Document:

Exhibit 10.6

                              COLLATERAL ASSIGNMENT
                              ---------------------

     COLLATERAL  ASSIGNMENT made as of this 30th day of June, 2006 by Gulf Coast
Oil  Corporation  ("Assignor")  to  Laurus  Master  Fund,  Ltd.  ("Assignee").

     FOR  VALUE  RECEIVED, and as collateral security for all debts, liabilities
and obligations of Assignor to Assignee, now existing or hereafter arising under
that  certain  Securities  Purchase Agreement dated as of June 30, 2006, between
Assignor  and Assignee (the "SPA") and the Related Agreements (as defined in the
SPA)  (each  as  amended, modified, restated or supplemented from time to time),
Assignor  hereby  assigns, transfers and sets over unto Assignee, its successors
and  assigns,  all  of  its  rights, but not its obligations, under that certain
Asset  Purchase  Agreement  dated  as  of  June 30, 2006 by and among J&P Family
Properties,  Ltd.  ("J&P"),  Lara  Energy,  Inc.  ("Lara")  (J&P  and  Lara,
collectively,  "Sellers"), John E. Hearn, Jr. ("Hearn"), Jim Wheeler ("Wheeler")
(Hearn  and  Wheeler,  collectively, "Shareholders") and Assignor and all of the
agreements and documents by which assets or rights of Sellers are transferred to
Assignor  (as  each may be amended, modified, restated or supplemented from time
to  time,  collectively,  the  "Agreements"), including, without limitation, all
indemnity  rights  and all moneys and claims for moneys due and/or to become due
to  Assignor  under  the  Agreements.

     Assignor  hereby  (i)  specifically  authorizes  and  directs  Sellers  and
Shareholders  upon  notice  to  Sellers and Shareholders by Assignee to make all
payments  due  to  Assignor  under  or  arising under the Agreements directly to
Assignee  and  (ii)  irrevocably  authorizes  and  empowers Assignee (a) to ask,
demand,  receive, receipt and give acquittance for any and all amounts which may
be  or become due or payable, or remain unpaid at any time and times to Assignor
by  Sellers  and/or  Shareholders  under  and pursuant to the Agreements, (b) to
endorse  any  checks, drafts or other orders for the payment of money payable to
Assignor in payment thereof, and (c) in Assignee's discretion to file any claims
or take any action or institute any proceeding, either in its own name or in the
name of Assignor or otherwise, which Assignee may deem necessary or advisable to
effectuate  the  foregoing. It is expressly understood and agreed, however, that
Assignee  shall not be required or obligated in any manner to make any demand or
to  make  any inquiry as to the nature or sufficiency of any payment received by
it,  or  to  present  or  file  any claim or take any other action to collect or
enforce  the  payment of any amounts which may have been assigned to Assignee or
to  which  Assignee  may  be  entitled  hereunder  at  any  time  or  times.

     Sellers  and  Shareholders  are  hereby  authorized to recognize Assignee's
claims to rights hereunder without investigating any reason for any action taken
by Assignee or the validity or the amount of the obligations or existence of any
default,  or  the application to be made by Assignee of any of the amounts to be
paid  to  Assignee.  Checks  for  all or any part of the sums payable under this
Assignment  shall  be  drawn  to  the sole and exclusive order of Assignee. Upon
payment  by  Sellers  and/or  Shareholders  to  Assignee  of  any amounts due to
Assignor  under  or  arising  under  the  Agreements, the obligations of Sellers
and/or  Shareholders,  as  applicable,  to Assignor with respect to such amounts
shall  be  deemed  paid  in  full.

<PAGE>

     Without  first obtaining the written consent of Assignee, Assignor, Sellers
and  Shareholders  shall  not  amend  or  modify  the  Agreements.

     In the event Assignor declines to exercise any rights under the Agreements,
Assignee  shall  have  the  right to enforce any and all such rights of Assignor
directly  against  Sellers  and/or  Shareholders.

     IN  WITNESS  WHEREOF, Assignor has duly executed this Collateral Assignment
the  day  and  year  first  above  written.

