires, when used herein the following terms shall have the meanings indicated.

 

“Accrued
Principal Amount” has the meaning ascribed to it in the Series A Certificate.

 

“Affiliate”
has the meaning ascribed to it in the Purchase Agreement.

 

“Aggregate
Cash Investment” means $50,000,000.

 

    	 

    	 

    

 

“Board of
Directors” means the board of directors of the Corporation, including any duly authorized committee thereof.

 

“Business
Day” means a day that is a Monday, Tuesday, Wednesday, Thursday or Friday and is not a day on which banking institutions
in Billings, Montana or New York, New York generally are authorized or obligated by law, regulation or executive order to close.

 

“Change of
Control” has the meaning ascribed to it in the Series A Certificate.

 

“Common Stock”
means the Corporation’s Common Stock, $0.001 par value per share.

 

“Corporation”
means Emerald Oil, Inc., a Montana corporation.

 

“Default”
has the meaning ascribed to it in the Series A Certificate.

 

“Event of
Default” has the meaning ascribed to it in the Series A Certificate.

 

“Event of
Material Default” has the meaning ascribed to it in the Series A Certificate.

 

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

 

“Exercise
Price” means $5.77, as adjusted from time to time after the Issue Date in accordance with the terms of this Warrant.

 

“Expiration
Time” has the meaning set forth in Section 3(a).

 

“Investors”
means WDE Emerald Holdings LLC, a Delaware limited liability company, White Deer Energy FI L.P., a Cayman Islands exempted limited
partnership, and each of their respective Affiliates.

 

“Issue Date”
has the meaning set forth in the title of this Warrant.

 

“Junior Stock”
has the meaning ascribed to it in the Series A Certificate.

 

“Liquidation
Event” means the occurrence of (a) a liquidation, dissolution or winding up of the affairs of the Corporation, whether
voluntary or involuntary, (b) an Event of Material Default that shall (i) not have been cured or waived within thirty (30)
days or (ii) not have been cured or waived and shall have resulted in any payment pursuant to the Credit Facility becoming
due and payable prior to its scheduled maturity, whether by acceleration or otherwise, or (c) an Event of Default that shall not
have been cured or waived and shall have resulted in any payment pursuant to the Credit Agreement becoming due and payable prior
to its scheduled maturity, whether by acceleration or otherwise.

 

    	2

    	 

    

 

“Market Price”
means, with respect to one share of Common Stock, on any date of determination, the last sale price, regular way, or, in case no
such sale takes place on such day, the average of the closing bid and asked prices, regular way, of the shares of the Common Stock
on NYSE MKT on such day. If the Common Stock is not traded on NYSE MKT on any date of determination, the Market Price on such date
of determination means the closing sale price as reported in the composite transactions for the principal U.S. national or regional
securities exchange on which the Common Stock is so listed or quoted, or, if no closing sale price is reported, the last reported
sale price on the principal U.S. national or regional securities exchange on which the Common Stock is so listed or quoted, or
if the Common Stock is not so listed or quoted on a U.S. national or regional securities exchange, the last quoted bid price for
the Common Stock in the over-the-counter market as reported by Pink Sheets LLC or similar organization, or, if that bid price is
not available, the Market Price on that date shall mean the fair market value per share as determined by the Board of Directors,
acting in good faith, in reliance on an opinion of a nationally recognized independent investment banking firm retained by the
Corporation for this purpose and certified in a resolution sent to the Warrantholder. For the purposes of determining the Market
Price on the “trading day” preceding, on or following the occurrence of an event, (a) that trading day shall be deemed
to commence immediately after the regular scheduled closing time of trading on NYSE MKT or, if trading is closed at an earlier
time, such earlier time and (b) that trading day shall end at the next regular scheduled closing time, or if trading is closed
at an earlier time, such earlier time (for the avoidance of doubt, and as an example, if the Market Price is to be determined as
of the last trading day preceding a specified event and the closing time of trading on a particular day is 4:00 p.m. and the specified
event occurs at 5:00 p.m. on that day, the Market Price would be determined by reference to such 4:00 p.m. closing price).

 

“NYSE MKT”
means NYSE MKT LLC.

 

“Permitted
Shares” means shares of Common Stock issued or issuable (a) upon exercise of this Warrant, (b) pursuant to share dividends,
distributions, subdivisions, combinations or reclassifications or (c) pursuant to employee incentive equity plans (including the
Corporation’s 2011 Equity Incentive Plan), employee option plans, employee purchase plans, or other employee benefit plans
established exclusively for compensatory purposes, which plans are approved by the Board of Directors.

 

“Person”
has the meaning ascribed to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange
Act.

 

“Purchase
Agreement” means the Securities Purchase Agreement, dated as of February 1, 2013, by and among the Corporation, WDE Emerald
Holdings LLC, a Delaware limited liability company, White Deer Energy FI L.P., a Cayman Islands exempted limited partnership, including
all schedules and annexes thereto, as it may be amended from time to time.

 

“Regulatory
Approvals” with respect to the Warrantholder, means, to the extent applicable and required to permit the Warrantholder
to exercise this Warrant for shares of Common Stock and to own such Common Stock without the Warrantholder being in violation of
applicable law, rule or regulation, the receipt of any necessary approvals and authorizations of, filings and registrations with,
notifications to, or expiration or termination of any applicable waiting period under, the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended, and the rules and regulations thereunder.

 

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

 

    	3

    	 

    

 

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

 

“Series A”
means the Corporation’s preferred stock designated as “Series A Perpetual Preferred Stock,” $0.001 par value
per share.

 

“Series A
Certificate” means the Certificate of Designations of Series A Perpetual Preferred Stock relating to Series A, as it
may be amended from time to time.

 

“Series B”
means the Corporation’s preferred stock designated as “Series B Voting Preferred Stock,” $0.001 par value per
share.

 

“Series B
Certificate” means the Certificate of Designations of Series B Voting Preferred Stock relating to Series B, as it may
be amended from time to time.

 

“Share”
has the meaning set forth in Section 2.

 

“Subsequent
Gross Proceeds” has the meaning set forth in Section 14(d).

 

“Transaction
Documents” has the meaning ascribed to it in the Purchase Agreement.

 

“Warrant”
means this Warrant, issued pursuant to the Purchase Agreement.

 

“Warrantholder”
means the holder of this Warrant or its permitted assigns.

 

“Weighted
Average Price” means, with respect to one share of Common Stock, on any date of determination, the dollar volume-weighted
average price for such security on NYSE MKT or, if the Common Stock is no longer traded on NYSE MKT, the principal U.S. national
securities exchange on which the Common Stock is then traded, for the 10 consecutive trading days immediately preceding such date,
as reported by Bloomberg through its “Volume at Price” functions.

 

2.       Number
of Shares; Exercise Price. This certifies that, for value received, the Warrantholder is entitled, upon the terms and subject
to the conditions hereinafter set forth, to acquire from the Corporation, in whole or in part, after the receipt of all applicable
Regulatory Approvals, up to an aggregate of 5,114,633 fully paid and nonassessable shares of Common Stock (each a “Share”),
at a purchase price per Share equal to the Exercise Price, provided, however, if the Warrantholder provides a certificate
in a form satisfactory to the Corporation representing that Warrantholder is not subject to any restrictions under the HSR Act,
the Warrantholder may exercise such Warrants without filing any notification and report forms under the HSR Act.

 

    	4

    	 

    

 

3.       Exercise
of Warrant; Term.

 

(a)       The
right to purchase the Shares represented by this Warrant is exercisable, in whole or in part by the Warrantholder, at any time
or from time to time after the Effective Date and after the receipt of all applicable Regulatory Approvals, but in no event later
than 11:59 p.m., New York City time, on December 31, 2019 (the “Expiration Time”), by (i) the surrender of (A)
this Warrant and Notice of Exercise annexed hereto, duly completed and executed on behalf of the Warrantholder and (B) certificates
representing a number of shares of Series B equal to the Shares thereby purchased, in each case at the principal executive office
of the Corporation located at 1600 Broadway, Suite 1360, Denver, Colorado 80202 (or such other office or agency of the Corporation
in the United States as it may designate by notice in writing to the Warrantholder at the address of the Warrantholder appearing
on the books of the Corporation), and (ii) payment of the aggregate Exercise Price for the Shares thereby purchased at the election
of the Warrantholder by (A) tendering in cash, by certified or cashier’s check payable to the order of the Corporation, or
by wire transfer of immediately available funds to an account designated by the Corporation, (B) electing a cashless exercise pursuant
to Section 3(b), or (C) offsetting the aggregate Exercise Price against the Warrantholder’s aggregate Accrued Principal Amount
as set forth in Section 3(c).

 

(b)       If,
as of the day immediately preceding the time a Notice of Exercise is delivered to the Corporation, the Market Price is greater
than the Exercise Price, in lieu of exercising this Warrant for cash, the Warrantholder may elect to receive Shares equal to the
value (as determined below) of this Warrant (or the portion thereof being exercised) by surrender of this Warrant and Notice of
Exercise (which shall include notice of such election) in which event the Corporation shall issue to the Warrantholder a number
of Shares computed using the following formula:

 

X = Y
(A-B)

            A

Where:

X =
the number of Shares to be issued to the Warrantholder;

Y
= the number of Shares purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of
the Warrant being exercised;

A = the Market Price set forth
above; and

B = the Exercise Price.

 

(c)       In
lieu of exercising this Warrant for cash, the Warrantholder may elect to pay the aggregate Exercise Price payable for the Shares
being purchased by delivering to the Corporation for cancellation such number of shares of Series A held by the Warrantholder having
an aggregate Accrued Principal Amount equal to such aggregate Exercise Price as of the date of such payment.

 

(d)       If
the Warrantholder does not exercise this Warrant in its entirety, the Warrantholder will be entitled to receive from the Corporation
within a reasonable time, and in any event not exceeding five Business Days, a new warrant in substantially identical form for
the purchase of that number of Shares equal to the difference between the number of Shares subject to this Warrant and the number
of Shares as to which this Warrant is so exercised. Notwithstanding anything in this Warrant to the contrary, the Warrantholder
hereby acknowledges and agrees that its exercise of this Warrant for Shares is subject to the condition that the Warrantholder
will have first received any applicable Regulatory Approvals.

 

    	5

    	 

    

 

(e)       The
Corporation and the Warrantholder intend for any exercise of this Warrant pursuant to Section 3(b) or Section 3(c) to be treated,
for U.S. federal and applicable state income tax purposes, as an exchange by the Warrantholder of this Warrant and, in the case
of an exercise pursuant to Section 3(c), shares of Series A for Shares in a transaction qualifying as a recapitalization within
the meaning of Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended (and any similar or corresponding provision
of applicable state tax law), and the Corporation agrees to report consistently for all federal and state income tax purposes.

 

4.       Investors
Minimum Return. Upon a Change of Control or Liquidation Event, the Investors shall have the right, but not the obligation,
to elect to receive from the Corporation, in exchange for all, but not less than all, shares of Series A, shares of Series B, warrants
issued pursuant to the Purchase Agreement and shares of Common Stock issued upon exercise thereof that are then held by the Investors,
an additional cash payment necessary to achieve a minimum internal rate of return of 25% as calculated using the Microsoft Excel
XIRR function. The calculation will take into account all cash inflows from and cash outflows to the Investors, including the initial
$50,000,000 cash investment by the Investors, all cash-paid dividends to the Investors, any cash-paid Liquidation Preference (as
defined in the Series A Certificate) to the Investors and all cash proceeds received by the Investors from the exercise of warrants
issued pursuant to the Purchase Agreement. No consideration or value will be given to any shares of Series A, shares of Series
B, warrants issued pursuant to the Purchase Agreement, shares of Common Stock issued upon exercise thereof or other securities
of the Corporation that are held by the Investors based on a mark-to-market value or other valuation methodology for purposes of
the foregoing calculation. The rights of the Investors set forth in this Section 4 are limited to the Investors and shall not be
transferable to any other Person upon a sale, transfer or other conveyance of this Warrant.

 

5.       Issuance
of Shares; Authorization; Listing. Subject to compliance with the transfer restrictions applicable to this Warrant and the
Shares pursuant to the provisions hereof and the Purchase Agreement, certificates for Shares issued upon exercise of this Warrant
shall be issued in such name or names as the Warrantholder may designate and shall be delivered to such named Person or Persons
within a reasonable time, not to exceed ten Business Days after the date on which this Warrant has been duly exercised and the
aggregate Exercise Price for the Shares thereby purchased has been duly delivered, in accordance with the terms of this Warrant.
The Corporation hereby represents and warrants that any Shares issued upon the exercise of this Warrant in accordance with the
provisions of Section 3 will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens
and charges (other than liens or charges created by the Warrantholder, except as otherwise provided herein, income and franchise
taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith).
The Shares so issued shall be deemed to have been issued to the Warrantholder as of the close of business on the date on which
this Warrant and payment of the aggregate Exercise Price are delivered to the Corporation in accordance with the terms of this
Warrant, notwithstanding that the stock transfer books of the Corporation may then be closed or certificates representing such
Shares may not be actually delivered on such date. The Corporation shall at all times reserve and keep available, out of its authorized
but unissued Common Stock, solely for the purpose of providing for the exercise of this Warrant, the aggregate number of shares
of Common Stock issuable upon exercise of this Warrant. The Corporation shall (a) procure, at its sole expense, the listing of
the Shares issuable upon exercise of this Warrant, subject to issuance or notice of issuance, on all principal stock exchanges
on which the Common Stock is then listed or traded and (b) maintain such listings of such Shares at all times after issuance. The
Corporation shall use reasonable best efforts to ensure that the Shares may be issued without violation of any applicable law or
regulation or of any requirement of any securities exchange on which the Shares are listed or traded. The Corporation and the Warrantholder
shall reasonably cooperate to take such other actions as are necessary to obtain (i) any Regulatory Approvals applicable to Warrantholder’s
exercise of its rights hereunder, including with respect to the issuance of the Shares and (ii) any regulatory approvals applicable
to the Corporation as a result of the issuance of the Shares.

 

    	6

    	 

    

 

6.       No
Fractional Shares or Scrip. No fractional Shares or scrip representing fractional Shares shall be issued upon any exercise
of this Warrant. In lieu of any fractional Share to which the Warrantholder would otherwise be entitled, the Warrantholder shall
be entitled to receive a cash payment equal to the Market Price on the last trading day preceding the date of exercise less the
Exercise Price for such fractional share; provided, however, that the Corporation may, at its option, round up to the nearest
whole share of Common Stock in lieu of any cash payment.

 

7.       No
Rights as Stockholders; Transfer Books. This Warrant does not entitle the Warrantholder to any voting rights or other rights
as a stockholder of the Corporation prior to the date of exercise hereof. The Corporation shall at no time close its transfer books
against transfer of this Warrant in any manner which interferes with the timely exercise of this Warrant.

 

8.       Charges,
Taxes and Expenses. Issuance of certificates for Shares to the Warrantholder upon the exercise of this Warrant shall be made
without charge to the Warrantholder for any issue or transfer tax or other incidental expense in respect of the issuance of such
certificates, all of which taxes and expenses shall be paid by the Corporation.

