Document:

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.7  

 
 

INITIAL STOCK PURCHASE AGREEMENT    
    

        This Stock Purchase Agreement (this "Agreement"), effective as of November 16, 2007, is made and entered
into by and between National Energy Resources Acquisition Company, a Delaware corporation (the "Company"), and NRCO LLC, a Colorado limited liability
company ("Buyer"). 

RECITALS:  

        WHEREAS, Buyer wishes to purchase from the Company 2,875,000 shares of the Company's Common Stock, par value
$0.0001 per share (the "Shares"); and 

        WHEREAS, the Buyer wishes to purchase the Shares from the Company and the Company wishes to sell the Shares to the Buyer on the terms and
subject to the conditions set forth in this Agreement. 

AGREEMENT:  

        NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained
in this Agreement, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I.

DEFINITIONS  

        The terms defined in this Article I shall have for all purposes of this Agreement the respective meanings
set forth below: 

        "Buyer" shall have the meaning set forth in the preamble to this Agreement. 

        "Closing" shall have the meaning set forth in Section 2.3 of this Agreement. 

        "Closing Date" shall have the meaning set forth in Section 2.3 of this Agreement. 

        "Common Stock" shall mean the Common Stock, $0.0001 par value per share, of the Company. 

        "Company" shall have the meaning set forth in the preamble to this Agreement. 

        "Consent" means any consent, approval, notification, waiver, or other similar action that is necessary or convenient. 

        "Governmental Body" shall mean any legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar
recognized organization or body of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body exercising similar powers or authority. 

        "Law" shall mean any law (statutory, common or otherwise), constitution, ordinance, rule, regulation, executive order or other similar
authority enacted, adopted, promulgated or applied by any Governmental Body. 

        "Lien" shall mean a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or
otherwise, including, without limitation, any lien for taxes), security interest, preference, participation interest, priority or security agreement or preferential arrangement of any kind or nature
whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and the
filing of any document under the law of any applicable jurisdiction to evidence any
of the foregoing, other than (i) statutory, mechanics' or other Liens incurred in the Company's ordinary course of business or (ii) Liens for taxes incurred but not yet due. 

        "Order" shall mean an order, ruling, decision, award, judgment, injunction or other similar determination or finding by, before or under
the supervision of any Governmental Body or arbitrator. 

 

        "Permit" shall mean a permit, license, certificate, waiver, notice or similar authorization to which Company is a party or by which
Company is bound or any of its assets are subject. 

        "Purchase Price" shall have the meaning set forth in Section 2.2 of this Agreement. 

        "SEC" shall mean the United States Securities and Exchange Commission. 

        "Securities Act" shall mean the United States Securities Act of 1933, as amended, or any successor federal statute, and the applicable
rules and regulations promulgated and in effect from time to time thereunder. 

        "Shares" shall have the meaning set forth in the recitals to this Agreement. 

ARTICLE II

PURCHASE OF SHARES  

        Section 2.1 Purchase and Sale of Shares.    Subject to the terms and conditions hereof and in reliance upon the
representations and warranties of the parties contained or incorporated by reference herein,
simultaneous with the execution hereof, the Company shall sell and deliver to Buyer, and Buyer shall purchase from the Company, the Shares, in consideration of the payment of the Purchase Price noted
herein. 

        Section 2.2 Purchase Price.    As payment in full for the Shares being purchased under this Agreement and against
delivery of the certificates therefor, simultaneous with the execution hereof, Buyer shall pay $25,000 to the Company by wire transfer ($287.50 of which shall be capital and $24,712.50 of which shall
be additional paid-in capital) of immediately available funds or by such other method as may be reasonably acceptable to the Company, (the "Purchase
Price"). 

        Section 2.3 Closing.    The closing of the purchase and sale of the Shares (the
"Closing") shall be held on the date of this Agreement ("Closing Date") at the offices of Akin Gump
Strauss Hauer & Feld LLP, 590 Madison Avenue, New York, New York 10022, or such other place as may be agreed upon by the parties hereto. 

        Section 2.4 Closing Deliveries.    All actions taken at the Closing shall be deemed to have been taken simultaneously. 

