Document:

EX-10.3

 Exhibit 10.3 

NON-TRANSFER AGREEMENT 

THIS NON-TRANSFER AGREEMENT (this “Agreement”) is made and entered into as of December 9, 2013, by and between each of
the stockholders identified as such on the signature page hereto (each, a “Stockholder”), and Bering Exploration, Inc., a Nevada corporation (the “Company”). 

RECITALS 
 A. Effective
December 9, 2013, the Company and Breitling Oil and Gas Corporation, a Texas corporation (“O&G”), and Breitling Royalties Corporation, a Texas corporation (“Royalties” and, collectively with
O&G, “Breitling”), entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”), which provides for the acquisition by the Company of all of the assets of Breitling (the
“Acquisition”) in exchange for common stock, par value $0.001 per share, of the Company (the “Company Common Stock”), as set forth in the Asset Purchase Agreement. 

B. As of the date hereof, Stockholder may Beneficially Own (as defined below) a number of Shares (as defined below). 

C. It is a condition precedent to the closing of the Acquisition that the Stockholder agree to restrict the transfer or disposition of its
Shares as provided in this Agreement. 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 

1. Certain Definitions. Capitalized terms not defined herein and defined in the Asset Purchase Agreement shall have the meanings
ascribed to them in the Asset Purchase Agreement. For purposes of this Agreement: 
 (a) A Person shall be deemed to “Beneficially
Own” a security if such Person has “beneficial ownership” of such security as determined pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended. 

(b) “Constructive Sale” means, with respect to any security, a short sale or entering into or acquiring an offsetting
derivative contract with respect to such security, entering into or acquiring a futures or forward contract to deliver such security or entering into any other hedging or other derivative transaction that has the effect of materially changing the
economic benefits and risks of ownership of such security. 
 (c) “Expiration Date” means twenty-four months after
the Closing Date. 
 (d) “Options” means: (i) all securities Beneficially Owned by Stockholder as of the date of
this Agreement that are convertible into, or exercisable or exchangeable for, shares of capital stock of the Company, including, without limitation, options, warrants and other rights to acquire shares of Company Common Stock or other shares of
capital stock of the Company; and (ii) all securities of which Stockholder acquires Beneficial Ownership during the period from the date of this Agreement through and including the Expiration Date that are convertible into, or exercisable or
exchangeable for, shares of capital stock of the Company, including, without limitation, options, warrants and other rights to acquire shares of Company Common Stock or other shares of capital stock of the Company. 

 (e) “Person” means any (i) individual, (ii) corporation,
limited liability company, partnership, limited partnership or other entity, or (iii) Governmental Authority. 
 (f) “Number
of Shares” all of numbers of Shares set forth herein are to the number of Shares outstanding on the date hereof; in the event that the Company implements a stock split, reverse stock split or stock dividend, the numbers shall be
appropriately adjusted accordingly. 
 (g) “Shares” means: all shares of capital stock of the Company of which
Stockholder has or acquires Beneficial Ownership during the period from the date of this Agreement through and including the Expiration Date, including, without limitation, in each case, shares issued upon the conversion, exercise or exchange of
Options. 
 (h) “Transfer” means, with respect to any security, the direct or indirect (i) assignment, sale,
transfer, tender, pledge, hypothecation, placement in voting trust, Constructive Sale or other disposition of such security (excluding transfers by testamentary or intestate succession), of any right, title or interest in such security (including,
without limitation, any right or power to vote to which the holder thereof may be entitled, whether such right or power is granted by proxy or otherwise) or of the record or beneficial ownership of such security, or (ii) offer to make any such
sale, transfer, tender, pledge, hypothecation, placement in voting trust, Constructive Sale or other disposition, and each agreement, arrangement or understanding, whether or not in writing, to effect any of the foregoing, in each case, excluding
any (1) Transfer pursuant to a court order, (2) such actions pursuant to which Stockholder maintains all voting rights with respect to such security, and (3) to a member of an immediately family provided such member executes a
non-transfer agreement with substantially identical terms as this Agreement. 
 2. No Transfer of Shares or Options.
Stockholder agrees that, at all times during the period beginning on the date hereof and ending on and excluding the Expiration Date, Stockholder shall not Transfer (or cause or permit any Transfer of) any Shares or Options, or make any agreement
relating thereto, in each case, without the prior written consent of the Company; provided, however, that following the 12-month anniversary of the Closing Date, unless the Company has incurred Damages in excess of $25,000 giving rise to an
indemnification claim under the Asset Purchase Agreement, Stockholder may Transfer a number of Shares equal to 10,000 shares per day, but in no event to exceed three percent of the daily trading volume. J. Leonard Ivins is authorized to sell up to
60,000 Shares during the six months after the Closing Date. Stockholder agrees that any Transfer in violation of this Agreement shall be void ab initio and of no force or effect. Stockholder hereby agrees with, and covenants to, the Company
that Stockholder shall not request that the Company register the Transfer (book entry or otherwise) of any certificate or uncertificated interest representing any of its Shares, unless such Transfer is made in compliance with this Agreement.
Subsequent to the Closing Date, the Company will provide opinion of counsel, and documentation and representations to third parties that may be required in order for shareholders to deposit their shares and remove the restrictions thereon.
Notwithstanding the above, in the event that the non-transfer agreement entered into by and between the Company, Oil and Gas and Royalties dated the date hereof is amended to provide for an earlier Transfer, either through a leak-out provision or a
termination of the lock-up provision, the Company will amend this Agreement to provide for such identical relaxation of the prohibition of Transfer restrictions. 