 

9.       Transfer/Assignment.

 

(a)       Subject
to compliance with clauses (b) and (c) of this Section 9, this Warrant and all rights hereunder are transferable, in whole or in
part, upon the books of the Corporation by the registered holder hereof in person or by duly authorized attorney, and a new warrant
shall be made and delivered by the Corporation, of the same tenor and date as this Warrant but registered in the name of one or
more transferees, upon surrender of this Warrant, duly endorsed, to the office or agency of the Corporation described in Section
3. All expenses (other than stock transfer taxes) and other charges payable in connection with the preparation, execution and delivery
of the new warrants pursuant to this Section 9 shall be paid by the Corporation.

 

(b)       Notwithstanding
the foregoing, this Warrant and any rights hereunder, and any Shares issued upon exercise of this Warrant, shall be subject to
the applicable restrictions as set forth in Section 4.3 of the Purchase Agreement.

 

(c)       If
and for so long as required by the Purchase Agreement, this Warrant Certificate shall contain a legend as set forth in Section
4.4 of the Purchase Agreement.

 

    	7

    	 

    

 

(d)       The
Warrant is issued as a unit with a number of shares of Series B equal to the number of Shares purchasable hereby and may not be
sold or otherwise transferred except in connection with the corresponding number of such shares of Series B.

 

10.       Exchange
and Registry of Warrant. This Warrant is exchangeable, upon the surrender hereof by the Warrantholder to the Corporation, for
a new warrant or warrants of like tenor and representing the right to purchase the same aggregate number of Shares. The Corporation
shall maintain a registry showing the name and address of the Warrantholder as the registered holder of this Warrant. This Warrant
may be surrendered for exchange or exercise, in accordance with its terms, at the office of the Corporation, and the Corporation
shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry.

 

11.      Loss,
Theft, Destruction or Mutilation of Warrant. Upon receipt by the Corporation of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and in the case of any such loss, theft or destruction, upon receipt of
a bond, indemnity or security reasonably satisfactory to the Corporation, or, in the case of any such mutilation, upon surrender
and cancellation of this Warrant, the Corporation shall make and deliver, in lieu of such lost, stolen, destroyed or mutilated
Warrant, a new Warrant of like tenor and representing the right to purchase the same aggregate number of Shares as provided for
in such lost, stolen, destroyed or mutilated Warrant.

 

12.      Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
day that is a Business Day.

 

13.      Rule
144 Information. The Corporation shall use its reasonable best efforts to timely file all reports and other documents required
to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated by the SEC thereunder
(or, if the Corporation is not required to file such reports, it shall, upon the request of any Warrantholder, make publicly available
such information as necessary to permit sales pursuant to Rule 144 or Regulation S under the Securities Act), and it shall use
reasonable best efforts to take such further action as any Warrantholder may reasonably request, in each case to the extent required
from time to time to enable such holder to, if permitted by the terms of this Warrant and the Purchase Agreement, sell this Warrant
without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 or Regulation S
under the Securities Act, as such rules may be amended from time to time, or (b) any successor rule or regulation hereafter adopted
by the SEC. Upon the written request of any Warrantholder, the Corporation will deliver to such Warrantholder a written statement
that it has complied with such requirements.

 

14.      Adjustments
and Other Rights. The Exercise Price and the number of Shares issuable upon exercise of this Warrant shall be subject to adjustment
from time to time as follows:

 

    	8

    	 

    

 

(a)       Stock
Splits, Subdivisions, Reclassifications or Combinations. If the Corporation shall (i) declare and pay a dividend or make a
distribution on its Common Stock in shares of Common Stock, (ii) subdivide or reclassify the outstanding shares of Common Stock
into a greater number of shares, or (iii) combine or reclassify the outstanding shares of Common Stock into a smaller number of
shares, then the number of Shares issuable upon exercise of this Warrant at the time of the record date for such dividend or distribution
or the effective date of such subdivision, combination or reclassification shall be proportionately adjusted so that the Warrantholder
after such date shall be entitled to purchase the number of shares of Common Stock which such holder would have owned or been entitled
to receive in respect of the shares of Common Stock subject to this Warrant after such date had this Warrant been exercised immediately
prior to such date.

 

(b)       Reorganization,
Consolidation, Merger and Other Changes. In case of any capital reorganization or change in the Common Stock of the Corporation
(other than as a result of a subdivision, combination, or stock dividend provided for in Section 14(a)), or consolidation or merger
of the Corporation with or into another entity, or the sale of all or substantially all of its assets to another entity shall be
effected in such a way that holders of Common Stock shall be entitled to receive stock, securities or assets with respect to or
in exchange for such Common Stock, then, as a condition of such reorganization, change, consolidation, merger or sale, lawful
provision shall be made, and duly executed documents evidencing the same from the Corporation or its successor shall be delivered
to the Warrantholder, so that the Warrantholder shall have the right at any time prior to the expiration of this Warrant to purchase,
at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities
and property receivable in connection with such reclassification, reorganization, change, consolidation, merger or sale by a holder
of the same number of shares of Common Stock as were purchasable by the Warrantholder immediately prior to such reclassification,
reorganization, change, consolidation, merger or sale. In any such case appropriate provisions shall be made with respect to the
rights and interest of the Warrantholder so that the provisions hereof shall thereafter be applicable with respect to any shares
of stock or other securities and property deliverable upon exercise hereof, and appropriate adjustments shall be made to the purchase
price per share payable hereunder, provided the aggregate purchase price shall remain the same.

 

(c)       Whenever
the number of Shares into which this Warrant is exercisable shall be adjusted as provided in this Section 14, the Corporation shall
forthwith file at the principal office of the Corporation a statement showing in reasonable detail the facts requiring such adjustment
and the number of Shares into which this Warrant shall be exercisable after such adjustment, and the Corporation shall also cause
a copy of such statement to be sent to each Warrantholder at the address appearing in the Corporation’s records. The Corporation
shall also issue to the Warrantholder a number of additional shares of Series B so that, following such issuance, the number of
shares of Series B issued with respect to this Warrant shall equal the number of Shares then purchasable hereby.

 

(d)       Issuance
of Additional Shares. If at any time after the Issue Date the Corporation issues or sells (i) any shares of Common Stock in
exchange for consideration in an amount per share less than the Exercise Price in effect immediately prior to such issuance or
sale or (ii) any other securities of the Corporation in respect of which shares of Common Stock may be acquired (whether by exercise,
conversion, exchange or otherwise) in exchange for consideration in an amount per share of Common Stock less than the Exercise
Price in effect immediately prior to such issuance or sale, in each case other than Permitted Shares, then upon such issuance or
sale, the Exercise Price shall be reduced to a price computed using the following formula:

 

    	9

    	 

    

 

Exercise Price
= (W + X)

       (Y + Z)

 

	Where:       	W =	(i) the Exercise Price in effect immediately prior to
the issuance of such shares or securities multiplied by (ii) the Aggregate Cash Investment;

 

		X =	(i) the gross transaction proceeds received by or on
behalf of the Corporation with respect to the subsequent issuance or sale (the “Subsequent Gross Proceeds”)
multiplied by (ii) the consideration per share at which each such share of Common Stock is issued or issuable;

 

		Y =	the Aggregate Cash Investment; and

 

		Z =	the Subsequent Gross Proceeds.

 

15.      Governing
Law. This Warrant will be governed by and construed in accordance with the laws of the State of New York applicable to contracts
made and to be performed entirely within such State. Each of the parties hereto agrees (a) to submit to the non-exclusive personal
jurisdiction of the State or Federal courts in the Borough of Manhattan, The City of New York, (b) that non-exclusive jurisdiction
and venue shall lie in the State or Federal courts in the State of New York, and (c) that notice may be served upon such party
at the address and in the manner set forth for such party in Section 3 hereof. To the extent permitted by applicable law, each
of the parties hereto hereby unconditionally waives trial by jury in any legal action or proceeding relating to the Transaction
Documents or the transactions contemplated hereby or thereby.

 

16.      Binding
Effect. This Warrant shall be binding upon any successors or assigns of the Corporation.

 

17.      Amendments.
This Warrant may be amended and the observance of any term of this Warrant may be waived only with the written consent of the Corporation
and the Warrantholder.

 

18.      Notices.
Any notice, request, instruction or other document to be given hereunder by any party to the other will be in writing and will
be deemed to have been duly given (a) on the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt,
or (b) on the second Business Day following the date of dispatch if delivered by a recognized next day courier service. All notices
hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the
party to receive such notice.

 

If to the Corporation, to:

 

Emerald Oil, Inc.

1600 Broadway, Suite 1360

Denver, Colorado

Attention: McAndrew Rudisill

Telephone: (303) 323-0008

 

    	10

    	 

    

 

Facsimile: (303) 323-0008

 

If to the Warrantholder, to:

 

c/o White Deer Energy L.P.

667 Madison Ave., 4th Floor

New York, New York 10065

Attention: Thomas J. Edelman

Telephone: (212) 371-1117

Facsimile: (212) 888-6877

 

and

 

c/o White Deer Energy L.P.

700 Louisiana, Suite 4770

Houston, Texas 77002

Attention: James E. Saxton

Telephone: (713) 581-6906

Facsimile: (713) 581-6901

 

19.      Entire
Agreement. This Warrant and the Transaction Documents contain the entire agreement between the parties with respect to the
subject matter hereof and supersede all prior and contemporaneous arrangements or undertakings with respect thereto.

 

[Signature Page Follows.]

 

    	11

    	 

    

 

IN WITNESS WHEREOF, this Warrant has been
executed by the Corporation as of the date first herein above written.

 

	 	EMERALD OIL, INC.
	 	 	 
	 	By:	 
	 	 	Name:	McAndrew Rudisill
	 	 	Title:	President
	 	 	 	 
	 	Attest:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature Page to Warrant

 

    	 

    	 

    

 

[Form of Notice of Exercise]

 

Date: _________

 

TO:          Emerald
Oil, Inc.

 

RE:          Election
to Purchase Common Stock

 

The undersigned, pursuant
to the provisions set forth in the attached Warrant, hereby agrees to subscribe for and purchase the number of shares of the Common
Stock set forth below covered by such Warrant. The undersigned, in accordance with Section 3 of the Warrant, hereby agrees to pay
the aggregate Exercise Price for such shares of Common Stock:

 

 ̈          in
cash

 

 ̈          by
cashless exercise

 

 ̈          by
offset to the undersigned’s Accrued Principal Amount

 

A new warrant evidencing
the remaining shares of Common Stock covered by such Warrant, but not yet subscribed for and purchased, if any, should be issued
in the name set forth below.

 

Number of Shares of Common Stock: ____________________

 

Aggregate Exercise Price: ___________________________

 

	 	Holder:	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 

 

Form of Exercise Notice

  

    	 

    	 

    
 

Annex
D – Form of Registration Rights Agreement

 

[See Attached.]

 

Annex D – Form of Registration
Rights Agreement

 

    	 

    	 

    

 

Annex D to Securities Purchase Agreement

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made and entered into as of [●], 2013, by and among Emerald Oil, Inc.,
a Montana corporation (together with any successor entity thereto, the “Corporation”), WDE Emerald Holdings
LLC, a Delaware limited liability company (“WD Investor I”), and White Deer Energy FI L.P., a Cayman Islands
exempted limited partnership (together with WD Investor I, the “Investors” and each, an “Investor”).

 

RECITALS

 

WHEREAS,
pursuant to the Securities Purchase Agreement, dated February 1, 2013, between the Corporation and the Investors (the “Purchase
Agreement”), the Corporation agreed to issue and sell to the Investors and the Investors agreed to purchase from the
Corporation, 500,000 shares of Series A Perpetual Preferred Stock (the “Series A Shares”), 5,114,633 shares
of Series B Voting Preferred Stock (the “Series B Shares”) and warrants (the “Warrants” and,
together with the Series A Shares and Series B Shares, the “Purchased Securities”) to purchase 5,114,633 shares
of common stock, par value $0.001 per share, of the Corporation (the “Common Stock”); and

 

WHEREAS,
to induce the Investors to enter into the Purchase Agreement and to consummate the transactions contemplated therein, the Corporation
agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Investors.

 

AGREEMENTS

 

NOW, THEREFORE, in
consideration of the mutual covenants, representations, warranties and agreements contained herein, and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties
hereto hereby agree as follows:

 

1.           Definitions.

 

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

 

“Affiliate”
means, with respect to any specified Person, (a) any Person beneficially owning ten percent (10%) or more of the outstanding voting
securities of such other Person, (b) any Person ten percent (10%) or more of whose outstanding voting securities are beneficially
owned by such other Person, or (c) any Person directly or indirectly controlling, controlled by or under common control with such
other Person.

 

“Agreement”
has the meaning set forth in the preamble hereto.

 

“Business
Day” means, with respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday, Thursday and Friday that
is not a day on which banking institutions in New York, New York or other applicable places where such act is to occur are authorized
or obligated by applicable law, regulation or executive order to close.

 

    	 

    	 

    

  

“Closing Date”
means [●], 2013, the date on which the transactions contemplated by the Purchase Agreement are consummated.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
has the meaning set forth in the preamble hereto.

 

“Corporation”
has the meaning set forth in the preamble hereto.

 

“Controlling
Person” has the meaning set forth in Section 6(a).

 

“Conversion
Securities” has the meaning set forth in Section 8(e).

 

“Effectiveness
Period” has the meaning set forth in Section 2(a)(i).

 

“End of Suspension
Notice” has the meaning set forth in Section 5(b).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
pursuant thereto.

 

“Holder”
means each Investor or assignee thereof in accordance with Section 8(d) who is a record owner of any Registrable Securities.

 

“Indemnified
Party” has the meaning set forth in Section 6(c).

 

“Indemnifying
Party” has the meaning set forth in Section 6(c).

“Investor”
or “Investors” has the meaning set forth in the preamble hereto.

“Issuer Free
Writing Prospectus” has the meaning set forth in Section 4(d).

 

“Liabilities”
has the meaning set forth in Section 6(a).

 

“Liquidated
Damages Amount” means, with respect to the shares of Common Stock underlying the Warrants, an amount equal to one quarter
of one percent (0.25%) of the product of the exercise price per share of Common Stock underlying the Warrants times the number
of shares of Common Stock, or Common Stock underlying the Warrants, held by such Holder per 30-day period for the first sixty (60)
days, with such payment amount increasing by an additional one quarter of one percent (0.25%) of the product of the exercise price
per share of Common Stock underlying the Warrants times the number of shares of Common Stock, or Common Stock underlying the Warrants,
held by such Holder per 30-day period for each subsequent sixty (60) days, up to a maximum of one percent (1.00%) of the product
of the exercise price per share of Common Stock underlying the Warrants times the number of shares of Common Stock, or Common Stock
underlying the Warrants, held by such Holder per 30-day period. The Liquidated Damages Amount for any period of less than thirty
(30) days shall be prorated by multiplying the Liquidated Damages Amount to be paid in a full 30-day period by a fraction, the
numerator of which is the number of days for which such liquidated damages are owed, and the denominator of which is 30. The value
per share of Common Stock as of the Closing Date is subject to appropriate adjustments for any subdivision or combination of Common
Stock after the date thereof.

 

    	2

    	 

    

  

“Notice”
has the meaning set forth in Section 2(a)(i).

 

“Person”
means an individual, partnership, corporation, limited liability company, trust, unincorporated organization, government or agency
or political subdivision thereof, or any other legal entity.

 

“Piggyback
Registration Statement” has the meaning set forth in Section 2(c).

 

“Proceeding”
means an action, claim, suit or proceeding (including without limitation, an investigation or partial proceeding, such as a deposition),
whether commenced or, to the knowledge of the Person subject thereto, threatened.