        (a)   Buyer Deliveries. At the Closing, Buyer shall deliver to the Company the Purchase Price. 

        (b)   Company Deliveries. At the Closing, or within a reasonable time after the Closing but in no event later than thirty
(30) days after Closing, the Company shall deliver to Buyer the certificates representing the Shares. 

        Section 2.5 Redemption of Shares.    If the underwriters (the
"Underwriters") in the Company's initial public offering (the "IPO") do not exercise in full their
over-allotment option to be granted by the Company pursuant to an underwriting agreement by and among the Underwriters and the Company, then the Buyer shall forfeit the number of Shares
necessary in order to maintain a 20% ownership interest in the Company. 

        Section 2.6 Limitations on Transfer.    Buyer shall not assign, hypothecate, donate, encumber or otherwise dispose of any
interest in the Shares until 12 months following the completion of an initial business combination of the Company, except 143,750 shares of Common Stock may be transferred to the independent
directors of the Company, or as otherwise permitted in the Company's registration statement or under applicable securities law. 

        Section 2.7 Registration Rights.    In connection with the closing of the IPO, the Company and the Buyer shall enter into
an agreement granting the Buyer registration rights with respect to the Shares. 

2

 

        Section 2.8 Further Assurances.    The parties hereto shall execute and deliver such additional documents and take such
additional actions as any party reasonably may deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE BUYER  

        Buyer represents and warrants to the Company that the statements contained in this ARTICLE III are correct and
complete as of the date of this Agreement. 

        Section 3.1 Organization and Good Standing.    Buyer is a limited liability company duly organized, validly existing, and
in good standing under the laws of the state of Colorado. 

        Section 3.2 Power and Authority; Enforceability.    This Agreement constitutes the legal, valid, and binding obligation
of Buyer, enforceable against Buyer in accordance with its terms. Buyer has full entity power and authority to execute and deliver this Agreement and to perform its obligations hereunder. Buyer has
taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated hereby. This
Agreement has been duly authorized, executed and delivered by, and is enforceable against, Buyer. 

        Section 3.3 Investment Representations.    

        (a)   Buyer
is an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act. 

        (b)   Buyer
has received, has thoroughly read, is familiar with and understands the contents of this Agreement. 

        (c)   Buyer
hereby acknowledges that an investment in the Shares involves certain significant risks. Buyer acknowledges that there is a substantial risk that it will lose all
or a portion of its investment and that it is financially capable of bearing the risk of such investment for an indefinite period of time. Buyer has no need for liquidity in its investment in the
Shares for the foreseeable future and is able to bear the risk of that investment for an indefinite period. Buyer understands that there presently is no public market for the Shares and none is
anticipated to develop in the foreseeable future. Buyer's present financial condition is such that Buyer is under no present or contemplated future need to dispose of any portion of the Shares
subscribed for hereby to satisfy any existing or contemplated undertaking, need or indebtedness. Buyer's overall commitment to investments which are not readily marketable is not disproportionate to
its net worth and the investment in the Company will not cause such overall commitment to become excessive. 

        (d)   Buyer
acknowledges that the Shares have not been and will not be registered under the Securities Act, or any state securities act, and are being sold on the basis of
exemptions from registration under the Securities Act and applicable state securities acts, except those state securities acts that require registration of the Shares thereunder. Reliance on such
exemptions, where applicable, is predicated in part on the accuracy of the Buyer's representations and warranties set forth herein. Buyer acknowledges and hereby agrees that the Shares will not be
transferable under any circumstances unless Buyer either registers the Shares in accordance with federal and state securities laws or finds and complies with an available exemption under such laws.
Accordingly, Buyer hereby acknowledges that there can be no assurance that it will be able to liquidate its investment in the Company. 

        (e)   There
are substantial risk factors pertaining to an investment in the Company. Buyer acknowledges that it has read the information set forth above regarding certain of
such risks and is familiar with the nature and scope of all such risks, including, without limitation, risks arising from 

3

 

the
fact that the Company is an entity with limited operating history and financial resources; and Buyer is fully able to bear the economic risks of such investment for an indefinite period, and can
afford a complete loss thereof. 

