Document:

PERSONAL GUARANTY AGREEMENT

 

This Guaranty Agreement
(“Agreement”) is made and executed this 16th day of February 2012 by Nikolas Konstant, an individual, with a
business address located at 2049 Century Park East, Suite 3670, Los Angeles, CA 90067 and EOS Petro, Inc., a Delaware corporation
with the same business address, (“Guarantors”), in favor of Vatsala Sharma,
with an address located at 22338 La Quilla Drive, Los Angeles, CA 91311, (“Lender”) as the provider of
the four hundred thousand US Dollars ($400,000.00) in Bridge Debt Financing to Nikolas Konstant and his company EOS Petro Inc,
with the same business address listed above (“Borrower”).

 

The undersigned Guarantor
undertakes and agrees as follows:

 

(1)          Obligations
Guaranteed. To induce Lender to establish and/or continue financing arrangements with Borrower pursuant to the terms of the
Bridge Debt Agreement referred to below, and for other good and valuable consideration, the Guarantors, intending to be legally
bound, hereby absolutely and unconditionally, severally and jointly, guarantees and becomes Guarantor for the payment and performance
when due (at maturity, upon acceleration, or otherwise) of all of remaining Borrower Obligation to Lender of every kind or nature,
whether joint or several, due or to become due, absolute or contingent, now existing or hereafter arising, and whether principal,
interest, fees, costs, expenses or otherwise (including without limitation any interest and/or expenses accruing following the
commencement of any insolvency, receivership, reorganization or bankruptcy case or proceeding relating to any Borrower, whether
or not a claim for post-petition interest and/or expenses is allowed or allowable in such case or proceeding). The Guarantor shall
also pay or reimburse Lender as the prevailing party on demand for all costs and expenses, including without limitation attorneys’
fees, incurred by Agent at any time to enforce, protect, preserve, or defend Lender’ rights hereunder and with respect to
any property securing this Agreement. All payments hereunder shall be made in lawful money of the United States, in immediately
available funds. Unless otherwise defined herein, all capitalized terms in this Agreement shall have the respective meanings given
to such terms in those certain agreements entered into concurrently among Borrowers and Lender. As there are two (2) Guarantors,
the representations, covenants and liability of the Guarantor hereunder shall be joint and several under the specific timeline
described herein and the term “Guarantor” as used in this Agreement shall refer to all Guarantors collectively
and to each individually, unless the context otherwise requires.

 

(2)          Representations
and Warranties. The Guarantor represents and warrants that:

 

(a)          The
Guarantor’s execution and performance of this Agreement shall not (i) violate or result in a default or breach (immediately
or with the passage of time) under any contract, agreement or instrument to which the Guarantor is a party, or by which the Guarantor
is bound, (ii) violate or result in a default or breach under any order, decree, award, injunction, judgment, law, regulation or
rule, (iii) cause or result in the imposition or creation of any lien upon any property of the Guarantor, or (iv) violate or result
in a breach of the certificate of formation or organization, articles of incorporation or organization, bylaws, operating agreement,
as applicable, or any other organizational document of the Guarantor.

 

    	February-16-2012	 	 

    	 

    

 

(b)          The
Guarantor has the full power and authority to enter into and perform under this Agreement, which has been authorized by all necessary
corporate or organizational, as applicable, action on behalf of the Guarantor.

 

(c)          No
consent, license or approval of, or filing or registration with, any governmental authority is necessary for the execution and
performance hereof by the Guarantor.

 

(d)          This
Agreement constitutes the valid and binding obligation of the Guarantor enforceable in accordance with its terms.

 

(e)          This
Agreement promotes and furthers the business and interests of the Guarantor and the creation of the obligations hereunder will
result in direct financial benefit to the Guarantor.

 

(3)          Guarantor
Acknowledgements.

 

(a)          The
Guarantor hereby waives notice of (i) acceptance of this Agreement, (ii) the existence or incurring from time to time of any Obligations
guaranteed hereunder, (iii) nonpayment, the existence of any Event of Default, the making of demand, or the taking of any action
by Lender, under the Preferred Stock Agreement, and (iv) default and demand hereunder.

 

(b)          The
Guarantor further acknowledges that the Guarantor (i) has examined or had the opportunity to examine the Preferred Stock Agreement
and related agreements and (ii) waives any defense which may exist resulting from the Guarantor’s failure to receive or examine
at any time the Loan Documents or any amendments, supplements, restatements or replacements therefor.