 

“Prospectus”
means the prospectus included in any Registration Statement, including any preliminary prospectus, and all other amendments and
supplements to any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference, if any, in such prospectus.

 

“Purchase
Agreement” has the meaning set forth in the preamble hereto.

 

“Purchaser
Indemnitee” has the meaning set forth in Section 6(a).

 

“Registrable
Securities” means the shares of Common Stock that may be issued to the Investors upon exercise of the Warrants (including
any PIK Warrants (as defined in the Purchase Agreement) issued pursuant to Section 1.4 thereof), and any securities issued in respect
of such Registrable Securities by reason of or in connection with any dividend, distribution, split, purchase in any rights offering
or in connection with any exchange for or replacement of such Registrable Securities or any combination of securities, recapitalization,
merger or consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect
to the Registrable Securities until, with respect to such Registrable Security, the earliest to occur of (a) the date on which
it has been first registered effectively pursuant to the Securities Act and disposed of in accordance with the Registration Statement
relating to it, (b) the date on which either it is distributed to the public pursuant to Rule 144 (or any similar provision then
in effect) or, in the opinion of counsel to the Corporation, is eligible for sale pursuant to Rule 144 in a single sale without
any limitation as to volume, manner of sale or current public information with respect to the Corporation, (c) the date on which
the Holder of such Registrable Securities no longer beneficially owns at least one percent (1%) of the total number of shares of
Common Stock outstanding (or Warrants exercisable for such number of shares of Common Stock) or (d) the date on which such Registrable
Security is redeemed by the Corporation.

 

    	3

    	 

    

 

“Registration
Expenses” means any and all expenses incident to the performance of or compliance by the Corporation with this Agreement,
including, without limitation, (a) all Commission, securities exchange, listing, inclusion and filing fees, (b) all fees and expenses
incurred in connection with compliance with international, federal or state securities or blue sky laws (including, without limitation,
any registration, listing and filing fees and reasonable fees and disbursements of counsel in connection with blue sky qualification
of any of the Registrable Securities and the preparation of a blue sky memorandum), (c) all expenses in preparing or assisting
in preparing, word processing, duplicating, printing, delivering and distributing any Registration Statement, any Prospectus, any
amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates and any other documents
relating to the performance under and compliance with this Agreement, (d) all fees and expenses incurred in connection with the
listing or inclusion of any of the Registrable Securities on any securities exchange or inter-dealer quotation system pursuant
to Section 4(a)(xi) of this Agreement, (e) the fees and disbursements of counsel for the Corporation and of the independent public
accountants of the Corporation (including, without limitation, the expenses of any special audit and “comfort” letters
required by or incident to such performance), and (f) all “road show” expenses; provided, however, that Registration
Expenses shall exclude brokers’ or underwriters’ discounts and commissions, if any, fees and expenses of counsel for
the Holders, and all transfer taxes relating to the sale or disposition of Registrable Securities by a Holder.

 

“Registration
Statement” means any registration statement of the Corporation that covers the resale of Registrable Securities pursuant
to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus,
including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated
by reference, if any, in such registration statement.

 

“Resale Registration
Statement” has the meaning set forth in Section 2(a)(i).

 

“Rule 144”
means Rule 144, and any of its referenced paragraphs, promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto
having substantially the same effect as such rule.

 

“Rule 158”
means Rule 158 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect
as such rule.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect
as such rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect
as such rule.

 

“Rule 457”
means Rule 457 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect
as such rule.

 

    	4

    	 

    

  

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

 

“Suspension
Event” has the meaning set forth in Section 5(b).

 

“Suspension
Notice” has the meaning set forth in Section 5(b).

 

“Underwritten
Offering” means a sale of securities of the Corporation to an underwriter or underwriters for reoffering to the public.

 

“WD Investor
I” has the meaning set forth in the preamble hereto.

 

“WKSI”
has the meaning set forth in Section 2(b)(iii).

 

2.          Registration
Rights.

 

(a)          Mandatory
Resale Registration.

 

(i)          At
any time on or after the date that is ninety (90) days after the Closing Date, upon the written request (a “Notice”)
of any Holder or Holders holding individually or collectively at least a majority of the then outstanding Registrable Securities,
the Corporation shall file under the Securities Act, within thirty (30) days after receiving such Notice, a registration statement
on an appropriate form providing for the resale of any Registrable Securities pursuant to Rule 415 from time to time by the Holders
(a “Resale Registration Statement”). The Company shall use its commercially reasonable efforts to cause such
Resale Registration Statement to be declared effective by the Commission within one hundred twenty (120) days after the filing
thereof; provided that sales pursuant to the Resale Registration Statement shall be subject to the restrictions in Section
2(d)(iv) to the extent applicable. Any Resale Registration Statement shall provide for the resale from time to time, and pursuant
to any method or combination of methods legally available by the Holders of any and all Registrable Securities. Subject to the
other provisions of this Agreement, the Corporation shall cause the Resale Registration Statement filed pursuant to this Section
2(a)(i) to be continuously effective, supplemented and amended to the extent necessary to ensure that it is available for the resale
of all Registrable Securities by the Holders and that it conforms in all material respects to the requirements of the Securities
Act during the entire period beginning on the date the Resale Registration Statement is first declared effective under the Securities
Act and ending on the date on which all Registrable Securities have ceased to be Registrable Securities (the “Effectiveness
Period”).

 

(ii)         Amendment
on Form S-3 to Registration Statement on Form S-1. If the Resale Registration Statement filed pursuant to Section 2(a)(i) is
on Form S-1, then the Corporation may, at any time it is eligible to do so, file a post-effective amendment on Form S-3 to the
Resale Registration Statement on Form S-1 for the resale of any then existing Registrable Securities or in any such other manner
as is preferred or permitted by the Commission to convert the Resale Registration Statement on Form S-1 to a Resale Registration
Statement on Form S-3. Upon the effectiveness of the Resale Registration Statement on Form S-3, all references to the Resale Registration
Statement in this Agreement shall then automatically be deemed to be a reference to the Resale Registration Statement on Form S-3.

 

    	5

    	 

    

  

(b)          Delay
in Filing or Effectiveness of Resale Registration Statement.

 

(i)          If
the Company fails to file the Resale Registration Statement with the Commission within the period specified in Section 2(a)(i),
then each Holder will be entitled to a payment, as liquidated damages and not a penalty, of the Liquidated Damages Amount, but
only with respect to shares of Common Stock or Common Stock underlying the Warrants then held by such Holder and not included in
an effective Registration Statement, for a period beginning on the day after the deadline for filing the Resale Registration Statement
and lasting until such time as the Resale Registration Statement is filed.

 

(ii)         If
the Resale Registration Statement does not become or is not declared effective within the period specified in Section 2(a)(i),
then each Holder will be entitled to a payment, as liquidated damages and not a penalty, of the Liquidated Damages Amount, but
only with respect to shares of Common Stock or Common Stock underlying the Warrants then held by such Holder and not included in
an effective Registration Statement, for the period beginning on the day after such deadline for effectiveness of the Resale Registration
Statement and lasting until such time as the Resale Registration Statement is declared effective.

 

(iii)        The
aggregate Liquidated Damages Amount payable to each Holder shall be paid to each Holder in immediately available funds within ten
(10) Business Days after the end of each applicable 30-day period. Any payments pursuant to this Section 2(b) shall constitute
the Holders’ exclusive remedy for such events; provided, however, that if the Corporation certifies that it
is unable to pay aggregate Liquidated Damages Amount in cash or immediately available funds because such payment would result in
a breach under any of the Corporation’s credit facilities or other indebtedness filed as exhibits to the Corporation’s
reports filed under the Securities Act or the Exchange Act, then the Corporation may pay the aggregate Liquidated Damages Amount
in kind in the form of the issuance of additional shares of Common Stock. Upon any issuance of shares of Common Stock as liquidated
damages, the Corporation shall promptly prepare and file an amendment to the Resale Registration Statement prior to its effectiveness
to include such shares of Common Stock issued as liquidated damages as additional Registrable Securities. If shares of Common Stock
are issued as liquidated damages after the Resale Registration Statement has been declared effective, the Corporation shall have
no obligation to prepare and file a post-effective amendment to the Resale Registration Statement to include such shares nor shall
the Corporation be obligated in any way to file a new registration statement for such shares; however if the Corporation is a well-known
seasoned issuer (as defined in the rules and regulations of the Commission) (“WKSI”), the Corporation shall
be obligated to provide the Holder notice and offer to include such shares in any Piggyback Registration Statement. All shares
of Common Stock issued as Liquidated Damages Amounts shall be considered in the calculation of any subsequent Liquidated Damages
Amounts. The determination of the number of shares of Common Stock to be issued as the aggregate Liquidated
Damages Amount shall be equal to the aggregate Liquidated Damages Amount divided by the average of the closing sale price
per share for the Common Stock (or if the Common Stock is not listed or traded on a national securities exchange, the average of
the last reported bid and ask prices per share) for each of the ten (10) consecutive trading days ending on the trading day immediately
preceding such date of determination.

 

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(c)          Public
Offering.

 

(i)          If
the Corporation proposes to file:

 

(A)         a
registration statement on Form S-1, or such other form under the Securities Act, providing for the public offering of Common Stock,
for its own account or for the account of a selling stockholder, for sale to the public in an Underwritten Offering, excluding
the Resale Registration Statement, a registration statement on Form S-4 or Form S-8 promulgated under the Securities Act (or any
successor forms thereto), a registration statement for the sale of Common Stock issued upon conversion of debt securities or any
other form not available for registering the Registrable Securities for sale to the public; or

 

(B)         a
prospectus supplement to an effective shelf Registration Statement, so long as the Corporation is a WKSI at such time or, whether
or not the Corporation is a WKSI, so long as the Registrable Securities were previously included in the underlying shelf Registration
Statement or are included on an effective Resale Registration Statement;

 

then, in each case with respect
to an Underwritten Offering of Common Stock, the Corporation will notify each Holder of the proposed filing and afford each Holder
an opportunity to include in such Registration Statement (the “Piggyback Registration Statement”) all or any
part of the shares of Common Stock that constitute Registrable Securities then held by such Holder that may properly be offered
on such Piggyback Registration Statement. Each Holder desiring to include in the Piggyback Registration Statement all or part of
such shares of Common Stock held by such Holder that may be included in the Piggyback Registration Statement shall, within ten
(10) days after receipt of the above-described notice from the Corporation in the case of a filing of a Registration Statement
and within two (2) Business Days after the day of receipt of the above-described notice from the Corporation in the case of a filing
of a prospectus supplement to an effective shelf Piggyback Registration Statement with respect to an Underwritten Offering, so
notify the Corporation in writing, and in such notice shall inform the Corporation of the number of shares of Common Stock such
Holder wishes to include in the Piggyback Registration Statement and provide the Corporation with such information with respect
to such Holder as shall be reasonably necessary in order to assure compliance with federal and applicable state securities laws.
Any election by any Holder to include any shares of Common Stock that constitute Registrable Securities in the Piggyback Registration
Statement will not affect the inclusion of such Registrable Securities in the Resale Registration Statement until such Registrable
Securities have been sold under the Piggyback Registration Statement.

 

    	7

    	 

    

  

(ii)         Right
to Terminate Registration. The Corporation shall have the right, in its sole discretion, to terminate or withdraw the Piggyback
Registration Statement initiated by it referred to in this Section 2(c) prior to the effectiveness of such registration (or pricing
in the event of an Underwritten Offering pursuant to an effective shelf Registration Statement) whether or not any Holder has elected
to include Registrable Securities in such registration.

 

(iii)        Resale
Registration not Impacted by Piggyback Registration Statement. The Corporation’s obligation to file the Resale Registration
Statement pursuant to Section 2(a)(i) shall not be affected by the filing or effectiveness of the Piggyback Registration Statement.

 

(d)          Underwriting.

 

(i)          Resale
Registration. In the event that one or more Holders elect to dispose of shares of Common Stock that constitute Registrable
Securities under the Resale Registration Statement pursuant to an Underwritten Offering and such Holders reasonably anticipate
gross proceeds from such Underwritten Offering of at least $20,000,000, in the aggregate, the Corporation shall take all such reasonable
actions as are requested by the managing underwriter in order to expedite and facilitate the registration and disposition of such
shares of Common Stock, including the Corporation causing appropriate officers of the Corporation or its Affiliates to participate
in a targeted “road show” or similar limited marketing effort being conducted by such managing underwriter with respect
to such Underwritten Offering; provided that the Corporation shall not be required to cause appropriate officers of the
Corporation or its Affiliates to participate in a “road show” or similar marketing effort being conducted by such managing
underwriter with respect to such Underwritten Offering unless such Holders reasonably anticipate gross proceeds from such Underwritten
Offering of at least $30,000,000; and provided, further, that the Corporation shall not be required to cause appropriate
officers of the Corporation or its Affiliates to participate in a “road show” with respect to Underwritten Offerings
under Resale Registration Statements more than once in any six-month period.

 

(ii)         Piggyback
Registration. If the Registration Statement (or prospectus supplement with respect to an Underwritten Offering pursuant to
an effective shelf Registration Statement) under which the Corporation gives notice under Section 2(b) is for an Underwritten
Offering, then the Corporation shall so advise the Holders of shares of Common Stock that constitute Registrable Securities. Notwithstanding
any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require
a limitation on the number of securities to be included, then the managing underwriter(s) may exclude securities (including such
shares of Common Stock) from the Piggyback Registration Statement and Underwritten Offering, and any securities included in such
Piggyback Registration Statement and Underwritten Offering shall be allocated first, to the Corporation, and second, to each of
the Holders requesting inclusion of their eligible shares of Common Stock in such Piggyback Registration Statement and other holders
of securities of the Corporation (on a pro rata basis based on the total number of shares of Common Stock then held by
each such Holder of Common Stock who is requesting inclusion).

 

    	8

    	 

    

  

(iii)        General
Procedures. Any Holder’s right to include its shares of Common Stock that constitute Registrable Securities in a Resale
Registration Statement pursuant to Section 2(a)(i) or a Piggyback Registration Statement pursuant to Section 2(b) shall be conditioned
upon such Holder’s participation in such underwriting and the inclusion of such Holder’s eligible shares of Common
Stock in the underwriting to the extent provided herein. All Holders proposing to distribute their eligible shares of Common Stock
through such underwriting shall enter into an underwriting agreement in customary form with the managing underwriter(s) selected
for such underwriting and complete and execute any questionnaires, powers of attorney, indemnities, securities escrow agreements
and other documents reasonably required under the terms of such underwriting, and furnish to the Corporation such information as
the Corporation may reasonably request in writing for inclusion in the Piggyback Registration Statement or Resale Registration
Statement, as the case may be; provided, however, that no Holder shall be required to make any representations or warranties
to or agreements with the Corporation or the underwriters other than representations, warranties or agreements regarding such Holder,
its holdings and such Holder’s intended method of distribution and any other representation required by law.