        (f)    Buyer
has been given the opportunity to (i) ask questions of and receive answers from the Company and its designated representatives concerning the terms and
conditions of the offering, the Company and the business and financial condition of the Company and (ii) obtain any additional information that the Company possesses or can acquire without
unreasonable effort or expense that is necessary to assist Buyer in evaluating the advisability of the purchase of the Shares and an investment in the Company. Buyer further represents and warrants
that, prior to signing this Agreement, it has asked such questions, received such answers and obtained such information as it has deemed necessary or advisable to evaluate the merits and risks of the
purchase of the Shares and an investment in the Company. Buyer is not relying on any oral representation made by any person as to the Company or its operations, financial condition or prospects. 

        (g)   Buyer
understands that no federal, state or other governmental authority has made any recommendation, findings or determination relating to the merits of an investment
in the Company. 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY  

        Section 4.1 Organization and Good Standing.    The Company is a corporation duly organized, validly existing, and in good
standing under the laws of the State of Delaware. 

        Section 4.2 Power and Authority; Enforceability.    This Agreement constitutes the legal, valid, and binding obligation
of the Company, enforceable against the Company in accordance with its terms. The Company has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
The Company has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder, and the consummation of the transactions
contemplated hereby. This Agreement has been duly authorized, executed, and delivered by, and is enforceable against, the Company and their respective successors and permitted assigns. 

        Section 4.3 No Violation; Necessary Approvals.    Neither the execution and delivery of this Agreement by the Company,
nor the consummation or performance by the Company of any of transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute, create or result in a breach or
violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any Law, Order, Contract or Permit to which the Company is a party or by
which it is bound or any of its assets are subject, or any provision of the Company's organizational documents as in effect on the Closing Date, (b) result in the imposition of any Lien upon
any assets owned by the Company; (c) require any Consent under any Contract or organizational document to which the Company is a party or by which it is bound; (d) require any Permit
under any Law or Order other than (i) required filings, if any, with the SEC and (ii) notifications or other filings with state or federal regulatory agencies after the Closing that are
necessary or convenient and do not require approval of the agency as a condition to the validity of the transactions contemplated hereunder; or (e) trigger any rights of first refusal,
preferential purchase or similar rights with respect to any of the Shares. 

        Section 4.4 Authorization of the Shares.    The Shares have been duly authorized and, when issued in accordance with this
Agreement, the Shares will be duly and validly issued, fully paid and non-assessable shares of Common Stock and will be free and clear of all Liens and claims, other than restrictions on
transfer imposed by the Securities Act and applicable state securities laws. 

4

 

ARTICLE V

MISCELLANEOUS  

        Section 5.1 Entire Agreement.    This Agreement, together with the certificates, documents, instruments and writings that
are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or
representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 

        Section 5.2 Successors.    All of the terms, agreements, covenants, representations, warranties, and conditions of this
Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. 

        Section 5.3 Assignments.    Except as otherwise provided herein, no party hereto may assign either this Agreement or any
of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation of this  Section 5.3 shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee.
 

        Section 5.4 Waiver of Jury Trial.    THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL
OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS,
AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY
ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS
WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS
WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY
OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT. 

        Section 5.5 Counterparts.    This Agreement may be executed in two or more counterparts, each of which will be deemed an
original but all of which together will constitute one and the same instrument. 

        Section 5.6 Headings.    The article and section headings contained in this Agreement are inserted for convenience
only and will not affect in any way the meaning or interpretation of this Agreement. 

        Section 5.7 Governing Law.    This Agreement, the entire relationship of the parties hereto, and any litigation between
the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Delaware, without
giving effect to its choice of laws principles. 

        Section 5.8 Amendments.    This Agreement may not be amended, modified or waived as to any particular provision, except
by a written instrument executed by all parties hereto. 

5

 

        Section 5.9 Severability.    The provisions of this Agreement will be deemed severable and the invalidity or
unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to
any circumstance, is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that the Governmental Body, arbitrator, or
mediator making such determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and
in its reduced form, such provision will then be enforceable and will be enforced. 