                                               GULF COAST OIL CORPORATION

                                               By: /s/ Edward R. DeStefano
                                                  -----------------------------
                                                  Name:     Edward R. DeStefano
                                                  Title:    President & CEO

Sellers   and   Shareholders
hereby consent  and agree to
the   provisions   of   this
Collateral Assignment  as of
this 30th day of June, 2006.

LARA  ENERGY,  INC.

By: /s/ John E. Hearn Jr.
   ------------------------
   Name: John E. Hearn Jr.
   Title: President

J&P  FAMILY  PROPERTIES,  LTD.

By: /s/ Jim Wheeler
   ------------------------
   Name: Jim Wheeler
   Title: President

/s/ John E. Hearn Jr.
--------------------------------
JOHN E. HEARN, JR., INDIVIDUALLY

/s/ Jim Wheeler
--------------------------------
JIM WHEELER, INDIVIDUALLY

<PAGE>Exhibit 10.7

                    REAFFIRMATION AND RATIFICATION AGREEMENT
                    ----------------------------------------

                                 June 30, 2006

Laurus Master Fund, Ltd.
c/o Laurus Capital Management LLC
825 Third Avenue
New York, New York 10022

Ladies and Gentlemen:

     Reference  is  made  to  (a)  the Securities Purchase Agreement dated as of
April  28, 2006 (as amended, restated, modified and/or supplemented from time to
time,  the  "April  2006  SPA")  by  and  between  Gulf Coast Oil Corporation, a
             ----------------
Delaware  corporation  (the "Company"), and Laurus Master Fund, Ltd. ("Laurus"),
                             -------                                   ------
(b)  the  Amended  and Restated Secured Term Note effective as of April 28, 2006
made  by  the  Company  in  favor of Laurus in the aggregate principal amount of
Forty  Million  Dollars  ($40,000,000)  (as  amended,  restated, modified and/or
supplemented  from time to time, the "April 2006 Term Note"), (c) the Subsidiary
                                      --------------------
Guaranty  dated  as  of  April  28,  2006 (as amended, restated, modified and/or
supplemented  from time to time, the "Guaranty") made by the Company in favor of
                                      --------
Laurus,  (d)  the  Master  Security  Agreement  dated  as  of April 28, 2006 (as
amended,  restated,  modified and/or supplemented from time to time, the "Master
                                                                          ------
Security  Agreement")  by and between the Company and Laurus and (e) the Related
-------------------
Agreements  (as  defined  in the April 2006 SPA) (as amended, restated, modified
and/or supplemented from time to time, the "April 2006 Related Agreements") (the
                                            -----------------------------
April  2006  SPA,  the  April  2006 Term Note, the Guaranty, the Master Security
Agreement  and the April 2006 Related Agreements, each an "April 2006 Agreement"
                                                           --------------------
and  collectively  the  "April  2006  Agreements").
                         -----------------------

     To  induce  Laurus to enter into the Securities Purchase Agreement dated as
of  the date hereof by and between the Company and Laurus (as amended, restated,
modified  and/or  supplemented  from  time  to  time,  the  "June 2006 SPA") and
                                                             -------------
purchase  from the Company a Secured Term Note in the aggregate principal amount
of  Five  Million  Dollars  ($5,000,000)  (as amended, restated, modified and/or
supplemented  from  time  to  time,  the "June 2006 Term Note"), the undersigned
                                          -------------------
hereby:

     (1) represents and warrants to Laurus that it has reviewed and approved the
terms and provisions of the June 2006 SPA and the Related Agreements (as defined
in  the  June  2006 SPA, the "June 2006 Related Agreements") (the June 2006 SPA,
                              ----------------------------
the June 2006 Term Note and the June 2006 Related Agreements, each an "June 2006
                                                                       ---------
Agreement"  and  collectively,  the  "June  2006  Agreements");
---------                             ----------------------

     (2)  acknowledges, ratifies and confirms that all of the terms, conditions,
representations and covenants contained in the April 2006 Agreements to which it
is  a  party  are  in  full  force and effect and shall remain in full force and
effect  after  giving effect to the execution and effectiveness of the June 2006
Agreements;