 

(iv)         Market
Stand-Off. Regardless of whether a Holder elects to include shares of Common Stock that constitute Registrable Securities in
an Underwritten Offering, each Holder of Registrable Securities hereby agrees that it shall not, to the extent requested by the
Corporation or an underwriter of securities of the Corporation, directly or indirectly sell, offer to sell (including without limitation
any short sale or hedging or similar transaction with the same economic effect as a sale), grant any option or otherwise transfer
or dispose of any Registrable Securities or other securities of the Corporation or any securities convertible into or exchangeable
or exercisable for Common Stock of the Corporation then owned by such Holder (other than to donees, partners or members of the
Holder who agree to be similarly bound) for a period not to exceed ninety (90) days following the effective date of a registration
statement for an Underwritten Offering or the date of a prospectus supplement filed with the Commission with respect to the pricing
of an Underwritten Offering, other than the sale or distribution of shares of Common Stock that constitute Registrable Securities
in such Underwritten Offering; provided, however, that:

 

(A)         such
period shall in no event be greater than that which applies to executive officers and directors of the Corporation;

 

(B)         the
Holders shall be allowed any concession or proportionate release allowed to any of the Corporation’s officers or directors
that entered into similar agreements (with such proportion being determined by dividing the number of shares of Common Stock being
released with respect to such officer or director by the total number of issued and outstanding shares of Common Stock held by
such officer or director); and

 

    	9

    	 

    

  

(C)         this
Section 2(d)(iv) shall not apply to Underwritten Offerings solely for the account of another selling stockholder (other than a
Holder) or in the event the Corporation is not selling at least $20,000,000 worth of Common Stock.

 

In order to enforce the foregoing
covenant, the Corporation shall have the right to impose stop transfer instructions with respect to the Registrable Securities
and such other securities of each Holder (and the securities of every other Person subject to the foregoing restriction) until
the end of such period, and each Holder agrees, upon request by the managing underwriter of securities of the Company, to enter
into a written lock-up or similar agreement with the managing underwriter of securities of the Corporation for a period not to
exceed ninety (90) days following the effective date of a registration statement for an Underwritten Offering or the date of a
prospectus supplement filed with the Commission with respect to the pricing of an Underwritten Offering, other than the sale or
distribution of shares of Common Stock that constitute Registrable Securities in such Underwritten Offering.

 

(v)          Withdrawal.
If any Holder disapproves of the terms of an Underwritten Offering, such Holder may elect to withdraw therefrom by written notice
to the Corporation and the managing underwriter delivered (A) prior to the commencement of any marketing efforts for the Underwritten
Offering or (B) at any time up to and including the time of pricing of the Underwritten Offering if the price to the public at
which the Registrable Securities are proposed to be sold is less than ninety-five percent (95%) of the average of the closing sale
price per share for the Common Stock (or if the Common Stock is not listed or traded on a national securities exchange, the average
of the last reported bid and ask prices per share) for each of the ten (10) consecutive trading days ending on the trading day
immediately preceding the fourth trading day prior to commencement of the marketing efforts for the Underwritten Offering.

 

The
Holder may agree to waive this right to withdraw with the Corporation, the underwriters or any custodial agent in any custody agreement
and/or power of attorney executed by such Holder in connection with the underwriting. Any Registrable Securities excluded or withdrawn
from such underwriting shall be excluded and withdrawn from such Registration Statement. No such withdrawal shall affect the Corporation’s
obligation to pay all Registration Expenses, as described in Section 2(e) below.

 

(vi)         Selection
of Underwriter. In connection with any Underwritten Offering under Section 2(c)(i), the Board of Directors of the Corporation
shall have the sole right to select the managing underwriter(s) for each Underwritten Offering, which shall all be nationally recognized
firms. Notwithstanding the above, if White Deer Energy L.P. or any of its Affiliates is the Holder and is selling shares of Common
Stock in such Underwritten Offering for its own account and such shares constitute sixty-six and two-thirds percent (662⁄3%)
of the shares sold in such Underwritten Offering, and so long as White Deer Energy L.P. or any of its Affiliates has a board designee
on the Board of Directors pursuant to Section 4.9 of the Purchase Agreement, then the Investor Director (as defined in the Purchase
Agreement) shall have the right to select the managing underwriter(s) in their sole discretion.

 

    	10

    	 

    

 

 

(e)          Expenses.
The Corporation shall pay all Registration Expenses in connection with the registration of the Registrable Securities pursuant
to this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall pay all transfer taxes payable
by such Holder and bear such Holder’s proportionate share (based on the total number of Registrable Securities sold in such
registration) of all discounts and commissions payable to underwriters or brokers in connection with a registration of Registrable
Securities pursuant to this Agreement.

 

3.           Rule
144 Reporting.

 

With a view to making
available the benefits of certain rules and regulations of the Commission that may at any time permit the sale of the Registrable
Securities to the public without registration, the Corporation agrees to:

 

(a)          use
commercially reasonable efforts to make and keep available adequate current public information, as those terms are understood and
defined in Rule 144, at all times after the Closing Date;

 

(b)          use
commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents required to be filed
by the Corporation under the Securities Act and the Exchange Act (at any time that it is subject to such reporting requirements);
and

 

(c)          so
long as a Holder owns any Registrable Securities, to furnish to the Holder promptly upon request (i) a written statement by the
Corporation as to its compliance with the reporting requirements of Rule 144 (at any time ninety (90) days after the Closing Date)
and of the Securities Act and the Exchange Act, and (ii) such other reports and documents of the Corporation as a Holder may reasonably
request and that are not otherwise publicly filed with the Commission or available on the Corporation’s website in availing
itself of any rule or regulation of the Commission allowing a Holder to sell any such Registrable Securities without registration.

 

4.           Registration
Procedures.

 

(a)          In
connection with the obligations of the Corporation with respect to any registration pursuant to this Agreement, (x) the Corporation
shall use its commercially reasonable efforts to effect or cause to be effected the registration of the Registrable Securities
under the Securities Act to permit the sale of such Registrable Securities by the Holder or Holders in accordance with the Holder’s
or Holders’ intended method or methods of distribution, and (y) the Corporation shall:

 

(i)          Prepare
and file with the Commission a Registration Statement and use its commercially reasonable efforts to cause such Registration Statement
to become effective as soon as practicable after filing and to remain effective, subject to Section 2(b)(ii) and Section 5, until
there are no Registrable Securities outstanding;

 

    	11

    	 

    

 

(ii)         subject
to Section 4(a)(vii) and Section 5, (A) prepare and file with the Commission such amendments and post-effective amendments to each
such Registration Statement as may be necessary to keep such Registration Statement effective for the period described in Section
4(a)(i), (B) cause each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented
to be filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act, and (C) amend or supplement
each such Registration Statement to include the Corporation’s quarterly and annual financial information and other material
developments (until the Corporation is eligible to incorporate such information by reference into the Registration Statement),
during which time sales of the Registrable Securities under the Registration Statement will be suspended until such amendment or
supplement is filed and, in the case of an amendment, is effective;

 

(iii)        furnish
to the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, if any, and any amendment
or supplement thereto and such other documents as such Holder may reasonably request, in order to facilitate the public sale or
other disposition of the Registrable Securities;

 

(iv)         use
its commercially reasonable efforts to register or qualify, or obtain exemption from registration or qualification for, all Registrable
Securities by the time the applicable Registration Statement is declared effective by the Commission under all applicable state
securities or blue sky laws of such jurisdictions in the United States as any Holder of Registrable Securities covered by a Registration
Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period
such Registration Statement is required to be kept effective pursuant to Section 4(a)(i) and do any and all other acts and things
that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of
such Registrable Securities owned by such Holder; provided, however, that the Corporation shall not be required to (A) qualify
generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise
be required to qualify but for this Section 4(a)(iv) and except as may be required by the Securities Act, (B) subject itself to
taxation in any such jurisdiction, or (C) submit to the general service of process in any such jurisdiction;

 

(v)          notify
each Holder promptly and, if requested by any Holder, confirm such advice in writing (A) when a Registration Statement has become
effective and when any post-effective amendments and supplements thereto become effective, (B) of the issuance by the Commission
or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation
of any proceedings for that purpose, (C) of any request by the Commission or any other federal, state or foreign governmental authority
for amendments or supplements to a Registration Statement or related Prospectus or for additional information, and (D) of the happening
of any event during the period a Registration Statement is effective as a result of which such Registration Statement or the related
Prospectus or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state
any material fact required to be stated therein or necessary to make the statements therein not misleading (which notice may be
in the form of a Suspension Notice under Section 5(b));

 

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(vi)         except
as provided in Section 5, use commercially reasonable efforts to obtain the withdrawal of any order enjoining or suspending the
use or effectiveness of a Registration Statement or suspension of the qualification (or exemption from qualification) of any of
the Registrable Securities for sale in any jurisdiction, as promptly as reasonably practicable;

 

(vii)        except
as provided in Section 5, upon the occurrence of any event contemplated by Section 4(a)(v)(D), use its commercially reasonable
efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any
document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers
of the Registrable Securities, such Prospectus will not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading;

 

(viii)      in
the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to the underwriters a signed counterpart,
addressed to the underwriters, of (A) an opinion of counsel for the Corporation, dated the date of each closing under the underwriting
agreement, in customary form and reasonably satisfactory to the underwriters, and (B) a “comfort” letter, dated the
date of the final prospectus supplement for such offering or, if there is no prospectus supplement, the effective date of such
Registration Statement and the date of each closing under the underwriting agreement, signed by the independent registered public
accounting firm that has certified the Corporation’s financial statements included in such Registration Statement, covering
substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect
to events subsequent to the date of such financial statements, as are customarily covered in accountants’ letters delivered
to underwriters in underwritten public offerings of securities and such other financial matters as the underwriters may reasonably
request;

 

(ix)         in
the case of an Underwritten Offering, enter into an underwriting agreement in customary form with the underwriters and take all
other action required thereunder in order to expedite or facilitate the distribution of the Registrable Securities included in
such Registration Statement and make representations and warranties to the underwriters in such form and scope as are customarily
made by issuers to underwriters in such underwritten offerings and confirm the same to the extent customary if and when requested;

 

    	13

    	 

    

 

(x)          make
available for inspection by representatives of the Holders and the representative of any underwriters participating in any disposition
pursuant to a Registration Statement and any special counsel or accountants retained by such Holders or underwriters, all financial
and other records, pertinent corporate documents and properties of the Corporation and cause the respective officers, directors
and employees of the Corporation to supply all information reasonably requested by any such representatives, the representative
of the underwriters, counsel thereto or accountants in connection with a Registration Statement; provided, however, that
such records, documents or information that the Corporation determines, in good faith, to be confidential and notifies such representatives,
representative of the underwriters, counsel thereto or accountants are confidential shall not be disclosed by the representatives,
representative of the underwriters, counsel thereto or accountants unless (A) the disclosure of such records, documents or information
is necessary to avoid or correct a misstatement or omission in a Registration Statement or Prospectus, (B) the release of such
records, documents or information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (C)
such records, documents or information have been generally made available to the public;

 

(xi)         if
the Corporation is then publicly listed or traded, use its commercially reasonable efforts to list or include shares of Common
Stock that constitute Registrable Securities on the primary national securities exchange or inter-dealer quotation system on which
similar securities issued by the Corporation are then listed or traded, or if the Corporation is not then publicly listed but the
Corporation meets the criteria for listing on such exchange or market, use its commercially reasonable
efforts to list or include the Common Stock on the New York Stock Exchange, the Nasdaq Global Market, the Nasdaq Global Select
Market or the NYSE MKT (as soon as practicable), as selected by the Corporation, including seeking to cure in its listing or inclusion
application any deficiencies cited by the exchange or market, and thereafter maintain the listing on such exchange;

 

(xii)        prepare
and file all documents and reports required by the Exchange Act and, to the extent the Corporation’s obligation to file such
reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the Registration
Statement as required by Section 4(a)(i), the Corporation shall voluntarily file such reports pursuant to Section 15(d) of the
Exchange Act through the effectiveness period required by Section 4(a)(i);

 

(xiii)      provide
a CUSIP number for all Registrable Securities, not later than the effective date of the Registration Statement;

 

(xiv)      (A)
otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and (B)
make generally available to its securityholders, as soon as reasonably practicable, earnings statements covering at least twelve
(12) months that satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 (or any similar rule promulgated under
the Securities Act) thereunder;

 

(xv)       provide
and cause to be maintained a registrar and transfer agent for all Registrable Securities; and

 

(xvi)      in
connection with any sale or transfer of the Registrable Securities (whether or not pursuant to a Registration Statement) that will
result in the securities being delivered no longer being Registrable Securities, cooperate with the Holders and the representative
of the underwriters, if any, to facilitate the timely preparation and delivery of any certificates representing the Registrable
Securities to be sold and to enable such Registrable Securities to be in such denominations and registered in such names as the
representative of the underwriters, if any, or the Holders may request at least two (2) Business Days prior to any sale of the
Registrable Securities; provided that such Holder shall have provided the Corporation with any documents that are reasonably
requested by the Corporation.

 

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(b)          The
Corporation may require, and it shall be a condition precedent to the obligations of the Corporation to take any action pursuant
to Section 2, with respect to the Registrable Securities of any selling Holder, that each selling Holder furnish to the Corporation
such information regarding itself, the Registrable Securities held by it and the intended method of disposition of such securities
as shall be required to effect the registration of its Registrable Securities. In addition, if requested by the Corporation or
the representative of the underwriters of securities of the Corporation, each Holder shall provide, within ten (10) days of such
request, such information as may be required by the Corporation or such representative in connection with the completion of any
public offering of the Corporation’s securities pursuant to a Registration Statement filed under the Securities Act. Each
Holder further agrees to furnish promptly to the Corporation in writing all information required from time to time to make the
information previously furnished by such Holder not misleading. No Holder shall have any right to obtain or seek an injunction
restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the
interpretation or implementation of this Agreement.

 

(c)          Each
Holder agrees that, upon receipt of any notice from the Corporation of the happening of any event of the kind described in Sections
4(a)(v)(C) or 4(a)(v)(D), such Holder will immediately discontinue disposition of Registrable Securities pursuant to a Registration
Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus. If so directed by the Corporation,
such Holder will deliver to the Corporation (at the expense of the Corporation) all copies in its possession, other than permanent
file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time
of receipt of such notice.

 

(d)          The
Corporation agrees that, unless it obtains the prior consent of Holders of a majority of the Registrable Securities that are registered
under a Registration Statement at such time or the consent of the managing underwriter in connection with any Underwritten Offering
of shares of Common Stock that constitute Registrable Securities, it will not make any offer relating to the Common Stock that
would constitute an “issuer free writing prospectus,” as defined in Rule 433, or that would otherwise constitute
a “free writing prospectus,” as defined in Rule 405 (an “Issuer Free Writing Prospectus”),
required to be filed with the Commission. Each Holder represents and agrees that, unless it obtains the prior consent of the Corporation
and any such underwriter, it will not make any offer relating to the Registrable Securities that would constitute an Issuer Free
Writing Prospectus.

 

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5.           Black-Out
Period.