 

(c)          The
Guarantor acknowledges that in entering into this Agreement the Guarantor is not relying upon any statement, representation, warranty
or opinion of any kind from Lender as to the present or future financial condition, performance, assets, liabilities or prospects
of Borrowers or as to any other matter.

 

(4)          Lender
Actions. The Guarantor hereby consents and agrees that Lender may at any time or from time to time in their discretion (a)
extend or defer the timing of dividends, (b) modify the terms and conditions under which an extension of credit may be made to
Borrowers, (e) settle, compromise or grant releases for liabilities of any Borrower, and/or any other Person or Persons liable
with Guarantor for, any Obligations, (d) and exchange, compromise, release or surrender, or subordinate or release any lien on
any Borrower asset (including any collections therefrom or proceeds thereof); all of the foregoing in such manner and upon such
terms as Lender may see fit, and without notice to or further consent from the Guarantor, who hereby agrees to be and shall remain
bound upon this Agreement notwithstanding any such action on Lender’s part.

 

    	February-16-2012	 	 

    	 

    

 

(5)         Scope
of Guaranty. The Agreement is an agreement of suretyship and a guaranty of payment and not of collection. The liability of
the Guarantor hereunder is absolute, primary, unlimited and unconditional and shall not be reduced, impaired or affected in any
way by reason of (a) any failure to obtain, retain or preserve, or the lack of prior enforcement of, any rights against any Person
or Persons liable for the Obligations (including Borrowers and the Guarantor), (b) the invalidity, unenforceability or voidability
of any Obligations or any liens or rights by any Person or Persons, (c) any delay in making demand upon any Borrower or any delay
in enforcing, or any failure to enforce, any rights against any Borrower or any other Person or Persons liable for any or all of
the Obligations or in any collateral pledged by any Person or Persons, even if such rights are thereby lost, (d) any failure, neglect
or omission on Lender’s part to obtain, perfect or continue any lien upon, protect, exercise rights against, or realize on
the Borrower, the Guarantor or any other party securing the Obligations, (e) the existence or nonexistence of any defenses which
may be available to any Borrower with respect to the Obligations, (f) the granting of any waiver or forbearance at any time and
for any period with respect to any performance by any Borrower or any Event(s) of Default under the Preferred Stock Agreement,
(g) the commencement of any bankruptcy, reorganization, liquidation, dissolution or receivership proceeding or case filed by or
against any Borrower or any Guarantor or (h) any other fact, event, condition or omission which may give rise to suretyship defense
or any other defense. Guarantor promises and undertakes to make all payments hereunder free and clear of any deduction, offset,
defense, claim or counterclaim of any kind.

 

(6)         Reinstatement.
If any or all payments securing any or all of the Obligations made from time to time to Lender with respect to any Obligation hereby
guaranteed are at any time recovered from, or repaid by, Lender in whole or in part in any bankruptcy, reorganization, receivership,
insolvency or similar case or proceeding instituted by or against the Borrower, this Agreement shall continue to be fully applicable
to (or, as the case may be, reinstated to be applicable to) such obligation to the same extent as if the recovered or repaid payment(s)
or proceeds had never been originally paid to Lender.

 

(7)         Cumulative
Remedies. All rights and remedies hereunder and under the Preferred Stock Agreement or other agreements entered into concurrently
by the parties hereto are cumulative but alternative;

 

(8)         Subrogation.
Any and all rights of any nature of the Guarantor to subrogation, reimbursement or indemnity and any right of the Guarantor to
recourse to any assets or property of the Borrower as a result of any payments made or to be made hereunder for any reason shall
be unconditionally subordinated to all of the Lender’s rights under the Preferred Stock Agreement and the Guarantor shall
not at any time exercise or be entitled to the benefit of any of such rights unless and until all of the Obligations have been
unconditionally paid in full. Any payments received by the Guarantor in violation of this Section 8 shall be held in trust for
and immediately remitted to the benefit of Lender.

 

(9)         Agent
Records. Lender’s books and records of any and all of the Obligations, absent manifest error, shall be prima facie evidence
against the Guarantor of the indebtedness owing or to become owing to Lender hereunder.

 

(10)        Continuing
Guarantee. This Agreement shall constitute a continuing Guarantor obligation with respect to all Obligations from time to time
incurred or arising and shall continue in effect until all Obligations are indefeasibly paid and satisfied and the liability of
the Guarantor under this Agreement may not be revoked or terminated.