  
 2 

 3. Representations, Warranties and Covenants of Stockholder. Stockholder hereby
represents, warrants and covenants to the Company as follows: 
 (a) Stockholder has the sole, full right, power and authority to dispose,
vote or direct the voting of Stockholder’s Shares with no limitations, qualifications or restrictions on such rights, subject to applicable securities laws and the terms of this Agreement. 

(b) The execution and delivery of this Agreement by Stockholder does not, and Stockholder’s performance of its obligations under this
Agreement will not, conflict with or violate or require any consent, approval or notice under, any order, decree, judgment, statute, law, rule, regulation or agreement applicable to Stockholder or by which Stockholder or any of Stockholder’s
properties or assets, including, without limitation, the Shares and Options, is bound. 
 (c) Stockholder has the sole, full right, power and
authority to make, enter into and carry out the terms of this Agreement with respect to all of its Shares without limitation, qualification or restriction on such power and authority. This Agreement has been duly executed and delivered by
Stockholder and constitutes a legal, valid and binding agreement of Stockholder, enforceable in accordance with its terms, subject, as to enforceability, to bankruptcy, insolvency, reorganization, moratorium and other laws of general applicability
relating to or affecting creditors’ rights and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

(d) Stockholder is not a party to, and the Shares are not subject to or bound in any manner by, any contract or agreement relating to the
Shares that would require Stockholder to Transfer the Shares in violation of this Agreement. 
 4. Additional Documents.
Stockholder and the Company hereby covenant and agree to execute and deliver any additional documents and take such further actions as may be reasonably necessary or desirable, in the reasonable opinion of the Company, to carry out the purposes and
intent of this Agreement. 
 5. Consents and Waivers. Stockholder further consents to the Company placing a stop transfer order
on the Shares with its transfer agent(s), which stop transfer order shall, until otherwise requested by the Company, remain in effect until the Expiration Date. 

6. Termination. This Agreement shall terminate and shall have no further force or effect as of the Expiration Date. 

7. Legending of Shares. Stockholder agrees that certificates evidencing the Shares issued to Stockholder may bear the following
legend: 

  
 3 

 THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER RESTRICTIONS
PURSUANT TO THAT CERTAIN NON-TRANSFER AGREEMENT, DATED AS OF DECEMBER 9, 2013, BY AND AMONG BERING ENERGY, INC. AND THE STOCKHOLDER SET FORTH THEREIN. ANY TRANSFER OF SUCH SHARES OF COMMON STOCK IN VIOLATION OF THE TERMS AND PROVISIONS OF SUCH
NON-TRANSFER AGREEMENT SHALL BE NULL AND VOID AND HAVE NO FORCE OR EFFECT WHATSOEVER. 
 The Company may place (or to cause each transfer
agent for securities of the Company (including the Common Stock) to place) the above-referenced legend on any and all certificates evidencing any Shares. Subject to the terms of Section 2 hereof, Stockholder agrees that it shall not
Transfer any Shares (to the extent any Transfer is permitted under this Agreement) without first having the aforementioned legend affixed to the certificates representing the Shares. In the event any Shares are held in any nominee account,
Stockholder consents to the Company notifying such nominee holder of this Agreement and terms hereof, and providing a copy of this Agreement to such nominee holder. 

