Document:

Unassociated Document

    Exhibit
      Number 10.1

    

    

    
 

    STOCK
      PURCHASE AGREEMENT

    

    

    Dated
      as of August 29, 2005

    

    

    by
      and between

    

    

    HARKEN
      ENERGY CORPORATION

    

    

    and

    

    

    ALEXANDRA
      GLOBAL MASTER FUND LTD.

    

    

    __________________________________

    

    

    SERIES
      J CONVERTIBLE PREFERRED STOCK

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    HARKEN
      ENERGY CORPORATION

    

    STOCK
      PURCHASE AGREEMENT

    

    SERIES
      J CONVERTIBLE PREFERRED STOCK

    

    TABLE
      OF CONTENTS

     

    
      	 	
              Page

            
	1.    Definitions	
              3

            
	 	 	 	
               

            
	2.    Purchase
              and Sale; Purchase Price	
              4

            
	 	
              (a)

            	
              Purchase

            	
              4

            
	 	
              (b)

            	
              Form
                of Payment

            	
              4

            
	 	
              (c)

            	
              Closing

            	
              5

            
	 	 	 	
               

            
	3.    Representations,
              Warranties, Covenants, etc. of the Holder	
              5

            
	 	
              (a)

            	
              Stock
                Purchase Agreement

            	
              5

            
	 	 	 	
               

            
	4.    Representations,
              Warranties, Covenants, etc. of the Company	
              5

            
	 	
              (a)

            	
              Corporate
                Authorization

            	
              5

            
	 	
              (b)

            	
              Non-contravention.

            	
              5

            
	 	
              (c)

            	
              Approvals,
                Filings, Etc.

            	
              6

            
	 	 	 	
               

            
	5.    Certain
              Waiver	
              6

            
	 	 	 	
               

            
	6.    Conditions
              to the Company’s Obligation to Purchase	
              6

            
	 	 	 	
               

            
	7.    Conditions
              to the Holder’s Obligation to Sell	
              7

            
	 	 	 	
               

            
	8.    Miscellaneous	
              7

            
	 	
              (a)

            	
              Governing
                Law

            	
              7

            
	 	
              (b)

            	
              Headings

            	
              7

            
	 	
              (c)

            	
              Severablity

            	 
	 	
              (d)

            	
              Notices

            	
              7

            
	 	
              (e)

            	
              Counterparts

            	
              8

            
	 	
              (f)

            	
              Entire
                Agreement; Benefit

            	
              8

            
	 	
              (g)

            	
              Waiver

            	
              8

            
	 	
              (h)

            	
              Amendment

            	
              8

            
	 	
              (i)

            	
              Further
                Assurances

            	
              8

            
	 	
              (j)

            	
              Expenses

            	
              9

            
	 	
              (k)

            	
              Survival

            	
              9

            
	 	
              (l)

            	
              Construction

            	
              9

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    STOCK
      PURCHASE AGREEMENT

    

    THIS
      STOCK PURCHASE AGREEMENT,
      dated as
      of August 29, 2005 (this “Agreement”), by and between HARKEN
      ENERGY CORPORATION,
      a
      Delaware corporation, (the “Company”), and ALEXANDRA
      GLOBAL MASTER FUND LTD.,
      a
      British Virgin Islands international business company (the
“Holder”).

    
      
         

        W I T N E S S E T H:

         

      

    

    WHEREAS,
      the
      Holder is the holder of 50,000 shares of the Preferred Stock (such capitalized
      term and all other capitalized terms used in this Agreement having the meanings
      provided in Section 1); and 

    

    WHEREAS,
      the
      Company wishes to purchase from the Holder and the Holder wishes to sell to
      the
      Company, upon the terms and subject to the conditions of this Agreement, 50,000
      Preferred Shares for the Purchase Price.

    

    NOW
      THEREFORE,
      in
      consideration of the premises and the mutual covenants contained herein and
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the parties agree as follows:

    

    1.     Definitions.

    

    (a)     As
      used
      in this Agreement, the terms “Agreement”, “Company” and “Holder” shall have the
      respective meanings assigned to such terms in the introductory paragraph of
      this
      Agreement.

    

    (b)     All
      the
      agreements or instruments herein defined shall mean such agreements or
      instruments as the same may from time to time be supplemented or amended or
      the
      terms thereof waived or modified to the extent permitted by, and in accordance
      with, the terms thereof and of this Agreement.

    

    (c)     The
      following terms shall have the following meanings (such meanings to be equally
      applicable to both the singular and plural forms of the terms
      defined):

    

    “Certificate
      of Designations” means the Company’s Certificate of Designations of Series J
      Convertible Preferred Stock as filed with the Secretary of State of the State
      of
      Delaware on April 28, 2004.

    

    “Claim”
      means any loss, claim, damage, liability or expense (joint or several), incurred
      by a Person.

    

    “Closing
      Date” means 12:00 noon, New York City time, on August 31, 2005 or such other
      time or date mutually agreed by the Company and the Holder.

    

    “Common
      Stock” means the Common Stock, par value $0.01 per share, of the
      Company.

