Document:

Exhibit 10.5

 

 

SECURITIES
PURCHASE AGREEMENT

 

by and between

 

BLACK RAVEN
ENERGY, INC.,

a Nevada corporation

 

and

 

WEST COAST
OPPORTUNITY FUND, LLC

a Delaware limited liability company

 

 

AUGUST 27,
2009

 

 

 

SECURITIES
PURCHASE AGREEMENT

 

THIS
SECURITIES PURCHASE AGREEMENT (the “Agreement”)
is made and entered into, dated for reference purposes as August 27, 2009,
by and between BLACK RAVEN ENERGY, INC., a Nevada
corporation (the “Company”),
and WEST COAST OPPORTUNITY FUND, LLC, a
Delaware limited liability company (“Purchaser”),
with respect to the following facts:

 

RECITALS:

 

A.                                   On January 16, 2009, the Court
confirmed that certain “Modified Second Amended Joint Plan of Reorganization
filed by PRB Energy, Inc., and PRB Oil & Gas, Inc.,” dated December 3,
2008 (the “Plan”), and the confirmation of the Plan thereafter became
effective on February 2, 2009 (the “Confirmation Date”).

 

B.                                     On April 13, 2009, the parties
executed the Agreement Regarding New Equity Raise Under the Modified Second
Amended Joint Plan of Reorganization (“New Equity Agreement”).

 

C.                                     Pursuant to the New Equity Agreement, the
parties have agreed to execute this Agreement in order to memorialize the terms
and conditions on which Purchaser shall purchase certain shares of the common
capital stock of the Company.

 

AGREEMENTS:

 

NOW,
THEREFORE, the
parties hereto, intending to be legally bound, do hereby agree as follows:

 

1.                                      DEFINITIONS.  For purposes of this Agreement:

 

1.1                               “ARTICLES OF INCORPORATION” means the Company’s Amended and Restated Articles of
Incorporation, as filed with the Secretary of State of the State of Nevada on February 2,
2009.

 

1.2                               “CLOSING”
means the closing of the transactions contemplated by this Agreement, as
further described in Sections 2.2 and 2.3, below.

 

1.3                               “COMMON STOCK” means the common capital stock of the Company.

 

1.4                               “FINANCIAL STATEMENTS” means the Company’s unaudited statement of income and
expense for the period from January 1, 2009, through March 31, 2009,
and unaudited non-GAAP balance sheet dated as of March 31, 2009, copies of
which have been made available to Purchaser.

 

1.5                               “FINANCIAL STATEMENTS DATE” means June 30, 2009.

 

1.6                               “MATERIAL ADVERSE EVENT” means an occurrence or circumstance
having a consequence that, individually or in the aggregate, is materially
adverse as to the business, properties, assets, liabilities, affairs,
prospects, operations, operating results, or condition (financial or otherwise)
of the Company; provided, however, that such term
shall not include any circumstance or change related to (a) general
economic conditions, (b) securities markets generally, or (c) fluctuations
in the price of the Company’s securities unrelated to any event that (without
regard to the foregoing clauses (a) and (b) and this clause (c))
would constitute a Material Adverse Event hereunder.

 

1.7                               “NEW EQUITY AGREEMENT” has the meaning ascribed thereto in the
Recitals, above.

 

 

1.8                               “PLAN” has the meaning ascribed thereto in the
Recitals, above.

 

1.9                               “SECURITIES ACT” means the Securities Act of 1933, as amended
from time to time.

 

1.10                        “SHARES” means the shares of Common Stock being
issued and sold by the Company to the Purchaser pursuant to this Agreement.

 

1.11                        “SUBSIDIARY” means any other corporation, association
or other business entity in which the Company owns or controls more than fifty
percent (50.0%) of the outstanding capital stock.

 

2.                                                                                      PURCHASE AND SALE OF SHARES OF
COMMON STOCK

 

2.1                               AUTHORIZATION AND SALE OF COMMON
STOCK.

 

(a)                                  SALE. 
The Company has authorized the issuance and sale to Purchaser an
aggregate of two hundred fifty thousand (250,000) Shares of the Company’s
Common Stock.

 

(b)                                  PURCHASE. 
Subject to the terms and conditions of this Agreement, Purchaser agrees
to purchase at the Closing, and the Company agrees to sell and issue to Purchaser
at the Closing, two hundred fifty thousand (250,000) Shares of the Company’s
Common Stock, at an aggregate purchase price of five hundred thousand dollars
($500,000) (the “Purchase Price”).

 

2.2                               CLOSING. 
The purchase, sale and issuance of the shares of the Company’s Common
Stock shall take place concurrent with the execution of this Agreement or on a
later date mutually agreeable to the parties (the “Closing”).

 

(a)                                  PAYMENT. 
At the Closing, Purchaser shall pay to the Company the full Purchase
Price, by (a) check payable to the Company, (b) wire transfer in
accordance with the Company’s instructions, or (c) any combination of the
foregoing and within three business days of such payment, the Company shall
issue a certificate or certificates to the Purchaser evidencing the Common
Stock purchased hereunder.

 

(b)                                  ISSUANCE OF CERTIFICATES. Within three (3) business days
following the Closing, the Company shall deliver to Purchaser certificates
representing the  Shares issued in the names of
the Purchaser, against payment of the purchase price therefor by check, wire
transfer, cancellation of indebtedness or any combination thereof in accordance
with SECTION 2.2(a), above.  In the event that payment by a Purchaser is
made, in whole or in part, by cancellation of indebtedness, then such Purchaser
shall surrender to the Company for cancellation at the Closing any evidence of
such indebtedness or shall execute an instrument of cancellation in form and
substance acceptable to the Company.

 

3.                                      REPRESENTATIONS AND WARRANTIES OF
COMPANY.  Except as otherwise set forth in the Company
Disclosure Schedule attached hereto as EXHIBIT A, specifically
identifying the relevant subparagraphs hereof, which exceptions shall be deemed
to be representations and warranties as if made hereunder (the “Company Disclosure Schedule”),
which has been furnished to Purchaser prior to the execution hereof, as a
material inducement to the Purchaser to enter into this Agreement and purchase
the Shares of Common Stock hereunder, the Company hereby represents and
warrants to Purchaser that:

 

3.1                               CORPORATE ORGANIZATION AND
AUTHORITY.  The Company (a) is a corporation duly
organized, validly existing, authorized to exercise all its corporate powers,
rights and privileges, and in good standing under the laws of the State of
Nevada; (b) has the corporate power and authority to own and operate 

 

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its properties and
to carry on its business as now conducted and as presently proposed to be
conducted; (c) has the corporate power and authority to execute, deliver
and perform its obligations under this Agreement; and (d) is qualified to
do business as a foreign corporation and is in good standing under the laws of
each jurisdiction in which the failure so to qualify would be a Material
Adverse Event.

 

3.2                               CAPITALIZATION. 
Immediately prior to the Closing, the authorized capital stock of the
Company shall consist of:

 

(a)                                  COMMON STOCK. 
Two Hundred Fifty Million (250,000,000) shares of Common Stock, of which
15,667,878 are issued.

 

(b)                                  PREFERRED STOCK. 
One Hundred Million (100,000,000)  shares of Preferred Stock, none of which are issued and
outstanding.

 

(c)                                  OTHER SECURITIES.  Except for (a) the Company’s obligation to issue
to certain creditors under the Plan certain stock purchase warrants that (i) shall
entitle the holders of such warrants to purchase in the aggregate up to
1,500,000 shares of Common Stock at an exercise price of $2.50 per share and (ii) shall
expire if not exercised on or before December 31, 2013, (b) certain
preemptive rights that were granted under the Plan, (c) Purchaser’s
obligation to purchase shares of Company capital stock pursuant to the Plan,
and (d) the Shares to be issued under this Agreement, there are not
outstanding any options,  rights or
agreements for the purchase or acquisition from the Company of any shares of
its capital stock.  Except for the
Articles of Incorporation, the Company is not a party to or subject to any
agreement or understanding, and to the Company’s knowledge there is no
agreement or understanding between any individuals and/or entities, which
affects or relates to the voting or giving of written consents with respect to
any Company security or the voting by a director of the Company.

 

(d)                                  PRIOR SHARES. 
The outstanding shares of Common Stock are duly and validly authorized
and issued, fully paid and nonassessable, and were issued in compliance with
all applicable state and federal laws concerning the issuance of securities.

 

3.3                               SUBSIDIARIES. 
The Company has no Subsidiaries.. 
The Company is not a participant in any joint venture, partnership or
similar arrangement.

 

3.4                               AUTHORIZATION. 
All corporate action on the part of the Company, its officers, directors
and stockholders necessary for the authorization, execution, delivery and
performance of all obligations under this Agreement, , the Articles of
Incorporation, and the authorization, sale and issuance (or reservation for
issuance) and delivery of the Shares and of the Common Stock has been taken.  This Agreement constitutes the legally
binding and valid obligation of the Company enforceable in accordance with its
terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting
enforcement of creditors’ rights generally, and (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or
other equitable remedies.