8. Miscellaneous. 

(a) Waiver. No failure on the part of any party to exercise any power, right, privilege or remedy under this Agreement, and no delay on
the part of any party in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy
shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. A party hereto shall not be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this
Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered on behalf of such party; and any such waiver shall not be applicable or have any effect except
in the specific instance in which it is given. 
 (b) Notices. All notices and other communications hereunder shall be in writing and
shall be deemed duly given (i) on the date of delivery if delivered personally or by courier service, (ii) on the date of confirmation of receipt (or the first business day following such receipt if the date is not a business day) if sent
via facsimile (receipt confirmed), or (iii) on the date of confirmation of receipt (or the first business day following such receipt if the date is not a business day) if delivered by a nationally recognized courier service. All notices
hereunder shall be delivered to the parties at the following addresses or facsimile numbers (or pursuant to such other instructions as may be designated in writing by the party to receive such notice): 

(i) if to Stockholder, to the address set forth opposite such Stockholder’s name on the signature page hereto; 

(ii) if to Company, to: 

Bering Exploration, Inc. 

1910 Pacific Avenue, 7th Floor 

Dallas, Texas 75201 

Attention: Chris Faulkner, Chief Executive Officer 

  
 4 

 With copies (which shall not constitute notice) to each of: 

Haynes and Boone, LLP 

1221 McKinney, Suite 2100 

Houston, Texas 77010 

Attention: Bill Nelson 

(c) Headings. All captions and section headings used in this Agreement are for convenience only and do not form a part of this
Agreement. 
 (d) Counterparts. This Agreement may be executed in two counterparts, and via facsimile, all of which shall be
considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties or to a person designated in writing by the parties to accept and confirm the
execution and delivery of this Agreement, it being understood that all parties need not sign the same counterpart. 
 (e) Entire
Agreement; Amendment. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to
the subject matter hereof. This Agreement may not be changed or modified, except by an agreement in writing specifically referencing this Agreement and executed by the Company and Stockholder; provided, however, that the Company’s
obligations hereunder may not be changed or modified without the written consent of the Company. 
 (f) Severability. In the event
that any provision of this Agreement, shall be determined to be invalid, unlawful, void or unenforceable to any extent, the remainder of this Agreement shall not be impaired or otherwise affected and shall continue to be valid and enforceable to the
fullest extent permitted by law. 
 (g) Governing Law, Jurisdiction and Venue. This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas, regardless of the laws that might otherwise govern under applicable principles of conflicts of law thereof. Each of the parties hereto irrevocably consents to the exclusive jurisdiction and venue of
the courts of Dallas County in the State of Texas in connection with any matter based upon or arising out of this Agreement or the matters contemplated herein, agrees that process may be served upon them in any manner authorized by the laws of the
State of Texas for such persons and waives and covenants not to assert or plead any objection which they might otherwise have to such jurisdiction, venue and such process. 

(h) Rules of Construction. The parties hereto agree that they have been represented by counsel during the negotiation and execution of
this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 

  
 5 

 (i) Remedies. The parties acknowledge that the Company will be irreparably harmed and that
there will be no adequate remedy at law in the event of a violation or breach of any of the terms of this Agreement. Therefore, it is agreed that, in addition to any other remedies that may be available to the Company upon any such violation or
breach, the Company shall have the right to enforce the terms hereof by specific performance, injunctive relief or by any other means available to the Company at law or in equity, and that Stockholder waives the posting of any bond or security in
connection with any proceedings related thereto. All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the
exercise of any thereof by the Company shall not preclude the simultaneous or later exercise of any other such right, power or remedy by the Company. 

(j) Binding Effect; No Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns, but, except as otherwise specifically provided herein, neither this Agreement nor any of the rights, interests or obligations of the parties hereto may be assigned by any of the
parties without the prior written consent of the other parties. Any purported assignment in violation of this Section 8(j) shall be void. 

  
 6 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the date first above written.

  

			
	 The Company:

BERING EXPLORATION, INC.