    

    “Indemnified
      Person” means the Holder and its investment adviser and their respective
      directors, officers, and members and each Person, if any, who controls the
      Holder or its investment adviser within the meaning of the Securities Act of
      1933, as amended, or the Securities Exchange Act of 1934 Act, as
      amended.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Optional
      Redemption Event” shall have the meaning provided in the Certificate of
      Designations.

    

    “Person”
      means any natural person, corporation, partnership, limited liability company,
      trust, incorporated organization, unincorporated association, or similar entity
      or any government, governmental agency or political subdivision.

    

    “Preferred
      Shares” means the shares of Preferred Stock owned by the Holder.

    

    “Preferred
      Stock” means the Company’s Series J Convertible Preferred Stock, par value $1.00
      per share.

    

    “Purchase
      Price” means $5,000,000.00.

    

    “Registration
      Event” shall have the meaning provided in the Subscription
      Agreement.

    

    “Subscription
      Agreement” shall have the meaning provided in the Certificate of
      Designations.

    

    “Subsidiary”
      means any corporation or other entity of which a majority of the capital stock
      or other ownership interests having ordinary voting power to elect a majority
      of
      the board of directors or other persons performing similar functions are at
      the
      time directly or indirectly owned by the Company.

    

    “Transaction
      Documents” shall have the meaning provided in the Certificate of
      Designations.

    

    2.     Purchase
      and Sale; Purchase Price.

    

    (a)     Purchase.
      Upon
      the
      terms and subject to the conditions of this Agreement, the Company hereby agrees
      to purchase from the Holder, and the Holder hereby agrees to sell to the
      Company, on the Closing Date, 50,000 Preferred Shares for the Purchase Price,
      free and clear of all liens, claims and encumbrances.

    

    (b)     Form
      of Payment. Payment
      by the Company of the Purchase Price to the Holder on the Closing Date shall
      be
      made by wire transfer of immediately available funds to:

    

    Bank
      of
      New York, New York 

    ABA
      Number 021-000-018 

    SWIFT
      Address IRVTUS3N 

    CHIPS
      Member Number 001 

    TELEX
      Addresses: 62763 BONYUW and 232241 ITNYUR 

    For
      credit to the account of Credit Suisse First Boston (Europe) Ltd. 
      (CSFBGB2L) 

    Account
      Number 890-0361-158 

    For
      further credit to the account of Alexandra 04V5 

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (c)     Closing.
      The
      purchase of the Preferred Shares shall occur on the Closing Date at the Law
      Offices of Brian W Pusch, Penthouse Suite, 29 West 57th Street, New York, New
      York. At the closing, upon the terms and subject to the conditions of this
      Agreement, the Holder shall deliver to the Company one or more certificates
      for
      the Preferred Shares to be purchased, duly endorsed for transfer or accompanied
      stock powers, against payment by the Company to the Holder of an amount equal
      to
      the Purchase Price, and the Company shall pay to the Holder an amount equal
      to
      the Purchase Price against delivery by the Holder to the Company of the one
      or
      more certificates for the Preferred Shares to be purchased, duly endorsed for
      transfer or accompanied stock powers.

    

    3.     Representations,
      Warranties, Covenants, etc. of the Holder.

    

    The
      Holder represents and warrants to, and covenants and agrees with, the Company
      as
      follows:

    

    (a)     Stock
      Purchase Agreement. The
      Holder has all requisite power and authority, corporate or otherwise, to
      execute, deliver and perform its obligations under this Agreement and to
      consummate the transactions contemplated hereby; and this Agreement has been
      duly and validly authorized and duly executed and delivered by the Holder and,
      assuming due execution and delivery by the Company, is a valid and binding
      agreement of the Holder enforceable in accordance with its terms, except as
      the
      enforceability hereof may be limited by bankruptcy, insolvency, reorganization,
      moratorium, fraudulent conveyance or other similar laws now or hereafter in
      effect relating to or affecting creditors’ rights generally and general
      principles of equity, regardless of whether enforcement is considered in a
      proceeding in equity or at law.

     

    (b)              
      Title to the Preferred Shares. The Holder has good and marketable
      record and beneficial ownership of the Preferred Shares, free and clear of
      all
      liens, claims and encumbrances.

     

    (c)               
      Holder's Knowledge. The Holder has had access to such information, or
      opportunity to ask such questions, as it has deemed necessary with respect
      to
      the value of the Preferred Shares (it being acknowledged that the Holder is
      not
      relying upon any representation of warranty by the Company with respect to
      such
      matters of value that accordingly no such representations or warranties are
      made

    4.     Representations,
      Warranties, Covenants, etc. of the Company.

    

    The
      Company represents and warrants to, and covenants and agrees with, the Holder
      as
      follows:

    

    (a)     Corporate
      Authorization. This
      Agreement has been duly and validly authorized by the Company; this Agreement
      has been duly executed and delivered by the Company and, assuming due execution
      and delivery by the Holder, this Agreement is the legal, valid and binding
      obligation of the Company enforceable in accordance with its terms, except
      as
      the enforceability thereof may be limited by bankruptcy, insolvency,
      reorganization, moratorium, fraudulent conveyance or other similar laws now
      or
      hereafter in effect relating to or affecting creditors’ rights generally and
      general principles of equity, regardless of whether enforcement is considered
      in
      a proceeding in equity or at law.