 

(11)        Setoff.
The Guarantor agrees that Lender shall have a right of setoff against any and all property of the Guarantor now or at any time
in Lender’s possession, including without limitation deposit accounts, and the proceeds thereof, as security for the obligations
of the Guarantor hereunder.

 

    	February-16-2012	 	 

    	 

    

 

(12)        Acceleration.
If an Event of Default occurs under any of the agreements entered into concurrently herewith, including a Collateral Assignment,
Securities Purchase Agreement, Term Sheet/Loan Agreement, Secured Promissory Note, and Leasehold Mortgage, Assignment, Security
Agreement and Fixture Filing, all dated 2/15/12 or 2/16/12 then all of the Guarantor’s liabilities of every kind or nature
to Lender hereunder shall, at Lenders option, become immediately due and payable (or automatically due and payable to the extent
the Obligations under the Preferred Stock Agreement become automatically due and payable by reason of the occurrence of any Event
of Default under the terms and conditions of the Preferred Stock Agreement, and Lender may at any time and from time to time, at
Lender’s option (regardless of whether the liability of Borrower for any or all of the Obligations has matured or may then
be enforced), take any and/or all actions and enforce all rights and remedies available hereunder or under applicable law to collect
the Guarantor’s liabilities hereunder.

 

(13)        Enforcement
Timing. Failure or delay in exercising any right or remedy against the Guarantor hereunder shall not be deemed a waiver thereof
or preclude the exercise of any other right or remedy hereunder. No waiver of any breach of any provision of this Agreement shall
be construed as a waiver of any subsequent breach or of any other provision.

 

(14)        Successors
and Assigns. This Agreement shall (a) be legally binding upon the Guarantor, and the Guarantor’s successors and assigns,
provided that the Guarantor’s obligations hereunder may not be delegated or assigned without Lender’s prior written
consent and (b) benefit any and all of Lender’s successors and assigns.

 

(15)        Entire
Agreement. This Agreement embodies the whole agreement and understanding of the parties hereto relative to the subject guaranty.
No modification or waiver of any provision hereof shall be enforceable unless agreed to by Lender and Guarantor in writing.

 

(16)        CHOICE
OF LAW; VENUE; JURY WAIVER. THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF
THE STATE OF CALIFORNIA WITHOUT REFERENCE TO CONFLICTS OF LAW PRINCIPLES. GUARANTOR HEREBY CONSENTS TO THE JURISDICTION OF ANY
STATE OR FEDERAL COURT LOCATED WITHIN LOS ANGELES, CALIFORNIA AND IRREVOCABLY AGREES THAT, SUBJECT TO LENDER’S ELECTION,
ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN SUCH
COURTS. TO THE MAXIMUM EXTENT PERMITTED BY LAW, GUARANTOR
HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE LOAN DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED THEREUNDER.

 

(17)        Service
of Process; Notices.

 

(a)          TO
THE MAXIMUM EXTENT ALLOWED BY LAW, GUARANTOR HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO SERVICE OF PROCESS
BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED. In the event such waiver is unenforceable at the time process is to
be served, Guarantor agrees to unequivocally and unconditionally execute a Notice and Acknowledgment of Receipt of summons and
complaint and any other applicable documents.

 

    	February-16-2012	 	 

    	 

    

 

(b)          Any
and all notices which may be given to Guarantor by Lender hereunder shall be sent to Guarantor at the address of Guarantor set
forth on the signature page hereto (or such other address at which Guarantor is then located) and shall be sent in the manner described
in the concurrently executed agreements.

 

(18)        Suretyship
Waivers.

 

(a)          Guarantor
shall remain bound under this Agreement for the Obligations of Borrowers to Lender and shall be liable to Lender for any and all
of the Obligations remaining unpaid after any such foreclosure.

 

(b)          To
the maximum extent permitted by law, Guarantor specifically waives the benefit of the statute of limitations affecting its liability
hereunder or the enforcement hereof, or the collection of any Obligations, including, without limiting the foregoing, any and all
special statutes of limitations arising out of California Code of Civil Procedure sections 580a or 726(b), and any laws of similar
tenor in the State of California. Any partial payment by Borrowers, or any of them, which operates to toll any statute of limitations
as to Borrowers shall likewise toll the statute of limitations as to Guarantor.