 

3.5                               VALIDITY OF SHARES. 
The Shares, when issued, sold and delivered in accordance with the terms
and for the consideration expressed in this Agreement, shall be duly and
validly issued (including, without limitation, issued in compliance with
applicable federal and state securities laws), fully paid and nonassessable and
will be free of restrictions on transfer, other than restrictions of transfer
under this Agreement, and under applicable state and federal securities laws

 

3.6                               NO CONFLICT WITH OTHER INSTRUMENTS.  The execution
and delivery of this Agreement, and the performance by the Company of its
obligations under this Agreement will not result in any violation of, 

 

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be in conflict with, or constitute a default under, with or without the
passage of time or the giving of notice: (a) any provision of the Company’s
Articles of Incorporation or Bylaws; (b) any provision of any judgment,
writ, decree or order to which the Company is a party or by which it is bound; (c) any
contract, obligation or commitment to which the Company is a party or by which
it is bound; or (d) any federal or state statute, rule or
governmental regulation applicable to the Company.  The execution, delivery and performance of
this Agreement, and all other agreements contemplated hereby to which the
Company is a party and the consummation of the transactions contemplated hereby
will not result in any such violation, or be in conflict with or constitute,
with or without the passage of time and giving of notice, either a default
under any such provision, instrument, judgment, order, writ, decree or contract
or an event that results in the creation of any lien, charge or encumbrance
upon any assets of the Company or the suspension, revocation, impairment,
forfeiture or nonrenewal of any material  permit,
license, authorization or approval applicable to the Company, its business or
operations or any of its assets or properties.

 

3.7                               LITIGATION. 
There is no action, proceeding or investigation pending or (to the
knowledge of the Company) threatened, or any basis therefor known to the
Company, that questions the validity of this Agreement or the right of the
Company to enter into any of them or to consummate the transactions
contemplated thereby or that might result, either individually or in the
aggregate, in any Material Adverse Event, including, without limitation, any
action, proceeding or investigation involving the prior employment or
consulting of any of the Company’s employees or consultants or their use of any
information or techniques alleged to be proprietary to any former or current
employer of any such employee or consultant. 
There is no judgment, writ, decree, injunction, or order of any court or
government agency or instrumentality in effect against the Company, and the
Company is not in default with respect to any order, judgment, injunction,
writ, or decree of any governmental authority, except the Bankruptcy Court
order relating to the payment of the principal and interest of PRB Funding, LLC
and valid mechanic’s liens.  The Company
has not received any opinion or memorandum or legal counsel to the effect that
it is exposed, from a legal standpoint, to any liability or disadvantage which
if imposed upon the Company would cause a Material Adverse Event.  There is no action, suit, proceeding or
investigation by the Company currently pending or which the Company presently
intends to initiate.

 

3.8                               TITLE TO PROPERTIES; LIENS AND
ENCUMBRANCES.  The property and assets the Company owns are
owned by the Company free and clear of all mortgages, liens, loans and
encumbrances, except (a) as reflected in the Financial Statements, ( b) as
described in Exhibit A, the Company
Disclosure Schedule (c) for statutory liens for the payment of current
taxes that are not yet delinquent, and (d) for liens, encumbrances and
security interests that arise in the ordinary course of business and minor
defects in title, none of which, individually or in the aggregate, materially
impair the Company’s ownership or use of such property or assets.  With respect to the property and assets it
leases, the Company is in compliance with such leases and holds a valid
leasehold interest free of any liens except for the pre-petition mechanic’s
liens, claims or encumbrances, subject to clauses (a) through (d) of
this Section 3.8.

 

3.9                               PATENTS AND OTHER PROPRIETARY
RIGHTS

 

(a)          To the best of the Company’s knowledge, the Company
owns, possesses, has a license to, has access to or can become licensed on
reasonable terms under, all patents, patent applications, trademarks, service
marks, trade names, licenses, inventions, computer software, technical
information and copyrights necessary for the operation of its business as now
conducted and as proposed to be conducted by the Company with no known (after
reasonable inquiry) infringement of or conflict with the rights of others (nor
any basis therefor).

 

(b)          There are no outstanding options, licenses or
agreements of any kind, express or implied, relating to the matters listed in subsection
3.9(a), above, nor is the Company bound by or a party to any 

 

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options, licenses
or agreements of any kind with respect to the patents, trademarks, service
marks, trade names, copyrights, trade secrets, licenses, information,
proprietary rights and processes of any other person or entity.

 

(c)          The Company has not received any communications
alleging that the Company has violated or, by conducting its business as
proposed, would violate any of the patents, trademarks, service marks, trade
names, copyrights or trade secrets or any proprietary rights of any other
person or entity.

 

(d)          The Company is not aware that any of its employees is
obligated under any contract (including licenses, covenants or commitments of
any nature) or other agreement, or subject to any judgment, decree or order of
any court or administrative agency, that would interfere with the use of such
employee’s commercially reasonable efforts to promote the interests of the
Company or that would conflict with the Company’s business as presently
conducted.

 

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

 

(f)            The Company does not believe it is or will be necessary
to utilize any inventions of any of its employees (or people it currently
intends to hire) made prior to their employment by the Company.

 

3.10                        NO DEFAULTS, VIOLATIONS OR
CONFLICTS.  The Company, except for the default interest
rate being paid on the PRB Funding, LLC promissory note, and certain approved
claims by the bankruptcy court, and certain outstanding mechanic’s liens, is
not in violation or default of any term or provision of its Articles of
Incorporation or Bylaws, or any term or provision of any indebtedness,
mortgage, indenture, contract, agreement, judgment, writ, statute, rule,
regulation or any decree or order or of any provision of federal or state
statute, rule or regulation applicable to the Company, the violation of
which would be a Material Adverse Event.

 

3.11                        RELATED PARTY TRANSACTIONS. 
Except as set forth on EXHIBIT A and
except for relationships of Atticus Lowe and the Purchaser to which the Company
makes no representations in this Section 3.11, there are no agreements,
understandings, or proposed transactions between the Company and any of its
officers, directors, stockholders, affiliates, or any affiliate thereof, and (a) no
employee, officer or director of the Company or member of his or her immediate
family is indebted to the Company, nor is the Company indebted (or committed to
make loans or extend or guarantee credit) to any of them, (b) no such
person has any direct or indirect ownership interest in any firm or corporation
with which the Company is affiliated or with which the Company has a business
relationship, or any firm or corporation that competes with the Company, except
that employees, officers, or directors of the Company and members of their
immediate families may own less than one percent (1.0%) of the stock in
publicly traded companies that may compete with the Company, and (c) no
member of the immediate family or any officer or director of the Company is
directly or indirectly interested in any material contract with the Company.

 

3.12                        EMPLOYEE COMPENSATION PLANS. 
The Company is not a party to or bound by (a) any currently
effective employment contracts (except for employment contracts that are
terminable at will), (b) deferred compensation agreements, (c) bonus
plans, (d) incentive plans, profit sharing plans, retirement agreements or
other employee compensation agreements, and (e) does not maintain or
contribute to, and has never maintained or contributed to, any “employee
benefit plan,” as such term is defined in the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”).

 

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3.13                        EMPLOYEE RELATIONS. 
The Company’s employees are not represented by any labor unions nor, to
the Company’s knowledge, is any union organization campaign in progress.  The Company has no collective bargaining
agreements with any of its employees. 
There is no strike, labor dispute, or labor union organizing activity
pending or, to the Company’s knowledge, threatened with respect to the
Company.  To the Company’s knowledge, no
employee of the Company, nor any consultant with whom the Company has
contracted, is in violation of any term of any employment contract, proprietary
information agreement or any other agreement relating to the right of any such
individual to be employed by, or to contract with, the Company because of the
nature of the business to be conducted by the Company; and to the Company’s
knowledge, the continued employment by the Company of its present employees,
and the performance of the Company’s contracts with its independent contractors
will not result in any such violation. 
The Company has not received any notice alleging that any such violation
has occurred.  No employee of the Company
has been granted the right to continued employment by the Company or to any
material compensation following termination of employment with the
Company.  The Company is not aware that
any officer or key employee, or that any group of key employees intends to
terminate their employment with the Company, nor does the Company have a
present intention to terminate the employment of any officer, key employee or
group of key employees.

 

3.14                        BROKERS AND FINDERS. 
The Company has not retained any investment banker, broker or finder in
connection with the transactions contemplated by this Agreement, and will not
be obligated to pay any finder’s fee or commission in connection with this
transaction.

 

3.15                        GOVERNMENTAL CONSENTS. 
No consent, approval, order or authorization of, or registration,
qualification, designation, declaration or filing with, any federal, state,
local or provincial governmental authority on the part of the Company is
required in connection with the consummation of the transactions contemplated
by this Agreement, except for the filing pursuant to federal or state securities
laws, including, but not limited to: Regulation D under the Securities Act; and
the “blue sky” securities laws of each State in which any Purchaser has its
principal executive office, and the rules thereunder, each of which
filings will be effected within fifteen (15) days after the Closing or within
the required statutory period.