 

(a)          Anything
in this Agreement to the contrary notwithstanding, subject to the provisions of this Section 5, following the effectiveness of
a Registration Statement, the Corporation may direct the Holders in accordance with Section 5(b) to suspend sales of the Registrable
Securities pursuant to a Registration Statement for such times as the Corporation reasonably may determine is necessary and advisable
(but for no more than an aggregate of one hundred (120) days in any rolling 12-month period commencing on the Closing Date (provided
that no more than sixty (60) days of such one hundred twenty (120) days may be as a result of the following events (after excluding
the days between the filing of any post-effective amendment to a registration statement with the Commission as a result of such
events through the day such post-effective amendment is declared effective)) or for more than sixty (60) days in any rolling 90-day
period as a result of such events (after excluding the days between the filing of any post-effective amendment to a registration
statement with the Commission as a result of such events through the day such post-effective amendment is declared effective),
if any of the following events shall occur: (i) a majority of the members of the Board of Directors of the Corporation shall have
determined in good faith that (A) the offer or sale of any Registrable Securities would materially impede, delay or interfere with
any proposed acquisition, merger, tender offer, business combination, corporate reorganization, consolidation or other significant
transaction involving the Corporation, (B) upon the advice of counsel, the sale of Registrable Securities pursuant to the Registration
Statement would require disclosure of material non-public information not otherwise required to be disclosed under applicable law,
and (C) either (1) the Corporation has a bona fide business purpose for preserving the confidentiality of such transaction, (2)
disclosure would have a material adverse effect on the Corporation or the Corporation’s ability to consummate such transaction,
or (3) the proposed transaction renders the Corporation unable to comply with Commission requirements; (ii) a majority of the members
of the Board of Directors of the Corporation shall have determined in good faith that (A) the Prospectus included in the Registration
Statement contains a material misstatement or omission as a result of an event that has occurred subsequent to the date of such
Prospectus and is continuing; and (B) the disclosure of this material non-public information would be detrimental to the Corporation;
(iii) a majority of the members of the Board of Directors of the Corporation shall have determined in good faith, upon the
advice of counsel, that it is required by law, rule or regulation to supplement the Registration Statement or file a post-effective
amendment to the Registration Statement in order to incorporate information into the Registration Statement for the purpose of
(A) including in the Registration Statement any Prospectus required under Section 10(a)(3) of the Securities Act, (B) reflecting
in the Prospectus included in the Registration Statement any facts or events arising after the effective date of the Registration
Statement (or of the most-recent post-effective amendment) that, individually or in the aggregate, represents a fundamental change
in the information set forth therein, or (C) including in the Prospectus included in the Registration Statement any material information
with respect to the plan of distribution not disclosed in the Registration Statement or any material change to such information;
or (iv) a majority of the members of the Board of Directors of the Corporation shall have determined to convert the Resale
Registration Statement on Form S-1 to a Resale Registration Statement on Form S-3. In addition, the Corporation may direct the
Holders in accordance with Section 5(b) to suspend sales of the Registrable Securities pursuant to a Registration Statement from
time to time under Section 4(a)(ii) and Section 4(c). Upon the occurrence of any such suspension under clauses (iii) or (iv), the
Corporation shall use its commercially reasonable efforts to cause the Registration Statement to become effective or to promptly
amend or supplement the Registration Statement on a post-effective basis or to take such action as is necessary to make resumed
use of the Registration Statement compatible with the Corporation’s best interests, as applicable, so as to permit the Holders
to resume sales of the Registrable Securities as soon as reasonably practicable.

 

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(b)          In
the case of an event that causes the Corporation to suspend the use of a Registration Statement (a “Suspension Event”),
the Corporation shall give written notice (a “Suspension Notice”) to the Holders to suspend sales of the Registrable
Securities. The Holders shall not effect any sales of the Registrable Securities pursuant to such Registration Statement (or such
filings) at any time after they have received a Suspension Notice from the Corporation and prior to receipt of an End of Suspension
Notice (as defined below). If so directed by the Corporation, each Holder will deliver to the Corporation (at the expense of the
Corporation) all copies other than permanent file copies then in such Holder’s possession of the Prospectus covering the
Registrable Securities at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable
Securities pursuant to the Registration Statement (or such filings) following further notice to such effect (an “End of
Suspension Notice”) from the Corporation, which End of Suspension Notice shall be given by the Corporation to the Holders
in the manner described above promptly following the conclusion of any Suspension Event and its effect. The Corporation shall not
be required to specify in the written notice to the Holders the nature of the event giving rise to the suspension period. Holders
hereby agree to hold in confidence any communications in response to a notice of, or the existence of any fact or any event giving
rise to the suspension period.

 

(c)          Notwithstanding
any provision herein to the contrary, if the Corporation shall give a Suspension Notice pursuant to this Section 5, the Corporation
agrees that it shall extend the period of time during which the applicable Registration Statement shall be maintained effective
pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice
to and including the date of receipt by the Holders of the End of Suspension Notice and copies of the supplemented and amended
Prospectus necessary to resume sales.

 

6.           Indemnification
and Contribution.

 

(a)          The
Corporation agrees to indemnify and hold harmless (i) each Holder of Registrable Securities and any underwriter (as determined
in the Securities Act) for such Holder, (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities
Act or Section 20(a) of the Exchange Act), any such Person described in clause (i) (any of the Persons referred to in this clause
(ii) being hereinafter referred to as a “Controlling Person”), and (iii) the respective officers, directors,
partners, members, employees, representatives and agents of any such Person or any Controlling Person (any Person referred to in
clause (i), (ii) or (iii) may hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent
lawful, from and against any and all losses, claims, damages, judgments, actions, reasonable out-of-pocket expenses, and other
liabilities (the “Liabilities”), including without limitation and as incurred, reimbursement of all reasonable
out-of-pocket costs of investigating, preparing, pursuing or defending any claim or action, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser
Indemnitee to the extent provided herein, joint or several, directly or indirectly related to, based upon, arising out of or in
connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or
Prospectus (as amended or supplemented if the Corporation shall have furnished to such Purchaser Indemnitee any amendments or supplements
thereto), or any Issuer Free Writing Prospectus (or any amendment or supplement thereto), or any preliminary Prospectus or any
other document prepared by or with the Corporation for use in selling the securities, or any 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
under which they were made, not misleading, except insofar as such Liabilities arise out of or are based upon (x) any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Purchaser
Indemnitee furnished to the Corporation or any underwriter in writing by such Purchaser Indemnitee expressly for use therein, (y)
any sales by any Holder after the delivery by the Corporation to such Holder of a Suspension Notice and before the delivery by
the Corporation of an End of Suspension Notice, or (z) the failure by a Purchaser Indemnitee to deliver a Prospectus, if delivery
is otherwise required. The Corporation shall notify the Holders promptly of the institution, threat or assertion of any claim,
proceeding (including any governmental investigation), or litigation of which it shall have become aware in connection with the
matters addressed by this Agreement which involves the Corporation or a Purchaser Indemnitee. The indemnity provided for herein
shall remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee.

 

    	17

    	 

    

 

(b)          In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder agrees, severally
and not jointly, to indemnify and hold harmless the Corporation, each Person who controls the Corporation within the meaning of
Section 15 of the Securities Act or Section 20(a) of the Exchange Act and the respective officers, directors, partners, members,
employees, representatives and agents of such Person or Controlling Person to the same extent as the foregoing indemnity from the
Corporation to each Purchaser Indemnitee, but only with reference to (i) untrue statements or omissions or alleged untrue
statements or omissions made in reliance upon and in strict conformity with information relating to such Holder furnished to the
Corporation in writing by such Holder expressly for use in any Registration Statement or Prospectus, any amendment or supplement
thereto, any Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus, (ii) any
sales by such Holder after the delivery by the Corporation to such Holder of a Suspension Notice and before the delivery by the
Corporation of an End of Suspension Notice, or (iii) the failure by a Purchaser Indemnitee to deliver a Prospectus, if required.
The liability of any Holder pursuant to this subsection shall in no event exceed the gross proceeds received by such Holder from
sales of Registrable Securities giving rise to such obligations.

 

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(c)          If
any Proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any
Person in respect of which indemnity may be sought pursuant to subsection (a) or (b) above, such Person (the “Indemnified
Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”),
in writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any liability
which it may have under this Section 6, except to the extent the Indemnifying Party is materially prejudiced by the failure to
give notice), and the Indemnifying Party shall be entitled to assume the defense thereof and retain counsel reasonably satisfactory
to the Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such
proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to such proceeding. Notwithstanding
the foregoing, in any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party, unless (i) the Indemnifying Party and the Indemnified Party
shall have mutually agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice
of commencement of the action to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party, (iii)
the Indemnifying Party and its counsel do not actively and vigorously pursue the defense of such action or (iv) the named parties
to any such action (including any impleaded parties), include both such Indemnified Party and the Indemnifying Party, or any Affiliate
of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either (x) there may
be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying Party
or such Affiliate of the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the Indemnifying Party
or such Affiliate of the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume nor direct
the defense of such action on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall
not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys
(in addition to any local counsel), for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified
Parties who sold a majority of the Registrable Securities sold by all such Indemnified Parties and any such separate firm for the
Corporation, the directors, the officers and such control Persons of the Corporation as shall be designated in writing by the Corporation).
The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, which consent
shall not be unreasonably withheld, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying
Party agrees to indemnify any Indemnified Party from and against any loss or liability by reason of such settlement or judgment.
No Indemnifying Party shall, without the prior written consent of the Indemnified Party, which consent shall not be unreasonably
withheld, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have
been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding.

 

(d)          If
the indemnification provided for in subsections (a) and (b) of this Section 6 is for any reason held to be unavailable to an Indemnified
Party in respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient
to hold harmless a party indemnified thereunder, then each Indemnifying Party under such subsections, in lieu of indemnifying such
Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities
(i) in such proportion as is appropriate to reflect the relative benefits of the Indemnified Party on the one hand and the Indemnifying
Party(ies) on the other in connection with the statements or omissions that resulted in such Liabilities, or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified Party,
as well as any other relevant equitable considerations. The relative fault of the Corporation on the one hand and any Purchaser
Indemnitees on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Corporation
or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission.

 

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(e)          The
parties agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata
allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation
that does not take account of the equitable considerations referred to in Section 6(d). The amount paid or payable by an Indemnified
Party as a result of any Liabilities referred to in Section 6(d) shall be deemed to include, subject to the limitations set forth
above, any reasonable out-of-pocket legal or other expenses actually incurred by such Indemnified Party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this Section 6, in no event shall a Purchaser Indemnitee
be required to contribute any amount in excess of the amount by which proceeds received by such Purchaser Indemnitee from sales
of Registrable Securities exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission. For purposes of this Section 6, each Person,
if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) a Holder of
Registrable Securities shall have the same rights to contribution as such Holder, as the case may be, and each Person, if any,
who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the Corporation, and
each officer, director, partner, member, employee, representative and agent of the Corporation shall have the same rights to contribution
as the Corporation. Any party entitled to contribution will, promptly after receipt of notice of commencement of any Proceeding
against such party in respect of which a claim for contribution may be made against another party or parties, notify each party
or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party
or parties from whom contribution may be sought from any obligation it or they may have under this Section 6 or otherwise, except
to the extent that any party is materially prejudiced by the failure to give notice. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act), shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation.

 

(f)          The
indemnity and contribution agreements contained in this Section 6 will be in addition to any liability which the Indemnifying Parties
may otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitees’ obligations to contribute pursuant
to this Section 6 are several in proportion to the respective number of securities sold by each of the Purchaser Indemnitees hereunder
and not joint.

 

7.           Limitations
on Subsequent Registration Rights.

 

From and after the
date of this Agreement, the Corporation shall not, without the prior written consent of Holders beneficially owning not less than
two-thirds (2/3) of the then outstanding Registrable Securities, enter into any agreement with any holder or prospective holder
of any securities of the Corporation that would grant such holder registration rights senior to those granted to the Holders hereunder
with respect to Section 2(c).

 

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8.           Miscellaneous.

 

(a)          Remedies.
In the event of a breach by the Corporation of any of its obligations under this Agreement, each Holder, in addition to being entitled
to exercise all rights provided herein, or granted by law, including recovery of damages, will be entitled to specific performance
of its rights under this Agreement. Subject to Section 6, the Corporation agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in
the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would
be adequate.

 

(b)          Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Corporation
and Holders beneficially owning not less than two-thirds (2/3) of the then outstanding Registrable Securities. No amendment shall
be deemed effective unless it applies uniformly to all Holders. Notwithstanding the foregoing, a waiver or consent to or departure
from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose securities are being
sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights
of other Holders may be given by such Holder; provided that the provisions of this sentence may not be amended, modified
or supplemented except in accordance with the provisions of the immediately preceding sentence.

 

(c)          Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing and delivered by facsimile (with
receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or e-mail (if an e-mail address
is provided by a Holder):

 

(i)           if
to an Investor, to:

 

c/o White Deer Energy L.P.

667 Madison Ave., 4th Floor

New York, New York 10065

Attention: Thomas J. Edelman

Telephone: (212) 371-1117

Facsimile: (212) 888-6877

 

and

 

c/o White Deer Energy L.P.

700 Louisiana, Suite 4770

Houston, Texas 77002

Attention: James E. Saxton

Telephone: (713) 581-6906

Facsimile: (713) 581-6901

 

    	21

    	 

    

 

(ii)          if
to the Corporation, to:

 

Emerald Oil, Inc.

1600 Broadway, Suite
1360

Denver, Colorado 80202

Attention: McAndrew
Rudisill

Telephone: (303) 323-0008

Facsimile: (303) 323-0008

 

(d)          Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each
of the parties hereto. The rights to cause the Corporation to register Registrable Securities pursuant to this Agreement may be
assigned by a Holder to a transferee or assignee of Registrable Securities that (i) is a subsidiary, parent, general partner,
limited partner, member, or shareholder of a Holder, (ii) is a Holder’s family member or trust for the benefit of an individual
Holder, (iii) together with its Affiliates, acquires in excess of 1,000,000 shares of Common Stock (as adjusted for splits and
combinations) (or Warrants exercisable for such number of shares of Common Stock), or (iv) is an Affiliate of such Holder; provided,
however, that such transfer shall not be effective for purposes of this Agreement until (A) the transferor shall furnish to
the Corporation written notice of the name and address of such transferee or assignee and the securities with respect to which
such registration rights are being assigned and (B) such transferee shall agree to be subject to all restrictions set forth in
this Agreement. Each Holder agrees that any transferee of any Registrable Securities shall be bound by Section 4(b) and Section
7, whether or not such transferee expressly agrees to be bound.

 

(e)          Merger,
Amalgamation, Consolidation, Etc. of the Corporation. If the Corporation is a party to any merger, amalgamation, consolidation,
recapitalization, reorganization or otherwise pursuant to which the Registrable Securities are converted into or exchanged for
securities or the right to receive securities of any other person (“Conversion Securities”), the issuer of such
Conversion Securities shall assume (in a writing delivered to all Holders) all obligations of the Corporation hereunder. The Corporation
will not effect any merger, amalgamation, consolidation, recapitalization, reorganization or otherwise described in the immediately
preceding sentence unless the issuer of the Conversion Securities complies with this Section 8(e).

 

(f)          Aggregation
of Registrable Securities. All Registrable Securities held or acquired by Persons who are Affiliates of one another shall be
aggregated together for the purpose of determining the availability of any rights under this Agreement.

 

(g)          Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

(h)          Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

    	22

    	 

    

  

(i)          GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

(j)          Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties hereto
that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may
be hereafter declared invalid, illegal, void or unenforceable.

 

(k)          Entire
Agreement. This Agreement is intended by the parties hereto as a final expression of their agreement, and is 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.

 

(l)           Registrable
Securities Held by the Corporation. Whenever the consent or approval of Holders of a specified percentage of Registrable Securities
is required hereunder, Registrable Securities held by the Corporation shall not be counted in determining whether such consent
or approval was given by the Holders of such required percentage.

 

(m)          Adjustment
for Splits, etc. Wherever in this Agreement there is a reference to a specific number of securities with respect to any Registrable
Securities, then upon the occurrence of any subdivision, combination, or security dividend of such securities, the specific number
of securities with respect to any Registrable Securities so referenced in this Agreement shall automatically be proportionally
adjusted to reflect the effect on the outstanding securities of such class or series by such subdivision, combination, or security
dividend.

