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Execution
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    STOCKHOLDER
AGREEMENT

    

    This
agreement, dated as of March 2, 2010 (the “Agreement”), among
La Cortez Energy, Inc.
(the “Buyer”),
a corporation organized under the Laws of Nevada with an address at Calle 67
#7-35, Oficina 409, Bogota, Colombia, Avante Petroleum SA (the
“Seller”), a
corporation organized under the Laws of Luxembourg with an address at 11b
Boulevard Joseph II, 1840 Luxembourg, and for purposes of Section 3.3 only,
Nadine Smith and Andres Gutierrez (collectively
“Shareholder
Parties” and each a “Shareholder
Party”).

    

    WITNESSETH:

    

    WHEREAS,
the Buyer and the Seller have entered into a Stock Purchase Agreement of even
date herewith (the “Stock Purchase
Agreement”), pursuant to which the Buyer shall acquire 100% of the
outstanding shares of Avante Colombia S.a.r.l., a current subsidiary of the
Seller, in consideration of the issuance to Seller of 10,285,819 newly issued
shares of common stock, $0.001 par value per share, of the Buyer (the “Common
Stock”).

    

    WHEREAS, in connection with the
acquisition, the Seller and the Buyer have entered into the Subscription
Agreement, pursuant to which the Seller shall purchase additional shares of
Common Stock; and

    

    WHEREAS,
it is a condition precedent to the obligations of the Parties under the Stock
Purchase Agreement that the Parties enter into this Agreement;

    

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

    

    SECTION
1.    Definitions.

    

    (a)           Capitalized
terms used, but not defined herein, shall have the meaning given thereto in the
Stock Purchase Agreement.

    

    (b)           In
addition to the terms defined elsewhere herein, when used herein the following
terms shall have the respective meanings indicated below:

    

    “Board” shall mean the
Board of Directors of the Buyer.

    

    “By-Laws” shall mean
by-laws of the Buyer.

    

    “Capital Stock” shall
mean the shares authorized for issuance by a company’s charter, including both
common stock and preferred stock.

    

    “Director” shall mean
a member of the Board.

    

    “Non-Party” shall mean
a Person who is not a party to this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    “Shareholder” and
“Shareholders” shall mean the shareholder or shareholders of the
Buyer.

    

    “Shares” shall mean
the shares of the Buyer’s Capital Stock.

    

    “Stock Purchase
Agreement” shall have the meaning ascribed to it in the
recitals.

    

    “Transfer” shall mean
any direct or indirect transfer, sale, assignment, pledge, encumbrance,
hypothecation or other disposition, whether with or without consideration and
whether voluntarily or involuntarily or by operation of law.

    

    SECTION
2.   Ownership of
Shares.  Upon the Closing under the Stock Purchase Agreement
and the closing of Seller’s purchase of the Definite Shares (as defined in the
Subscription Agreement) and the Contingent Shares (as defined in the
Subscription Agreement) under the Subscription Agreement, and assuming Buyer
closes on the sale of an aggregate of $5,000,000 of units in Covered Offerings,
then Seller will own the number and the percentage of issued and outstanding
Shares as follows:

    

    
      
        
          
            
              
                
                  	
                          Number of Shares

                        	 	
                          Percentage

                        
	 
      	 	 
      
	
                          13,142,962

                        	 	
                          ~
      32.86%

                        

                

              

            

          

        

      

    

    

    SECTION
3.            Director
Nomination.

    

    3.1.            Upon
the closing of the Stock Purchase Agreement, the Board shall increase the number
of Directors constituting the Board by one to create vacancy, pursuant to the
By-Laws. The Board shall appoint one Director, nominated by the Seller and
reasonably satisfactory to the Buyer (such person, or any successor thereto
nominated by Seller and reasonably satisfactory to the Buyer, the “Nominee”), to fill
the vacancy on the Board so created, to serve until the next annual meeting of
Shareholders or until his successor is duly elected and qualified or his earlier
death, resignation or removal in accordance with the By-Laws.

    

    3.2.            The
Buyer shall continue to nominate the Nominee at the next and subsequent annual
meetings of the Shareholders, and at any special meeting of the Shareholders at
which Directors are to be elected (collectively, a “Meeting”) as long as
Seller and/or its Affiliates own outstanding Shares representing 10% or more of
the votes entitled to be cast at the applicable Meeting, but the Nominee will be
subject to reelection by the stockholders as provided in the By-Laws. If the
Nominee is not elected by the Shareholders pursuant to the By-Laws, the Seller
shall have the right to designate the same or another person as its Nominee at
the next Meeting, provided Seller and/or its Affiliates own outstanding voting
Shares representing 10% or more of the votes entitled to be cast at the
applicable Meeting.