 

3.16                        ENVIRONMENTAL REGULATIONS. 
The Company, the operation of its business and any real property that
the Company owns or has owned, leases or has leased or otherwise occupies or
uses or has occupied or used (the “Premises”)
are, to the best of the Company’s knowledge, in compliance with all applicable
Environmental Laws (as defined below) and orders or directives of any
governmental authorities having jurisdiction under such Environmental
Laws.  The Company has not received any
citation, directive, letter or other communication, written or oral, or any
notice of any proceeding, claim or lawsuit, from any person arising out of the ownership
or occupation of the Premises, or the conduct of its operations, and the
Company is not aware of any basis therefor. 
To the best of the Company’s knowledge, no material expenditures are or
will be required in order to comply with any Environmental Laws.  For purposes of this Agreement, the term “Environmental Laws” shall mean any
federal, state, local or foreign law, ordinance, rule, regulation, permit and
authorization pertaining to the protection of human health or the environment.

 

3.17                        MINUTE BOOK. 
The minute book of the Company contains a complete summary of all
meetings of directors and stockholders and contains all written consents of
such directors and stockholders since the time of incorporation, and accurately
reflects in all material respects all transactions referred to in such minutes.

 

3.18                        ABSENCE OF CERTAIN CHANGES. 
Since the Financial Statements Date, and at all times up to the Closing,
there has not been, and, so far as reasonably can be foreseen at this time,
there is not reasonably likely to be, any event or condition of any character
which has materially adversely affected, or is likely to 

 

6

 

affect, the Company’s business operations, assets, condition (financial
or otherwise), liabilities, earnings or prospects including but not limited to:

 

(a)                                  Any Material Adverse Event;

 

(b)                                  Any declaration, setting aside or payment
or other distribution in respect of any of the Company’s capital stock, or any
direct or indirect redemption, purchase or other acquisition of any of such
stock by the Company, other than the repurchase of unvested shares of Common
Stock of the Company issued to employees, officers or directors of or
consultants to the Company;

 

(c)                                  Any waiver by the Company of a valuable
right or of a material debt owed to it;

 

(d)                                  Any material change or amendment to a
contract or arrangement by which the Company or any of its assets or properties
is bound or subject;

 

(e)                                  Any damage, destruction or loss to any
asset of the Company (whether or not covered by insurance) that, individually
or in the aggregate, would constitute a Material Adverse Event;

 

(f)                                    Any commitment, transaction or other
action by the Company other than in the ordinary course of business and
consistent with past practice;

 

(g)                                 Any amendment or other change to the
Articles of Incorporation or Bylaws of the Company (except as contemplated by
this Agreement);

 

(h)                                 Any sale or other disposition of any
right, title or interest in or to any assets or properties of the Company or
any revenues derived therefrom other than in the ordinary course of business
and consistent with past practice;

 

(i)                                    Either (i) any approval or action to
put into effect any general increase in any compensation or benefits payable to
any class or group of employees of the Company, any increase in the
compensation or benefits payable or to become payable by the Company to any of
its directors, officers or any of its employees whose total compensation after
such increase would exceed $250,000 per annum (collectively, “Key Employees”) or any bonus,
service award, percentage compensation or other benefit paid, granted or
accrued to or for the benefit of any Key Employee, or (ii) the adoption or
amendment in any material respect of any employee benefit plan or compensation
commitment or any severance agreement or employment contract to which any Key
Employee is a party;

 

(j)                                    Any material change in any accounting
principle or method or election for federal income tax purposes used by the
Company;

 

(k)                                Any labor trouble, or any event or condition
of any character, materially adversely affecting the business or plans of the
Company; or

 

(l)                                    Any authorization, approval, agreement or
commitment to do any of the foregoing.

 

3.19                        TAX RETURNS, PAYMENTS AND
ELECTIONS.  Except for the Company’s federal and state
income tax returns for the taxable years ended December 31, 2007, and December 31,
2008 (which the Company has not yet filed by reason of the Company’s prior
bankruptcy filing), the Company has timely filed all tax returns (federal,
state and local) and reports as required by law and all taxes, assessments and
other government charges imposed upon the Company, or upon any of the assets,
income or franchises of the 

 

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Company, have been timely paid. 
To the knowledge of the Company, such returns and reports are true and
correct in all material respects.  To the
knowledge of the Company, the Company has paid all taxes and other assessments
due prior to the taxable year ended December 31, 2007.  There are (a) no actual or proposed Tax
deficiencies, assessments or adjustments with respect to the Company or any
assets or operations of the Company; (b) no consent has been given with
respect to the Company to extend the time in which any Tax may be assessed or
collected by any taxing authority, except for the federal and state income tax
returns for the taxable years ended December 31, 2007, and December 31,
2008; (c) there are no ongoing or pending Tax audits by any taxing
authority against the Company except for an audit by the State of Wyoming
covering multiple years in which Black Raven Energy (f/k/a PRB Energy, Inc.)
was an operator (d) none of the assets or income items of the Company has
been or potentially is subject to Tax under Section 1374 of the Internal
Revenue Code, as amended (the “Code”) (or any corresponding provision of
state, local or foreign law).  “Tax” or “Taxes” means any federal, state,
local or foreign income, gross receipts, license, payroll, employment, excise,
severance, stamp, occupation, premium, property, windfall, profits,
environmental, customs, capital stock, franchise, employees’ income
withholding, foreign or domestic withholding, social security, unemployment,
disability, real property, personal property, sales, use, transfer, value
added, alternative or add-on minimum or other similar tax, governmental fee,
governmental assessment or governmental charge of any kind whatsoever,
including any interest, penalties or additions to Tax or additional amounts
with respect to the foregoing.  The
Company has not elected pursuant to the Code to be treated as a Subchapter S
corporation or a collapsible corporation pursuant to Section 1362(a) or
Section 341(f) of the Code, respectively, nor has it made any other
elections pursuant to the Code (other than elections that relate solely to
methods of accounting, depreciation or amortization) that would have a material
effect on the Company, its financial condition, its business as presently
conducted or proposed to be conducted or any of its properties or material
assets.

 

3.20                        INSURANCE. 
The Company has in full force and effect fire and casualty insurance
policies, with extended coverage, sufficient in amount (subject to reasonable
deductibles) to allow it to replace any of its properties that might be damaged
or destroyed.  The Company has no key man
life insurance or errors and omissions insurance.  The Company is not in default with respect to
its obligations under any insurance policy maintained by it, and the Company
has not been denied insurance coverage.

 

3.21                        FINANCIAL STATEMENTS. 
The Company will make its Financial Statements available for inspection
by Purchaser upon request.  The Financial
Statements are accurate and complete in all material respects, are consistent
with the books and records of the Company (which, in turn, are accurate and
complete in all material respects but are unaudited and are not prepared in
compliance with generally accepted accounting principles (“GAAP”) and
have been prepared in accordance with the Company’s historical accounting
practices consistently applied throughout the periods indicated and with each
other, except that such non-GAAP unaudited Financial Statements do not contain
all footnotes required by GAAP.  The
Financial Statements fairly present the financial condition and operating
results of the Company as of the dates, and for the periods, indicated
therein.  Except as set forth in the
Financial Statements, the Company does not have any liabilities (whether
accrued, absolute, unliquidated, contingent or otherwise, whether or not known
to the Company, whether due or to become due and regardless of when asserted)
arising out of transactions entered into at or prior to the Closing, or any
action or inaction at or prior to the Closing or any state of facts existing at
or prior to the Closing other than (i) liabilities and obligations that
have arisen after the Financial Statements Date in the ordinary course of
business (none of which is a liability resulting from breach of contract,
breach of warranty, tort, infringement, claim or lawsuit), and (ii) obligations
under contracts and commitments incurred in the ordinary course of business
that would not be required to be reflected in financial statements prepared in
accordance with GAAP.  Except as disclosed
in the Financial Statements, the Company is not a guarantor or indemnitor of
any indebtedness of any other person, firm or corporation.  The Company maintains and will continue to
maintain a standard system of accounting established and administered in a
manner consistent with its historical accounting practices.

 

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3.22                        PERMITS.  The Company has all franchises, permits, licenses and
any similar authority necessary for the conduct of its business, the lack of
which could materially and adversely affect the business, properties or
financial condition of the Company.  The
Company is not in default in any material respect under any such franchises,
permits, licenses or other similar authority.

 

3.23                        OFFERING. 
Subject in part to the truth and accuracy of Purchaser’s representations
set forth in Section 4 of this Agreement, the offer, sale and
issuance of the Common Stock as contemplated by this Agreement are exempt from
the registration requirements of the Securities Act, and the qualification or
registration requirements of the Law or other applicable blue sky laws.  Neither the Company nor any authorized agent
acting on its behalf will take any action hereafter that would cause the loss
of such exemptions.