    

    (b)     Non-contravention.
      The
      execution and delivery of this Agreement by the Company and the consummation
      by
      the Company of the transactions contemplated hereby do not and will not, with
      or
      without the giving of notice or the lapse of time, or both, (i) result in any
      violation of any provision of the certificate of incorporation or by-laws or
      similar instruments of the Company or any Subsidiary, (ii) conflict with or
      result in a breach by the Company or any Subsidiary of any of the terms or
      provisions of, or constitute a default under, or result in the modification
      of,
      or result in the creation or imposition of any lien, security interest, charge
      or encumbrance upon any of the properties or assets of the Company pursuant
      to,
      any indenture, mortgage, deed of trust or other agreement or instrument to
      which
      the Company or any Subsidiary is a party or by which the Company or any
      Subsidiary or any of their respective properties or assets are bound or affected
      which would have a material adverse effect on the business, properties,
      operations, condition (financial or other), results of operations or prospects
      of the Company and the Subsidiaries, taken as a whole, (iii) violate or
      contravene any applicable law, rule or regulation or any applicable decree,
      judgment or order of any court, United States federal or state regulatory body,
      administrative agency or other governmental body having jurisdiction over the
      Company or any Subsidiary or any of their respective properties or assets which
      would have a material adverse effect on the business, properties, operations,
      condition (financial or other), results of operations or prospects of the
      Company and the Subsidiaries, taken as a whole, or (iv) have any material
      adverse effect on any permit, certification, registration, approval, consent,
      license or franchise necessary for the Company or any Subsidiary to own or
      lease
      and operate any of its properties and to conduct any of its business or the
      ability of the Company or any Subsidiary to make use thereof.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (c)     Approvals,
      Filings, Etc. No
      authorization, approval or consent of, or filing with, any court, governmental
      body, regulatory agency, self-regulatory organization, or stock exchange or
      market or the stockholders of the Company is required to be obtained or made
      by
      the Company or any Subsidiary in connection with the execution, delivery and
      performance of this Agreement by the Company.

    

    5.     Certain
      Waiver.

    

    (a)     Waiver.
      Effective upon the closing on the Closing Date, the Holder hereby waives its
      right to partial liquidated damages under Section 8(a)(2) of the Subscription
      Agreement, and any interest thereon, which right arose from a Registration
      Event
      consisting of the event or circumstance described in clause (ii) of the
      definition of the term Registration Event with respect to the Company’s
      Registration Statement on Form S-3 (Registration No. 333-115939). The Holder
      further represents that it has not assigned to any third party any interest
      in
      such claim to partial liquidated damages.

    

    6.     Conditions
      to the Company’s Obligation to Purchase.

    

    The
      Company’s obligations to purchase the Preferred Shares from the Holder on the
      Closing Date as provided in Section 2(a) and to pay the Purchase Price to the
      Holder is conditioned upon satisfaction of the following conditions precedent
      on
      or before the Closing Date (any or all of which may be waived by the Company
      in
      its sole discretion):

    

    (a)     On
      the
      Closing Date, no legal action, suit or proceeding shall be pending or threatened
      which seeks to restrain or prohibit the transactions contemplated by this
      Agreement; and

    

    (b)     The
      representations and warranties of the Holder contained in this Agreement shall
      have been true and correct on the date of this Agreement and on the Closing
      Date
      as if made on the Closing Date and on or before the Closing Date the Holder
      shall have performed all covenants and agreements of the Holder required to
      be
      performed by the Holder on or before the Closing Date.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    7.     Conditions
      to the Holder’s Obligation to Sell.

    

    The
      Holder’s obligation to sell the Preferred Shares to the Company on the Closing
      Date as provided in Section 2(a) is conditioned upon satisfaction of the
      following conditions precedent on or before the Closing Date (any or all of
      which may be waived by the Holder in its sole discretion):

    

    (1)     
      On the
      Closing Date, no legal action, suit or proceeding shall be pending or threatened
      which seeks to restrain or prohibit the transactions contemplated by this
      Agreement;

    

    (2)     The
      representations and warranties of the Company contained in this Agreement shall
      have been true and correct on the date of this Agreement and shall be true
      and
      correct on the Closing Date as if given on and as of the Closing Date and on
      or
      before the Closing Date the Company shall have performed all covenants and
      agreements of the Company contained herein required to be performed by the
      Company on or before the Closing Date; and

    

    (3)     No
      event
      which would constitute an Optional Redemption Event or, with the giving of
      notice or the passage of time, or both, would constitute an Optional Redemption
      Event shall have occurred and be continuing.

    

    8.     Miscellaneous.

    

    (a)     Governing
      Law. THIS
      AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF NEW YORK.

    

    (b)     Headings.
      The
      headings, captions and footers of this Agreement are for convenience of
      reference and shall not form part of, or affect the interpretation of, this
      Agreement.

    

    (c)     Severablity. If
      any
      provision of this Agreement shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the remainder of this Agreement or the validity or
      enforceability of this Agreement in any other jurisdiction.