     (3) acknowledges, ratifies and confirms that the defined term "Obligations"
under  the  Guaranty  and  the  Master  Security  Agreement  includes,  without
limitation,  all  obligations and liabilities of the Company to Laurus under the

<PAGE>

June  2006  Agreements  and  all  other  obligations  and  liabilities  of  the
undersigned  to  Laurus  (including  interest  accruing  after the filing of any
petition in bankruptcy, or the commencement of any insolvency, reorganization or
like  proceeding,  whether  or  not  a  claim  for  post-filing or post-petition
interest  is  allowed  or allowable in such proceeding), whether now existing or
hereafter  arising,  direct or indirect, liquidated or unliquidated, absolute or
contingent  (collectively,  the  "Obligations");
                                  -----------

     (4)  acknowledges  and  confirms that the occurrence of an Event of Default
under  any  of  the  April  2006 Agreements shall constitute an Event of Default
under  the  June  2006 Agreements and (ii) the occurrence of an Event of Default
under any of the June 2006 Agreements shall constitute an Event of Default under
the  April  2006  Agreements;

     (5)  represents  and  warrants  that  no offsets, counterclaims or defenses
exist as of the date hereof with respect to any of the undersigned's obligations
under  any  of  the  April  2006  Agreements;

     (6)  acknowledges,  ratifies and confirms (i) the grant by each undersigned
to  Laurus  of a security interest and lien in the assets of each undersigned as
more specifically set forth in the April 2006 Agreements (the "Security Interest
                                                               -----------------
Grants")  and  (ii)  that  the  Security Interest Grants secure all Obligations;
------

     (7)  notwithstanding  anything  contained in any June 2006 Agreement to the
contrary,  on  July 5, 2006, Gulf Coast shall make a mandatory prepayment of the
outstanding  balance  of  the  June  2006  Term  Note  in  an  amount  equal  to
$224,440.14,  and until the date of payment, Gulf Coast shall hold such proceeds
in trust for Laurus. Such prepayment shall be applied to the outstanding balance
of  the  June  2006  Term  Note  in  such  order  as  Laurus  shall  elect;  and

     (8)  releases,  remises,  acquits and forever discharges Laurus and Laurus'
employees,  agents,  representatives,  consultants,  attorneys,  fiduciaries,
officers,  directors, partners, predecessors, successors and assigns, subsidiary
corporations,  parent  corporations, and related corporate divisions (all of the
foregoing  hereinafter  called the "Released Parties"), from any and all actions
                                    ----------------
and  causes  of  action,  judgments,  executions, suits, debts, claims, demands,
liabilities, obligations, damages and expenses of any and every character, known
or  unknown,  direct and/or indirect, at law or in equity, of whatsoever kind or
nature,  for  or because of any matter or things done, omitted or suffered to be
done by any of the Released Parties prior to and including the date of execution
hereof,  and  in  any  way  directly  or indirectly arising out of or in any way
connected  to  this  Reaffirmation  and  Ratification  Agreement, the April 2006
Agreements  and  the  June 2006 Agreements and any other document, instrument or
agreement  made  by  any  of  the  undersigned  in  favor  of  Laurus.

     Laurus  hereby confirms that the outstanding principal balance of the April
2006  Term  Note  as  of  the  date  hereof  is  $39,164,144.

                  [Remainder of Page Intentionally Left Blank]

<PAGE>

     This  agreement  shall  be governed by and construed in accordance with the
laws  of  the  State  of  New  York.

                                   Very truly yours,

                                   GULF COAST OIL CORPORATION

                                   By: /s/ Edward R. DeStefano
                                      ------------------------------------
                                   Name: Edward R. DeStefano
                                        ----------------------------------
                                   Title: President & CEO
                                         ---------------------------------
                                   Address:     5851 San Felipe, Suite 775
                                                 Houston, TX 77057

ACCEPTED AND AGREED TO:

LAURUS MASTER FUND, LTD.

By: /s/ Eugene Grin
   -----------------------------
Name: Eugene Grin
     ---------------------------
Title: Director
      --------------------------

<PAGE>

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