    
      
         

      

      
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    3.3.            Each
Shareholder Party shall vote any Shares owned by such Shareholder Party, or
cause any Shares owned by any immediate family member or Affiliate of such
Shareholder Party to be voted, in favor of the Nominee at any
Meeting.

    

    3.4            
In addition, for so long as Seller is entitled to name a Nominee for election as
a Director, as provided above, the Seller shall have the right to appoint one
additional non-voting observer (the “Observer”) to attend
meetings of the Board, and the said Observer shall have the right to visit the
Buyer’s offices, to have interaction with Buyer’s management and to receive
information and documents pertaining to the Buyer as reasonably requested,
subject to the confidentiality provisions below.

    

    SECTION
4.   Special
Committee.    For a period ending on the earlier of
(i) 18 months after the Closing under the Stock Purchase Agreement or (ii) the
first date on which the Seller and/or its Affiliates no longer own outstanding
voting Shares representing ten percent (10%) or more of the votes entitled to be
cast at any annual or special meeting of Shareholders (if a record date for such
a meeting were established on any day), in the event that the Buyer (or the
Board) should propose to (i) merge or consolidate with or into any other
corporation (if the holders of voting stock of the Buyer immediately prior to
the transaction would not hold a majority of the voting stock or other voting
equity of the surviving entity immediately after completion of the transaction),
or sell, assign, lease or otherwise dispose of all or substantially all of its
assets, or recommend to its Shareholders a third-party tender offer for a
majority of its outstanding voting Shares; or (ii) acquire a business (whether
by merger, stock purchase or asset purchase) in a transaction that would result
in the issuance of a number of the Buyer’s voting Shares equal to or exceeding
thirty percent (30%) of the Buyer’s voting Shares outstanding after giving
effect to the proposed transaction; or (iii) appoint a new Chief Executive
Officer (any of the foregoing, a “Covered Transaction”), then the Board shall
establish a special committee of the Board pursuant to the By-Laws, which
committee shall consist of the Nominee (or if there is no Nominee serving on the
Board, the Observer), the Chairman of the Board, and the Chief Executive Officer
of the Buyer (the “Special Committee”). The Covered Transaction will require the
unanimous approval of all of the members of the Special Committee before it can
be submitted to the full Board for consideration; provided, however, that the
foregoing requirement shall be subject and subordinate to the fiduciary duties
of each Director and any other restrictions under applicable Law and the listing
standards of any exchange on which securities of the Buyer are then
listed.

    

    SECTION
5.            Confidentiality.

    

    5.1.     In
connection with the service of the Nominee on the Board and the attendance at
Board meetings by and the other rights of the Observer, the Seller, the Observer
and Affiliates of the Seller and its or their officers, directors, agents or
advisors (collectively, “Seller Parties”) will
obtain certain information from the Buyer and/or Affiliates of the Buyer and/or
its or their officers, directors, agents or advisors (collectively, “Buyer
Parties”).  As a condition to any Buyer Party’s furnishing any
Seller Party with such information, the Seller agrees that it shall, and shall
cause each other Seller Party to, treat as confidential and proprietary to the
Buyer and its Affiliates (as provided below) any information (whether written or
oral) which any Buyer Party furnishes to any Seller Party (including, without
limitation, account statements, financial statements and other financial,
operating, performance, cost, business, sales, customer, counterpart or other
information, and information with respect to any proposed acquisition,
disposition, offering or other transaction, relating to any Buyer Party)
(collectively, the “Confidential
Information”).

    
      
         

      

      
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    5.2.     Seller
agrees that it shall, and shall cause each other Seller Party to (i) transmit
Confidential Information only to Seller Parties who need to know such
information for the purpose of evaluating the Seller’s investment in the Buyer
(the “Purpose”)
and who shall be advised by Seller of the confidentiality obligations of this
Section 5 and agree with Seller to be bound by the provisions hereof, (ii) keep
confidential, and not, except as hereinafter provided, without the prior written
consent of the Buyer, disclose in any manner whatsoever the Confidential
Information, in whole or in part, and (iii) not use the Confidential Information
in any way detrimental to the Buyer or for any purpose other than the
Purpose.  In any event, the Seller shall be responsible for any breach
of this agreement by any other Seller Party and agrees, at the Seller’s sole
expense, to take all reasonable measures (including but not limited to court
proceedings) to restrain all other Seller Parties from prohibited or
unauthorized disclosure or use of the Confidential Information.