 

(n)          Survival.
The indemnification and contribution obligations under Section 6 of this Agreement shall survive the termination of the Corporation’s
obligations under Section 2 of this Agreement.

 

(o)          Attorneys’
Fees. In any action or proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly
asserted as a defense, the prevailing party, as determined by the court or arbitrator(s), as the case may be, shall be entitled
to recover its reasonable attorneys’ fees in addition to any other available remedy.

 

[Signature Page Follows.]

 

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

  

	 	Emerald Oil, Inc.
	 	 
	 	By: 	 
	 	 	Name: 	McAndrew Rudisill
	 	 	Title:	President
	 	 	 	 
	 	WDE Emerald Holdings LLC
	 	 	 	 
	 	By:	 
	 	 	Name:	Thomas J. Edelman
	 	 	Title:	President
	 	 	 	 
	 	White Deer Energy FI L.P.
	 	 	 	 
	 	By:	Edelman & Guill Energy L.P., its general partner
	 	 	 	 
	 	By:	Edelman & Guill Energy Ltd., its general partner
	 	 	 	 
	 	By:	 
	 	 	Name:	Thomas J. Edelman
	 	 	Title:	Director

 

Signature Page
to Registration Rights Agreement

  

    	 

    	 

    
 

Annex
E – Form of Director Indemnification Agreement

 

[See Attached.]

 

Annex E – Form of Director Indemnification
Agreement

 

    	 

    	 

    

 

 

Annex E to Securities Purchase Agreement

 

INDEMNIFICATION
AGREEMENT

 

This INDEMNIFICATION
AGREEMENT (this “Agreement”) is made and entered into as of [●], 2013, by and between Emerald Oil, Inc.,
a Montana corporation (together with any successor entity thereto, the “Corporation”), and Thomas J. Edelman
(“Indemnitee”).

 

RECITALS

 

WHEREAS, it is essential
to the Corporation and its mission to retain and attract as officers and directors the most capable persons available;

 

WHEREAS, the Corporation
has requested that Indemnitee serve as a director of the Corporation;

 

WHEREAS, both the Corporation
and Indemnitee recognize the omnipresent risk of litigation and other claims that are routinely asserted against officers and directors
of companies operating in the public arena in today’s environment, and the attendant costs of defending even wholly frivolous
claims;

 

WHEREAS, it has become
increasingly difficult to obtain insurance against the risk of personal liability of officers and directors on terms providing
reasonable protection to the individual at reasonable cost to the companies;

 

WHEREAS, the Corporation’s
Articles of Incorporation and Bylaws provide certain indemnification rights to officers and directors of the Corporation, as provided
by Montana law; and

 

WHEREAS, in recognition
of Indemnitee’s need for substantial protection against personal liability in order to ensure Indemnitee’s effective
service to the Corporation, the increasing difficulty in obtaining and maintaining satisfactory insurance coverage and Indemnitee’s
reliance on the Corporation’s assurance of indemnification, the Corporation wishes to provide in this Agreement for the indemnification
of and the advancement of expenses to Indemnitee to the fullest extent permitted by law (whether partial or complete) and as set
forth in this Agreement and, to the extent insurance is maintained, for the coverage of Indemnitee under the Corporation’s
directors’ and officers’ liability insurance policies.

 

AGREEMENTS

 

NOW, THEREFORE, in
consideration of the premises, the mutual covenants and agreements contained herein and Indemnitee’s continuing service as
a director of the Corporation, the parties hereto agree as follows:

 

1.           Certain
Definitions. As used in this Agreement, the following terms shall have the following meanings:

 

(a)          “Agreement”
has the meaning set forth in the preamble hereto.

 

(b)          “Board
of Directors” means the board of directors of the Corporation.

 

    	 

    	 

    

  

(c)          “Change
in Control” means (i) the occurrence of an event that is or would be required to be reported with respect to the
Corporation in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule
or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), if the Corporation
is or was subject to such reporting requirement; (ii) that any “person” (as such term is used in Sections 13(d)
and 14(d) of the Exchange Act) shall have become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Corporation representing 40% or more of the combined voting power of the Corporation’s
then outstanding voting securities without the prior approval of at least two-thirds of the members of the Board of Directors in
office immediately prior to such person’s attaining such percentage interest; (iii) that the Corporation is a party
to a merger, consolidation, sale of assets or other reorganization, or a proxy contest, as a consequence of which members of the
Board of Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors
thereafter; or (iv) that during any period of two consecutive years, individuals who at the beginning of such period constituted
the Board of Directors (including, for this purpose, any new director whose election or nomination for election by the Corporation’s
stockholders was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning
of such period) cease for any reason to constitute at least a majority of the Board of Directors.

 

(d)          “Claim”
means any threatened, pending or completed action, suit or proceeding (including any mediation, arbitration or other alternative
dispute resolution proceeding), whether instituted by or in the right of the Corporation or by any other party, or any inquiry
or investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit or proceeding, whether
civil (including intentional and unintentional tort claims), criminal, administrative, investigative or otherwise.

 

(e)          “Corporation”
has the meaning set forth in the preamble hereto.

 

(f)          “Expense
Advance” has the meaning set forth in Section 2(a) of this Agreement.

 

(g)          “Expenses”
means attorneys’ fees and all other costs, expenses and obligations paid or incurred in connection with investigating, defending,
being a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate in any Claim
relating to any Indemnifiable Event.

 

(h)          “Indemnifiable
Event” means any event or occurrence related to the fact that Indemnitee is or was a director, officer, employee, agent
or fiduciary of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee, trustee,
agent, fiduciary or other legal representative of another corporation, partnership, limited liability company, joint venture, employee
benefit plan, trust or other enterprise, or by reason of anything done or not done by Indemnitee in any such capacity.

 

(i)          “Indemnitee”
has the meaning set forth in the preamble hereto.

 

    	2

    	 

    

  

(j)          “Independent
Legal Counsel” means an attorney or firm of attorneys, selected in accordance with the provisions of Section 3 of
this Agreement, who shall not have otherwise performed services for the Corporation or Indemnitee within the last five years (other
than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnification
agreements).

 

(k)          “Reviewing
Party” means any appropriate person or body consisting of a member or members of the Board of Directors or any other
person or body appointed by the Board of Directors who is not a party to the particular Claim for which Indemnitee is seeking indemnification,
or Independent Legal Counsel.

 

2.          Basic
Indemnification Arrangement.

 

(a)          In
the event Indemnitee was, is or becomes a party to or witness or other participant in, or is threatened to be made a party to or
witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Corporation shall
indemnify Indemnitee to the fullest extent permitted by law as soon as practicable but in any event no later than 30 days after
written demand is presented to the Corporation, against any and all Expenses, judgments, fines, penalties, excise taxes assessed
with respect to an employee benefit plan and amounts paid in settlement (including all interest, assessments and other charges
paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties, excise taxes or amounts paid in
settlement) of such Claim, or any other cost, expense or liability incurred in connection with such Claim. If so requested by Indemnitee,
the Corporation shall advance (within 30 days of such request) any and all Expenses to Indemnitee (an “Expense Advance”).

 

(b)          Notwithstanding
the foregoing, (i) the obligations of the Corporation under Section 2(a) of this Agreement shall be subject to the condition
that the Reviewing Party shall not have determined (in a written opinion, in any case in which the Independent Legal Counsel referred
to in Section 3 of this Agreement is involved) that Indemnitee would not be permitted to be indemnified under applicable law,
and (ii) the obligation of the Corporation to make an Expense Advance pursuant to Section 2(a) of this Agreement shall
be subject to the condition that, if, when and to the extent that the Reviewing Party determines that Indemnitee would not be permitted
to be so indemnified under applicable law, the Corporation shall be entitled to be reimbursed by Indemnitee (who hereby agrees
to reimburse the Corporation) for all such amounts theretofore paid; provided, however, that if Indemnitee has commenced
or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should
be indemnified under applicable law, any determination made by the Reviewing Party that Indemnitee would not be permitted to be
indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Corporation for any
Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have
been exhausted or lapsed). If there has not been a Change in Control, the Reviewing Party shall be selected by the Board of Directors,
and if there has been such a Change in Control (other than a Change in Control which has been approved by a majority of the Board
of Directors who were directors immediately prior to such Change in Control), the Reviewing Party shall be the Independent Legal
Counsel referred to in Section 3 of this Agreement. If there has been no determination by the Reviewing Party or if the Reviewing
Party determines that Indemnitee substantively would not be permitted to be indemnified in whole or in part under applicable law,
Indemnitee shall have the right to commence litigation in any court in the State of Montana having subject matter jurisdiction
thereof and in which venue is proper seeking an initial determination by the court or challenging any such determination by the
Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the Corporation hereby consents to service
of process and agrees to appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be conclusive
and binding on the Corporation and Indemnitee.

 

    	3

    	 

    

  

3.          Change
in Control. The Corporation agrees that if there is a Change in Control (other than a Change in Control which has been approved
by a majority of the Board of Directors who were directors immediately prior to such Change in Control), then with respect to all
matters thereafter arising concerning the rights of Indemnitee to indemnity payments and Expense Advances under this Agreement
or any other agreement or the Corporation’s Articles of Incorporation or Bylaws now or hereafter in effect relating to Claims
for Indemnifiable Events, the Corporation shall seek legal advice only from Independent Legal Counsel selected by Indemnitee and
approved by the Corporation (which approval shall not be unreasonably withheld). Such counsel, among other things, shall render
its written opinion to the Corporation and Indemnitee as to whether and to what extent Indemnitee would be permitted to be indemnified
under applicable law. The Corporation agrees to pay the reasonable fees and expenses of the Independent Legal Counsel referred
to above and to fully indemnify such counsel against any and all expenses (including attorneys’ fees), claims, liabilities
and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

4.          Indemnification
for Additional Expenses. The Corporation shall indemnify Indemnitee against any and all expenses (including attorneys’
fees) and, if requested by Indemnitee, shall (within 30 days of such request) advance such expenses to Indemnitee, which are incurred
by Indemnitee in connection with any action brought by Indemnitee (whether pursuant to Section 17 of this Agreement or otherwise)
for (a) indemnification or advance payment of Expenses by the Corporation under this Agreement or any other agreement or the
Corporation’s Articles of Incorporation or Bylaws now or hereafter in effect relating to Claims for Indemnifiable Events
or (b) recovery under any directors’ and officers’ liability insurance policies maintained by the Corporation,
regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance expense payment or insurance
recovery, as the case may be.

 

5.          Partial
Indemnity. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for some or
a portion of the Expenses, judgments, fines, penalties, excise taxes assessed with respect to an employee benefit plan and amounts
paid in settlement of a Claim, or any other cost, expense or liability incurred in connection with a Claim, but not, however, for
all of the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee
is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful
on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense
of any issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred
in connection therewith.

 

    	4

    	 

    

  

6.          Burden
of Proof. In connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to
be indemnified hereunder, the burden of proof shall be on the Corporation to establish that Indemnitee is not so entitled.

 

7.          No
Presumptions. For purposes of this Agreement, the termination of any claim, action, suit or proceeding, by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent,
shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or
that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing
Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief,
nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief,
prior to the commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified
under applicable law shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular
standard of conduct or did not have any particular belief.

 

8.          Nonexclusivity;
Subsequent Change in Law. The rights of Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under
the Corporation’s Articles of Incorporation or Bylaws or under Montana law, or otherwise. To the extent that a change in
Montana law (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently
under the Corporation’s Articles of Incorporation or Bylaws and this Agreement, it is the intent of the parties hereto that
Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. To the extent the rights of Indemnitee
hereunder shall conflict with the Corporation’s Articles of Incorporation or Bylaws or Montana or other applicable law, such
conflict shall, to the fullest extent permitted by applicable law, be resolved in favor of Indemnitee.

 

9.          Liability
Insurance. To the extent the Corporation maintains an insurance policy or policies providing directors’ and officers’
liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum
extent of the coverage available for any Corporation director or officer.

 

10.         Amendments;
Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the
parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

11.         Subrogation.
In the event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights,
including the execution of such documents necessary to enable the Corporation effectively to bring suit to enforce such rights.

 

    	5

    	 

    

  

12.         No
Duplication of Payments. The Corporation shall not be liable under this Agreement to make any payment in connection with any
Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, the
Corporation’s Articles of Incorporation or Bylaws or otherwise) of the amounts otherwise indemnifiable hereunder.

 

13.         Binding
Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their
respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business or assets of the Corporation), assigns, spouses, heirs, executors and personal and legal representatives. This
Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director of the Corporation or as a
legal representative of any other enterprise at the Corporation’s request.

 

14.         Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within
a single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable
in any respect, and the validity and enforceability of any such provision in every other respect and of the remaining provisions
hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted by law.

 

15.         Effective
Date. This Agreement shall be effective as of the date hereof and shall apply to any claim for indemnification by Indemnitee
on or after such date.

 

16.         Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Montana applicable
to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws that would require
the application of the laws of another jurisdiction.

 

17.         Injunctive
Relief. The parties hereto agree that Indemnitee may enforce this Agreement by seeking specific performance hereof, without
any necessity of showing irreparable harm or posting a bond, which requirements are hereby waived, and that by seeking specific
performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled.

 

[Signature Page Follows.]

 

    	6

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by the parties hereto as of the date first herein above written. 

 

	 	EMERALD OIL, INC.
	 	 	 	 
	 	By: 	 
	 	 	Name: 	McAndrew Rudisill
	 	 	Title:	President
	 	 	 	 
	 	 
	 	Thomas J. Edelman

 

Signature Page to Indemnification AgreementExhibit 10.1 

 

AMENDED AND RESTATED

REGISTRATION RIGHTS
AGREEMENT

 

THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of January 31, 2013, by and among
Global Eagle Entertainment Inc., a Delaware corporation (the “Company”) and the parties named on the signature
pages hereto (collectively referred to hereinafter as the “Holders”).

 

WHEREAS, the Company
and certain of the Holders are parties to that certain Registration Rights Agreement dated May 12, 2011 (the “Prior Agreement”);

 

WHEREAS, certain of
the Holders are acquiring, on or about the date hereof, shares of (a) the common stock, par value $0.0001 per share, of the Company
(the “Common Stock”) and/or (b) the non-voting common stock, par value $0.0001 per share, of the Company (the
“Non-Voting Common Stock” and, together with the Common Stock, the “Company Stock”), pursuant
to (i) that certain Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), dated as of November
8, 2012, by and among the Company, EAGL Merger Sub Corp., a Delaware corporation and wholly-owned subsidiary of the Company, Row
44, Inc., a Delaware Corporation, and PAR Investment Partners, L.P. (“PAR”), (ii) that certain Stock Purchase
Agreement, dated as of November 8, 2012, by and between the Company and PAR (the “Stock Purchase Agreement”),
(iii) that certain Amended and Restated Common Stock Purchase Agreement, dated as of November 8, 2012, by and between the Company
and PAR (the “Equity Backstop Agreement”); and (iv) that certain Common Stock Purchase Agreement, dated as of
November 8, 2012, by and among the Company, Putnam Capital Spectrum Fund and Putnam Equity Fund (the “Additional Backstop
Agreement”); and

 

WHEREAS, the parties
to the Prior Agreement desire to amend and restate the Prior Agreement to provide for the terms and conditions included herein
and to include the recipients of Company Stock pursuant to the Merger Agreement, the Stock Purchase Agreement, the Equity Backstop
Agreement and the Additional Backstop Agreement.