 

(c)          Guarantor
acknowledges that Guarantor may have certain rights under applicable law which, if not waived by Guarantor, might provide Guarantor
with defenses against Guarantor’s liability under this Agreement. Among those rights, are certain rights of subrogation,
reimbursement, indemnification and contribution, and rights provided in sections 2787 to 2855, inclusive, of the California Civil
Code, and any laws of similar tenor in the State of California. Guarantor waives all of Guarantor’s rights of subrogation,
reimbursement, indemnification, and contribution, and any other rights and defenses that are or may become available to Guarantor
by reason of any or all of California Civil Code sections 2787 to 2855, inclusive, and any laws of similar tenor in the State of
California, including, without limitation, Guarantor’s rights:

 

(i)          To
require Lender to notify Guarantor of any default by Borrowers, provide Guarantor with notice of any sale or other disposition
of security for any Obligations, disclose information with respect to the Obligations, Borrowers, or any other guarantor, surety,
co-signer or endorser, or with respect to any collateral;

 

(ii)         That
Guarantor’s obligation under this Agreement must be commensurate with that of Borrowers;

 

(iii)        To
be discharged based upon the absence of any liability of Borrowers, at any time, by virtue of operation of law, or otherwise, or
due to any other disability or defense of Borrowers or any other guarantor, surety, endorser or co-signer;

 

(iv)        To
be discharged if any of the terms, conditions or provisions of the Obligations are altered in any respect;

 

    	February-16-2012	 	 

    	 

    

 

 

(v)         To
be discharged upon acceptance by Agent of anything in partial satisfaction of the Obligations, and/or if Agent designates the portion
of the Obligations to be satisfied;

 

(vi)        To
be discharged upon any modification of the Obligations or the release by Agent of Borrowers, or any of them, or any other guarantor,
surety, endorser or co-signer;

 

(vii)       To
require Lender to proceed against Borrowers, or any other guarantor, surety, endorser, co-signer, or other person, or to pursue
or refrain from pursuing any other remedy in Agent’s power;

 

(viii)      To
receive the benefit of or participate in any and all security for repayment and/or performance of the Obligations;

 

(ix)         To
have any security for the Obligations first applied to satisfy or discharge the Obligations;

 

(x)          That
any arbitration award rendered against Borrowers, or any of them, not constitute an award against Guarantor;

 

(xi)         To
be discharged based upon any failure by Lender to perfect or continue perfection of any lien, use due diligence to collect all
or any part of any Obligations, or if recovery against Borrowers becomes barred by any statute of limitations, or if Borrowers
are not liable for any deficiency after Lender realizes upon any collateral; and

 

(xii)        To
be discharged due to the release or discharge of any collateral for any Obligations or guaranty or surety, or relating to the validity,
value or enforceability of any collateral.

 

(d)          Guarantor
waives all rights and defenses arising out of an election of remedies by Lender, even though that election of remedies, such as
a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed Guarantor’s rights of subrogation
and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure, any laws of
similar tenor in the State of California or otherwise.

 

(e)          Guarantor
waives all presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor,
notices of acceptance, notices of the existence, creation or increase of any new or additional credit, notice of sale in regard
to judicial or non-judicial foreclosure of real or personal property collateral and all other notices and demands of any kind or
nature whatsoever except as expressly set forth herein.

 

(19)        Maximum
Liability. To the extent that applicable law otherwise would render the obligations of the Guarantor hereunder invalid or unenforceable,
the Guarantor shall nevertheless remain liable hereunder, provided however that the Guarantor’s obligations shall be limited
to the maximum amount which does not result in such invalidity or unenforceability. Notwithstanding the foregoing, the Guarantor’s
obligations hereunder shall be presumptively valid and enforceable to their fullest extent in accordance with the terms of this
Agreement, as if this Section 18 were not a part of this Agreement.

 

    	February-16-2012	 	 

    	 

    

 

(20)        Severability.
The invalidity or unenforceability of any provision hereof shall not affect the remaining provisions which shall remain in full
force and effect.

 

[SIGNATURES APPEAR ON FOLLOWING PAGE]

 

    	February-16-2012	 	 

    	 

    

 

DATED the date and
year first above written:

 

	ACCEPTED AND AGREED:	 	 
	 	 	 
	For Lender	 	For Guarantor
	 	 	 
	/s/ Vatsala Sharma	 	/s/ Nikolas Konstant
	 	 	Nikolas Konstant an individual
	 	 	 
	 	 	Feb 16, 2012
	 	 	 
	 	 	Address for Notice: 

 

	ACCEPTED AND AGREED:	 	 
	 	 	 
	For Lender	 	For Guarantor
	 	 	 
	 	 	/s/ Michael Finch
	 	 	EOS Petro, Inc.  a corporation
	 	 	 
	 	 	2-24-12, 2012COLLATERAL ASSIGNMENT

BY PERSONAL GUARANTOR

 

THIS COLLATERAL
ASSIGNMENT OF CERTAIN ASSETS (“Assignment”), made as of the 16th day of February, 2012, by Nikolas Konstant, an
individual, and on behalf of his company EOS Petro, Inc., both with a business address located at 2049 Century Park East, Suite
3670, Los Angeles, CA 90067 (the "Assignor"), to Vatsala Sharma, with an address located at
22338 La Quilla Drive, Los Angeles, CA 91311, as the Lender (as defined below) (“Assignee”).