    

    5.3.     In the event
that any Seller Party is required by Law or governmental regulation (by oral
questions, interrogatories, requests for information or documents subpoena,
civil investigative demand or similar process) to disclose any Confidential
Information, the Seller will provide the Buyer with prompt notice of such
request(s) so that the Buyer may seek an appropriate protective order and/or
waive Seller’s compliance with the provisions of this Agreement and will
cooperate with the Buyer in protecting the confidential or proprietary nature of
the Confidential Information which must be so disclosed.  It is
further agreed that if, in the absence of a protective order or the receipt of a
waiver hereunder, any Seller Party is nonetheless, in the written opinion of the
Seller’s counsel, compelled to disclose any Confidential Information to any
governmental agency or tribunal or else stand liable for contempt or suffer
other censure or penalty, the Seller Party may disclose such limited information
to such agency or tribunal without liability hereunder, provided that the Seller
shall exercise its best efforts to obtain assurance from the recipient that
confidential treatment will be accorded such information.

    

    5.4.     In addition,
the Seller hereby acknowledges that it is aware (and that other Seller Parties
who are furnished Confidential Information have been or will be advised) that
the United States securities
Laws prohibit any person who has material nonpublic information about a company
from purchasing or selling securities of such company.

    

    5.5.     Upon
termination of this Agreement pursuant to Section 7 hereof, the Seller will (and
will cause the other Seller Parties to) promptly (a) deliver to the Buyer the
Confidential Information, with all copies thereof, and (b) destroy all internal
documents, databases and records containing Confidential Information (in
whatever format, written, recorded, electronic or other; and in such manner,
with respect to recorded and electronic information, that it shall be
permanently deleted and not recoverable) (except to the extent that Seller is
required by applicable Laws to retain such information, in which case it will
remain subject to the other provisions of this letter), and provide an officer’s
certificate that such destruction has occurred.

    
      
         

      

      
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    5.6.     The term
“Confidential Information” does not include information which (i) becomes or has
been generally available to the public other than as a result of a disclosure by
any Seller Party, (ii) was available to a Seller Party on a non-confidential
basis prior to its disclosure to a Seller Party by a Buyer Party, or (iii)
becomes available to any Seller Party on a non-confidential basis from a source
other than a Buyer Party, provided, however, that such source is not, to any
Seller Party’s knowledge after due inquiry, bound by a confidentiality agreement
with any Buyer Party.

    

    5.7.     The Seller
understands and agrees that, except as may otherwise be agreed in writing, (a)
no Buyer Party makes any representation or warranty as to the accuracy or
completeness of the Confidential Information and (b) no Buyer Party shall have
any liability to any Seller Party resulting from the use of the Confidential
Information by any Seller Party.

    

    5.8.     Nothing
herein shall give any Seller Party any rights, title, license or interest
whatsoever in or to the Confidential Information (which shall remain at all
times the property of the Buyer or other Buyer Party).

    

    5.9.     Nothing
herein shall be construed to limit or expand the rights, obligations and duties
(including, without limitation, fiduciary duties) of the Nominee in his or her
capacity as a Director, which shall in all cases be governed by and construed in
accordance with the Buyer’s articles of incorporation and By-Laws and the Nevada
Private Corporations Law and other applicable Laws.

    

    SECTION
6.    Indemnification and
Insurance.

     

    6.1.     The Buyer
shall indemnify, defend and hold harmless the Nominee from and against costs,
expenses, liabilities, claims, judgments, damages and losses, including, without
limitation, all reasonable attorneys’ fees and expenses and the related cost of
any investigation and preparation, incurred in connection with any threatened,
pending or completed action or proceeding, whether civil, criminal,
administrative or investigative, arising out of or related to the fact that
Nominee is or was a director of the Buyer to the maximum extent that it
indemnifies its other Directors, whether pursuant to its by-laws, by contract or
both.

     

    6.2.     The Buyer
shall maintain directors’ liability and other insurance covering the Nominee to
the maximum extent that it maintains such insurance coverage of its other
Directors.

     

    SECTION
7.   Termination.  This
Agreement will terminate when Seller is no longer entitled to name a Nominee for
election as a Director, as provided above, or unless sooner terminated by the
Seller in writing; provided, however, that notwithstanding any such termination,
the obligations of the Seller and the Observer under Section 5 shall continue
for a period of one year after such termination, and the provisions of Sections
10 and 17 shall survive indefinitely.

    

    SECTION
8.    Notices.  Any
notice provided for in this Agreement must be in writing and shall be
effectively given when given as provided in the Stock Purchase
Agreement.

    
      
         

      

      
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    SECTION
9.           Severability.  If
any provision of this Agreement shall be determined to be illegal or
unenforceable by any court of law of competent jurisdiction the remaining
provisions shall be severable and enforceable in accordance with their
terms.