        Section 5.10 Expenses.    Except as otherwise expressly provided in this Agreement, each party hereto will bear its own
costs and expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and
expenses of agents, representatives, financial advisors, legal counsel and accountants. 

        Section 5.11 Construction.    The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise
favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign Law will be deemed also to refer to Law as
amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. The words "include,"
"includes," and "including" will be deemed to be followed by "without
limitation." Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the
plural and vice versa, unless the context otherwise requires. The words "this Agreement," "herein,"
"hereof," "hereby," "hereunder," and words of similar
import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein
will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation,
warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that
such party hereto is in breach of the first representation, warranty, or covenant. 

        Section 5.12 Waiver.    No waiver by any party hereto of any default, misrepresentation, or breach of warranty or
covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any
rights arising because of any prior or subsequent occurrence. 

[Signature Page Follows] 

6

        IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date first set forth above. 

	
 	
 	

COMPANY:
	
 	
 	

NATIONAL ENERGY RESOURCES ACQUISITION COMPANY
	

 	
 	

By:	
 	

/s/  PATRICK R. MCDONALD      
 Name:  Patrick R. McDonald

Title:    Chief Executive Officer and President
	

 	
 	
BUYER:
	

 	
 	
NRCO LLC
	

 	
 	

By:	
 	

/s/  HAROLD R. LOGAN, JR.      
 Name:  Harold R. Logan, Jr.

Title:    Secretary and Treasurer

QuickLinks

INITIAL STOCK PURCHASE AGREEMENTQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.8  

NATIONAL ENERGY RESOURCES ACQUISITION COMPANY  

 
  SPONSOR'S WARRANTS SUBSCRIPTION AGREEMENT    
    

        THIS SPONSOR'S WARRANTS SUBSCRIPTION AGREEMENT (this "Agreement") is made as of the 26th day of November, 2007, by
and between National Energy Resources Acquisition Company, a Delaware corporation (the "Company"), and NRCO LLC, a Colorado limited liability company
(the "Purchaser"). 

        WHEREAS,
the Company has filed a registration statement on Form S-1 with the Securities and Exchange Commission (the "Registration
Statement") in connection with the proposed initial public offering of the Company's units (the "IPO"), each unit consisting of
one share of the Company's common stock, par value $0.0001 per share (the "Common Stock"), and one warrant to purchase one share of Common Stock at an
exercise price of $7.50 per share; 

        WHEREAS,
the Company desires to commit to issue and sell, and the Purchaser desires to commit to purchase and acquire, Sponsor's Warrants (as defined below) on the terms and conditions
hereinafter set forth; 

        NOW,
THEREFORE, for and in consideration of the promises and mutual covenants set forth herein, it is agreed between the parties as follows: 

        1.     Commitment To Purchase Sponsor's Warrants. Subject to the terms and conditions of this Agreement, the Purchaser hereby
agrees to subscribe for and purchase from the Company, and the Company hereby agrees to issue and sell to Purchaser, an aggregate of 3,000,000 warrants (each a "Sponsor's
Warrant") at a purchase price of $1.00 per Sponsor's Warrant for an aggregate purchase price of $3,000,000 on the Closing Date (as defined below). Each Sponsor's Warrant shall
entitle the holder thereof to purchase one share of Common Stock at an exercise price of $7.50, in accordance with the terms of the Sponsor's Warrant as set forth in the Warrant Agreement entered into
by and between the Company and Computershare Trust Company, Inc., as warrant agent. The Warrant Agreement shall be substantially in the form attached hereto as Exhibit A (the
"Warrant Agreement"). The closing of the purchase and sale of the Sponsor's Warrants hereunder, including payment for and delivery of the Sponsor's
Warrants, shall occur at the offices of the Company or at such other location by mutual agreement of the parties on the Closing Date. 

        2.     Purchase and Sale of the Sponsor's Warrants. Simultaneously with, and subject to the consummation of, the IPO (the
"Closing Date"), the Company shall issue and sell to the Purchaser, and the Purchaser agrees to purchase from the Company, the respective number of
Sponsor's Warrants set forth opposite the Purchaser's name on Schedule A hereto. 