		
	 By:
	 	 
		 	J. Leonard Ivins, Chief Executive Officer

  

			
	 Stockholders:
	 	Address of Stockholder

 SIGNATURE PAGE TO NON-TRANSFER
AGREEMENTEX-10.4

 Exhibit 10.4 

RELEASE 
 This
RELEASE (this “Release”), dated as of December 9, 2013, is made and entered into by and between Bering Exploration, Inc., a Nevada corporation (the “Company”), and each of the releasing parties
identified on the signature page hereto (each, a “Releasing Party”). 
 RECITALS 

WHEREAS, concurrently herewith the Company has entered into an Asset Purchase Agreement (the “Asset Purchase
Agreement”) with Breitling Oil and Gas Corporation, a Texas corporation (“O&G”), and Breitling Royalties Corporation, a Texas corporation (“Royalties” and, collectively with O&G,
“Breitling”); and 
 WHEREAS, as an inducement and a condition to entering into the Asset Purchase Agreement,
Breitling has required that the Releasing Party agree, and the Releasing Party has agreed, to enter into this Release. 
 NOW, THEREFORE, in
consideration of the foregoing, the benefits accruing to the Releasing Party under and as a result of the consummation of the Transactions under the Asset Purchase Agreement and the representations, warranties, covenants and agreements contained
herein, the parties hereto, intending to be legally bound, hereby agree as follows: 
 AGREEMENTS 

1. Termination. 

(a) Effective on the Closing Date as of the Closing (the “Effective Time”), each of the agreements, oral or written,
between the Releasing Party and the Company or any of its Subsidiaries, including but not limited to the agreements set forth on Exhibit A attached hereto (the “Terminated Agreements”) is terminated without any further
liability or obligations of the Releasing Party or the Company or any of its Subsidiaries. 
 2. Definitions. The following
terms shall have the meanings set forth below. Capitalized terms used herein but not defined herein and defined in the Asset Purchase Agreement shall have the meanings ascribed to such terms in the Asset Purchase Agreement. 

(a) “Claims” means all theories of recovery of whatever nature, whether known or unknown, and now recognized by the law
or equity of any jurisdiction. This term includes causes of action, charges, indebtedness, losses, claims, liabilities, and demands, whether arising in equity or under the common law or under any contract or statute. This term includes any claim for
salary, benefits or other compensation, discrimination, harassment, retaliation, retaliatory discharge, or wrongful discharge, and any other claim that is alleged or that could be alleged by the Releasing Party, or on the Releasing Party’s
behalf, in any lawsuit or other proceeding. 
 (b) “Damages” means all elements of relief or recovery of whatever
nature, whether known or unknown, which are recognized by the law or equity of any jurisdiction that is sought or that could be sought by the Releasing Party, or on the Releasing Party’s behalf, in any lawsuit or other proceeding. This term
includes actual, incidental, indirect, consequential, compensatory, exemplary, liquidated and punitive damages; rescission; attorneys’ fees; interest; costs; equitable relief; and expenses. 

  
 1 

 (c) “Person” means any natural person, corporation, company, partnership
(general or limited), limited liability company, trust, joint venture, joint stock company, unincorporated organization, Governmental Authority or other entity or association. 

(d) “Released Parties” means and includes each of the Company, its Subsidiaries, Breitling and all of the foregoing
Persons’ past, present and future officers, directors, employees, members, managers, stockholders, partners, joint venturers, agents, benefit plans (and each such plan’s fiduciaries, administrators, committees, trustees, sponsors and
representatives), insurance carriers, reinsurers, underwriters, predecessors, successors, assigns, Subsidiaries, executors, administrators, and representatives, in both their representative and individual capacities. Each of the Released Parties is
an intended beneficiary of this Release. 
 (e) “Releasing Party” means and includes the Releasing Party, acting
individually, in any corporate or other representative capacity, and on behalf of his heirs, executors, administrators, legal representatives, successors, beneficiaries, and assigns. 