    

    SECTION
10.         Governing Law;
Jurisdiction.  This Agreement shall be governed by and
construed in accordance with the Laws of the State of Nevada, without giving
effect to any conflict of laws principles thereof that would require the
application of the Laws of any jurisdiction other than the State of
Nevada.  Each of the parties hereto irrevocably and unconditionally
consents to the exclusive jurisdiction of the United States District Court for
the Southern District of New York sitting in the Borough of Manhattan in respect
of the interpretation and enforcement of the provisions of this
Agreement.  Each party further agrees that service of any process,
summons, notice or document by U.S. registered mail to such party’s respective
address set forth above shall be effective service of process for any Action
with respect to any matters to which it has submitted to jurisdiction in this
Section 10.  Each party irrevocably and unconditionally waives any
objection to the laying of venue of any Action arising out of this Agreement or
the transactions contemplated by this Agreement in the United States District
Court for the Southern District of New York sitting in the Borough of Manhattan,
and hereby further irrevocably and unconditionally waives and agrees not to
plead or claim in any such court that any such Action brought in any such court
has been brought in an inconvenient forum.  EACH PARTY HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND
ENFORCEMENT HEREOF.

    

    SECTION
11.         Assignment; Benefits of
Agreement.  Neither this Agreement nor any right, remedy,
obligation or liability arising hereunder or by reason hereof shall be
assignable (whether by operation of law or otherwise) by either Buyer or Seller,
and any attempted assignment contrary to the provisions of this Agreement shall
be null and void. This Agreement does not create, and shall not be construed as
creating, any rights enforceable by any other person who is not, or who does not
become, a party to this Agreement, except that each Buyer Party other than the
Buyer shall be an express third-party beneficiary of the provisions of Section
5.

    

    SECTION
12.         Modification.  Neither
this Agreement nor any provision hereof can be amended, supplemented or
otherwise modified, except by an instrument in writing signed by both Parties
hereto, in which event such modification shall be binding upon both Parties
hereto in accordance with its terms.

    

    SECTION
13.         Captions and References to
Sections.  The captions herein are inserted for convenience
only and shall not define, limit, extend or describe the scope of this Agreement
or affect the construction hereof. Sections mentioned by number only are the
respective sections of this Agreement. The words “hereof,” “hereto” and
“hereunder” and other words of like import refer to this Agreement as a whole
and not to any particular section or provision of this
Agreement.

    
      
         

      

      
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    SECTION
14.         Entire
Agreement.  This Agreement and the Transaction Documents set
forth the entire understanding of the parties with respect to the subject matter
hereof.

    

    SECTION
15.         Waiver.  Any
waiver by any party hereto of a breach of any provision of this Agreement shall
not operate as or be construed to be a waiver of any other breach of that
provision or of any breach of any other provision of this Agreement. The failure
of a party hereto to insist upon strict adherence to any term of this Agreement
on one or more occasions shall not be considered a waiver or deprive that party
of the right thereafter to insist upon strict adherence to that term or any
other term of this Agreement. Any waiver must be evidenced by an instrument in
writing signed by the party against whom the waiver is sought to be
enforced.

    

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

    

    SECTION
17.         Interpretation.  Notwithstanding
any rule of law or custom to the contrary, neither this Agreement nor any other
agreement or document collateral to or otherwise relating to this Agreement
shall be interpreted or construed against any party merely by reason of the fact
that such agreement or document was prepared by or at the direction of such
party or that such party drafted or caused this Agreement to be
drafted.

    

    SECTION
18.         Future
Cooperation.  Each party hereto shall cooperate and shall take
such further action and shall executed and deliver such further documents as may
be reasonably requested by any other party in order to carry out the provisions
and purposed of this Agreement.

    

    SECTION
19.         Number and
Gender.  All terms and words used in this Agreement, regardless
of the number or gender in which they are used, shall be deemed to include any
other number and any other gender as the context may require.

    

    [Signature
Page Follows]

    
      
         

      

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

    

    
      
        
          
            	 
      	
                    La
      Cortez Energy, Inc.

