Document:

IRREVOCABLE TRANSFER AGENT INSTRUCTIONS

                                 April 24, 2006

Corporate Stock Transfer, Inc.
3200 Cherry Creek Drive South, Suite 430
Denver, CO 80209

         RE:      EYI INDUSTRIES, INC.

Ladies and Gentlemen:

      Reference is made to that certain Securities Purchase Agreement (the
"Securities Purchase Agreement") of even date herewith by and between EYI
Industries, Inc., a Nevada corporation (the "Company"), and the Buyers set forth
on Schedule I attached thereto (collectively the "Buyers"). Pursuant to the
Securities Purchase Agreement, the Company shall sell to the Buyers, an the
Buyers shall purchase from the Company, convertible debentures (collectively,
the "Debentures") in the aggregate principal amount of Four Million Five Hundred
Thousand Dollars ($4,500,000), plus accrued interest, which are convertible into
shares of the Company's common stock, par value $0.001 per share (the "Common
Stock"), at the Buyers discretion. The Company has also issued to the Buyer
warrants to purchase up to 124,062,678 shares of Common Stock, at the Buyer's
discretion (the "Warrant"). These instructions relate to the following stock or
proposed stock issuances or transfers:

1.    Shares of Common Stock to be issued to the Buyers upon conversion of the
      Debentures ("Conversion Shares") plus the shares of Common Stock to be
      issued to the Buyers upon conversion of accrued interest and liquidated
      damages into Common Stock (the "Interest Shares").

2.    Up to 124,062,678 shares of Common Stock to be issued to the Buyers upon
      exercise of the Warrant (the "Warrant Shares").

<PAGE>

      This letter shall serve as our irrevocable authorization and direction to
Corporate Stock Transfer, Inc. (the "Transfer Agent") to do the following:

1.    Conversion Shares and Warrant Shares.

      a.    Instructions Applicable to Transfer Agent. With respect to the
            Conversion Shares, Warrant Shares and the Interest Shares, the
            Transfer Agent shall issue the Conversion Shares, Warrant Shares and
            the Interest Shares to the Buyers from time to time upon delivery to
            the Transfer Agent of a properly completed and duly executed
            Conversion Notice (the "Conversion Notice") in the form attached as
            Exhibit A to the Debentures, or a properly completed and duly
            executed Exercise Notice (the "Exercise Notice") in the form
            attached as Exhibit A to the Warrant, delivered to the Transfer
            Agent by David Gonzalez, Esq. (the "Escrow Agent") on behalf of the
            Company. Upon receipt of a Conversion Notice or an Exercise Notice,
            the Transfer Agent shall within three (3) Trading Days thereafter
            (i) issue and surrender to a common carrier for overnight delivery
            to the address as specified in the Conversion Notice or the Exercise
            Notice, a certificate, registered in the name of the Buyer or its
            designees, for the number of shares of Common Stock to which the
            Buyer shall be entitled as set forth in the Conversion Notice or
            Exercise Notice or (ii) provided the Transfer Agent is participating
            in The Depository Trust Company ("DTC") Fast Automated Securities
            Transfer Program, upon the request of the Buyers, credit such
            aggregate number of shares of Common Stock to which the Buyers shall
            be entitled to the Buyer's or their designees' balance account with
            DTC through its Deposit Withdrawal At Custodian ("DWAC") system
            provided the Buyer causes its bank or broker to initiate the DWAC
            transaction. For purposes hereof "Trading Day" shall mean any day on
            which the Nasdaq Market is open for customary trading.

      b.    The Company hereby confirms to the Transfer Agent and the Buyer that
            certificates representing the Conversion Shares and the Warrant
            Shares shall not bear any legend restricting transfer and should not
            be subject to any stop-transfer restrictions and shall otherwise be
            freely transferable on the books and records of the Company;
            provided that counsel to the Company delivers (i) the Notice of
            Effectiveness set forth in Exhibit I attached hereto and (ii) an
            opinion of counsel in the form set forth in Exhibit II attached
            hereto, and that if the Conversion Shares, Warrant Shares and the
            Interest Shares are not registered for sale under the Securities Act
            of 1933, as amended, then the certificates for the Conversion
            Shares, Warrant Shares and Interest Shares shall bear the following
            legend:

            "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
            REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
            APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED
            FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR
            ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR
            THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
            APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A
            FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT
            REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR
            UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT."