3. Releases. 
 (a)
Release. 
 (i) The Releasing Party, on the Releasing Party’s own behalf and on behalf of the Releasing
Party’s representatives, assigns, estate and heirs, hereby finally, unconditionally and absolutely releases, acquits, remises and forever discharges the Released Parties from any and all Claims and Damages, and hereby finally, unconditionally,
irrevocably and absolutely waives any and all offsets and defenses, in each case related to any action, inaction, event, circumstance or occurrence occurring or alleged to have occurred on or prior to the date the Releasing Party executed this
Release, whether known or unknown, absolute or contingent, matured or unmatured, presently existing or hereafter discovered, at law, in equity or otherwise, whether arising by statute, common law, in contract, in tort or otherwise, that the
Releasing Party may now have or that might subsequently accrue to the Releasing Party, directly or derivatively, against any Released Party, including without limitation those related to, arising from or attributed to (1) the Terminated
Agreements and (2) all other acts or omissions related to any matter at any time prior to and including the Effective Time (all such Claims described in this Section 3(a)(i), as supplemented by Section 3(a)(ii), the
“Released Claims.”) 
 (ii) The Releasing Party understands and expressly agrees the release in
Section 3(a)(i) extends to all Claims of every nature and kind, known or unknown, suspected or unsuspected, past, present or future, which Claims are arising from, attributable to, or related to the Terminated Agreements or any alleged
action or inaction of the Released Parties prior to and including the Effective Time, and that all such Claims are hereby expressly settled or waived. 

  
 2 

 (iii) The Releasing Party hereby irrevocably covenants to refrain from, directly
or indirectly, commencing any action or proceeding based upon any Released Claim. 
 (iv) Notwithstanding the foregoing to
the contrary, the Released Claims shall not include, and nothing contained in this Release is intended to, nor does it, limit, impair or otherwise modify or affect, Claims of the Releasing Party or the obligations of any Released Party, arising from
or pursuant to (i) this Release and (ii) the rights of the Releasing Party to enforce any such Claim. 
 (b) THE RELEASE IN
SECTION 3(a) IS SPECIFICALLY INTENDED TO OPERATE AND BE APPLICABLE EVEN IF IT IS ALLEGED, CHARGED OR PROVEN THAT ALL OR SOME OF THE CLAIMS OR DAMAGES RELEASED WERE SOLELY AND COMPLETELY CAUSED BY ANY ACTS OR OMISSIONS, WHETHER NEGLIGENT, GROSSLY
NEGLIGENT, INTENTIONAL, OR OTHERWISE, OF OR BY ANY RELEASED PARTY. 
 4. Confidential Information. 

(a) The Releasing Party acknowledges that (i) the Company has trade, business and financial secrets and other confidential and proprietary
information (collectively, the “Confidential Information”), (ii) the Confidential Information has been developed or acquired by the Company through the expenditure of substantial time, effort and money and provides the Company
with an advantage over competitors who do not know or use such Confidential Information, and (iii) the Releasing Party has had access to and has become acquainted with the Confidential Information of the Company. Confidential Information
includes contracts, books, records and documents, technical information, computer systems and software, seismic data, reserve information, the names of and other information (such as credit and financial data) concerning business matters and
business affiliates and any information protected by the substantive laws of the State of Texas with respect to trade secrets. 
 (b) In
order to protect the value of the Confidential Information to the Company, from and after the Effective Time the Releasing Party shall hold in confidence and not directly or indirectly disclose or use or copy or make lists of any Confidential
Information, except to the extent authorized in writing by the President of the Company after the Effective Time or compelled by legal process. The Releasing Party agrees to use reasonable efforts to give the Company notice of any and all attempts
to compel disclosure of any Confidential Information, in such a manner so as to provide Company with written notice by facsimile to the President of the Company within one (1) business day after the Releasing Party is informed that such
disclosure will be requested or compelled. Such written notice shall include a description of the information requested to be disclosed, the court, Governmental Authority, or other forum through which the disclosure is sought, and the date by which
the information is to be disclosed, and shall contain a copy of the subpoena, order or other process used to compel disclosure. 
 (c) The
Releasing Party agrees that, on or before the Effective Time, the Releasing Party shall immediately assemble and deliver to the Company each and every original and copy of any and all documents, compilations, recordings, and any other form of
written, 

  
 3 

 
printed, recorded, typed and every other matter, thing or material of any kind which the Releasing Party has in the Releasing Party’s possession, custody or control that is or was the
property of the Company or relates in any way to the business of the Company, including all material that constitutes or contains Confidential Information. 

5. Agreements, Representations and Warranties. The Releasing Party agrees, represents and warrants to the Company that: 

(a) The Releasing Party is legally and mentally competent to sign this Release. 

(b) The Releasing Party is the sole owner of any and all Released Claims that have been or could have been asserted, the Releasing Party has
the requisite capacity and authority to enter into this Release, the Releasing Party has not transferred, pledged or otherwise assigned or hypothecated to any other Person all or any portion of any Released Claims or any rights or entitlements with
respect thereto and the execution and delivery of this Release does not, or will not, violate or conflict with the terms of any statute or contract to which the Releasing Party is a party or by which the Releasing Party otherwise is bound. 