                  
	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                    Name:

                  
	 
      	 
      	
                    Title:

                  
	 
      	 
      
	 
      	
                    Avante
      Petroleum SA

                  
	 
      	 
      
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                    Name:

                  
	 
      	 
      	
                    Title:

                  

          

        

      

    

    

    For
purposes of confirming their agreement to the provisions of Section 3.3
only:

    

    
      
        
          
            	 
      	 
      
	 
      	
                    Nadine
      Smith

                  
	 
      	 
      
	 
      	 
      
	 
      	
                    Andres
      Gutierrez

                  

          

        

      

    

    
      
         

      

      
        8Execution
Version

       

    

    SHARE
ESCROW AGREEMENT

     

    SHARE
ESCROW AGREEMENT, dated as of March 2 2010 (this “Agreement”), by and among La
Cortez Energy, Inc., a Nevada corporation (the “Company”), Avante Petroleum
S.A., a Luxembourg corporation (the “Depositor”), and Robert Jan Jozef Lijdsman,
civil law notary in Amsterdam, the Netherlands, as escrow agent (the “Escrow
Agent”).

     

    WHEREAS,
the Company and the Depositor have entered into a Stock Purchase Agreement of
even date herewith (the “SPA”), pursuant to which the Company agrees to acquire
all of the issued and outstanding shares of Avante Colombia S.à.r.l., a
Luxembourg limited liability company, and a wholly owned subsidiary of the
Depositor, in exchange for shares of common stock, par value $0.001 per share
(“Company Common Stock”), of the Company;

     

    WHEREAS,
the SPA provides that an escrow account will be established to secure certain
indemnification obligations of the Depositor set forth in the SPA;
and

     

    WHEREAS,
the parties hereto desire to establish the terms and conditions pursuant to
which such escrow account will be established and maintained.

     

    NOW,
THEREFORE, the parties hereto hereby agree as follows:

     

    1.           Consent of
Depositor.  The Depositor has, either by virtue of its approval
of the SPA, or through the execution of an instrument to such effect, consented
to:  (a) the establishment of this escrow to secure the
Depositor’s indemnification obligations set forth in the SPA in the manner set
forth herein and (b) all of the other terms, conditions and limitations in
this Agreement.

     

    2.           Escrow and
Indemnification.

     

    (a)           Escrow of
Shares.  Simultaneously with the execution of this Agreement,
the Company shall deposit with the Escrow Agent certificates representing an
aggregate of 1,500,000 shares of Company Common Stock, as determined pursuant to
Section 2.3(a) of the SPA, issued in the name of the Depositor.  The
Escrow Agent hereby acknowledges receipt of such stock
certificates.  The shares deposited with the Escrow Agent pursuant to
the first sentence of this Section 2(a) are referred to herein as the
“Escrow Shares.”  The Escrow Shares shall be held as a trust fund and
shall not be subject to any lien, attachment, trustee process or any other
judicial process of any creditor of any party hereto.  The Escrow
Agent agrees to hold the Escrow Shares in an escrow account (the “Escrow
Account”), subject to the terms and conditions of this Agreement.

     

    (b)           Indemnification.  The
Depositor has agreed in Section 10.2 of the SPA to indemnify and hold harmless
the Company from and against certain Environmental Losses (as defined in Section
10.2 of the SPA), among other things.  The Escrow Shares shall be
security for such indemnity obligations of the Depositor, subject to the
limitations, and in the manner provided, in this Agreement and the
SPA.

     

    (c)           Dividends,
Etc.  Any securities distributed in respect of or in exchange
for any of the Escrow Shares, whether by way of stock dividends, stock splits or
otherwise, shall be issued in the name of the Escrow Agent or its nominee and
shall be delivered to the Escrow Agent, who shall hold such securities in the
Escrow Account.  Such securities shall be considered Escrow Shares for
purposes hereof.  Any cash dividends or property (other than
securities) distributed in respect of the Escrow Shares shall promptly be
distributed by the Escrow Agent to the Depositor in accordance with
Section 3(c).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (d)           Voting of
Shares.  The Depositor shall have the right to receive notices
of meetings and other communications to shareholders generally, and shall have
the right to exercise any voting rights pertaining to the Escrow
Shares.

     

    (e)           Transferability.  No
interest of the Depositor in the Escrow Shares may be assigned or transferred,
other than by operation of law.  Notice of any such assignment or
transfer by operation of law shall be given to the Escrow Agent and the Company,
and no such assignment or transfer shall be valid until such notice is
given.

     

    3.           Distribution of Escrow
Shares.

     

    (a)           The
Escrow Agent shall distribute the Escrow Shares only in accordance with (i) a
written instrument delivered to the Escrow Agent that is executed by both the
Company and the Depositor and that instructs the Escrow Agent as to the
distribution of some or all of the Escrow Shares, (ii) an order of a court
of competent jurisdiction, a copy of which is delivered to the Escrow Agent by
either the Company or the Depositor, that instructs the Escrow Agent as to the
distribution of some or all of the Escrow Shares, or (iii) the provisions
of Section 3(b) hereof.