 

NOW, THEREFORE, in
consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

1. REGISTRATION RIGHTS.

 

1.1 Certain Definitions.
As used in this Agreement, in addition to the terms defined elsewhere in this Agreement, the following terms shall have the following
respective meanings:

 

“Business
Day” means any day other than a day on which the SEC or the office of the Delaware Secretary of State is closed.

 

“Deferral
Notice” has the meaning specified in Section 1.5(h).

 

“Effectiveness
Period” means the period during which any Registrable Securities are outstanding.

 

    	 

    	 

    

 

“Founder Registrable
Securities” means the Registrable Securities issued to Global Eagle Acquisition LLC in the Company’s initial public
offering.

 

“PAR Registrable
Securities” means the Registrable Securities issued to PAR and its affiliates pursuant to the Merger Agreement, the Stock
Purchase Agreement or the Equity Backstop Agreement.

 

“Prospectus”
means the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 415 promulgated
under the Securities Act), as amended or supplemented by any amendment or prospectus supplement, including post-effective amendments,
and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such Prospectus.

 

“Registrable
Securities” means (i) all shares of Common Stock of the Company held by any Holder, (ii) all shares of Common Stock of
the Company issued or issuable upon the conversion, exercise or exchange of any other equity security of the Company held by any
Holder, including without limitation, (A) any warrants to purchase shares of Common Stock and any shares of Non-Voting Common Stock
of the Company and (B) any warrants originally exercisable for shares of capital stock of Row 44, Inc., which warrants, pursuant
to the terms of the Merger Agreement, are now, or may be, exercisable for shares Common Stock, (iii) all shares of Common Stock
issued to any Holder in connection with any stock split, stock dividend, recapitalization or similar event (including without limitation,
any shares of Common Stock issued or issuable upon conversion of any shares of Non-Voting Common Stock issued to any Holder in
connection with any stock split, stock dividend, recapitalization or similar event), and (iv) any shares of Common Stock issued
or issuable upon the exercise of any equity security of the Company that is issuable upon conversion of any working capital loans
in an amount up to $500,000 made to the Company by any Holder; provided, however, that as to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when (a) a Registration Statement with respect to the sale
of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred,
disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred,
new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company
and subsequent public distribution of such securities shall not require registration under the Securities Act; (c) such securities
shall have ceased to be outstanding; (d) such securities have been sold to, or through, a broker, dealer or underwriter in a public
distribution or other public securities transaction; or (e) such securities (other than with respect to the Founder Registrable
Securities or the PAR Registrable Securities) shall be eligible for sale pursuant to Rule 144 (or any similar rule or regulation
then in force).

 

“Registration
Expenses” means all expenses incurred by the Company in complying with Sections 1.2 and 1.3 hereof, including,
without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, state
“blue sky” fees and expenses, and accountants’ expenses but excluding any commissions or other fees of any broker,
dealer or underwriter incurred in connection with a sale of Registrable Securities and any taxes applicable to any Holder with
respect to any transfer or sale of Registrable Securities.

 

    	 

    	 

    

 

“Registration
Statement” means any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and
supplements to such registration statement, and all exhibits to and all materials incorporated by reference in such registration
statement.

 

“Resale Shelf
Registration Statement” has the meaning specified in Section 1.2(a).

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

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

 

“Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder.

 

“Securities
Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by
the SEC thereunder.

 

“Underwritten
Takedown” shall mean an underwritten public offering of Registrable Securities pursuant to the Resale Shelf Registration
Statement as amended or supplemented.

 

1.2 Resale Shelf
Registration Rights.

 

(a)          Registration
Statement Covering Resale of Registrable Securities. The Company shall prepare and file or cause to be prepared and filed with
the SEC, no later than seven (7) Business Days after the date of this Agreement, a Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by Holders of all
of the Registrable Securities held by the Holders (the “Resale Shelf Registration Statement”). The Resale Shelf
Registration Statement shall be on Form S-3 or another appropriate form permitting registration of such Registrable Securities
for resale by such Holders. The Company shall use reasonable best efforts to cause the Resale Shelf Registration Statement to be
declared effective under the Securities Act on or prior to February 14, 2013, provided that if the Resale Registration Statement
is not declared effective on or prior to February 14, 2013, then the Company shall use its reasonable best efforts to cause the
Resale Registration Statement to be declared effective as soon as possible thereafter and in any event within seventy-five (75)
days after the date of this Agreement, and to keep the Resale Shelf Registration Statement effective under the Securities Act at
all times until the expiration of the Effectiveness Period.

 

(b)          Notification
and Distribution of Materials. The Company shall notify the Holders in writing of the effectiveness of the Resale Shelf Registration
Statement and shall furnish to the Holders, without charge, such number of copies of the Resale Shelf Registration Statement (including
any amendments, supplements and exhibits), the Prospectus contained therein (including each preliminary prospectus and all related
amendments and supplements) and any documents incorporated by reference in the Resale Shelf Registration Statement or such other
documents as the Holders may reasonably request in order to facilitate the sale of the Registrable Securities in the manner described
in the Resale Shelf Registration Statement.

 

    	 

    	 

    

 

(c)          Amendments
and Supplements. Subject to the provisions of Section 1.2(a) above, the Company shall promptly prepare and file with
the SEC from time to time such amendments and supplements to the Resale Shelf Registration Statement and Prospectus used in connection
therewith as may be necessary to keep the Resale Shelf Registration Statement effective and to comply with the provisions of the
Securities Act with respect to the disposition of all the Registrable Securities during the Effectiveness Period.

 

(d)          Notice
of Certain Events. The Company shall promptly notify the Holders in writing of any request by the SEC for any amendment or
supplement to, or additional information in connection with, the Resale Shelf Registration Statement required to be prepared and
filed hereunder (or Prospectus relating thereto). The Company shall promptly notify each Holder in writing of the filing of the
Resale Shelf Registration Statement or any Prospectus, amendment or supplement related thereto or any post-effective amendment
to the Resale Shelf Registration Statement and the effectiveness of any post-effective amendment.

 

(e)          Underwritten
Takedown. The Company shall only be required to effectuate one Underwritten Takedown within any six-month period, which offering
may be requested by either (i) holders of a majority in interest of the Founder Registrable Securities, (ii) holders of a majority
in interest of the PAR Registrable Securities or (iii) Holders then holding at least 10,000,000 shares of Registrable Securities
(subject to appropriate adjustment in the event of any stock splits, stock dividends, reclassifications or the like); provided
that the estimated market value of the Registrable Securities to be so registered is at least $10,000,000 in the aggregate.  In
connection with any such Underwritten Takedown: 

 

(i)                 If
the Company shall receive a request from Holders then holding at least 10,000,000 shares of Registrable Securities (subject to
appropriate adjustment in the event of any stock splits, stock dividends, reclassifications or the like) (the requesting Holder(s)
shall be referred to herein as the “Requesting Holder”) that the Company effect the Underwritten Takedown of
all or any portion of the Requesting Holder’s Registrable Securities, and specifying the intended method of disposition thereof,
then the Company shall promptly give notice of such requested Underwritten Takedown (each such request shall be referred to herein
as a “Demand Takedown”) at least 10 Business Days prior to the anticipated filing date of the prospectus or
supplement relating to such Demand Takedown to the other Holders and thereupon shall use its reasonable best efforts to effect,
as expeditiously as possible, the offering in such Underwritten Takedown of:

 

(A)              subject
to the restrictions set forth in Section 1.2(e)(iii), all Registrable Securities for which the Requesting Holder has requested
such offering under Section 1.2(e)(i), and

  

(B)              subject
to the restrictions set forth in Section 1.2(e)(iii), all other Registrable Securities that any Holders (all such Holders,
together with the Requesting Holder, the “Selling Holders”) have requested the Company to offer by request received
by the Company within seven Business Days after such Holders receive the Company’s notice of the Demand Takedown, all to the extent
necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities
so to be offered.

 

    	 

    	 

    

 

(ii)                 Promptly
after the expiration of the seven-Business Day-period referred to in Section 1.2(e)(i)(B), the Company will notify all Selling
Holders of the identities of the other Selling Holders and the number of shares of Registrable Securities requested to be included
therein.

 

(iii)                 If
the managing underwriter in an Underwritten Takedown advises the Company and the Requesting Holder that, in its view, the number
of shares of Registrable Securities requested to be included in such underwritten offering exceeds the largest number of shares
that can be sold without having an adverse effect on such offering, including the price at which such shares can be sold (the “Maximum
Offering Size”), the Company shall include in such underwritten offering, up to the Maximum Offering Size, Registrable
Securities requested to be included in such Underwritten Takedown by all Selling Holders and allocated pro rata among such Selling
Holders on the basis of the relative number of Registrable Securities held by each such Selling Holder at such time (it being understood
that for the purposes of calculating the relative number of Registrable Securities held by any Selling Holder, in the event such
Selling Holder owns any security of the Company that may be converted, exercised or exchanged into Registrable Securities, the
relative number of Registrable Securities held by such Selling Holder shall be determined as if such Selling Holder exercised such
equity security on a cashless exercise basis).

 

(f)          Selection
of Underwriters. Selling Holders holding a majority of the Registrable Securities requested to be sold in an Underwritten Takedown
shall have the right to select an underwriter or underwriters in connection with such Underwritten Takedown, which underwriter
or underwriters shall be reasonably acceptable to the Company.  In connection with an Underwritten Takedown, the Company
shall enter into customary agreements (including an underwriting agreement in customary form) and take such other actions as are
reasonably required in order to expedite or facilitate the disposition of the Registrable Securities in such Underwritten Takedown,
including, if necessary, the engagement of a “qualified independent underwriter” in connection with the qualification
of the underwriting arrangements with the Financial Industry Regulatory Authority, Inc.

 

1.3           Piggyback
Rights. If the Company proposes to register any of its shares of Common Stock (other than any registration for the account
of the Company of securities issued pursuant to any employee benefit plan or in any acquisition by the Company), the Company will
include in such registration all Registrable Securities held by the Holders requested to be so included; provided, however,
that if, in the case of an underwritten offering, the managing underwriter informs the Company that the number of shares held by
the Holders requested to be included exceeds the amount which can be sold in such offering without adversely affecting the distribution
of the shares being offered, the Company shall include, first, all of the shares the Company has proposed to register; second,
as many of the Registrable Securities (pro rata based on the number of Registrable Securities that each Holder has requested be
included in such underwritten offering and the aggregate number of Registrable Securities that the Holders have requested to be
included in such underwritten offering) as can be included without adversely affecting such distribution; and, third, any other
shares of Common Stock proposed to be included in such offering; provided, however, that in no event may less than
one-third of the total number of shares of Common Stock to be included in such underwritten offering be made available for Registrable
Securities.

 

    	 

    	 

    

 

 

1.4 Expenses of
Registration. All Registration Expenses incurred in connection with the performance of the Company’s obligations under
Sections 1.2 and 1.3 shall be borne by the Company.

 

1.5 Registration
Procedures. The Company shall keep each Holder advised in writing as to the initiation of the registrations described in Sections
1.2 and 1.3 and as to the completion thereof. At its expense the Company shall:

 

(a)          upon
written request, before filing any Registration Statement or Prospectus or any amendments or supplements thereto with the SEC,
furnish to the Holders copies of all such documents proposed to be filed and use reasonable efforts to reflect in each such document
when so filed with the SEC such comments as the Holders reasonably shall propose within one Business Day of the delivery of such
copies to the Holders;

 

(b)          subject
to Section 1.5(h), prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement
as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period; cause the related
Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or
any similar provisions then in force) under the Securities Act; and use reasonable efforts to comply with the provisions of the
Securities Act applicable to it;

 

(c)          prior
to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as
the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process
or taxation in any such jurisdiction where it is not then otherwise so subject;

 

(d)          cause
all such Registrable Securities registered pursuant hereto to be listed on each securities exchange or over-the counter market
on which similar securities issued by the Company are then listed or, if no securities are then listed, on the NASDAQ Stock Market
Inc.’s Global Market;

 

    	 

    	 

    

 

(e)          provide
a transfer agent and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;

 

(f)          as
promptly as reasonably practicable, but within three (3) Business Days in any event, give notice to the Holders (1) when any
Prospectus, Prospectus supplement, Registration Statement or post-effective amendment to a Registration Statement has been filed
with the SEC and, with respect to a Registration Statement or any post-effective amendment, when the same has been declared effective
(provided, however, that the Company shall not be required by this clause (1) to notify the Holders of the filing
of a Prospectus supplement that does nothing more substantive than name one or more Holders as selling security holders), and (2) of
any request, following the effectiveness of a Registration Statement under the Securities Act, by the SEC or any other federal
or state governmental authority for amendments or supplements to such Registration Statement or related Prospectus or for additional
information;

 

(g)          give
notice to the Holders within one (1) Business Day following notice to the Company (1) of the issuance by the SEC or any other
federal or state governmental authority of any stop order or injunction suspending or enjoining the use of any Prospectus or the
effectiveness of a Registration Statement or the initiation or threatening of any proceedings for that purpose, (2) of the
receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose,
and (3) of the happening of any event that makes any statement made in a Registration Statement or the related Prospectus untrue
in any material respect or that requires changes in order to make the statements therein not misleading;

 

(h)          prepare
and file a post-effective amendment to such Registration Statement or a supplement to the related Prospectus or any document incorporated
therein by reference, or file any other required document that would be incorporated by reference into such Registration Statement
and Prospectus, so that such Registration Statement does not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading, and that such Prospectus
does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading, and, in the case of a
post-effective amendment to a Registration Statement, subject to the next sentence, use commercially reasonable efforts to cause
it to be declared effective as promptly as is reasonably practicable, and give notice to the Holders listed as selling security
holders in such Prospectus that the availability of the Registration Statement is suspended (a “Deferral Notice”)
and, upon receipt of any Deferral Notice, each such Holder agrees not to sell any Registrable Securities pursuant to the Registration
Statement until such Holder’s receipt of copies of the supplemented or amended Prospectus or until it is advised in writing
by the Company that the Prospectus may be used, and has received copies of any additional or supplemental filings that are incorporated
or deemed incorporated by reference in such Prospectus. The Company shall use its reasonable best efforts to obtain the withdrawal
of any order suspending the effectiveness of the Registration Statement as promptly as possible (and promptly notify in writing
each Holder covered by such Registration Statement of the withdrawal of any such order), except that if in the good faith judgment
of the Company public disclosure of a material fact or event would be prejudicial to or contrary to the interests of the Company,
the Company may, upon giving prompt written notice to the Holders, delay such action for the shortest period of time, but in no
event more than thirty (30) days, determined by the Company to be necessary for such purpose;

 

    	 

    	 

    

 

(i)          in
the event of any underwritten public offering of Registrable Securities, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting
shall also enter into and perform its obligations under such an underwriting agreement. The Company shall, if requested by the
managing underwriter or underwriters or any holder of Registrable Securities included in such offering, promptly incorporate in
a prospectus supplement or post-effective amendment such information as such managing underwriter or underwriters or any holder
of Registrable Securities reasonably requests to be included therein, and which is reasonably related to the offering of such Registrable
Securities, including, without limitation, with respect to the Registrable Securities being sold by such Holder to such underwriter
or underwriters, the purchase price being paid therefor by such underwriter or underwriters and any other terms of an underwritten
offering of the Registrable Securities to be sold in such offering, and the Company shall promptly make all required filings of
such prospectus supplement or post-effective amendment;