 

4.                                      REPRESENTATIONS AND WARRANTIES OF
PURCHASER.   Purchaser represents and warrants to the
Company as follows:

 

4.1                               AUTHORIZATION. 
Purchaser has full power and authority to enter into this Agreement and
all corporate action on the part of Purchaser, its officers, directors, and
stockholders necessary for the purchase of the Shares has been taken, and this
Agreement constitutes the legally binding and valid obligation of Purchaser,
enforceable in accordance with its terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other laws
of general application affecting enforcement of creditors’ rights generally,
and (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies.

 

4.2                               BROKERS AND FINDERS. 
Purchaser has not retained any investment banker, broker or finder in
connection with the transactions contemplated by this Agreement.

 

4.3                               PURCHASE ENTIRELY FOR OWN
ACCOUNT.  This Agreement is made with Purchaser in reliance upon
Purchaser’s representation to the Company, which by Purchaser’s execution of
this Agreement Purchaser hereby confirms, that the Shares to be received by
Purchaser will be acquired for investment for Purchaser’s own account, not as a
nominee or agent, and not with a view to the sale or distribution of any part
thereof, and that Purchaser has no present intention of selling, granting any
participation in, or otherwise distributing the same.  By executing this Agreement, such Purchaser
further represents that it has no contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participation to such person or to
any third person, with respect to any of the Shares.

 

4.4                               RESTRICTED SECURITIES.  Purchaser understands and acknowledges that the
offering of the Shares pursuant to this Agreement will not be registered under
the Securities Act on the grounds that the offering and sale of securities
contemplated by this Agreement are exempt from registration pursuant to Section 4(2) of
the Securities Act, and that the Company’s reliance upon such exemption is
predicated, in part, upon Purchaser’s representations set forth in this
Agreement.

 

4.5                               LIMITATIONS ON DISPOSITION.  In no event will Purchaser dispose of any
of their respective Shares (other than pursuant to an effective registration
statement under the Act or pursuant to Rule 144 promulgated by the United
States Securities and Exchange Commission (the “Commission”) under the Securities Act (“Rule 144”) or any similar or
analogous rule), unless and until (i) Purchaser shall have notified the
Company of the proposed disposition and shall have furnished the Company with a
statement of the circumstances surrounding the proposed disposition, and (ii) if
reasonably requested by the Company, Purchaser shall have furnished the Company
with an opinion of counsel satisfactory in form and substance to the Company
and the Company’s counsel to the effect that (x) such disposition will not
require registration 

 

9

 

under the
Securities Act and (y) appropriate action necessary for compliance with
the Securities Act and any applicable state, local or foreign law has been
taken.

 

4.6                               INVESTMENT EXPERIENCE AND
DISCLOSURE OF INFORMATION.  Purchaser (i) has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of its prospective investment in the Shares; (ii) has
received all the information it has requested from the Company in connection
with its purchase of the Shares; (iii) has the ability to bear the
economic risks of its prospective investment; and (iv) is able to bear the
economic risk of its investment and to hold the Shares for an indefinite period
of time.

 

4.7                               ACCREDITED INVESTOR.  Purchaser is an “accredited investor,” as such term is
defined for purposes of Regulation D promulgated by the Commission.

 

5.                                      LEGEND. 
The certificates for the Shares shall bear a legend in substantially the
following form.

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (“ACT”).  SUCH
SECURITIES MAY NOT BE TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER
THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR, IN THE OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY, SUCH TRANSFER MAY BE MADE PURSUANT
TO RULE 144 OR REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH
TRANSFER TO COMPLY WITH THE ACT.”

 

7.                                      ADDITIONAL COVENANTS OF PARTIES

 

8.1                               DELIVERY OF SHARE CERTIFICATES. 
Within three (3) business days following the Closing, the Company
shall execute and deliver to Purchaser a duly executed stock certificate for
the number of Shares of Common Stock that the Purchaser is purchasing
hereunder.

 

8.2                               SECURITIES LAW COMPLIANCE.  If applicable, the Company shall file a Form D
with the United States Securities and Exchange Commission, shall file “blue sky”
securities law forms with cognizant state officials with jurisdiction over the
parties or the transaction contemplated herein, as applicable, and shall file
such other forms and take such other actions as may be necessary to cause the
purchase and sale of the Shares pursuant to this Agreement to comply with
applicable federal and state securities laws.

 

9.                                      MISCELLANEOUS

 

9.1                               NOTICES. 
All notices, elections, requests, demands, and other communications
required or permitted under this Agreement shall be in writing, and shall be
deemed to have been delivered and received (a) when personally delivered,
or (b) on the third (3rd) business
day after which sent by registered or certified mail, postage prepaid, return
receipt requested, (c) on the date on which transmitted by facsimile or
other electronic means generating a receipt evidencing a successful
transmission (provided that, on that same date, a copy of such notice is sent
by registered or certified mail, postage prepaid, return receipt requested), or
(d) on the next business day after the business day on which deposited
with a regulated public carrier (e.g.,
Federal Express) for overnight delivery, freight prepaid, addressed to the
party for whom intended at the address or facsimile number set forth on the
signature page hereof, or such other address or facsimile number, notice
of which is given in a manner permitted by this Section 9.1.

 

10

 

9.2                               BINDING ON SUCCESSORS; ASSIGNMENT. 
This Agreement shall be binding upon, and shall inure to the benefit of,
the heirs, successors, assigns, and personal representatives of each of the
parties.

 

9.3                               COUNTERPARTS. 
This Agreement may be executed in counterparts, each of which shall be
deemed an original and all of which, taken together, shall be one and the same
instrument, binding on each of the signatories thereto.

 

9.4                               TITLES AND SUBTITLES. 
The titles and subtitles used in this Agreement are used for convenience
only and are not to be considered in construing or interpreting this Agreement.

 

9.5                               AMENDMENTS AND WAIVERS. 
Any term of this Agreement may be amended and the observance of any term
of this Agreement may be waived (either generally or in a particular instance
and either retroactively or prospectively), only with the written consent of
the Company and Purchaser.

 

9.6                               SEVERABILITY. 
If one or more provisions of this Agreement are held to be unenforceable
under applicable law, such provision shall be excluded from this Agreement and
the balance of the Agreement shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

 

9.7                               ENTIRE AGREEMENT. 
This Agreement and the documents referred to herein constitute the
entire agreement among the parties and supersede and replace all prior and
contemporaneous understandings, whether oral or written, regarding such subject
matter, and no party shall be liable or bound to any other party in any manner
by any warranties, representations or covenants except as specifically set
forth herein or therein.

 

9.8                               SURVIVAL OF REPRESENTATIONS AND
WARRANTIES.  The representations and warranties of the
parties contained in this Agreement shall survive the execution and delivery of
this Agreement and the Closing and shall in no way be affected by any
investigation of the subject matter thereof made by or on behalf of the
Purchaser or the Company.

 

9.9                               ATTORNEYS’ FEES. 
If any action or proceeding is commenced to construe or enforce the
terms and conditions of this Agreement or the rights and duties created
hereunder, then the party prevailing in such action shall be entitled to
recover its attorneys’ fees and the costs of enforcing any judgment entered
therein.

 

9.10                        GOVERNING LAW. 
This Agreement shall be governed by and construed in accordance with
Nevada law, without regard to the application of the conflict of law principals
thereunder.

 

[Signatures appear on the following pages.]

 

11

 

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

 

“COMPANY:”

 

	
   

  	
   

  	
  BLACK RAVEN ENERGY, INC., a Nevada corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  August 27, 2009

  	
   

  	
  By

  	
  /s/ William Hayworth

  
	
  Date

  	
   

  	
   

  	
  William Hayworth, Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address and Facsimile No. for
  Notices:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1125 17th Street,
  Suite 2300

  
	
   

  	
   

  	
  Denver, CO 80202

  
	
   

  	
   

  	
  Facsimile No.: (303)
  308-1590

  

 

[Signatures continued on following page.]

 

 

“PURCHASER:”

 

	
   

  	
  WEST COAST OPPORTUNITY FUND, LLC, a Delaware

  limited liability company

  
	
   

  	
   

  
	
   

  	
  By

  	
  WEST COAST ASSET MANAGEMENT, INC.,

  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/ Atticus Lowe

  
	
   

  	
   

  	
   

  	
  Name: Atticus Lowe

  
	
   

  	
   

  	
   

  	
  Title: Chief Investment Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  August 27, 2009

  
	
   

  	
  Date

  
	
   

  	
   

  
	
   

  	
  Address and Facsimile No. for
  Notices:

  
	
   

  	
   

  
	
   

  	
  West Coast Opportunity Fund, LLC

  
	
   

  	
  c/o West Coast Asset Management, Inc.