 

BACKGROUND OF ASSIGNMENT

 

This Assignment is
made as additional security for the payment of a certain bridge loan from Assignee to Assignor in the original aggregate principal
sum of Four Hundred Thousand US Dollars ($400,000), made pursuant to that certain Bridge Debt Agreement (“Loan”) dated
as of the date hereof (as amended, substituted, restated or modified from time to time, the “Loan Agreement”), among
Assignor, as borrower, and Assignee (“Lender”).

 

The Obligations are
secured in this Security Agreement of even date herewith from Assignor to Assignee given to secure payment and described more particularly
in Exhibit A attached hereto and made a part hereof (the “Additional Collateral”). Specifically, Assignors agree
to collateral assignments in the order of recovery and form of: 1) a first position lien against all of the assets of EOS Petro,
Inc, including but not limited to the oil deposits, equipment and lease, estimated to have a liquidation value in excess of $3,000,000
2) a first position right on a block of ten (10) million shares of Cascade Technologies Corporation (ticker: CSDT) with a current
estimated trading value of $400,000, to be held in escrow until the Loan is fully paid, and 3) the first right to all net sale
proceeds of Nikolas Konstant’s 50% share of his Beverly Hills home being sold with an estimated value to Lender of $1,200,000
In the event of default, Assignors hereby agree to make available sufficient assets to fulfill Assignor’s Loan obligations
to Lender. Assignee agrees to seek only the required cash value where it is the most reasonable avenue to recovery of remaining
balance. Assignee further agrees to offer the Assignor an opportunity in good faith to propose alternatives to liquidation of the
pledged assets, including permitting the Assignor the opportunity to borrow against the pledged asset as opposed to liquidation;
however, Assignee shall retain unfettered discretion to decide whether such alternatives are acceptable to her or not.

 

As an additional condition
to granting the loan, Assignee has required Assignor to execute and deliver this Assignment.

 

NOW, THEREFORE, in
consideration of the Loan and as further security for the Obligations, and intending to be legally bound, Assignor hereby assigns,
transfers and pledges to Assignee, and grants Assignee a security interest in, all of Assignor's right, title and interest (but
not its obligations) , if any, in the Additional Collateral (as hereinafter defined).

 

1.          The
items which shall be the subject of this Assignment, and which are sometimes collectively referred to herein as the "Additional
Collateral," are as follows, and are supplemental to any other collateral given to Assignee for the Obligations (and, to the
extent of any duplication of collateral herein and in any other agreement given to Assignee, the provisions shall be deemed complementary
and supplemental):

 

    	 

    	 

    

 

(a)          All
assets EOS Petro, Inc., including oil well leases. 

 

(b)          Ten
million shares of Cascade Technologies stock (ticker: CSDT).

 

(c)          50%
of all net proceeds from Nikolas Konstant’s Beverly Hills home (i.e. 100% of Konstant’s interest in proceeds) located
at 2481 Summitridge Drive Beverly Hills, CA 90210. In support of this pledge, Konstant agrees to lodge a written notice of this
agreement immediately and before any closing with any escrowee relating to the sale or potential sale of the home and also to secure
written agreement from said escrowee to notify Assignee prior to any disbursement to Assignor and not to make any disbursement
to Assignor or for Assignor’s benefit or on Assignor’s behalf without written approval from Assignee. Assignee, for
her part, shall not unreasonably withhold any approval requested by an escrowee so long as Assignor is not in default on this agreement
or any concurrently executed agreement and Assignee has no other reason to anticipate default. 