     

    (b)           Except
as provided below, within five business days after March 2, 2012 (the
“Termination Date”), the Escrow Agent shall, automatically, without any notice
required, distribute to the Depositor all of the Escrow Shares then held in
escrow, registered in the name of the Depositor.  Notwithstanding the
foregoing, if the Company has previously delivered to the Escrow Agent a copy of
a Claim Notice (as hereinafter defined) and the Escrow Agent has not received
written notice of the resolution of the claim covered thereby, or if the Company
has previously delivered to the Escrow Agent a copy of an Expected Claim Notice
(as hereinafter defined) and the Escrow Agent has not received written notice of
the resolution of the anticipated claim covered thereby, the Escrow Agent shall
retain in escrow after the Termination Date such number of Escrow Shares as have
a Value (as defined in Section 4 below) equal to the Claimed Amount (as
hereinafter defined) covered by such Claim Notice or equal to the estimated
amount of Environmental Losses set forth in such Expected Claim Notice, as the
case may be.  Any Escrow Shares so retained in escrow shall be
distributed only in accordance with the terms of clauses (i) or (ii) of
Section 3(a) hereof.  For purposes of this Agreement, a Claim
Notice means a written notification under the SPA given by the Company to the
Depositor which contains (i) a description and the amount (the “Claimed Amount”)
of any Environmental Losses incurred or reasonably expected to be incurred by
the Company, and (ii) a statement that the Company is entitled to
indemnification under Article X of the SPA for such Environmental Losses and a
reasonable explanation of the basis therefor.  For purposes of this
Agreement, an “Expected Claim Notice” means a notice delivered pursuant to the
SPA by the Company to the Depositor, before expiration of the relevant
representation, warranty or covenant, to the effect that, as a result a legal
proceeding instituted by or written claim made by a third party, the Company
reasonably expects to incur Environmental Losses as a result of a breach of such
representation, warranty or covenant.

     

    
      
         

      

      
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    (c)           Any
distribution of all or a portion of the Escrow Shares (or cash or other property
pursuant to Section 2(c)) to the Depositor shall be made by delivery of
stock certificates issued in the name of the Depositor (or cash or other
property).

     

    4.           Valuation of Escrow
Shares.  For purposes of this Agreement, the per share “Value”
of any Escrow Shares delivered in satisfaction of an indemnity claim shall be
the volume weighted average sale prices of the Company Common Stock on the OTC
Bulletin Board or primary stock exchange on which the Company Common Stock is
then listed for the sixty (60) most recent trading days on which sales have
occurred ending on the trading day prior to the relevant date of determination;
provided that if the
Company Common Stock is not then quoted on the OTC Bulletin Board or any stock
exchange, then the “Value” of any Escrow Shares shall be determined by
independent appraisal by a mutually selected appraiser.  If the
Company and the Depositor are unable to agree on the independent appraiser
within five (5) business days after a notice pursuant to the SPA by Depositor of
its intent to deliver shares in lieu of cash or a notice by the Company pursuant
to the SPA of its intent to receive shares in lieu of cash, as the case may be,
then either the Company or the Depositor may request that the American
Arbitration Association appoint an arbitrator according to its rules who shall
then select an appraiser.  In all cases, the Value shall be subject to
equitable adjustment in the event of any stock split, stock dividend, reverse
stock split or similar event affecting the Company Common Stock during the
period of calculation and, thereafter, until delivery of the Company Common
Stock in payment of the relevant indemnification obligation.

     

    5.           Fees and Expenses of Escrow
Agent.  The Company, on the one hand, and the Depositor, on the
other hand, shall each pay one-half of the fees of the Escrow Agent for the
services to be rendered by the Escrow Agent hereunder.  The Escrow
Agent shall charge an initial fee of $10,000 (exclusive of VAT, if
any).  Furthermore the Escrow Agent shall charge a fee for services
after execution of this Agreement which shall be separately invoiced on the
basis of actual time spent at the then applicable hourly rate, increased by
further costs and disbursements incurred by the Escrow Agent.

     

    6.           Duties and Obligations of
Escrow Agent.

     

    (a)           The
parties hereto agree that the duties and obligations of the Escrow Agent shall
be only those obligations herein specifically provided and no
other.  The Escrow Agent’s duties are those of a depositary only, and
the Escrow Agent shall incur no liability whatsoever, except as a direct result
of its willful misconduct or gross negligence in the performance of its duties
hereunder.

     

    (b)           The
Escrow Agent may consult with counsel of its choice, and shall not be liable for
any action taken, suffered or omitted to be taken by it in good faith in
accordance with the advice of such counsel.