    

    (d)     Notices.
      Any
      notices required or permitted to be given under the terms of this Agreement
      shall be in writing and shall be sent by mail, personal delivery, by telephone
      line facsimile transmission or courier and shall be effective five days after
      being placed in the mail, if mailed, or upon receipt, if delivered personally,
      by telephone line facsimile transmission or by courier, in each case addressed
      to a party at such party’s address (or telephone line facsimile transmission
      number) shown in the introductory paragraph or on the signature page of this
      Agreement or such other address (or telephone line facsimile transmission
      number) as a party shall have provided by notice to the other party in
      accordance with this provision. In
      the
      case of any notice to the Company, such notice shall be addressed to the Company
      at the following address: 180 State Street, Suite 200, Southlake, Texas, 76092.
      Attention: General Counsel (telephone line facsimile transmission number (281)
      504-4040), and in the case of any notice to the Holder, addressed to the Holder
      at the following address: c/o Alexandra Investment Management, LLC, 767 Third
      Avenue, 39th
      Floor,
      New York, New York, 10017, Attention: Chief Investment Officer (telephone line
      facsimile transmission number (212) 301-1810).

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (e)     Counterparts.
      This
      Agreement may be executed in counterparts and by the parties hereto on separate
      counterparts, each of which shall be deemed to be an original but all of which
      together shall constitute one and the same instrument. A telephone line
      facsimile transmission of this Agreement bearing a signature on behalf of a
      party hereto shall be legal and binding on such party. 

     

    (f)     Entire
      Agreement; Benefit. This
      Agreement constitutes the entire agreement between the parties hereto with
      respect to the subject matter hereof and sets forth the terms agreed to by
      the
      parties on the date hereof. There are no restrictions, promises, warranties,
      or
      undertakings, other than those set forth or referred to herein and therein.
      This
      Agreement supersedes all prior agreements and understandings, whether written
      or
      oral, between the parties hereto with respect to the subject matter hereof.
      This
      Agreement and the terms and provisions hereof are for the sole benefit of only
      the Company, the Holder and their respective successors and permitted assigns
      and in no event shall the Holder have any liability to any stockholder or
      creditor of the Company or any other Person (other than the Company) in any
      way
      relating to or arising from this Agreement or the transactions contemplated
      hereby. Except as expressly modified hereby, the Transaction Documents shall
      remain in full force and effect.

     

    (g)     Waiver.
      Failure
      of any party to exercise any right or remedy under this Agreement or otherwise,
      or delay by a party in exercising such right or remedy, or course of dealing
      between the parties, shall not operate as a waiver thereof or an amendment
      hereof, nor shall any single or partial exercise of any such right or power,
      or
      any abandonment or discontinuance of steps to enforce such a right or power,
      preclude any other or further exercise thereof or exercise of any other right
      or
      power.

     

    (h)     Amendment.
      No
      amendment, modification, waiver, discharge or termination of any provision
      of
      this Agreement nor consent to any departure by the Holder or the Company
      therefrom shall in any event be effective unless the same shall be in writing
      and signed by the party to be charged with enforcement, and then shall be
      effective only in the specific instance and for the purpose for which given.
      No
      course of dealing between the parties hereto shall operate as an amendment
      of
      this Agreement.

     

    (i)     Further
      Assurances. Each
      party to this Agreement will perform any and all acts and execute any and all
      documents as may be necessary and proper under the circumstances in order to
      accomplish the intents and purposes of this Agreement and to carry out its
      provisions.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (j)     Expenses.
      Each
      of
      the Company and the Holder shall bear its own expenses in connection with this
      Agreement and the transactions contemplated hereby.

     

    (k)     Survival.
      The
      respective representations, warranties, covenants and agreements of the Company
      and the Holder contained in this Agreement and the documents delivered in
      connection with this Agreement shall survive the execution and delivery of
      this
      Agreement and the closing hereunder and delivery of and payment for the
      Preferred Shares, and shall remain operative and in full force and effect
      regardless of any investigation made by or on behalf of the Holder or any Person
      controlling or acting on behalf of the Holder or by the Company or any Person
      controlling or acting on behalf of the Company.

     

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

    

    

    [Signature
      Page Follows]

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      parties have caused this Agreement to be duly executed by their respective
      officers or other representatives thereunto duly authorized as of the date
      first
      set forth above.

     

    
      	 	 	 
	 	HARKEN
              ENERGY CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/ Elmer
              A. Johnston
	 	
              

              Name:
                Elmer A. Johnston

              Title:
                Vice President

            

    

     

    
      	 	 	 
	 	ALEXANDRA
              GLOBAL MASTER FUND LTD.
	 
 	 
 	 
 
	 	By:  	
              ALEXANDRA
                INVESTMENT 

              MANAGEMENT, LLC, its Investment
                Advisor

            
	 	 	 
	 	By: 	/s/ Mikhail Filimonov
	 	
              

              Name:
                Mikhail Filimonov

              Title:
                Chairman and Chief Executive
                Officer

            

    

     

    
      
        
        

      

      10Exhibit 10.9

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

         This Agreement is made as of   , 2005 by and  between  Platinum  Energy
Resources,  Inc. (the  "Company")  and American  Stock  Transfer & Trust Company
("Trustee").