        3.     Payment of Purchase Price. The purchase price for the Sponsor's Warrants to be purchased by the Purchaser shall be
tendered in full on the Closing Date by the Purchaser, by one or a combination of the following means: 

        (a)   wiring
of immediately available United States funds to an account for the benefit of the Company, pursuant to wire instructions provided by the Company no less than two
business days prior to the Closing Date; or 

        (b)   delivery
of a cashier's check to the Company of immediately available United States funds. 

        4.     Acceptance or Rejection of Agreement. The Sponsor's Warrants subscribed for herein will not be deemed issued to or owned
by the Purchaser until a copy of this Agreement has been executed by the Company and the Purchaser, and the IPO has been consummated. 

        5.     Limitations on Transfer. Without the prior written consent of the representative of the underwriters with respect to the
IPO, Purchaser shall not, other than transfers to Permitted Transferees 

 

(as
defined in Section 5 of the Warrant Agreement) that agree in writing to be bound by the terms and conditions of the transfer restrictions set forth in this Section 5 and, if at the
time applicable, the provisions of Section 6(f) of the Warrant Agreement, (a) sell, offer to sell, contract or agree to sell, assign, hypothecate, donate, pledge, grant any
security interest in, encumber, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or
decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission
("SEC") promulgated thereunder, with respect to, the Sponsor's Warrants or the shares of Common Stock issuable upon exercise of the Sponsor's Warrants
or any securities exchangeable for the Sponsor's Warrants or other rights to purchase the Sponsor's Warrants or any such securities, (b) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of the Sponsor's Warrants or the shares of Common Stock issuable upon exercise of the Sponsor's Warrants or any
securities exchangeable for the Sponsor's Warrants or other rights to purchase the Sponsor's Warrants or any such securities, whether any such transaction is to be settled by delivery of Common Stock
or such other securities, in cash or otherwise, or (c) publicly announce any intention to effect any transaction specified in this Section 5(a) or (b), until the date immediately
following the date of the consummation by the Company of an initial Business Combination (as defined in Section 8 hereof). 

        6.     Registration Rights. In connection with the closing of the IPO, the Company and the Purchaser shall enter into an
agreement (the "Registration Rights Agreement") granting the Purchaser registration rights with respect to Sponsor's Warrants and the shares underlying the Sponsor's Warrants. 

        7.     Restrictive Legends. All certificates representing the Sponsor's Warrants (and any underlying securities thereof) shall
have endorsed thereon legends in substantially the following forms (in addition to any other legend which may be required by other agreements between the parties hereto): 

        (a)   "THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS
NOT REQUIRED." 

        (b)   "THE
SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE ASSIGNED, HYPOTHECATED, DONATED, ENCUMBERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN
ACCORDANCE WITH THAT CERTAIN SPONSOR'S WARRANTS SUBSCRIPTION AGREEMENT DATED AS OF NOVEMBER 26, 2007 AND THAT CERTAIN WARRANT AGREEMENT DATED AS OF            , 2007, COPIES OF WHICH
ARE
AVAILABLE FOR INSPECTION AT THE OFFICES OF THE COMPANY." 

        (c)   Any
legend required by appropriate blue sky officials. 

        8.     Investment Representations. In connection with the purchase of the Sponsor's Warrants, the Purchaser represents to the
Company the following: 

        (a)   The
Purchaser has been furnished with all materials relating to the Company's business affairs and financial condition and materials related to the offer and sale of the
Sponsor's Warrants that have been requested by the Purchaser and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Sponsor's
Warrants. The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the Sponsor's
Warrants involves a high degree of risk. The Purchaser has sought such accounting, legal and tax advice as the Purchaser has considered necessary to make an informed investment decision with 