                                       2
<PAGE>

      c.    In the event that counsel to the Company fails or refuses to render
            an opinion as required to issue the Conversion Shares or the Warrant
            Shares in accordance with the preceding paragraph (either with or
            without restrictive legends, as applicable), then the Company
            irrevocably and expressly authorizes counsel to the Buyer to render
            such opinion. The Transfer Agent shall accept and be entitled to
            rely on such opinion for the purposes of issuing the Conversion
            Shares.

      d.    Instructions Applicable to Escrow Agent. Upon the Escrow Agent's
            receipt of a properly completed Conversion Notice or Exercise Notice
            and the Aggregate Exercise Price (as defined in the Warrant), the
            Escrow Agent shall, within one (1) Trading Day thereafter, send to
            the Transfer Agent the Conversion Notice or Exercise Notice as the
            case may be, which shall constitute an irrevocable instruction to
            the Transfer Agent to process such Conversion Notice or Exercise
            Notice in accordance with the terms of these instructions.

2.    All Shares.

      a.    The Transfer Agent shall reserve for issuance to the Buyers a
            minimum of 615,663,401 Conversion Shares and 124,062,678 Warrant
            Shares. All such shares shall remain in reserve with the Transfer
            Agent until the Buyers provides the Transfer Agent instructions that
            the shares or any part of them shall be taken out of reserve and
            shall no longer be subject to the terms of these instructions.

      b.    The Company hereby irrevocably appoints the Escrow Agent as a duly
            authorized agent of the Company for the purposes of authorizing the
            Transfer Agent to process issuances and transfers specifically
            contemplated herein.

      c.    The Transfer Agent shall rely exclusively on the Conversion Notice
            or the Exercise Notice and shall have no liability for relying on
            such instructions. Any Conversion Notice or Exercise Notice
            delivered hereunder shall constitute an irrevocable instruction to
            the Transfer Agent to process such notice or notices in accordance
            with the terms thereof. Such notice or notices may be transmitted to
            the Transfer Agent by facsimile or any commercially reasonable
            method.

      d.    The Company hereby confirms to the Transfer Agent and the Buyers
            that no instructions other than as contemplated herein will be given
            to Transfer Agent by the Company with respect to the matters
            referenced herein. The Company hereby authorizes the Transfer Agent,
            and the Transfer Agent shall be obligated, to disregard any contrary
            instructions received by or on behalf of the Company.

                                       3
<PAGE>

      Certain Notice Regarding the Escrow Agent. The Company and the Transfer
Agent hereby acknowledge that the Escrow Agent is general counsel to the Buyers,
a partner of the general partner of the Buyers and counsel to the Buyers in
connection with the transactions contemplated and referred herein. The Company
and the Transfer Agent agree that in the event of any dispute arising in
connection with this Agreement or otherwise in connection with any transaction
or agreement contemplated and referred herein, the Escrow Agent shall be
permitted to continue to represent the Buyers and neither the Company nor the
Transfer Agent will seek to disqualify such counsel.

      The Company hereby agrees that it shall not replace the Transfer Agent as
the Company's transfer agent without the prior written consent of the Buyers.

      Any attempt by Transfer Agent to resign as the Company's transfer agent
hereunder shall not be effective until such time as the Company provides to the
Transfer Agent written notice that a suitable replacement has agreed to serve as
transfer agent and to be bound by the terms and conditions of these Irrevocable
Transfer Agent Instructions.

      The Company herby confirms and the Transfer Agent acknowledges that while
any portion of the Debenture remains unpaid and unconverted the Company and the
Transfer Agent shall not, without the prior consent of the Buyers, (i) issue any
Common Stock or Preferred Stock without consideration or for a consideration per
share less than closing bid price determined immediately prior to its issuance,
(ii) issue any Preferred Stock, warrant, option, right, contract, call, or other
security or instrument granting the holder thereof the right to acquire Common
Stock without consideration or for a consideration per share less than the
closing bid price of the Common Stock determined immediately prior to its
issuance, (iii) issue any S-8 shares of the Company's Common Stock.

      The Company and the Transfer Agent hereby acknowledge and confirm that
complying with the terms of this Agreement does not and shall not prohibit the
Transfer Agent from satisfying any and all fiduciary responsibilities and duties
it may owe to the Company.

      The Company and the Transfer Agent acknowledge that the Buyers is relying
on the representations and covenants made by the Company and the Transfer Agent
hereunder and are a material inducement to the Buyers purchasing convertible
debentures under the Securities Purchase Agreement. The Company and the Transfer
Agent further acknowledge that without such representations and covenants of the
Company and the Transfer Agent made hereunder, the Buyers would not purchase the
Debentures.