(c) The Releasing Party shall not disparage or make negative comments about the Company or the other Released Parties; provided that this
Section 5(c) shall not apply to comments made by the Releasing Party to any Governmental Authority or as required by law. 
 (d)
The Releasing Party does not possess any rights or claims to future employment with the Company, any Released Party or any of their Subsidiaries. 

(e) The Releasing Party will cooperate with, and assist, the Company in defense of any claim, litigation or administrative proceeding brought
against the Company or any other Released Party, as reasonably requested by the Company or any Released Party. Such cooperation and assistance shall include (i) interviews of the Releasing Party by legal counsel for the Company or any Released
Party as reasonably requested by such counsel, (ii) the Releasing Party providing documents (or copies thereof) and executing affidavits as reasonably requested by such counsel, (iii) the Releasing Party appearing for depositions, trials,
and other proceedings as reasonably requested by such counsel, and (iv) the Releasing Party communicating with any party adverse to the Company or any Released Party, or with a representative, agent or legal counsel for any such party,
concerning any pending or future claims or litigation or administrative proceeding solely through legal counsel for the Company or any Released Party. Nothing in this Section 5(e) is intended to cause the Releasing Party to testify other
than truthfully in any proceeding or affidavit. 
 (f) Other than the Terminated Agreements, the Releasing Party is not a party to any
employment, severance, change of control, retention or consulting agreement, oral or written, between the Releasing Party and any Released Party providing the Releasing Party any right to employment or any consideration, bonus, or other amounts,
whether as a result of the consummation of the Transactions or otherwise. 

  
 4 

 6. Miscellaneous. 

(a) Notices. All notices or communications hereunder shall be in writing (including facsimile or similar writing) addressed as follows:

 if to the Releasing Party, to the address set forth opposite his name on the signature page hereto. 

if to Company, to: 
 Bering
Exploration, Inc. 
 1910 Pacific Avenue, 7th Floor 

Dallas, Texas 75201 
 Attention:
Chris Faulkner, Chief Executive Officer 
 With copies (which shall not constitute notice) to each of: 

Haynes and Boone, LLP 
 1221
McKinney, Suite 2100 
 Houston, Texas 77010 

Attention: Bill Nelson 
 Any such notice or
communication shall be deemed given (i) when made, if made by hand delivery, and upon confirmation of receipt, if made by facsimile, (ii) one business day after being deposited with a next-day courier, postage prepaid, or (iii) three
business days after being sent certified or registered mail, return receipt requested, postage prepaid, in each case addressed as above (or to such other address as such party may designate in writing from time to time). 

(b) Acknowledgment of Terms. The Releasing Party acknowledges that he has carefully read the Release; that he has had the opportunity
for review of it by his attorney; that he fully understands its final and binding effect; that the Company admits to no wrongdoing in connection with any matter covered by the release in Section 3(a); that this Release is intended as a
compromise of all Released Claims which the Releasing Party has alleged or may allege against any of the Released Parties; that the only promises or representations made to the Releasing Party to sign this Release are those stated herein; and that
he is signing this Release voluntarily. 
 (c) Severability. If any provision of the Release shall be declared to be invalid or
unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the remaining provisions hereof which shall remain in full force and effect. Furthermore, in lieu of each such illegal, invalid, or unenforceable provision,
there shall be added automatically as part of the Release a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable. 

(d) Assignment. The Release shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal
representatives, successors, guardians, administrators, and assigns; provided, however, that the Release shall not be assignable or otherwise subject to hypothecation and any assignment in violation hereof shall be null and void. 

  
 5 

 (e) Counterparts. This Release may be executed in one or more
counterparts, all of which shall be considered one and the same, and shall become effective when one or more such counterparts have been signed by each of the parties and delivered to each party. 

(f) Entire Agreement. This Release represents the entire agreement of the parties with respect to the subject matter
hereof and shall supersede any and all previous contracts, arrangements or understandings between the parties with respect to the subject matter hereof. 