2

 

respect
to the Purchaser's acquisition of the Sponsor's Warrants. The Purchaser has such knowledge and expertise in financial and business matters, knows of the high degree of risk associated with
investments generally and particularly investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the
Sponsor's Warrants, and is able to bear the economic risk of an investment in the Sponsor's Warrants in the amount contemplated hereunder. The Purchaser has adequate means of providing for its current
financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Sponsor's Warrants. The Purchaser can afford a
complete loss of its investment in the Sponsor's Warrants. The Purchaser is purchasing the Sponsor's Warrants for investment for the Purchaser's own account only and not with a view to, or for resale
in connection with, any "distribution" thereof within the meaning of the Securities Act of 1933, as amended (the "Act"). The Purchaser understands that
the Company is a blank check development stage company recently formed for the purpose of consummating an initial business combination (a "Business
Combination") and understands that there is no assurance as to the future performance of the Company and that the Company may never effectuate a Business Combination. 

        (b)   The
Purchaser understands that the Sponsor's Warrants (and the securities underlying the Sponsor's Warrants) have not been registered under the Act or any state
securities law by reason of a specific exemption therefrom, and that the Company is relying on the truth and accuracy of, and the Purchaser's compliance with, the representations and warranties and
agreements of the Purchaser set forth herein to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Sponsor's Warrants, including, but not limited to,
the bona fide nature of the Purchaser's investment intent as expressed herein. 

        (c)   The
Purchaser further acknowledges and understands that the Sponsor's Warrants (and the securities underlying the Sponsor's Warrants) must be held indefinitely, subject
to any expiration, unless the Sponsor's Warrants (and the securities underlying the Sponsor's Warrants) are subsequently registered under the Act or an exemption from such registration is available.
The Purchaser understands that the certificates evidencing the Sponsor's Warrants (and the securities underlying the Sponsor's Warrants) will be imprinted with a legend which prohibits the transfer of
the Sponsor's Warrants (and the
securities underlying the Sponsor's Warrants) unless the Sponsor's Warrants (and the securities underlying the Sponsor's Warrants) are registered or such registration is not required in the opinion of
counsel for the Company. 

        (d)   The
Purchaser is familiar with the provisions of Rule 144 under the Act, as in effect from time to time
("Rule 144"), which, in substance, permit limited public resale of "restricted securities" acquired, directly or indirectly, from the issuer
thereof (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Unless the Company registers the Sponsor's Warrants (and the
securities underlying the Sponsor's Warrants) under the Act, the Sponsor's Warrants (and the securities underlying the Sponsor's Warrants) may be resold by the Purchaser only in certain limited
circumstances subject to the provisions of Rule 144, which requires, among other things: (i) the availability of certain public information about the Company and (ii) the resale
occurring following the required holding period under Rule 144 after the Purchaser has purchased, and made full payment of (within the meaning of Rule 144), the securities to be sold. 

        (e)   The
Purchaser further understands that at the time the Purchaser wishes to sell the Sponsor's Warrants there may be no public market upon which to make such a sale, and
that, even if such a public market then exists, the Company may not be satisfying the current public information requirements of Rule 144, and that, in such event, the Purchaser would be
precluded from selling the Sponsor's Warrants (and the securities underlying the Sponsor's Warrants) under Rule 144 even if the minimum holding period requirement had been satisfied.
Notwithstanding 

3

 

Sections 8(d) and
(e) hereof, the Purchaser understands that it may be considered a promoter of the Company and understands that it is the position of the SEC that promoters or
affiliates of a blank check company and their transferees, both before and after a Business Combination, would be deemed to be "underwriter" under the Act when reselling the securities of the blank
check company. Accordingly, the SEC believes that those securities can be resold only through a registered offering and that Rule 144 would not be available for those resale transactions
despite technical compliance with the requirements of Rule 144. 

        (f)    The
Purchaser represents that it is an "accredited investor" as that term is defined in Rule 501 of Regulation D promulgated by the SEC under the Act. 