  
	
   

  	
  Attn: Atticus Lowe

  
	
   

  	
  1205 Coast Village Road

  
	
   

  	
  Montecito, CA 93108

  
	
   

  	
   

  
	
   

  	
  Facsimile No.: 
  (805) 648-6466

  

 

PURCHASER SIGNATURE PAGE TO PURCHASE AGREEMENTExhibit 10.6

 

 

SECURITIES
PURCHASE AGREEMENT

 

by and between

 

BLACK RAVEN
ENERGY, INC.,

a Nevada corporation

 

and

 

WEST COAST
OPPORTUNITY FUND, LLC

a Delaware limited liability company

 

 

SEPTEMBER 16,
2009

 

 

 

SECURITIES
PURCHASE AGREEMENT

 

THIS
SECURITIES PURCHASE AGREEMENT (the “Agreement”)
is made and entered into, dated for reference purposes as September 16,
2009, by and between BLACK RAVEN ENERGY, INC., a
Nevada corporation (the “Company”),
and WEST COAST OPPORTUNITY FUND, LLC, a
Delaware limited liability company (“Purchaser”),
with respect to the following facts:

 

RECITALS:

 

A.                                   On January 16, 2009, the Court
confirmed that certain “Modified Second Amended Joint Plan of Reorganization
filed by PRB Energy, Inc., and PRB Oil & Gas, Inc.,” dated December 3,
2008 (the “Plan”), and the confirmation of the Plan thereafter became
effective on February 2, 2009 (the “Confirmation Date”).

 

B.                                     On April 13, 2009, the parties
executed the Agreement Regarding New Equity Raise Under the Modified Second
Amended Joint Plan of Reorganization (“New Equity Agreement”).

 

C.                                     Pursuant to the New Equity Agreement, the
parties have agreed to execute this Agreement in order to memorialize the terms
and conditions on which Purchaser shall purchase certain shares of the common
capital stock of the Company.

 

AGREEMENTS:

 

NOW,
THEREFORE, the
parties hereto, intending to be legally bound, do hereby agree as follows:

 

1.                                      DEFINITIONS.  For purposes of this Agreement:

 

1.1                               “ARTICLES OF INCORPORATION” means the Company’s Amended and Restated
Articles of Incorporation, as filed with the Secretary of State of the State of
Nevada on February 2, 2009.

 

1.2                               “CLOSING”
means the closing of the transactions contemplated by this Agreement, as
further described in Sections 2.2 and 2.3, below.

 

1.3                               “COMMON STOCK” means the common capital stock of the Company.

 

1.4                               “FINANCIAL STATEMENTS” means the Company’s unaudited statement of income and
expense for the period from January 1, 2009, through June 30, 2009,
and unaudited non-GAAP balance sheet dated as of June 30, 2009, copies of
which have been made available to Purchaser.

 

1.5                               “FINANCIAL STATEMENTS DATE” means June 30, 2009.

 

1.6                               “MATERIAL ADVERSE EVENT” means an occurrence or circumstance
having a consequence that, individually or in the aggregate, is materially
adverse as to the business, properties, assets, liabilities, affairs,
prospects, operations, operating results, or condition (financial or otherwise)
of the Company; provided, however, that such term
shall not include any circumstance or change related to (a) general
economic conditions, (b) securities markets generally, or (c) fluctuations
in the price of the Company’s securities unrelated to any event that (without
regard to the foregoing clauses (a) and (b) and this clause (c))
would constitute a Material Adverse Event hereunder.

 

1.7                               “NEW EQUITY AGREEMENT” has the meaning ascribed thereto in the
Recitals, above.

 

 

1.8                               “PLAN” has the meaning ascribed thereto in the
Recitals, above.

 

1.9                               “SECURITIES ACT” means the Securities Act of 1933, as
amended from time to time.

 

1.10                        “SHARES” means the shares of Common Stock being
issued and sold by the Company to the Purchaser pursuant to this Agreement.

 

1.11                        “SUBSIDIARY” means any other corporation, association
or other business entity in which the Company owns or controls more than fifty
percent (50.0%) of the outstanding capital stock.

 

2.                                                                                      PURCHASE AND SALE OF SHARES OF
COMMON STOCK

 

2.1                               AUTHORIZATION AND SALE OF COMMON
STOCK.

 

(a)                                  SALE. 
The Company has authorized the issuance and sale to Purchaser an
aggregate of seven hundred fifty thousand (750,000) Shares of the Company’s
Common Stock.

 

(b)                                  PURCHASE. 
Subject to the terms and conditions of this Agreement, Purchaser agrees
to purchase at the Closing, and the Company agrees to sell and issue to Purchaser
at the Closing, seven hundred fifty thousand (750,000) Shares of the Company’s
Common Stock, at an aggregate purchase price of one million five hundred
thousand dollars ($1,500,000) (the “Purchase Price”).

 

2.2                               CLOSING. 
The purchase, sale and issuance of the shares of the Company’s Common
Stock shall take place concurrent with the execution of this Agreement or on a
later date mutually agreeable to the parties (the “Closing”).

 

(a)                                  PAYMENT. 
At the Closing, Purchaser shall pay to the Company the full Purchase
Price, by (a) check payable to the Company, (b) wire transfer in
accordance with the Company’s instructions, or (c) any combination of the
foregoing and within three business days of such payment, the Company shall
issue a certificate or certificates to the Purchaser evidencing the Common
Stock purchased hereunder.

 

(b)                                  ISSUANCE OF CERTIFICATES. Within three (3) business days
following the Closing, the Company shall deliver to Purchaser certificates
representing the  Shares issued in the names of
the Purchaser, against payment of the purchase price therefor by check, wire
transfer, cancellation of indebtedness or any combination thereof in accordance
with SECTION 2.2(a), above.  In the event that payment by a Purchaser is
made, in whole or in part, by cancellation of indebtedness, then such Purchaser
shall surrender to the Company for cancellation at the Closing any evidence of
such indebtedness or shall execute an instrument of cancellation in form and
substance acceptable to the Company.

 

3.                                      REPRESENTATIONS AND WARRANTIES OF
COMPANY.  Except as otherwise set forth in the Company
Disclosure Schedule attached hereto as EXHIBIT A, specifically
identifying the relevant subparagraphs hereof, which exceptions shall be deemed
to be representations and warranties as if made hereunder (the “Company Disclosure Schedule”),
which has been furnished to Purchaser prior to the execution hereof, as a
material inducement to the Purchaser to enter into this Agreement and purchase
the Shares of Common Stock hereunder, the Company hereby represents and
warrants to Purchaser that:

 

3.1                               CORPORATE ORGANIZATION AND
AUTHORITY.  The Company (a) is a corporation duly
organized, validly existing, authorized to exercise all its corporate powers,
rights and privileges, and in good standing under the laws of the State of
Nevada; (b) has the corporate power and authority to own and operate 

 

2

 

its properties and to carry on its business as now conducted and as
presently proposed to be conducted; (c) has the corporate power and
authority to execute, deliver and perform its obligations under this Agreement;
and (d) is qualified to do business as a foreign corporation and is in
good standing under the laws of each jurisdiction in which the failure so to
qualify would be a Material Adverse Event.

 

3.2                               CAPITALIZATION. 
Immediately prior to the Closing, the authorized capital stock of the
Company shall consist of:

 

(a)                                  COMMON STOCK. 
Two Hundred Fifty Million (250,000,000) shares of Common Stock, of which
15,667,878 are issued.

 

(b)                                  PREFERRED STOCK. 
One Hundred Million (100,000,000)  shares of Preferred Stock, none of which are issued and
outstanding.

 

(c)                                  OTHER SECURITIES.  Except for (a) the Company’s obligation to issue
to certain creditors under the Plan certain stock purchase warrants that (i) shall
entitle the holders of such warrants to purchase in the aggregate up to
1,500,000 shares of Common Stock at an exercise price of $2.50 per share and (ii) shall
expire if not exercised on or before December 31, 2013, (b) certain
preemptive rights that were granted under the Plan, (c) Purchaser’s
obligation to purchase shares of Company capital stock pursuant to the Plan,
and (d) the Shares to be issued under this Agreement, there are not outstanding
any options,  rights or agreements for
the purchase or acquisition from the Company of any shares of its capital
stock.  Except for the Articles of
Incorporation, the Company is not a party to or subject to any agreement or
understanding, and to the Company’s knowledge there is no agreement or
understanding between any individuals and/or entities, which affects or relates
to the voting or giving of written consents with respect to any Company
security or the voting by a director of the Company.

 

(d)                                  PRIOR SHARES. 
The outstanding shares of Common Stock are duly and validly authorized
and issued, fully paid and nonassessable, and were issued in compliance with
all applicable state and federal laws concerning the issuance of securities.

 

3.3                               SUBSIDIARIES. 
The Company has no Subsidiaries.. 
The Company is not a participant in any joint venture, partnership or
similar arrangement.

 

3.4                               AUTHORIZATION. 
All corporate action on the part of the Company, its officers, directors
and stockholders necessary for the authorization, execution, delivery and
performance of all obligations under this Agreement, , the Articles of
Incorporation, and the authorization, sale and issuance (or reservation for
issuance) and delivery of the Shares and of the Common Stock has been
taken.  This Agreement constitutes the
legally binding and valid obligation of the Company enforceable in accordance
with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application
affecting enforcement of creditors’ rights generally, and (ii) as limited
by laws relating to the availability of specific performance, injunctive relief
or other equitable remedies.