 

(d)          Other
personal collateral of Nikolas Konstant

 

2.          To
the extent permitted by law, Assignor hereby assigns, transfers and sets over unto Assignee all right, title and interest in and
to the Additional Collateral and all rights and benefits there from up to the amount of the Obligation both jointly and severally
including: (i) all cash and non-cash proceeds, and proceeds of proceeds of any of them; and (ii) any and all rights of Assignor
under the United States Bankruptcy Code as security for the full, timely and faithful repayment by Assignor of the Loan and performance
by Assignor of all of its obligations under the Loan Documents to the fullest extent permitted by law and by the terms of the Additional
Collateral. Assignor covenants and agrees to execute such further and additional instruments and assignments as may be requested
by Assignee to vest in Assignee all rights of Assignor under any of the Additional Collateral while the Obligation is outstanding.

 

3.          Until
the occurrence of an Event of Default under the terms and provision of this Assignment, the Loan Agreement, or any of the other
Loan Documents, Assignor will retain, use and enjoy the benefits of the Additional Collateral. The affidavit or written statement
of an officer, agent or attorney of Assignee stating that there has been an Event of Default shall constitute conclusive evidence
thereof for Assignee to seek remedy up to the remaining balance of the Obligation only. Immediately upon the occurrence of an Event
of Default, the Additional Collateral, to the extent if any still in the possession of Assignor, shall be held in trust for Assignee.

 

4.          Assignor
agrees faithfully to observe and perform each and every of the obligations and agreements imposed upon Assignor until the Obligation
is satisfied.

 

    	- 2 -

    	 

    

 

5.          Assignee
shall not be obligated to perform or discharge, nor shall it by acceptance of this Assignment be deemed in any manner to have assumed
any of the Additional Collateral or to be under any obligation to perform or discharge any of the obligations applicable to any
of the Additional Collateral, nor shall Assignee be liable to any Governmental Authorities, Contractors or Vendors by reason of
any default by any party under any of the Additional Collateral. Assignor shall perform and discharge all such duties, obligations,
and liabilities and hereby agrees to indemnify and to hold Assignee harmless of and from any and all liability, loss or damage
which Assignee may or might incur by reason of any claims or demands against it based on being required, for any reason whatsoever,
to perform or discharge same, or due to its alleged assumption of Assignor's duties and obligations to perform and discharge the
terms, covenants and agreements in the Additional Collateral. Assignor further shall and hereby does agree to indemnify, defend
and hold Assignee harmless from and against any and all claims, demands, liabilities, judgments, costs, expenses, losses or damages
arising out of, or resulting from, or by reason of, any performance or discharge or failure or refusal to perform or discharge
any of the terms, covenants or agreements contained in the Additional Collateral or in this Assignment. Should Assignee incur any
liability, judgment, loss, cost, expense or damage in connection with any of the Additional Collateral or under or by reason of
this Assignment, or in the defense of any such claims or demands, the amount thereof, including, without limitation, reasonable
costs, expenses and attorney's fees, shall be secured hereby EOS Petro, Inc..

 

6.       
   (a)          After the
occurrence of an Event of Default, Assignee may elect to exercise any and all of Assignor's rights and remedies under the
Additional Collateral, without any interference or objection from Assignor, and Assignor shall cooperate in causing the
Additional Collateral to comply with all the terms and conditions of their respective undertakings.

 

(b)          After
the occurrence of an Event of Default, if and to the extent permitted by law, Assignee may, with or without entry upon the Personal
Assets, and without prejudice to any other available rights or remedies under the Preferred Stock Documents, at its option, take
over and enjoy the benefits of the Additional Collateral up to the amount of the outstanding Obligation only, exercise Assignor's
rights under the Additional Collateral, and perform all acts in the same manner and to the same extent as Assignor might do, which
acts may be performed either in the name of Assignor or Assignee. Assignor hereby releases any and all claims which it has or might
have against Assignee arising out of such performance by Assignee.

 

7.          All
of the foregoing powers herein granted to Assignee shall be liberally construed. Assignee need not expend its own funds in the
exercise of such powers, but if it does, all such amounts (including reasonable attorney's fees and legal expenses) shall be considered
as advances for and on behalf of Assignor, secured by this Assignment and also evidenced and secured by the Preferred Stock Documents.

 

8.          Assignor
shall, within 15 days of any request by Assignee, furnish Assignee with a complete list of all Additional Collateral. Assignor
shall also give to Assignee a true and correct copy of any notice received by Assignor in connection with any of the Additional
Collateral as soon as possible following Assignor's receipt of such notice.

 

9.          Assignee
shall not be construed as the agent, partner or joint venture partner of either Assignor or of any of the Additional Collateral.