        (g)   The
Purchaser has all necessary company power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. All action necessary to
be taken by the Purchaser to authorize the execution, delivery and performance of this Agreement and all other agreements and instruments delivered by the Purchaser in connection with the transactions
contemplated hereby has been duly and validly taken, and this Agreement has been duly executed and delivered by the Purchaser. This Agreement constitutes the valid, binding and enforceable obligation
of the Purchaser, enforceable in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or
similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by general
principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); and (ii) the applicability of the federal and state securities laws and public policy as
to the enforceability of the indemnification provisions of this Agreement. The purchase by the Purchaser of the Sponsor's Warrants does not conflict with the organizational documents of the Purchaser
or with any material contract by which the Purchaser or its property is bound, or any laws or regulations or decree, ruling or judgment of any court applicable to the Purchaser or its property. The
principal place of business of the Purchaser is as set forth on the signature page hereto. 

        (h)   The
Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of
Rule 502(c) of the Act. 

        (i)    The
Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or
endorsement of the Sponsor's Warrants or the fairness or suitability of the investment in the Sponsor's Warrants, nor have such authorities passed upon or endorsed the merits of the offering of the
Sponsor's Warrants. 

        9.     Company Representations and Warranties.

        (a)   The
Company hereby represents and warrants to the Purchaser that the Company has all necessary corporate power and authority to enter into this Agreement and to
consummate the transactions contemplated hereby. All corporate action necessary to be taken by the Company to authorize the execution, delivery and performance of this Agreement and all other
agreements and instruments delivered by the Company in connection with the transactions contemplated hereby has been duly and validly taken and this Agreement has been duly executed and delivered by
the Company. This Agreement constitutes the valid, binding and enforceable obligation of the Company, enforceable in accordance with its terms, except as enforceability may be limited by
(i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of
creditors and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity); and (ii) the applicability of the federal and state securities
laws and public policy as to the enforceability of the indemnification provisions of this Agreement. The sale by the Company of the Sponsor's Warrants does not conflict with the certificate of
incorporation or 

4

 

by-laws
of the Company or any material contract by which the Company or its property is bound, or any federal or state laws or regulations or decree, ruling or judgment of any United
States or state court applicable to the Company or its property. 

        (b)   Upon
issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the shares issuable upon exercise of the Sponsor's Warrants will
be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms
hereof and the Warrant Agreement, the Purchaser will have good title to the Sponsor's Warrants and the shares issuable upon exercise of such Sponsor's Warrants, will be free and clear of all liens,
claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state
securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the applicable Purchaser. 

        10.   Conditions of the Purchaser's Obligations. The obligation of the Purchaser to purchase and pay for the Sponsor's Warrants
is subject to the fulfillment, on or before the Closing Date, of each of the following conditions: 

        (a)   The
representations and warranties of the Company contained in Section 9 shall be true and correct at and as of the Closing Date as though then made. 

        (b)   The
Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied
with by it on or before the Closing Date. 

        (c)   No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or
governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement. 

        11.   Conditions of the Company's Obligations. The obligations of the Company to the Purchaser under this Agreement are subject
to the fulfillment, on or before the Closing Date, of each of the following conditions: 

        (a)   The
representations and warranties of the Purchaser contained in Section 8 shall be true and correct at and as of the Closing Date as though then made. 

        (b)   The
Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied
with by the Purchaser on or before the Closing Date. 

        (c)   The
Company shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement and the Warrant Agreement and
the issuance and sale of the Sponsor's Warrants hereunder. 

        (d)   No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or
governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement. 

        12.   Indemnification. The Purchaser hereby agrees to indemnify and hold harmless the Company and the Company's officers,
directors, stockholders, employees, agents, and attorneys against any and all losses, claims, demands, liabilities and expenses (including reasonable legal or other expenses incurred by each such
person in connection with defending or investigating any such claims or 

5

 

liabilities,
whether or not resulting in any liability to such person or whether incurred by the indemnified party in any action or proceeding between the indemnitor and indemnified party or between
the indemnified party and any third party) to which any such indemnified party may become subject, insofar as such losses, claims, demands, liabilities and expenses (a) arise out of or are
based upon any untrue statement of a material fact made by the Purchaser and contained herein, or (b) arise out of or are based upon any breach by the Purchaser of any representation, warranty
or agreement made by the Purchaser contained herein. 