 

3.5                               VALIDITY OF SHARES. 
The Shares, when issued, sold and delivered in accordance with the terms
and for the consideration expressed in this Agreement, shall be duly and
validly issued (including, without limitation, issued in compliance with
applicable federal and state securities laws), fully paid and nonassessable and
will be free of restrictions on transfer, other than restrictions of transfer
under this Agreement, and under applicable state and federal securities laws

 

3.6                               NO CONFLICT WITH OTHER INSTRUMENTS.  The execution
and delivery of this Agreement, and the performance by the Company of its
obligations under this Agreement will not result in any violation of, 

 

3

 

be in conflict with, or constitute a default under, with or without the
passage of time or the giving of notice: (a) any provision of the Company’s
Articles of Incorporation or Bylaws; (b) any provision of any judgment,
writ, decree or order to which the Company is a party or by which it is bound; (c) any
contract, obligation or commitment to which the Company is a party or by which
it is bound; or (d) any federal or state statute, rule or
governmental regulation applicable to the Company.  The execution, delivery and performance of
this Agreement, and all other agreements contemplated hereby to which the
Company is a party and the consummation of the transactions contemplated hereby
will not result in any such violation, or be in conflict with or constitute,
with or without the passage of time and giving of notice, either a default
under any such provision, instrument, judgment, order, writ, decree or contract
or an event that results in the creation of any lien, charge or encumbrance
upon any assets of the Company or the suspension, revocation, impairment,
forfeiture or nonrenewal of any material  permit, license,
authorization or approval applicable to the Company, its business or operations
or any of its assets or properties.

 

3.7                               LITIGATION. 
There is no action, proceeding or investigation pending or (to the
knowledge of the Company) threatened, or any basis therefor known to the
Company, that questions the validity of this Agreement or the right of the
Company to enter into any of them or to consummate the transactions
contemplated thereby or that might result, either individually or in the
aggregate, in any Material Adverse Event, including, without limitation, any
action, proceeding or investigation involving the prior employment or
consulting of any of the Company’s employees or consultants or their use of any
information or techniques alleged to be proprietary to any former or current
employer of any such employee or consultant. 
There is no judgment, writ, decree, injunction, or order of any court or
government agency or instrumentality in effect against the Company, and the
Company is not in default with respect to any order, judgment, injunction,
writ, or decree of any governmental authority, except the Bankruptcy Court
order relating to the payment of the principal and interest of PRB Funding, LLC
and valid mechanic’s liens.  The Company
has not received any opinion or memorandum or legal counsel to the effect that
it is exposed, from a legal standpoint, to any liability or disadvantage which
if imposed upon the Company would cause a Material Adverse Event.  There is no action, suit, proceeding or investigation
by the Company currently pending or which the Company presently intends to
initiate.

 

3.8                               TITLE TO PROPERTIES; LIENS AND
ENCUMBRANCES.  The property and assets the Company owns are
owned by the Company free and clear of all mortgages, liens, loans and
encumbrances, except (a) as reflected in the Financial Statements, ( b) as
described in Exhibit A, the Company
Disclosure Schedule (c) for statutory liens for the payment of current
taxes that are not yet delinquent, and (d) for liens, encumbrances and
security interests that arise in the ordinary course of business and minor
defects in title, none of which, individually or in the aggregate, materially
impair the Company’s ownership or use of such property or assets.  With respect to the property and assets it
leases, the Company is in compliance with such leases and holds a valid
leasehold interest free of any liens except for the pre-petition mechanic’s
liens, claims or encumbrances, subject to clauses (a) through (d) of
this Section 3.8.

 

3.9                               PATENTS AND OTHER PROPRIETARY
RIGHTS

 

(a)          To the best of the Company’s knowledge, the Company
owns, possesses, has a license to, has access to or can become licensed on
reasonable terms under, all patents, patent applications, trademarks, service
marks, trade names, licenses, inventions, computer software, technical
information and copyrights necessary for the operation of its business as now
conducted and as proposed to be conducted by the Company with no known (after
reasonable inquiry) infringement of or conflict with the rights of others (nor
any basis therefor).

 

(b)          There are no outstanding options, licenses or
agreements of any kind, express or implied, relating to the matters listed in subsection
3.9(a), above, nor is the Company bound by or a party to any 

 

4

 

options, licenses
or agreements of any kind with respect to the patents, trademarks, service
marks, trade names, copyrights, trade secrets, licenses, information,
proprietary rights and processes of any other person or entity.

 

(c)          The Company has not received any communications
alleging that the Company has violated or, by conducting its business as
proposed, would violate any of the patents, trademarks, service marks, trade
names, copyrights or trade secrets or any proprietary rights of any other
person or entity.

 

(d)          The Company is not aware that any of its employees is
obligated under any contract (including licenses, covenants or commitments of
any nature) or other agreement, or subject to any judgment, decree or order of
any court or administrative agency, that would interfere with the use of such
employee’s commercially reasonable efforts to promote the interests of the
Company or that would conflict with the Company’s business as presently conducted.

 

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

 

(f)            The Company does not believe it is or will be
necessary to utilize any inventions of any of its employees (or people it
currently intends to hire) made prior to their employment by the Company.

 

3.10                        NO DEFAULTS, VIOLATIONS OR
CONFLICTS.  The Company, except for the default interest
rate being paid on the PRB Funding, LLC promissory note, and certain approved
claims by the bankruptcy court, and certain outstanding mechanic’s liens, is
not in violation or default of any term or provision of its Articles of
Incorporation or Bylaws, or any term or provision of any indebtedness,
mortgage, indenture, contract, agreement, judgment, writ, statute, rule,
regulation or any decree or order or of any provision of federal or state
statute, rule or regulation applicable to the Company, the violation of
which would be a Material Adverse Event.

 

3.11                        RELATED PARTY TRANSACTIONS. 
Except as set forth on EXHIBIT A and
except for relationships of Atticus Lowe and the Purchaser to which the Company
makes no representations in this Section 3.11, there are no agreements,
understandings, or proposed transactions between the Company and any of its
officers, directors, stockholders, affiliates, or any affiliate thereof, and (a) no
employee, officer or director of the Company or member of his or her immediate family
is indebted to the Company, nor is the Company indebted (or committed to make
loans or extend or guarantee credit) to any of them, (b) no such person
has any direct or indirect ownership interest in any firm or corporation with
which the Company is affiliated or with which the Company has a business
relationship, or any firm or corporation that competes with the Company, except
that employees, officers, or directors of the Company and members of their
immediate families may own less than one percent (1.0%) of the stock in
publicly traded companies that may compete with the Company, and (c) no
member of the immediate family or any officer or director of the Company is
directly or indirectly interested in any material contract with the Company.

 

3.12                        EMPLOYEE COMPENSATION PLANS. 
The Company is not a party to or bound by (a) any currently
effective employment contracts (except for employment contracts that are
terminable at will), (b) deferred compensation agreements, (c) bonus
plans, (d) incentive plans, profit sharing plans, retirement agreements or
other employee compensation agreements, and (e) does not maintain or
contribute to, and has never maintained or contributed to, any “employee
benefit plan,” as such term is defined in the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”).

 

5

 

3.13                        EMPLOYEE RELATIONS. 
The Company’s employees are not represented by any labor unions nor, to
the Company’s knowledge, is any union organization campaign in progress.  The Company has no collective bargaining
agreements with any of its employees. 
There is no strike, labor dispute, or labor union organizing activity
pending or, to the Company’s knowledge, threatened with respect to the
Company.  To the Company’s knowledge, no
employee of the Company, nor any consultant with whom the Company has
contracted, is in violation of any term of any employment contract, proprietary
information agreement or any other agreement relating to the right of any such
individual to be employed by, or to contract with, the Company because of the
nature of the business to be conducted by the Company; and to the Company’s
knowledge, the continued employment by the Company of its present employees,
and the performance of the Company’s contracts with its independent contractors
will not result in any such violation. 
The Company has not received any notice alleging that any such violation
has occurred.  No employee of the Company
has been granted the right to continued employment by the Company or to any
material compensation following termination of employment with the
Company.  The Company is not aware that
any officer or key employee, or that any group of key employees intends to
terminate their employment with the Company, nor does the Company have a
present intention to terminate the employment of any officer, key employee or
group of key employees.

 

3.14                        BROKERS AND FINDERS. 
The Company has not retained any investment banker, broker or finder in
connection with the transactions contemplated by this Agreement, and will not
be obligated to pay any finder’s fee or commission in connection with this
transaction.

 

3.15                        GOVERNMENTAL CONSENTS. 
No consent, approval, order or authorization of, or registration,
qualification, designation, declaration or filing with, any federal, state,
local or provincial governmental authority on the part of the Company is
required in connection with the consummation of the transactions contemplated
by this Agreement, except for the filing pursuant to federal or state
securities laws, including, but not limited to: Regulation D under the
Securities Act; and the “blue sky” securities laws of each State in which any
Purchaser has its principal executive office, and the rules thereunder,
each of which filings will be effected within fifteen (15) days after the
Closing or within the required statutory period.