         WHEREAS,  the  Company's   Registration  Statement  on  Form  S-1,  No.
333-125687  ("Registration  Statement"),  for its  initial  public  offering  of
securities  ("IPO")  has been  declared  effective  as of the date hereof by the
Securities and Exchange Commission ("Effective Date"); and

         WHEREAS, Casimir Capital LP ("Casimir") is acting as the representative
of the underwriters in the IPO; and

         WHEREAS, as described in the Company's Registration  Statement,  and in
accordance with the Company's  Certificate of Incorporation,  $95,160,000 of the
gross  proceeds  of the IPO  ($109,434,000  if the  underwriters  over-allotment
option is  exercised  in full) will be  delivered to the Trustee to be deposited
and held in a trust  account  for the  benefit of the Company and the holders of
the  Company's  common stock,  par value $.0001 per share,  issued in the IPO as
hereinafter  provided  and in the event the Units are  registered  in  Colorado,
pursuant to Section 11-51-302(6) of the Colorado Revised Statutes. A copy of the
Colorado  Statute is  attached  hereto and made a part  hereof (the amount to be
delivered  to the  Trustee  will be referred  to herein as the  "Property";  the
stockholders  for whose  benefit the  Trustee  shall hold the  Property  will be
referred to as the "Public  Stockholders,"  and the Public  Stockholders and the
Company will be referred to together as the "Beneficiaries"); and

         WHEREAS,  the  Company  and the  Trustee  desire  to  enter  into  this
Agreement  to set forth the terms and  conditions  pursuant to which the Trustee
shall hold the Property;

         IT IS AGREED:

         1.  Agreements and Covenants of Trustee.  The Trustee hereby agrees and
covenants to:

            (a) Hold the Property in trust for the  Beneficiaries  in accordance
with the terms of this Agreement, including the terms of Section 11-51-302(6) of
the  Colorado   Statute,   in  a  segregated  trust  account  ("Trust  Account")
established by the Trustee at a branch of HSBC Bank selected by the Trustee;

            (b) Manage,  supervise and administer  the Trust Account  subject to
the terms and conditions set forth herein;

            (c) In a timely  manner,  upon the  instruction  of the Company,  to
invest and  reinvest  the  Property  in any  Treasury  Bill issued by the United
States,  having a maturity  of 180 days or less or in any open ended  investment
company  registered  under the Investment  Company Act of 1940 that holds itself
out as a money market fund meeting the conditions of paragraphs  (c)(2),  (c)(3)
and (c)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940;

            (d) Collect and receive,  when due, all principal and income arising
from the Property,  which shall become part of the  "Property,"  as such term is
used herein;

            (e) Notify the  Company of all  communications  received  by it with
respect to any Property requiring action by the Company;

            (f)  Supply  any  necessary  information  or  documents  as  may  be
requested by the Company in connection with the Company's preparation of the tax
returns for the Trust Account;

            (g)  Participate  in  any  plan  or  proceeding  for  protecting  or
enforcing  any  right or  interest  arising  from the  Property  if, as and when
instructed by the Company to do so;

<PAGE>

            (h) Render to the Company and to Casimir,  and to such other  person
as the  Company or Casimir  may  instruct,  monthly  written  statements  of the
activities  of and amounts in the Trust  Account  reflecting  all  receipts  and
disbursements of the Trust Account; and

            (i) Commence liquidation of the Trust Account promptly after receipt
of and only in accordance with the terms of a letter ("Termination  Letter"), in
a form  substantially  similar to that  attached  hereto as either  Exhibit A or
Exhibit B,  signed on behalf of the  Company by its Chief  Executive  Officer or
Chairman  of the  Board  and  Secretary  and  affirmed  by its  entire  Board of
Directors,  and complete the liquidation of the Trust Account and distribute the
Property in the Trust Account only as directed in the Termination Letter and the
other documents referred to therein; provided, however, that in the event that a
Termination  Letter has not been received by _______ ___, 2007 (or the date that
is the six month anniversary of such date, in the event that a letter of intent,
agreement in principle or definitive  agreement has been executed  prior to such
date in connection  with a Business  Combination  (as defined in the Termination
Letter  attached  hereto as Exhibit A) that was not  consummated by _______ ___,
2007),  the Trust Account shall be liquidated in accordance  with the procedures
set forth in the Termination Letter attached as Exhibit B to the stockholders of
record on the record  date;  provided,  further,  that the record  date shall be
within  ten (10) days of  _______  ___,  2007 (or the date that is the six month
anniversary  of such date,  in the event that a letter of intent,  agreement  in
principle  or  definitive  agreement  has been  executed  prior to such  date in
connection with a Business  Combination that was not consummated by _______ ___,
2007), or as soon thereafter as is practicable.