     

    (c)           The
Escrow Agent shall not be bound in any way by the terms of any other agreement
to which the Depositor and the Company are parties, whether or not the Escrow
Agent has knowledge thereof, and the Escrow Agent shall not in any way be
required to determine whether or not any other agreement has been complied with
by the Depositor and the Company, or any other party thereto.  The
Escrow Agent shall not be bound by any modification, amendment, termination,
cancellation, rescission or supersession of this Agreement unless the same shall
be in writing and signed by the Depositor and the Company and agreed to in
writing by the Escrow Agent.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (d)           If
the Escrow Agent shall be uncertain as to its duties or rights hereunder or
shall receive instructions, claims or demands which, in its opinion, are in
conflict with any of the provisions of this Agreement, the Escrow Agent shall be
entitled to refrain from taking any action other than keeping safely the Escrow
Shares or take action it deems until the Escrow Agent is directed otherwise in
writing jointly by the Depositor and the Company or by a final judgment of a
court of competent jurisdiction.

     

    (e)           The
Escrow Agent shall be fully protected in relying upon any written notice,
instruction, demand, certificate or document which the Escrow Agent, in good
faith, believes to be genuine.  The Escrow Agent shall not be responsible
for the sufficiency or accuracy of the form, execution, validity or genuineness
of documents or securities now or hereafter deposited hereunder or of any
endorsement thereon, or for any lack of endorsement thereon, or for any
description therein; nor shall the Escrow Agent be responsible or liable in any
respect on account of the identity, authority or rights of the persons executing
or delivering or purporting to execute or deliver any such document, security or
endorsement.

     

    (f)           The
Escrow Agent shall not be required to institute legal proceedings of any kind
and shall not be required to defend any legal proceedings which may be
instituted against it or in respect of the Escrow Shares.

     

    (g)           If
the Escrow Agent at any time, in its sole discretion, deems it necessary or
advisable to relinquish custody of any of the Escrow Shares, it may do so by
delivering the same to another Person that agrees to act as escrow agent
hereunder and whose substitution for the Escrow Agent is agreed upon in writing
by the Depositor and the Company.  The Company may appoint a successor
Escrow Agent without the consent of the Depositor so long as such successor is a
chartered bank and may appoint any other successor Escrow Agent with the consent
of the Depositor, which shall not be unreasonably withheld.  If no
such escrow agent is selected within ten (10) days after the Escrow Agent gives
notice to the Depositor and the Company of the Escrow Agent’s desire to so
relinquish custody of the Escrow Shares and resign as Escrow Agent, then the
Escrow Agent may do so by delivering the Escrow Shares to the clerk or other
proper officer of a state or federal court of competent jurisdiction situate in
the state and county of New York.  The fee of any court officer shall
be borne by the Company.  Upon such delivery, the Escrow Agent shall
be dis­charged from any and all responsibility or liability with respect to
the Escrow Shares and this Agreement and each of the Depositor and the Company
shall promptly pay all monies it may owe to the Escrow Agent for its services
hereunder, including, but not limited to, reimbursement of its out-of-pocket
expenses.

     

    (h)           Upon
the performance of this Agreement, the Escrow Agent shall be deemed released and
discharged of any further obligations hereunder.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (i)           The
Escrow Agent agrees to perform its obligations hereunder in accordance with the
provisions of Section  hereof.

     

    7.           Indemnification of Escrow
Agent.

     

    (a)           The
Depositor and the Company, jointly and severally, hereby indemnify and hold the
Escrow Agent harmless from and against any and all losses, damages, taxes,
(other than taxes related to the fee of the Escrow Agent), liabilities and
expenses that may be incurred by the Escrow Agent, arising out of or in
connection with its acceptance of appointment as the Escrow Agent hereunder
and/or the performance of its duties pursuant to this Agreement, including, but
not limited to, all reasonable legal costs and expenses of the Escrow Agent
incurred defending itself against any claim or liability in connection with its
performance hereunder, provided that the Escrow Agent shall not be entitled to
any indemnity for any losses, damages, taxes, liabilities or expenses that
directly result from its willful misconduct or gross negligence in
its  performance as Escrow Agent hereunder.

     

    (b)           In
the event of any legal action or proceeding involving any of the parties to this
Agreement which is brought to enforce or otherwise adjudicate any of the rights
or obligations of the parties hereunder, the non-prevailing party or parties
shall pay the reasonable legal fees of the prevailing party or parties and the
reasonable legal fees, if any, of the Escrow Agent.

     

    8.           Termination.  This
Agreement shall terminate upon the distribution by the Escrow Agent of all of
the Escrow Shares in accordance with this Agreement; provided that the
provisions of Sections 6 and 7 shall survive such termination.