      Each party hereto specifically acknowledges and agrees that in the event
of a breach or threatened breach by a party hereto of any provision hereof, the
Buyers will be irreparably damaged and that damages at law would be an
inadequate remedy if these Irrevocable Transfer Agent Instructions were not
specifically enforced. Therefore, in the event of a breach or threatened breach
by a party hereto, including, without limitation, the attempted termination of
the agency relationship created by this instrument, the Buyers shall be
entitled, in addition to all other rights or remedies, to an injunction
restraining such breach, without being required to show any actual damage or to
post any bond or other security, and/or to a decree for specific performance of
the provisions of these Irrevocable Transfer Agent Instructions.

                                       4
<PAGE>

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       5
<PAGE>

      IN WITNESS WHEREOF, the parties have caused this letter agreement
regarding Irrevocable Transfer Agent Instructions to be duly executed and
delivered as of the date first written above.

                                        COMPANY:

                                        EYI INDUSTRIES, INC.

                                        By: /s/  Jay Sargeant
                                           -------------------------------------
                                        Name:    Jay Sargeant
                                        Title:   President & CEO

                                           /s/ David Gonzalez
                                           -------------------------------------
                                                 David Gonzalez, Esq.

CORPORATE STOCK TRANSFER

By: Carylyn Bell
   -------------------------------------
Name:    Carylyn Bell
     -----------------------------------
Title:   President
      ----------------------------------

                                       6
<PAGE>

                                   SCHEDULE I

                               SCHEDULE OF BUYERS
<TABLE>
<CAPTION>

                                                                                    Address/Facsimile             Amount of
                Name                              Signature                          Number of Buyer             Subscription
                ----                              ---------                          ---------------             ------------
<S>                                    <C>                                  <C>                                     <C>
Cornell Capital Partners, LP           By:      Yorkville Advisors, LLC     101 Hudson Street - Suite 3700          $2,250,000
                                       Its:     General Partner             Jersey City, NJ  07303
                                                                            Facsimile:        (201) 985-8266

                                       By:
                                       Name:    Mark Angelo
                                       Its:     Portfolio Manager

With a copy to:                        David Gonzalez, Esq.                 101 Hudson Street - Suite 3700
                                                                            Jersey City, NJ 07302
                                                                            Facsimile:           (201)
                                                                            985-8266

TAIB Bank, B.S.C. (c)                  By: ___________________              450 Park Avenue                         $1,250,000
c/o TAIB Securities, Inc.              Name:    Larry Chaleff               New York, NY 10022

Certain Wealth, Ltd.                   By: ____________________             450 Park Avenue                         $1,000,000
c/o TAIB Securities, Inc.              Name: Larry Chaleff                  New York, NY 10022
</TABLE>

                                  SCHEDULE I-1

<PAGE>

                                    EXHIBIT I

                   TO IRREVOCABLE TRANSFER AGENT INSTRUCTIONS

                         FORM OF NOTICE OF EFFECTIVENESS
                            OF REGISTRATION STATEMENT

_________, 2006

--------

Attention:

RE:   EYI INDUSTRIES, INC.

Ladies and Gentlemen:

      We are counsel to EYI Industries, Inc., (the "Company"), and have
represented the Company in connection with that certain Securities Purchase
Agreement, dated as of April __, 2006 (the "Securities Purchase Agreement"),
entered into by and among the Company and the Buyers set forth on Schedule I
attached thereto (collectively the "Buyers") pursuant to which the Company has
agreed to sell to the Buyers up to Four Million Five Hundred Thousand Dollars
($4,500,000) of secured convertible debentures, which shall be convertible into
shares (the "Conversion Shares") of the Company's common stock, par value $.001
per share (the "Common Stock"), in accordance with the terms of the Securities
Purchase Agreement. Pursuant to the Securities Purchase Agreement, the Company
also has entered into a Registration Rights Agreement, dated as of April ___,
2006, with the Buyers (the "Investor Registration Rights Agreement") pursuant to
which the Company agreed, among other things, to register the Conversion Shares
under the Securities Act of 1933, as amended (the "1933 Act"). In connection
with the Company's obligations under the Securities Purchase Agreement and the
Registration Rights Agreement, on _______, 2006, the Company filed a
Registration Statement (File No. ___-_________) (the "Registration Statement")
with the Securities and Exchange Commission (the "SEC") relating to the sale of
the Conversion Shares.

      In connection with the foregoing, we advise the Transfer Agent that a
member of the SEC's staff has advised us by telephone that the SEC has entered
an order declaring the Registration Statement effective under the 1933 Act at
____ P.M. on __________, 2006 and we have no knowledge, after telephonic inquiry
of a member of the SEC's staff, that any stop order suspending its effectiveness
has been issued or that any proceedings for that purpose are pending before, or
threatened by, the SEC and the Conversion Shares are available for sale under
the 1933 Act pursuant to the Registration Statement.