 

10.         Assignee
may exercise its rights and remedies under this Assignment from time to time in its discretion, with or without order of any court
and with or without appointment of a receiver, as Assignee shall determine, provided an Event of Default has occurred. Assignee
may also at any time cease to exercise its rights and remedies under this Assignment. Any failure on the part of Assignee promptly
to exercise any option or right hereby given or reserved shall not prevent the exercise of any such option or right at any time
thereafter. Assignee may pursue and exercise any remedy or remedies accorded it herein independently of, in conjunction or concurrently
with, or subsequent to its pursuit and exercise of any remedy or remedies which it may have under any of the concurrently executed
agreements. 

 

    	- 3 -

    	 

    

 

11.         All
warranties of Assignor in the Loan Agreement are hereby incorporated by reference.

 

12.         Assignor
warrants and represents to Assignee as follows: (a) that it has the full and complete right, power and authority to execute
and deliver this Assignment, both on behalf of the individual Assignor Konstant and on behalf of the entity assignor, free and
clear of the rights of all third parties; (b) it has made no prior assignment, pledge or hypothecation of any of the Additional
Collateral; (c) all amounts due from Assignor to date under the Additional Collateral have been paid in full or will be paid
in the ordinary course of Assignor’s operations such that Assignor shall not be in material default under the Additional
Collateral; (d) all Additional Collateral is in full force and effect on the date hereof, has not been amended or modified
in any way, and the performance of the other parties thereto is subject to no defenses, setoffs or counterclaims whatsoever; (e) there
exists no event, condition or occurrence which constitutes, or which with notice and/or the passage of time would constitute, a
breach of or default under any term or condition of any of the Additional Collateral; and (f) it has not done and shall not
perform any acts which might destroy or impair the security to Assignee of this Assignment, or which might prevent Assignee from
exercising its rights under this Assignment or limit Assignee in such exercise.

 

13.         When
the content so requires, the singular shall include the plural and the use of any gender shall include all genders.

 

14.         This
Assignment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. This
Assignment cannot be amended or terminated except by an instrument in writing executed by Assignor and Assignee.

 

15.         Any
notices required to be given under this Assignment shall be sent in accordance with the notice provision contained in the concurrently
executed agreements.

 

16.         This
Assignment and the other concurrently executed agreements, including the Collateral Assignment, Securities Purchase Agreement,
Term Sheet/Loan Agreement, Secured Promissory Note, and Leasehold Mortgage, Assignment, Security Agreement and Fixture Filing,
all dated 2/15/12 or 2/16/12, constitute the entire agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter
contained in this Assignment.

 

17.         Neither
the existence of this Assignment nor the exercise of the privileges granted to Assignee shall be construed as making Assignee a
mortgagee in possession or as a waiver or suspension by Assignee of its right to enforce payment of sums secured by the concurrently
executed agreements.

 

    	- 4 -

    	 

    

 

18.         TO
THE MAXIMUM EXTENT PERMITTED BY LAW, EACH OF ASSIGNOR AND ASSIGNEE HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS ASSIGNMENT OR THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREUNDER. EACH
ASSIGNOR HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO SERVICE OF PROCESS BY CERTIFIED OR REGISTERED MAIL,
RETURN RECEIPT REQUESTED.

 

19.         The
validity, interpretation and enforcement of this Assignment and the other Loan Documents shall be governed by the laws of the State
of California without reference to conflicts except to the extent that any other Loan Document includes an express election to
be governed by the laws of another jurisdiction. Each of Assignor and Assignee hereby consent to the jurisdiction of any State
or Federal Court located within Los Angeles, California and irrevocably agrees that, subject to Assignee’s election, all
actions or proceedings arising out of or relating to this Assignment or the other Preferred Stock Documents shall be litigated
in such Courts. Whenever possible, each provision of this Assignment shall be interpreted in such a manner as to be effective and
valid under applicable law, but if any provision hereof is declared to be invalid, unenforceable, or in conflict with any statute
or rule of law, then such provision shall be null and void to the extent it may conflict therewith, but only to the extent of the
conflict and without invalidating the other provisions hereof which shall nevertheless remain in full force and effect.

 

20.         If
Assignor elects to prepay the outstanding principal balance of the Loan, then, so long as no Event of Default exists (or an event
has occurred which but for the passage of time or the giving of notice or both, would constitute an Event of Default), upon Assignee's
receipt of immediately available funds in an amount equal to the outstanding principal balance of the Loan, plus accrued and unpaid
interest thereon, plus all outstanding fees, costs, expenses and other liabilities and Obligations, including assignor’s
obligation to ensure transfer to Assignee free and clear of certain shares of stock, Assignee shall execute and deliver to Assignor
one or more appropriate instruments acknowledging the termination of this Assignment.