 

3.16                        ENVIRONMENTAL REGULATIONS. 
The Company, the operation of its business and any real property that
the Company owns or has owned, leases or has leased or otherwise occupies or
uses or has occupied or used (the “Premises”)
are, to the best of the Company’s knowledge, in compliance with all applicable
Environmental Laws (as defined below) and orders or directives of any
governmental authorities having jurisdiction under such Environmental
Laws.  The Company has not received any
citation, directive, letter or other communication, written or oral, or any
notice of any proceeding, claim or lawsuit, from any person arising out of the
ownership or occupation of the Premises, or the conduct of its operations, and
the Company is not aware of any basis therefor. 
To the best of the Company’s knowledge, no material expenditures are or
will be required in order to comply with any Environmental Laws.  For purposes of this Agreement, the term “Environmental Laws” shall mean any
federal, state, local or foreign law, ordinance, rule, regulation, permit and
authorization pertaining to the protection of human health or the environment.

 

3.17                        MINUTE BOOK. 
The minute book of the Company contains a complete summary of all
meetings of directors and stockholders and contains all written consents of
such directors and stockholders since the time of incorporation, and accurately
reflects in all material respects all transactions referred to in such minutes.

 

3.18                        ABSENCE OF CERTAIN CHANGES. 
Since the Financial Statements Date, and at all times up to the Closing,
there has not been, and, so far as reasonably can be foreseen at this time,
there is not reasonably likely to be, any event or condition of any character
which has materially adversely affected, or is likely to 

 

6

 

affect, the Company’s business operations, assets, condition (financial
or otherwise), liabilities, earnings or prospects including but not limited to:

 

(a)                                  Any Material Adverse Event;

 

(b)                                  Any declaration, setting aside or payment
or other distribution in respect of any of the Company’s capital stock, or any
direct or indirect redemption, purchase or other acquisition of any of such
stock by the Company, other than the repurchase of unvested shares of Common
Stock of the Company issued to employees, officers or directors of or
consultants to the Company;

 

(c)                                  Any waiver by the Company of a valuable
right or of a material debt owed to it;

 

(d)                                  Any material change or amendment to a
contract or arrangement by which the Company or any of its assets or properties
is bound or subject;

 

(e)                                  Any damage, destruction or loss to any
asset of the Company (whether or not covered by insurance) that, individually
or in the aggregate, would constitute a Material Adverse Event;

 

(f)                                    Any commitment, transaction or other
action by the Company other than in the ordinary course of business and
consistent with past practice;

 

(g)                                 Any amendment or other change to the
Articles of Incorporation or Bylaws of the Company (except as contemplated by
this Agreement);

 

(h)                                 Any sale or other disposition of any
right, title or interest in or to any assets or properties of the Company or
any revenues derived therefrom other than in the ordinary course of business
and consistent with past practice;

 

(i)                                    Either (i) any approval or action to
put into effect any general increase in any compensation or benefits payable to
any class or group of employees of the Company, any increase in the
compensation or benefits payable or to become payable by the Company to any of
its directors, officers or any of its employees whose total compensation after
such increase would exceed $250,000 per annum (collectively, “Key Employees”) or any bonus,
service award, percentage compensation or other benefit paid, granted or
accrued to or for the benefit of any Key Employee, or (ii) the adoption or
amendment in any material respect of any employee benefit plan or compensation
commitment or any severance agreement or employment contract to which any Key
Employee is a party;

 

(j)                                    Any material change in any accounting
principle or method or election for federal income tax purposes used by the
Company;

 

(k)                                Any labor trouble, or any event or
condition of any character, materially adversely affecting the business or
plans of the Company; or

 

(l)                                    Any authorization, approval, agreement or
commitment to do any of the foregoing.

 

3.19                        TAX RETURNS, PAYMENTS AND
ELECTIONS.  Except for the Company’s federal and state
income tax returns for the taxable years ended December 31, 2007, and December 31,
2008 (which the Company has not yet filed by reason of the Company’s prior
bankruptcy filing), the Company has timely filed all tax returns (federal,
state and local) and reports as required by law and all taxes, assessments and
other government charges imposed upon the Company, or upon any of the assets,
income or franchises of the 

 

7

 

Company, have been timely paid. 
To the knowledge of the Company, such returns and reports are true and
correct in all material respects.  To the
knowledge of the Company, the Company has paid all taxes and other assessments
due prior to the taxable year ended December 31, 2007.  There are (a) no actual or proposed Tax
deficiencies, assessments or adjustments with respect to the Company or any
assets or operations of the Company; (b) no consent has been given with
respect to the Company to extend the time in which any Tax may be assessed or
collected by any taxing authority, except for the federal and state income tax
returns for the taxable years ended December 31, 2007, and December 31,
2008; (c) there are no ongoing or pending Tax audits by any taxing
authority against the Company except for an audit by the State of Wyoming
covering multiple years in which Black Raven Energy (f/k/a PRB Energy, Inc.)
was an operator (d) none of the assets or income items of the Company has
been or potentially is subject to Tax under Section 1374 of the Internal
Revenue Code, as amended (the “Code”) (or any corresponding provision of
state, local or foreign law).  “Tax” or “Taxes” means any federal, state,
local or foreign income, gross receipts, license, payroll, employment, excise,
severance, stamp, occupation, premium, property, windfall, profits,
environmental, customs, capital stock, franchise, employees’ income
withholding, foreign or domestic withholding, social security, unemployment,
disability, real property, personal property, sales, use, transfer, value
added, alternative or add-on minimum or other similar tax, governmental fee,
governmental assessment or governmental charge of any kind whatsoever,
including any interest, penalties or additions to Tax or additional amounts with
respect to the foregoing.  The Company
has not elected pursuant to the Code to be treated as a Subchapter S
corporation or a collapsible corporation pursuant to Section 1362(a) or
Section 341(f) of the Code, respectively, nor has it made any other
elections pursuant to the Code (other than elections that relate solely to
methods of accounting, depreciation or amortization) that would have a material
effect on the Company, its financial condition, its business as presently
conducted or proposed to be conducted or any of its properties or material
assets.

 

3.20                        INSURANCE. 
The Company has in full force and effect fire and casualty insurance
policies, with extended coverage, sufficient in amount (subject to reasonable
deductibles) to allow it to replace any of its properties that might be damaged
or destroyed.  The Company has no key man
life insurance or errors and omissions insurance.  The Company is not in default with respect to
its obligations under any insurance policy maintained by it, and the Company
has not been denied insurance coverage.

 

3.21                        FINANCIAL STATEMENTS. 
The Company will make its Financial Statements available for inspection
by Purchaser upon request.  The Financial
Statements are accurate and complete in all material respects, are consistent
with the books and records of the Company (which, in turn, are accurate and
complete in all material respects but are unaudited and are not prepared in
compliance with generally accepted accounting principles (“GAAP”) and
have been prepared in accordance with the Company’s historical accounting
practices consistently applied throughout the periods indicated and with each
other, except that such non-GAAP unaudited Financial Statements do not contain
all footnotes required by GAAP.  The
Financial Statements fairly present the financial condition and operating
results of the Company as of the dates, and for the periods, indicated
therein.  Except as set forth in the
Financial Statements, the Company does not have any liabilities (whether
accrued, absolute, unliquidated, contingent or otherwise, whether or not known
to the Company, whether due or to become due and regardless of when asserted)
arising out of transactions entered into at or prior to the Closing, or any
action or inaction at or prior to the Closing or any state of facts existing at
or prior to the Closing other than (i) liabilities and obligations that
have arisen after the Financial Statements Date in the ordinary course of
business (none of which is a liability resulting from breach of contract,
breach of warranty, tort, infringement, claim or lawsuit), and (ii) obligations
under contracts and commitments incurred in the ordinary course of business
that would not be required to be reflected in financial statements prepared in
accordance with GAAP.  Except as
disclosed in the Financial Statements, the Company is not a guarantor or
indemnitor of any indebtedness of any other person, firm or corporation.  The Company maintains and will continue to
maintain a standard system of accounting established and administered in a
manner consistent with its historical accounting practices.

 

8

 

3.22                        PERMITS.  The Company has all franchises, permits, licenses and
any similar authority necessary for the conduct of its business, the lack of
which could materially and adversely affect the business, properties or
financial condition of the Company.  The
Company is not in default in any material respect under any such franchises,
permits, licenses or other similar authority.

 

3.23                        OFFERING. 
Subject in part to the truth and accuracy of Purchaser’s representations
set forth in Section 4 of this Agreement, the offer, sale and
issuance of the Common Stock as contemplated by this Agreement are exempt from
the registration requirements of the Securities Act, and the qualification or
registration requirements of the Law or other applicable blue sky laws.  Neither the Company nor any authorized agent
acting on its behalf will take any action hereafter that would cause the loss
of such exemptions.