         2.  Agreements and Covenants of the Company.  The Company hereby agrees
and covenants to:

            (a) Give all  instructions  to the  Trustee  hereunder  in  writing,
signed by the Company's President or Chairman of the Board. In addition,  except
with  respect to its duties under  paragraph  1(i) above,  the Trustee  shall be
entitled  to rely on,  and shall be  protected  in  relying  on,  any  verbal or
telephonic  advice or instruction which it in good faith believes to be given by
any one of the persons authorized above to give written  instructions,  provided
that the Company shall promptly confirm such instructions in writing;

            (b) Hold the Trustee  harmless  and  indemnify  the Trustee from and
against,   any  and  all  expenses,   including   reasonable  counsel  fees  and
disbursements,  or loss suffered by the Trustee in  connection  with any action,
suit or other proceeding  brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to
this Agreement,  the services of the Trustee  hereunder,  or the Property or any
income earned from  investment  of the Property,  except for expenses and losses
resulting from the Trustee's gross  negligence or willful  misconduct.  Promptly
after  the  receipt  by  the  Trustee  of  notice  of  demand  or  claim  or the
commencement  of any action,  suit or proceeding,  pursuant to which the Trustee
intends  to seek  indemnification  under  this  paragraph,  it shall  notify the
Company in writing of such claim  (hereinafter  referred to as the  "Indemnified
Claim").  The  Trustee  shall have the right to conduct  and manage the  defense
against such  Indemnified  Claim,  provided,  that the Trustee  shall obtain the
consent of the Company with respect to the  selection of counsel,  which consent
shall not be unreasonably  withheld.  The Company may participate in such action
with its own counsel; and

            (c) Pay the  Trustee  an  initial  acceptance  fee of $1,000  and an
annual fee of $3,000 (it being expressly  understood that the Property shall not
be used to pay  such  fee).  The  Company  shall  pay the  Trustee  the  initial
acceptance  fee  and  first  year's  fee at the  consummation  of  the  IPO  and
thereafter on the anniversary of the Effective Date. The Trustee shall refund to
the Company the fee (on a pro rata basis) with  respect to any period  after the
liquidation  of the Trust Fund.  The Company  shall not be  responsible  for any
other fees or charges of the Trustee except as may be provided in paragraph 2(b)
hereof (it being  expressly  understood  that the Property  shall not be used to
make any payments to the Trustee under such paragraph).

            (d)  Provide  to the  Trustee  any letter of  intent,  agreement  in
principle or definitive agreement that is executed prior to _______ ___, 2007 in
connection with a Business Combination; and

            (e) In  connection  with  any  vote  of the  Company's  stockholders
regarding  a Business  Combination,  provide  to the  Trustee  an  affidavit  or
certificate  of a firm regularly  engaged in the business of soliciting  proxies
and tabulating  stockholder votes (which firm may be the Trustee)  verifying the
vote of the Company's stockholders regarding such Business Combination.

                                       2
<PAGE>

         3. Limitations of Liability.  The Trustee shall have no  responsibility
or liability to:

            (a) Take any  action  with  respect to the  Property,  other than as
directed in  paragraph 1 hereof and the Trustee  shall have no  liability to any
party except for  liability  arising out of its own gross  negligence or willful
misconduct;

            (b) Institute any proceeding for the collection of any principal and
income  arising from, or  institute,  appear in or defend any  proceeding of any
kind with  respect  to,  any of the  Property  unless  and  until it shall  have
received instructions from the Company given as provided herein to do so and the
Company  shall have  advanced or  guaranteed  to it funds  sufficient to pay any
expenses incident thereto;

            (c) Change the investment of any Property,  other than in compliance
with paragraph 1(c);

            (d) Refund any depreciation in principal of any Property;

            (e)  Assume  that the  authority  of any  person  designated  by the
Company to give  instructions  hereunder shall not be continuing unless provided
otherwise  in such  designation,  or unless the Company  shall have  delivered a
written revocation of such authority to the Trustee;

            (f) The other parties  hereto or to anyone else for any action taken
or omitted by it, or any action  suffered by it to be taken or omitted,  in good
faith  and in the  exercise  of its own  best  judgment,  except  for its  gross
negligence or willful misconduct. The Trustee may rely conclusively and shall be
protected  in acting upon any order,  notice,  demand,  certificate,  opinion or
advice  of  counsel  (including  counsel  chosen  by  the  Trustee),  statement,
instrument,  report or other paper or document (not only as to its due execution
and the validity and  effectiveness of its provisions,  but also as to the truth
and acceptability of any information therein contained) which is believed by the
Trustee,  in good  faith,  to be genuine  and to be signed or  presented  by the
proper  person or  persons.  The  Trustee  shall  not be bound by any  notice or
demand, or any waiver, modification, termination or rescission of this agreement
or any of the terms hereof,  unless evidenced by a written instrument  delivered
to the  Trustee  signed by the  proper  party or parties  and,  if the duties or
rights of the  Trustee  are  affected,  unless it shall  give its prior  written
consent thereto;

            (g)  Verify  the  correctness  of the  information  set forth in the
Registration  Statement or to confirm or assure that any acquisition made by the
Company or any other action taken by it is as contemplated  by the  Registration
Statement; and

            (h) Pay any taxes on behalf of the Trust Account (it being expressly
understood  that the  Property  shall not be used to pay any such taxes and that
such  taxes,  if any,  shall be paid by the  Company  from funds not held in the
Trust Account).