     

    9.           Notices.  All
notices, instructions and other communications given hereunder or in connection
herewith shall be in writing.  Any such notice, instruction or
communication shall be sent either (i) by registered or certified mail,
return receipt requested, postage prepaid, or (ii) via a reputable
nationwide overnight courier service, in each case to the address set forth
below.  Any such notice, instruction or communication shall be deemed
to have been delivered when received if sent by registered or certified mail,
return receipt requested, postage prepaid, or one business day after it is sent
via a reputable nationwide overnight courier service.

     

    If to the
Company:

    

    La Cortez
Energy, Inc.

    Calle 67
#7-35 Oficina 409

    Bogotá,
Colombia

    Attn:  Andres
Gutierrez Rivera, President & CEO

    Facsimile:  571-605-6937

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    with a
copy to (which shall not constitute notice hereunder):

    

    Gottbetter
& Partners, LLP

    488
Madison Avenue, 12th
Floor

    New York,
NY  10022

    Attn:  Adam
S. Gottbetter, Esq.

    Facsimile:  (212)
400-6901

    

    If to the
Depositor:

    

    c/o
Oranje-Nassau Groep B.V.

    Rembrandt
Tower, 22nd floor

    Amstelplein
1

    1096 HA
Amsterdam

    The
Netherlands

    Attn:  Alexander
Berger, CEO

    Facsimile:  31-20-567-7122

    

    If to the
Escrow Agent:

    

    Name:  Allen
& Overy

    Attention:  Mr.
R.J.J. Lijdsman

    Address:  P.O.
Box 75440

    1070 AK
Amsterdam

    The
Netherlands

    with a
copy faxed to: +31 20 674 1852; or

    a PDF
mailed to: robertjan.lijdsman@allenovery.com

    

    Any party
may give any notice, instruction or communication in connection with this
Agreement using any other means (including personal delivery, ordinary mail,
facsimile or electronic mail), but no such notice, instruction or communication
shall be deemed to have been delivered unless and until it is actually received
by the party to whom it was sent.  Any party may change the address to
which notices, instructions or communications are to be delivered by giving the
other parties to this Agreement notice thereof in the manner set forth in this
Section 9.

     

    10.           General.

     

    (a)           Governing Law;
Assigns.  This Agreement shall be governed by and construed in
accordance with the laws of the Netherlands without regard to conflict-of-law
principles and shall be binding upon, and inure to the benefit of, the parties
hereto and their respective successors and assigns.

     

    (b)           Counterparts and Facsimile
Signature.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.  This Agreement
may be executed by facsimile signature.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (c)           Entire
Agreement.  Except for those provisions of the SPA referenced
herein, this Agreement constitutes the entire understanding and agreement of the
parties with respect to the subject matter of this Agreement and supersedes all
prior agreements or understandings, written or oral, between the parties with
respect to the subject matter hereof.

     

    (d)           Waivers.  No
waiver by any party hereto of any condition or of any breach of any provision of
this Agreement shall be effective unless in writing.  No waiver by any
party of any such condition or breach, in any one instance, shall be deemed to
be a further or continuing waiver of any such condition or breach or a waiver of
any other condition or breach of any other provision contained
herein.

     

    (e)           Amendment.  This
Agreement may be amended only with the written consent of the Company, the
Depositor and the Escrow Agent.

     

    (f)           Consent to Jurisdiction and
Service.  The parties hereby absolutely and irrevocably consent
and submit to the jurisdiction of the courts in Amsterdam, the Netherlands in
connection with any actions or proceedings brought against any party hereto by
the Escrow Agent arising out of or relating to this Agreement.  In any
such action or proceeding, the parties hereby absolutely and irrevocably waive
personal service of any summons, complaint, declaration or other process and
hereby absolutely and irrevocably agree that the service thereof may be made by
certified or registered first-class mail directed to such party, at their
respective addresses in accordance with Section 9 hereof.

     

    

    [Signature page follows
immediately]

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

     

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

     

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 	
                                  LA
      CORTEZ ENERGY, INC.

                                   

                                   

                                  By:
      ___________________________

                                  Name:

                                  Title:

                                   

                                   

                                  AVANTE
      PETROLEUM S.A.

                                   

                                   

                                        
                                    By:
      ___________________________

                                    Name:

                                    Title:

                                  

                                
	 	 
	 	 
	
                                  Escrow
      Agent:          
      

                                	___________________________
	 	
                                  Robert
      Jan Jozef Lijdsman

                                  Civil
      law notary in Amsterdam, the
Netherlands

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