 

(j)          furnish
to each holder of Registrable Securities included in any Registration Statement a signed counterpart, addressed to such holder,
of (1) any opinion of counsel to the Company delivered to any underwriter dated the effective date of the Registration Statement
or, in the event of an underwritten offering, the date of the closing under the applicable underwriting agreement, in customary
form, scope, and substance, at a minimum to the effect that the Registration Statement has been declared effective and that no
stop order is in effect, which counsel and opinions shall be reasonably satisfactory to a majority of the Holders and underwriter
or underwriters, if any, and their respective counsel and (2) any comfort letter from the Company’s independent public accountants
delivered to any underwriter in customary form and covering such matters of the type customarily covered by comfort letters as
the managing underwriter or underwriters reasonably request. In the event no legal opinion is delivered to any underwriter, the
Company shall furnish to each holder of Registrable Securities included in such Registration Statement, at any time that such holder
elects to use a Prospectus, an opinion of counsel to the Company to the effect that the Registration Statement containing such
Prospectus has been declared effective and that no stop order is in effect;

 

(k)          fully
cooperate, and cause each of its principal executive officer, principal financial officer, principal accounting officer, and all
other officers and members of the management to fully cooperate in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect
to such offering and all other offering materials and related documents, and participation in meetings with underwriters, attorneys,
accountants and potential stockholders;

 

    	 

    	 

    

 

(l)          make
available for inspection by the holders of Registrable Securities included in such Registration Statement, any underwriter participating
in any disposition pursuant to such Registration Statement and any attorney, accountant, or other professional retained by any
holder of Registrable Securities included in such Registration Statement or any underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, and cause all of the Company’s officers, directors, and employees and
the independent public accountants who have certified its financial statements to make themselves available to discuss the business
of the Company and to supply all information reasonably requested by any such holder, underwriter, attorney, accountant or agent
in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility,
and cause the Company’s officers, directors, and employees to supply all information requested by any of them in connection
with such Registration Statement;

 

(m)          cooperate
with each holder of Registrable Securities and each underwriter or agent, if any, participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory
Authority, Inc.;

 

(n)          in
the event of any underwritten public offering of Registrable Securities, cause senior executive officers of the Company to participate
in customary “road show” presentations that may be reasonably requested by the managing underwriter in any such underwritten
offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary
selling efforts related thereto; and

 

(o)          otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such registration.

 

1.6 Indemnification.

 

(a)          The
Company agrees to indemnify and hold harmless each Holder, the partners, members, officers, directors, stockholders, legal counsel
and accountants of each Holder and any other person, if any, who controls each Holder within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense whatsoever,
as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement
(or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading or arising out
of any untrue statement or alleged untrue statement of a material fact included in any preliminary prospectus or the Prospectus
(or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided, however, that this Section 1.6 shall not apply to any loss, liability, claim, damage
or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information about any Holder furnished to the Company by or on behalf of such Holder expressly
for use in the Registration Statement (or any amendment thereto), or any preliminary prospectus or the Prospectus (or any amendment
or supplement thereto).

 

    	 

    	 

    

 

(b)          Each
Holder agrees to indemnify and hold harmless the Company, and each person, if any, who controls the Company within the meaning
of either Section 15 of the Securities Act or Section 20 of the Exchange Act severally and not jointly against any and
all loss, liability, claim, damage and expense described in the indemnity contained in Section 1.6(a), as incurred, but
only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement
(or any amendment thereto) or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto) in reliance
upon and in conformity with written information about such Holder furnished to the Company by or on behalf of such Holder expressly
for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto).

 

(c)          Each
party entitled to indemnification under this Section 1.6 (the “Indemnified Party”) shall give notice
to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified
Party has actual knowledge of any claim as to which indemnity may be sought and shall permit the Indemnifying Party to assume the
defense of any such claim or any litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall conduct
the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall
not be withheld unreasonably), and the Indemnified Party may participate in such defense at such Indemnified Party’s expense.
The failure of any Indemnified Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations
under this Section 1.6 only if such failure is materially prejudicial to the ability of the Indemnifying Party to defend
such action, and such failure shall in no event relieve the Indemnifying Party of any liability that he or it may have to any Indemnified
Party otherwise than under this Section 1.6. No Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not
include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all
liability with respect to such claim or litigation.

 

(d)          If
the indemnification provided under this Section 1.6 hereof from the Indemnifying Party is unavailable or insufficient to
hold harmless an Indemnified Party in respect of any loss, liability, claim, damage and expense referred to herein, then the Indemnifying
Party, in lieu of indemnifying the Indemnified Party, shall contribute to the amount paid or payable by the Indemnified Party as
a result of such loss, liability, claim, damage and expense in such proportion as is appropriate to reflect the relative fault
of the Indemnifying Party and the Indemnified Party, as well as any other relevant equitable considerations. The relative fault
of the Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, was made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the Indemnifying Party’s
and Indemnified Party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action;
provided, however, that the liability of any Holder under Section 1.6(b) or this Section 1.6(d) shall
be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount
paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject
to the limitations set forth in Sections 1.6(a), 1.6(b) and 1.6(c) above, any legal or other fees, charges
or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that
it would not be just and equitable if contribution pursuant to this Section 1.6(d) were determined by pro rata allocation
or by any other method of allocation, which does not take account of the equitable considerations referred to in this Section
1.6(d). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution pursuant to this Section 1.6(d) from any person who was not guilty of such fraudulent misrepresentation.

 

    	 

    	 

    

 

(e)          The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by
or on behalf of the Indemnified Party or any officer, director or controlling person of such indemnified party and shall survive
the transfer of securities by such Indemnified Party.

 

1.7 Information
by Holders and Other Shareholders. Each Holder shall furnish to the Company such information regarding such Holder and the
distribution proposed by such Holder as the Company may reasonably request in writing and as shall be required in connection with
any Registration Statement.

 

1.8 Rule 144 Reporting.
With a view to making available the benefits of certain rules and regulations of the SEC that may permit the sale of the Common
Stock to the public without registration, the Company shall for so long as Registrable Securities are outstanding:

 

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

 

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

 

(c)          so
long as any Holder owns any securities constituting or representing Registrable Securities, furnish to such Holder upon request
a written statement by the Company as to its compliance with the reporting requirements of Rule 144, and of the Securities Act
and the Securities Exchange Act.

 

1.9 Removal of Legends.
If requested by a Holder, the Company shall cooperate with such Holder and the Company’s transfer agent to facilitate the
timely preparation and delivery of certificates (or execution of a book entry transfer) representing Registrable Securities to
be delivered to a transferee pursuant to the Registration Statement, which certificates or transfer shall be free, to the extent
permitted by applicable law and permissible under the terms of the Merger Agreement, Stock Purchase Agreement, Equity Backstop
Agreement or Additional Backstop Agreement, as applicable, of all restrictive legends, and to enable such Registrable Securities
to be in such denominations and registered in such names as any such Holders may reasonably request.

 

2. MISCELLANEOUS.

 

2.1           Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, by electronic
facsimile transfer or by courier guaranteeing overnight delivery, and shall be deemed given (i) when made, if made by hand
delivery, (ii) upon confirmation, if made by electronic facsimile transfer, (iii) one (1) Business Day after being deposited
with such courier, if made by overnight courier, to the parties as follows:

 

    	 

    	 

    

 

(a)          if
to a Holder, at the address for such Holder then appearing in the books of the Company;

 

		(b)	If to the Company, to:

 

Global Eagle
Entertainment Inc.

10900 Wilshire
Blvd., Suite 1500

Los Angeles,
CA 90024

Facsimile:
(310) 209-7225

Attention:
General Counsel

 

With a copy
to:

 

McDermott Will
& Emery LLP

340 Madison
Avenue

New York, NY
10173

Facsimile:
(212) 547-5444

Attention:
Joel Rubinstein

 

2.2 Governing Law.
This Agreement shall be governed and construed under the laws of the State of Delaware, without regard to conflicts of laws and
principles thereof.

 

2.3 Successors and
Assigns; Third Party Beneficiaries; Transfer of Registration Rights. The rights and obligations set forth in this Agreement
shall inure to the benefit of and be binding upon (i) the parties hereto and their respective legal representatives, successors
and assigns and (ii) the recipients of Common Stock pursuant to the Merger Agreement (other than PAR) as intended third party beneficiaries
(“Third Party Beneficiaries”) hereof. The rights
of a Holder under this Agreement may be transferred by a Holder to a transferee who acquires or holds Registrable Securities equal
to at least five percent (5%) of the Registrable Securities held by the Holders on the date hereof; provided, however,
that such transferee has executed and delivered to the Company a properly completed agreement to be bound by the terms of this
Agreement substantially in the form attached hereto as Exhibit A (an “Addendum Agreement”), and the transferor
shall have delivered to the Company, no later than thirty (30) days following the date of the transfer, written notification of
such transfer setting forth the name of the transferor, the name and address of the transferee, and the number of Registrable Securities
so transferred; and provided, further, however, that PAR may transfer any of its rights and obligations hereunder
to any investment fund now or hereafter existing to which PAR transfers any Registrable Securities without regard to the five percent
(5%) limitation contained in this Section 2.3 provided that such investment fund is controlled by one or more general partners
or managing members of, or shares the same management company with, PAR, and any securities so transferred shall continue to be
Registrable Securities hereunder following any such transfer. The execution of an Addendum Agreement shall constitute a permitted
amendment of this Agreement.

 

2.4 Captions.
The captions of the several sections and paragraphs of this Agreement are included for reference only and shall not limit or otherwise
affect the meaning thereof.

 

    	 

    	 

    

 

2.5 Amendments.
Upon the written consent of the Company and the Holders of at least fifty-one percent (51%) of the Registrable Securities at the
time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or
any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the
shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall
require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto
or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall
operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies
under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or
thereunder by such party. For the avoidance of doubt and notwithstanding anything to the contrary contained herein, the parties
hereto reserve the right to amend or terminate this agreement without the consent of any Third Party Beneficiaries.

 

2.6 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which taken together
shall constitute but one and the same instrument.

 

2.7 Severability.
If any term, provision, covenant or restriction of this Agreement is held to be invalid, illegal, void or unenforceable, the remainder
of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way
be affected, impaired or invalidated thereby, and the parties hereto shall use their best efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction,
it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted
by law.

 

2.8 Entire Agreement.
This Agreement is intended by the parties hereto as a final expression of their agreement and is 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
and the registration rights granted by the Company with respect to the Registrable Securities.

 

2.9 Other Registration
Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to
require the Company to register any securities of the Company for sale or to include such securities of the Company in any registration
filed by the Company for the sale of securities for its own account or for the account of any other person. This Agreement supersedes
any other registration rights agreement or similar agreement with any Holder, including, without limitation, the Prior Agreement,
and the Prior Agreement is hereby terminated. After the date of this Agreement, the Company shall not enter into any agreement
with any holder or prospective holder of any securities of the Company that would grant such holder registration rights on a parity
with or senior to those granted to the Holders hereunder without the prior written consent of the Holders of at least fifty-one
percent (51%) of the Registrable Securities then outstanding.

 

    	 

    	 

    

 

 

2.10         Further
Assurances. At any time or from time to time after the date hereof, the parties hereto agree to cooperate with each other,
and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further
action as the other party may reasonably request in order to evidence or effect the consummation of the transactions contemplated
hereby and to otherwise carry out the intent of the parties hereunder.

 

[SIGNATURES APPEAR
ON SUCCEEDING PAGES]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Amended and Restated Registration Rights Agreement on the date first written above.

 

	 	COMPANY:
	 	 
	 	GLOBAL EAGLE ENTERTAINMENT INC.
	 	 	 
	 	By:	/s/ James A. Graf
	 	Name: 	James A. Graf
	 	Title:	Vice President 
	 	 	 
	 	HOLDERS:
	 	 
	 	GLOBAL EAGLE ACQUISITION LLC
	 	 	 
	 	By:	/s/ James A. Graf
	 	Name: 	James A. Graf
	 	Title:	Vice President, CFO, Treasurer and
	 	 	Secretary
	 	 	 
	 	 	/s/ Harry E. Sloan
	 	Name:	Harry E. Sloan
	 	 	 
	 	 	/s/ Jeffrey Sagansky
	 	Name: 	Jeffrey Sagansky
	 	 	 
	 	 	/s/ James A. Graf
	 	Name:	James A. Graf
	 	 	 
	 	 	/s/ James McNamara
	 	Name:	James McNamara
	 	 	 
	 	 	/s/ Dennis Miller
	 	Name: 	Dennis Miller

 

[Signature Page to Amended and Restated Registration Rights Agreement]

 

    	 

    	 

    
 

	 	 	/s/ Cole A. Sirucek
	 	Name:	Cole A. Sirucek
	 	PAR INVESTMENT PARTNERS, L.P.
	 	 	 
	 	By:	PAR Group, L.P., its general partner
	 	 	 
	 	By:	PAR Capital Management, Inc., its general partner
	 	 	 
	 	By:	/s/ Steven M. Smith
	 	Name: Steven M. Smith
	 	Title: Chief Operating Officer and General Counsel
	 	 	 
	 	PUTNAM CAPITAL SPECTRUM FUND
	 	PUTNAM EQUITY SPECTRUM FUND
	 	 	 
	 	By: Putnam Investment Management, LLC
	 	 	 
	 	By:	/s/ David Glancy
	 	Name: David Glancy
	 	Title: Portfolio Manager

 

    	 

    	 

    

 

Exhibit A

 

Addendum Agreement

 

This Addendum Agreement
(“Addendum Agreement”) is executed on _______, 20__, by the undersigned (the “New Holder”)
pursuant to the terms of that certain Amended and Restated Registration Rights Agreement dated as of [_____], 2013 (the “Agreement”),
by and among the Company and the Holders identified therein, as such Agreement may be amended, supplemented or otherwise modified
from time to time. Capitalized terms used but not defined in this Addendum Agreement shall have the respective meanings ascribed
to such terms in the Agreement. By the execution of this Addendum Agreement, the New Holder agrees as follows:

 

		1.1	Acknowledgment. New Holder acknowledges that New Holder is acquiring certain shares of the
Common Stock of the Company (the “Stock”) [or other equity securities of the Company that are convertible, exercisable
or exchangeable for shares of Common Stock of the Company (the “Convertible Securities”)] as a transferee of
such Stock [or Convertible Securities] from a party in such party’s capacity as a “Holder” under the Agreement,
and after such transfer, New Holder shall be considered a “Holder” for all purposes under the Agreement.

 

		1.2	Agreement. New Holder hereby (a) agrees that the Stock [or Convertible Securities] shall
be bound by and subject to the terms of the Agreement and (b) adopts the Agreement with the same force and effect as if the New
Holder were originally a party thereto.

 

		1.3	Notice. Any notice required or permitted by the Agreement shall be given to New Holder at
the address or facsimile number listed below New Holder’s signature below.

 

	NEW HOLDER:	 	ACCEPTED AND AGREED:
	 	 	 
	Print Name: _________________________	 	GLOBAL EAGLE ENTERTAINMENT INC.
	 	 	 
	By: ________________________________	 	By: __________________________
	 	 	 
	Name: ______________________________	 	Name: ________________________
	 	 	 
	Title: _______________________________	 	Title: _________________________
	 	 	 
	Address:_____________________________	 	 
	 	 	 
	____________________________________	 	 
	 	 	 
	Facsimile Number: ____________________

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