         4. Termination. This Agreement shall terminate as follows:

            (a) If the  Trustee  gives  written  notice to the  Company  that it
desires to resign under this  Agreement,  the Company  shall use its  reasonable
efforts to locate a successor  trustee.  At such time that the Company  notifies
the Trustee that a successor  trustee has been  appointed by the Company and has
agreed to become  subject  to the terms of this  Agreement,  the  Trustee  shall
transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating
to the Trust  Account,  whereupon  this  Agreement  shall  terminate;  provided,
however, that, in the event that the Company does not locate a successor trustee
within ninety days of receipt of the  resignation  notice from the Trustee,  the
Trustee may submit an application to have the Property deposited with the United
States  District  Court  for the  Southern  District  of New York and upon  such
deposit, the Trustee shall be immune from any liability whatsoever; or

                                       3
<PAGE>

            (b) At such time that the Trustee has completed the  liquidation  of
the Trust Account in accordance  with the  provisions of paragraph  1(i) hereof,
and   distributed  the  Property  in  accordance  with  the  provisions  of  the
Termination  Letter,  this  Agreement  shall  terminate  except with  respect to
Paragraph 2(b).

         5. Miscellaneous.

            (a) The Company and the Trustee  each  acknowledge  that the Trustee
will  follow the  security  procedures  set forth  below  with  respect to funds
transferred from the Trust Account.  Upon receipt of written  instructions,  the
Trustee will confirm  such  instructions  with an  Authorized  Individual  at an
Authorized  Telephone  Number listed on the attached  Exhibit C. The Company and
the Trustee will each restrict  access to confidential  information  relating to
such security procedures to authorized persons. Each party must notify the other
party  immediately  if it has reason to believe  unauthorized  persons  may have
obtained  access  to  such  information,  or of any  change  in  its  authorized
personnel.  In  executing  funds  transfers,  the Trustee will rely upon account
numbers or other  identifying  numbers of a beneficiary,  beneficiary's  bank or
intermediary  bank,  rather than names.  The Trustee shall not be liable for any
loss,  liability  or expense  resulting  from any error in an account  number or
other  identifying  number,  provided it has accurately  transmitted the numbers
provided.

            (b) This  Agreement  shall be governed by and construed and enforced
in accordance  with the laws of the State of New York,  without giving effect to
conflict of laws. It may be executed in several counterparts,  each one of which
shall constitute an original, and together shall constitute but one instrument.

            (c) This Agreement  contains the entire agreement and  understanding
of the parties hereto with respect to the subject matter hereof.  This Agreement
or any  provision  hereof may only be changed,  amended or modified by a writing
signed by each of the parties hereto;  provided,  however,  that no such change,
amendment  or  modification  may be made  without the prior  written  consent of
Casimir.  As to any claim,  cross-claim or  counterclaim  in any way relating to
this Agreement, each party waives the right to trial by jury.

            (d) The parties hereto consent to the  jurisdiction and venue of any
state or federal court located in the City of New York for purposes of resolving
any disputes hereunder.

            (e) Any notice,  consent or request to be given in  connection  with
any of the terms or provisions of this  Agreement  shall be in writing and shall
be sent by express mail or similar  private courier  service,  by certified mail
(return receipt requested), by hand delivery or by facsimile transmission:

                           If to the Trustee, to:

                                    American Stock Transfer
                                    & Trust Company
                                    59 Maiden Lane
                                    New York, New York 10038
                                    Attn:  Susan Silber
                                    Fax No.:  (718) 236-4588

                           If to the Company, to:

                                   Platinum Energy Resources, Inc.
                                   152 West 57th Street, 54th Floor
                                   New York, New York 10019

                                   Attn:  Chief Executive Officer
                                   Fax No.:

                                       4
<PAGE>

                           in either case with a copy to:

                                   Casimir Capital LP
                                   489 Fifth Avenue
                                   New York, New York 10017
                                   Attn:  Richard Sands, Chief Executive Officer
                                   Fax No.:  (212) 798-1399

            (f) This  Agreement  may not be assigned by the Trustee  without the
prior consent of the Company.

            (g) Each of the Trustee and the Company  hereby  represents  that it
has the full  right and power and has been duly  authorized  to enter  into this
Agreement and to perform its respective  obligations as contemplated  hereunder.
The Trustee acknowledges and agrees that it shall not make any claims or proceed
against  the  Trust  Account,  including  by way of  set-off,  and  shall not be
entitled to any funds in the Trust Account under any circumstance.

                  [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

                                       5
<PAGE>

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

                                   AMERICAN STOCK TRANSFER
                                     & TRUST COMPANY, as Trustee

                                   By:
                                      ------------------------------------------
                                        Name:
                                        Title:

                                   PLATINUM ENERGY RESOURCES, INC.

                                   By:
                                      ------------------------------------------
                                        Name:
                                        Title:

                                       6
<PAGE>

                                                                       EXHIBIT A

                             [Letterhead of Company]

                                  [Insert date]

American Stock Transfer
 & Trust Company
59 Maiden Lane
New York, New York 10038
Attn:  Susan Silber

Re: Trust Account No.           Termination Letter

Gentlemen:

         Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Platinum Energy Resources,  Inc. ("Company") and American Stock Transfer
&  Trust  Company   ("Trustee"),   dated  as  of  ____________  ,  2005  ("Trust
Agreement"),  this is to  advise  you  that  the  Company  has  entered  into an
agreement  ("Business  Agreement")  with  ("Target  Business")  to  consummate a
business  combination with Target Business ("Business  Combination") on or about
[insert date].  The Company shall notify you at least 48 hours in advance of the
actual  date of the  consummation  of the  Business  Combination  ("Consummation
Date").