        13.   Miscellaneous.

        (a)   Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given:
(i) upon personal delivery to the party to be notified, (ii) when sent by confirmed facsimile if sent during normal business hours of the recipient, and if not during normal
business hours of the recipient, then on the next business day, (iii) five calendar days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (iv) one business day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be
sent to the other party hereto at such party's address hereinafter set forth on the signature page hereof, or at such other address as such party may designate by ten days advance
written notice to the other party hereto. A copy of all such communications shall also be sent to the following parties: 

National
Energy Resources Acquisition Company

1700 Broadway, Suite 2020

Denver, CO 80290

Attention: Chief Executive Officer and President

Facsimile: (720) 407-7031 

and 

Akin
Gump Strauss Hauer & Feld LLP

590 Madison Avenue

New York, New York 10022

Attn: Mark Zvonkovic

Facsimile: (212) 872-1002 

and

NRCO
LLC

1700 Broadway, Suite 2020

Denver, CO 80290

Attn: Harold R. Logan, Jr.

Facsimile: (720) 407-7028 

        (b)   Successors and Assigns. This Agreement shall inure to the benefit of the successors and assigns of the Company and,
subject to the restrictions on transfer herein set forth, shall be binding upon the Purchaser and the Purchaser's successors and assigns. 

        (c)   Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York without regard to the principles of conflicts of law thereof. The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement shall be brought
in, and each party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state or federal court for the State of New York. 

        (d)   Further Execution. The parties agree to take all such further action(s) as may reasonably be necessary to carry out and
consummate this Agreement as soon as practicable, and to take 

6

 

whatever
steps may be necessary to obtain any governmental approval in connection with or otherwise qualify the issuance of the securities that are the subject of this Agreement. 

        (e)   Independent Counsel. The Purchaser acknowledges that this Agreement has been prepared on behalf of the Company by Akin
Gump Strauss Hauer & Feld LLP, counsel to the Company, and that Akin Gump Strauss Hauer & Feld LLP does not represent, and is not acting on behalf of, Purchaser.
The Purchaser has been provided with an opportunity to consult with the Purchaser's own counsel with respect to this Agreement. 

        (f)    Entire Agreement; Amendment. This Agreement, together with the Exhibits hereto, constitutes the entire agreement among
the parties with respect to the subject matter hereof and supersedes and merges all prior agreements or understandings, whether written or oral. This Agreement may not be amended, modified or revoked,
in whole or in part, except by an agreement in writing signed by each of the parties hereto. 

        (g)   Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties
agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall
be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable
in accordance with its terms. 

        (h)   Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and
all of which together shall constitute one instrument. This Agreement or any counterpart may be executed via facsimile or electronic mail transmission, and any such executed facsimile or electronic
mail copy shall be treated as an original. 

        (i)    Survival. The representations and warranties contained herein will survive the delivery of, and the payment for, the
Sponsor's Warrants. 

        (j)    Waiver of Jury Trial. Each party hereto hereby irrevocably and unconditionally waives the right to a trial by jury in any
action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions contemplated hereby, or the
actions of the Purchaser in the negotiation, administration, performance or enforcement hereof. 

[Signature
Page Follows] 

7

 

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

	

 	
 	

COMPANY:	
 	

 
	

 	
 	

NATIONAL ENERGY RESOURCES

ACQUISITION COMPANY
	

 	
 	

By:	
 	

/s/  PATRICK R. MCDONALD      
 Name:  Patrick R. McDonald

Title:    Chief Executive Officer and President
	

 	
 	

PURCHASER:
	

 	
 	

NRCO LLC
	

 	
 	

By:	
 	

/s/  HAROLD R. LOGAN, JR.      
 Name:  Harold R. Logan, Jr.

Title:    Secretary and Treasurer
	 	 	 	 	Address:	 	1700 Broadway, Suite 2020

Denver, CO 80290

8

 
Schedule A  

	Purchaser:
 
	 	Sponsor's

Warrants

Purchased:
	 	Purchase Price of

Sponsor's Warrants:

	NRCO LLC	 	3,000,000	 	$	3,000,000

9

Exhibit A  

[Warrant
Agreement] 

QuickLinks

SPONSOR'S WARRANTS SUBSCRIPTION AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00133-of-00352.parquet"}]]