 

4.                                      REPRESENTATIONS AND WARRANTIES OF
PURCHASER.   Purchaser represents and warrants to the
Company as follows:

 

4.1                               AUTHORIZATION. 
Purchaser has full power and authority to enter into this Agreement and
all corporate action on the part of Purchaser, its officers, directors, and
stockholders necessary for the purchase of the Shares has been taken, and this
Agreement constitutes the legally binding and valid obligation of Purchaser,
enforceable in accordance with its terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, and other laws
of general application affecting enforcement of creditors’ rights generally,
and (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies.

 

4.2                               BROKERS AND FINDERS. 
Purchaser has not retained any investment banker, broker or finder in
connection with the transactions contemplated by this Agreement.

 

4.3                               PURCHASE ENTIRELY FOR OWN
ACCOUNT.  This Agreement is made with Purchaser in reliance upon
Purchaser’s representation to the Company, which by Purchaser’s execution of
this Agreement Purchaser hereby confirms, that the Shares to be received by
Purchaser will be acquired for investment for Purchaser’s own account, not as a
nominee or agent, and not with a view to the sale or distribution of any part
thereof, and that Purchaser has no present intention of selling, granting any
participation in, or otherwise distributing the same.  By executing this Agreement, such Purchaser
further represents that it has no contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participation to such person or to
any third person, with respect to any of the Shares.

 

4.4                               RESTRICTED SECURITIES.  Purchaser understands and acknowledges that the
offering of the Shares pursuant to this Agreement will not be registered under
the Securities Act on the grounds that the offering and sale of securities
contemplated by this Agreement are exempt from registration pursuant to Section 4(2) of
the Securities Act, and that the Company’s reliance upon such exemption is
predicated, in part, upon Purchaser’s representations set forth in this
Agreement.

 

4.5                               LIMITATIONS ON DISPOSITION.  In no event will Purchaser dispose of any
of their respective Shares (other than pursuant to an effective registration
statement under the Act or pursuant to Rule 144 promulgated by the United
States Securities and Exchange Commission (the “Commission”) under the Securities Act (“Rule 144”) or any similar or
analogous rule), unless and until (i) Purchaser shall have notified the
Company of the proposed disposition and shall have furnished the Company with a
statement of the circumstances surrounding the proposed disposition, and (ii) if
reasonably requested by the Company, Purchaser shall have furnished the Company
with an opinion of counsel satisfactory in form and substance to the Company
and the Company’s counsel to the effect that (x) such disposition will not
require registration 

 

9

 

under the
Securities Act and (y) appropriate action necessary for compliance with
the Securities Act and any applicable state, local or foreign law has been
taken.

 

4.6                               INVESTMENT EXPERIENCE AND
DISCLOSURE OF INFORMATION.  Purchaser (i) has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of its prospective investment in the Shares; (ii) has
received all the information it has requested from the Company in connection
with its purchase of the Shares; (iii) has the ability to bear the
economic risks of its prospective investment; and (iv) is able to bear the
economic risk of its investment and to hold the Shares for an indefinite period
of time.

 

4.7                               ACCREDITED INVESTOR.  Purchaser is an “accredited investor,” as such term is
defined for purposes of Regulation D promulgated by the Commission.

 

5.                                      LEGEND. 
The certificates for the Shares shall bear a legend in substantially the
following form.

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (“ACT”).  SUCH
SECURITIES MAY NOT BE TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER
THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR, IN THE OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY, SUCH TRANSFER MAY BE MADE PURSUANT
TO RULE 144 OR REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH
TRANSFER TO COMPLY WITH THE ACT.”

 

7.                                      ADDITIONAL COVENANTS OF PARTIES

 

8.1                               DELIVERY OF SHARE CERTIFICATES. 
Within three (3) business days following the Closing, the Company
shall execute and deliver to Purchaser a duly executed stock certificate for
the number of Shares of Common Stock that the Purchaser is purchasing
hereunder.

 

8.2                               SECURITIES LAW COMPLIANCE.  If applicable, the Company shall file a Form D
with the United States Securities and Exchange Commission, shall file “blue sky”
securities law forms with cognizant state officials with jurisdiction over the
parties or the transaction contemplated herein, as applicable, and shall file
such other forms and take such other actions as may be necessary to cause the
purchase and sale of the Shares pursuant to this Agreement to comply with
applicable federal and state securities laws.

 

9.                                      MISCELLANEOUS

 

9.1                               NOTICES. 
All notices, elections, requests, demands, and other communications
required or permitted under this Agreement shall be in writing, and shall be
deemed to have been delivered and received (a) when personally delivered,
or (b) on the third (3rd) business
day after which sent by registered or certified mail, postage prepaid, return
receipt requested, (c) on the date on which transmitted by facsimile or
other electronic means generating a receipt evidencing a successful
transmission (provided that, on that same date, a copy of such notice is sent
by registered or certified mail, postage prepaid, return receipt requested), or
(d) on the next business day after the business day on which deposited
with a regulated public carrier (e.g.,
Federal Express) for overnight delivery, freight prepaid, addressed to the
party for whom intended at the address or facsimile number set forth on the
signature page hereof, or such other address or facsimile number, notice
of which is given in a manner permitted by this Section 9.1.

 

10

 

9.2                               BINDING ON SUCCESSORS; ASSIGNMENT. 
This Agreement shall be binding upon, and shall inure to the benefit of,
the heirs, successors, assigns, and personal representatives of each of the
parties.

 

9.3                               COUNTERPARTS. 
This Agreement may be executed in counterparts, each of which shall be
deemed an original and all of which, taken together, shall be one and the same
instrument, binding on each of the signatories thereto.

 

9.4                               TITLES AND SUBTITLES. 
The titles and subtitles used in this Agreement are used for convenience
only and are not to be considered in construing or interpreting this Agreement.

 

9.5                               AMENDMENTS AND WAIVERS. 
Any term of this Agreement may be amended and the observance of any term
of this Agreement may be waived (either generally or in a particular instance
and either retroactively or prospectively), only with the written consent of
the Company and Purchaser.

 

9.6                               SEVERABILITY. 
If one or more provisions of this Agreement are held to be unenforceable
under applicable law, such provision shall be excluded from this Agreement and
the balance of the Agreement shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

 

9.7                               ENTIRE AGREEMENT. 
This Agreement and the documents referred to herein constitute the
entire agreement among the parties and supersede and replace all prior and
contemporaneous understandings, whether oral or written, regarding such subject
matter, and no party shall be liable or bound to any other party in any manner
by any warranties, representations or covenants except as specifically set
forth herein or therein.

 

9.8                               SURVIVAL OF REPRESENTATIONS AND
WARRANTIES.  The representations and warranties of the
parties contained in this Agreement shall survive the execution and delivery of
this Agreement and the Closing and shall in no way be affected by any
investigation of the subject matter thereof made by or on behalf of the
Purchaser or the Company.

 

9.9                               ATTORNEYS’ FEES. 
If any action or proceeding is commenced to construe or enforce the
terms and conditions of this Agreement or the rights and duties created
hereunder, then the party prevailing in such action shall be entitled to
recover its attorneys’ fees and the costs of enforcing any judgment entered
therein.

 

9.10                        GOVERNING LAW. 
This Agreement shall be governed by and construed in accordance with
Nevada law, without regard to the application of the conflict of law principals
thereunder.

 

[Signatures appear on the following pages.]

 

11

 

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

 

“COMPANY:”

 

	
   

  	
   

  	
  BLACK RAVEN ENERGY, INC., a Nevada corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  September 16, 2009

  	
   

  	
  By

  	
  /s/ William Hayworth

  
	
  Date

  	
   

  	
   

  	
  William Hayworth, President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address and Facsimile No. for
  Notices:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1125 17th Street,
  Suite 2300

  
	
   

  	
   

  	
  Denver, CO 80202

  
	
   

  	
   

  	
  Facsimile No.: (303)
  308-1590

  

 

[Signatures continued on following page.]

 

 

“PURCHASER:”

 

	
   

  	
  WEST COAST OPPORTUNITY FUND, LLC, a Delaware

  limited liability company

  
	
   

  	
   

  
	
   

  	
  By

  	
  WEST COAST ASSET MANAGEMENT, INC.,

  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/ Atticus Lowe

  
	
   

  	
   

  	
   

  	
  Name: Atticus Lowe

  
	
   

  	
   

  	
   

  	
  Title: Chief Investment Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  September 16, 2009

  
	
   

  	
  Date

  
	
   

  	
   

  
	
   

  	
  Address and Facsimile No. for
  Notices:

  
	
   

  	
   

  
	
   

  	
  West Coast Opportunity Fund, LLC

  
	
   

  	
  c/o West Coast Asset Management, Inc.

  
	
   

  	
  Attn: Atticus Lowe

  
	
   

  	
  1205 Coast Village Road

  
	
   

  	
  Montecito, CA 93108

  
	
   

  	
   

  
	
   

  	
  Facsimile No.: (805) 648-6466

  

 

PURCHASER SIGNATURE PAGE
TO PURCHASE AGREEMENT

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