 

21.         This
Assignment shall continue in full force and effect until the indefeasible satisfaction in full of all of the obligations under
the concurrently executed agreements and any other Loan Documents, as evidenced by the recordation of a full conveyance of this
Assignment shall terminate and be null without necessity for any further amendment. 

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

    	- 5 -

    	 

    

 

IN WITNESS WHEREOF,
Assignor has caused this Assignment to be executed the day and year first above written.

 

	ACCEPTED AND AGREED:	 	 
	 	 	 
	 	 	 
	For “Assignee”	 	For “Assignor”
	 	 	 
	/s/ Vatsala Sharma	 	/s/ Michael Finch
	 	 	EOS Petro, Inc
		 	 
	For “Assignee”	 	February 16, 2012

 

	 	 	For “Assignor”
	 	 	 
	 	 	 
	 	 	 
	 	 	/s/ Nikolas Konstant
	 	 	Nikolas Konstant an individual
	 	 	 
	 	 	February 16, 2012

 

    	 

    	 

    

 

EXHIBIT "A"

An Oil & Gas Lease
dated 1/26/1966 from Lyman D. Works and Frances M. Works, as Lessor, in favor of the Superior Oil Company, as Lessee, recorded
as Book 73, page 254 in the Office of the Recorder of Edwards County, Illinois.

An Oil & Gas lease
dated 9/31/1938 from George J. Works, Etux, as Lessor, in favor of Fred A. Noah, etal, at Lessee, recorded as Book 5, page 71 in
the Office of the Recorder of Edwards County, Illinois.

An Oil & Gas Lease
dated 6/1/1938 from Frank Wood, Etal, as Lessor, in favor of Fred A. Noah, etal, as Lessee, recorded as Book 6, page 287 in the
Office of the Recorder of Edwards County, Illinois..

An Oil & Gas Lease
dated 5/24/1938 from Melvin Works, Etal, as Lessor, in favor of Fred A. Noah, etal, as Lessee, recorded as Book 5, page 71 in the
Office of the Recorder of Edwards County, Illinois..

An Oil & Gas Lease
dated 12/4/1996 from Alma Energy Corporation as Lessor; in favor of The Speir Operating Company, as Lessee, recorded as Book 194,
page 329 in the Office of the Recorder of Edwards County, Illinois.

Covering the following
described lands located in Edwards County, IL

F. Wood Etal, Tract
4

Township 2 South, Range 14 East

Section 19: N/2

Section 18: Commencing near the SE corner where the South line of said Section intersects the west line of the right of way of
St Hwy 1, thence West 64 rods, thence North 5 rods, thence East 64 rods to the West
line of said ROW, thence South 5 rods to the POB

 

Book 223 Page 243

 

    	 

    	 

    

 

G. J. Works, Tract
3

Township 2 South, Ranch 11 East

Section 18: Commencing at the SW corner, thence East 56 chains 58 links, thence North 26 chains 54 links, thence West 56 chains
681/2 links, thence South 26 chains 54 links to POB, containing 158 acres, 1 rod, 14 perches, more or less, excepting commenting
near the SE corner where the South Line of said Sections intersects the west line of the right of way of St HWY 1, thence West
54 rods, thence North 5 rods, thence East 54 rods to the West line of said ROW, thence South 5 rods to the POB.

G. J. Works

Township 2 South, Range 11 East

Section 18: 140 acres, more or less, located in the South part of Section 18, more fully described in that Oil Gas and Mineral
Lease dated May 31, 1938, by and between George Works, Etux, as Lesser, and The Superior Oil Company, as Lessee.

F. Wood

Township 2 South, Range 11 East

Section 18: 2 acres tract commencing near the SE corner where the South line of said Section intersects the west line of the right
of way of St HWY 1, thence West 64 rods, thence North 5 rods, thence East 54 rods to the West line of said ROW, thence South 5
rods to the POB

M. Works, Tract 2

Township 2 South, Ranch 11 East

Section 18: 120 acres off of the West side of the following described Lands; Commencing at the NE corner of 5/2 Section 19, North
60 deg 30 min West 69 chains 36 links, thence South 5 deg 15:min Basf 53 chains 22 links, thence North 64 deg East 56 chains 80
links, thence North 5 deg West 13 chains 22 links to the POB.

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