(g) Governing Law. The Release shall be construed, interpreted, and governed in accordance with the laws of the state of
Texas, without reference to rules relating to conflicts of law. 
 (h) Submission to Jurisdiction. Each party to this
Release submits to the exclusive jurisdiction of the court of the State of Texas in any dispute or action arising out of or relating to the Release and agrees that all claims in respect of such dispute or action may be heard and determined in any
such court except for the enforcement of judgments referred to in the next sentence. Each party also agrees not to bring any dispute or action arising out of or relating to the Release in any other court. Each party agrees that a final judgment in
any dispute or action so brought will be conclusive and may be enforced by dispute or action on the judgment or in any other manner provided at law (common, statutory or other) or in equity in any court having jurisdiction over the party. Each party
waives any defense of inconvenient forum to the maintenance of any dispute or action so brought and waives any bond, surety, or other security that might be required of any other party with respect thereto. 

(i) Attorneys’ Fees. If any action at law or equity, including an action for declaratory relief, is brought to
enforce or interpret any provision of the Release, the prevailing party shall be entitled to recover reasonable attorneys’ fees and expenses from the other party, which fees and expenses shall be in addition to any other relief which may be
awarded. 
 (j) Amendments. No term, provision or condition of the Release may be modified in any respect except by a
writing executed by the Releasing Party and the Company. 
 (k) Waiver. The failure of either party to enforce or to
require timely compliance with any term or provision of the Release shall not be deemed to be a waiver or relinquishment of rights or obligations arising hereunder, nor shall this failure preclude the enforcement of any term or provision or avoid
the liability for any breach of this Release. 
 (l) Construction. The Release shall be deemed drafted equally by all
the parties. Its language shall be construed as a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any party shall not apply. The headings in this Release are only for convenience and
are not intended to affect construction or interpretation. The Release represents a compromise of disputed Released Claims and is not to be construed as an admission, direct or indirect, against any interest of the parties. The plural includes the
singular and the singular includes the plural; “and” and “or” are each used both conjunctively and disjunctively; “any,” “all,” “each,” or “every” means “any and all, and each and
every;” “including” and “includes” are each “without limitation;” and “herein,” “hereof,” “hereunder” and other similar compounds of the word “here” refer to the entire
Release and not to any particular paragraph, subparagraph, section or subsection. 

  
 6 

 (m) Remedies Cumulative. All rights, powers and remedies provided under the Release or
otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such
party. 
 (n) Withholdings. The Company shall make all tax withholdings and deductions required by applicable law. As may be
appropriate, the Company shall report the payments made hereunder by filing the appropriate W-2 forms and/or 1099 forms for this amount, and making any other reports required by law. 

(o) Taxes. The Releasing Party agrees to comply, on a timely basis, with all tax reporting requirements applicable to the receipt of the
payments and other compensation received hereunder and to timely pay all taxes due with respect to such amounts. 
 (p) Specific
Enforcement. The Releasing Party acknowledges that the covenants of the Releasing Party contained in Sections 4, 5(c) and 5(e) of this Release are special and unique, that a breach by the Releasing Party of any term or provision of
Sections 4 hereof may cause irreparable injury to the Company or any of its Subsidiaries, and that remedies at law for the breach of any terms or provisions of Sections 4, 5(c) and 5(e) hereof shall be inadequate. Accordingly, in
addition to any other remedies it may have in the event of breach, the Company shall be entitled to enforce specific performance of the terms and provisions of Sections 4 hereof, to obtain temporary and permanent injunctive relief to prevent
the continued breach of such terms and provisions without the necessity of posting a bond or of proving actual damage, and to obtain attorneys’ fees in respect of the foregoing if the Company prevails in such action or proceeding. For purposes
of this Section 6(p) and Sections 4, 5(c) and 5(e) hereof, each of the Released Parties shall be deemed a third party beneficiary entitled to the benefits of such Sections and shall be entitled to enforce Sections 4, 5(c)
and 5(e) of this Release in accordance with this Section 6(p). 
 (q) Advice to Consult Counsel. The Company hereby
advises the Releasing Party to consult with an attorney prior to executing this Release. 
 7. Termination. This Release shall
terminate upon the termination of the Asset Purchase Agreement, automatically and without any further action on the part of any party hereto, and, upon such termination, shall be void ab initio. 

[Signature page follows] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Release to be duly executed as of the day
and year first above written. 
  

			
	The Company:
	BERING EXPLORATION, INC.
		
	By:	 	 
	J. Leonard Ivins, Chief Executive Officer

  

			
	Releasing Party:	  	Address of Releasing Party

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]