         Pursuant to Section 2(e) of the Trust  Agreement,  we are providing you
with [an affidavit] [a certificate] of ________________, which verifies the vote
of the Company's  stockholders in connection with the Business  Combination.  In
accordance  with the terms of the Trust  Agreement,  we hereby  authorize you to
commence   liquidation  of  the  Trust  Account  to  the  effect  that,  on  the
Consummation  Date,  all of funds held in the Trust Account will be  immediately
available  for transfer to the account or accounts that the Company shall direct
on the Consummation Date.

         On the  Consummation  Date (i) counsel for the Company shall deliver to
you written  notification that (a) the Business Combination has been consummated
and (b) the provisions of Section  11-51-302(6)  and Rule 51-3.4 of the Colorado
Statute  have  been met,  and (ii) the  Company  shall  deliver  to you  written
instructions with respect to the transfer of the funds held in the Trust Account
("Instruction  Letter").  You are hereby directed and authorized to transfer the
funds held in the Trust Account  immediately  upon your receipt of the counsel's
letter  and  the  Instruction  Letter,  in  accordance  with  the  terms  of the
Instruction Letter. In the event that certain deposits held in the Trust Account
may not be liquidated by the Consummation Date without penalty,  you will notify
the  Company of the same and the  Company  shall  direct you as to whether  such
funds should remain in the Trust Account and distributed  after the Consummation
Date to the Company. Upon the distribution of all the funds in the Trust Account
pursuant to the terms hereof, the Trust Agreement shall be terminated.

         In the event that the Business  Combination  is not  consummated on the
Consummation  Date  described in the notice thereof and we have not notified you
on or before the original Consummation Date of a new Consummation Date, then the
funds held in the Trust  Account  shall be  reinvested  as provided in the Trust
Agreement on the business day immediately following the Consummation Date as set
forth in the notice.

                                      A-1

<PAGE>

                                    Very truly yours,

                                    PLATINUM ENERGY RESOURCES, INC.

                                    By:
                                       -----------------------------------------
                                         Mark Nordlicht, Chairman of the Board

                                    By:
                                       -----------------------------------------
                                         Barry Kostiner, Chief Executive Officer

Affirmed:

[DIRECTORS TO BE LISTED HERE]

                                      A-2

<PAGE>

                                                                       EXHIBIT B

                             [Letterhead of Company]

                                  [Insert date]

American Stock Transfer
 & Trust Company
59 Maiden Lane
New York, New York 10038
Attn:  Susan Silber

Re: Trust Account No.           Termination Letter

Gentlemen:

         Pursuant to paragraph 1(i) of the Investment Management Trust Agreement
between Platinum Energy Resources,  Inc. ("Company") and American Stock Transfer
& Trust Company ("Trustee"),  dated as of , 2005 ("Trust Agreement"), this is to
advise  you that as a result of the  Company's  inability  to effect a  Business
Combination  with a Target  Company  within  the  time  frame  specified  in the
Company's  prospectus relating to its IPO, the Board of Directors of the Company
has voted to dissolve and  liquidate the Company.  Attached  hereto is a copy of
the minutes of the  meeting of the Board of  Directors  of the Company  relating
thereto,  certified  by the  Secretary of the Company as true and correct and in
full force and effect.

         In  accordance  with the terms of the Trust  Agreement,  we hereby  (a)
certify to you that the  provisions of Section  11-51-302(6)  and Rule 51-3.4 of
the  Colorado  Statute  have  been  met  and  (b)  authorize  you,  to  commence
liquidation of the Trust Account.  In connection with this liquidation,  you are
hereby authorized to establish a record date for the purposes of determining the
stockholders  of record entitled to receive their per share portion of the Trust
Account.  The record date shall be within ten (10) days of the liquidation date,
or as soon thereafter as is practicable.  You will notify the Company in writing
as to when all of the funds in the Trust Account will be available for immediate
transfer  ("Transfer  Date") in accordance with the terms of the Trust Agreement
and the Amended and Restated  Certificate of Incorporation  of the Company.  You
shall commence  distribution  of such funds in accordance  with the terms of the
Trust Agreement and the Amended and Restated Certificate of Incorporation of the
Company and you shall oversee the distribution of the funds. Upon the payment of
all the funds in the Trust Account, the Trust Agreement shall be terminated.

                              Very truly yours,

                              PLATINUM ENERGY RESOURCES, INC.

                              By:
                                 -----------------------------------------------
                                   Mark Nordlicht, Chairman of the Board

                              By:
                                 -----------------------------------------------
                                   Barry Kostiner, Chief Executive Officer

Affirmed:

[DIRECTORS TO BE LISTED HERE]

                                      B-1

<PAGE>

                                    EXHIBIT C

AUTHORIZED INDIVIDUAL(S)                                     AUTHORIZED
FOR TELEPHONE CALL BACK                                   TELEPHONE NUMBER(S)
---------------------------------------------  ---------------------------------

Company:

Platinum Energy Resources, Inc.
152 West 57th Street, 54th Floor
New York, New York 10017
Attn:  Chief Executive Officer                 [Telephone]

Trustee:

American Stock Transfer
  & Trust Company
59 Maiden Lane
New York, New York 10038
Attn:  Susan Silber, Chairman                  [Telephone]

C-1

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