                                  EXHIBIT I-1

<PAGE>

      The Buyers has confirmed it shall comply with all securities laws and
regulations applicable to it including applicable prospectus delivery
requirements upon sale of the Conversion Shares.

                                        Very truly yours,

                                        By:
                                           -------------------------------------

                                   EXHIBIT I-2

<PAGE>

                                   EXHIBIT II

                   TO IRREVOCABLE TRANSFER AGENT INSTRUCTIONS

                                 FORM OF OPINION

________________ 2006

VIA FACSIMILE AND REGULAR MAIL

--------

Attention:

      RE:   EYI INDUSTRIES, INC.

Ladies and Gentlemen:

      We have acted as special counsel to EYI Industries, Inc. (the "Company"),
in connection with the registration of ___________shares (the "Shares") of its
common stock with the Securities and Exchange Commission (the "SEC"). We have
not acted as your counsel. This opinion is given at the request and with the
consent of the Company.

      In rendering this opinion we have relied on the accuracy of the Company's
Registration Statement on Form SB-2, as amended (the "Registration Statement"),
filed by the Company with the SEC on _________ ___, 2006. The Company filed the
Registration Statement on behalf of certain selling stockholders (the "Selling
Stockholders"). This opinion relates solely to the Selling Shareholders listed
on Exhibit "A" hereto and number of Shares set forth opposite such Selling
Stockholders' names. The SEC declared the Registration Statement effective on
__________ ___, 2006.

      We understand that the Selling Stockholders acquired the Shares in a
private offering exempt from registration under the Securities Act of 1933, as
amended. Information regarding the Shares to be sold by the Selling Shareholders
is contained under the heading "Selling Stockholders" in the Registration
Statement, which information is incorporated herein by reference. This opinion
does not relate to the issuance of the Shares to the Selling Stockholders. The
opinions set forth herein relate solely to the sale or transfer by the Selling
Stockholders pursuant to the Registration Statement under the Federal laws of
the United States of America. We do not express any opinion concerning any law
of any state or other jurisdiction.

      In rendering this opinion we have relied upon the accuracy of the
foregoing statements.

                                   EXHIBIT II

<PAGE>

         Based on the foregoing, it is our opinion that the Shares have been
registered with the Securities and Exchange Commission under the Securities Act
of 1933, as amended, and that ________ may remove the restrictive legends
contained on the Shares. This opinion relates solely to the number of Shares set
forth opposite the Selling Stockholders listed on Exhibit "A" hereto.

         This opinion is furnished to Transfer Agent specifically in connection
with the sale or transfer of the Shares, and solely for your information and
benefit. This letter may not be relied upon by Transfer Agent in any other
connection, and it may not be relied upon by any other person or entity for any
purpose without our prior written consent. This opinion may not be assigned,
quoted or used without our prior written consent. The opinions set forth herein
are rendered as of the date hereof and we will not supplement this opinion with
respect to changes in the law or factual matters subsequent to the date hereof.

Very truly yours,

                                  EXHIBIT II-2

<PAGE>

                                    EXHIBIT A

                         (LIST OF SELLING STOCKHOLDERS)

Name:                                   No. of Shares:
     -----------------------------                    --------------------------

                                    EXHIBIT ANEITHER
      THIS WARRANT NOR THE SHARES OF COMMON STOCK ISSUABLE UPON ITS EXERCISE HAVE
      BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
      OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, OR
      OTHERWISE TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS (I) PURSUANT TO
      REGISTRATION UNDER THE SECURITIES ACT OR (II) IN COMPLIANCE WITH AN EXEMPTION
      THEREFROM AND ACCOMPANIED, IF REQUESTED BY UNITED FUEL & ENERGY CORPORATION,
      WITH AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH
      TRANSFER IS IN COMPLIANCE WITH AN EXEMPTION THEREFROM.

     

     

    THIS
      WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON

    ITS
      EXERCISE ARE SUBJECT TO THE RESTRICTIONS ON

    TRANSFER
      SET FORTH IN ARTICLE II OF THIS WARRANT

     

     

    
      	
              Warrant
                No. SMH - [_]

            	
              Number
                of Shares: [________]

            
	 	
              (subject
                to adjustment)

            
	
              Date
                of Issuance: [_______], 200__

            	 

    

     

    United
      Fuel & Energy Corporation

     

    Common
      Stock Purchase Warrant

     

    THIS
      IS
      TO CERTIFY THAT, for value received, [Name of Registered Holder] (the
      "Registered
      Holder"),
      or
      its permitted assigns, is entitled to purchase from UNITED FUEL & ENERGY
      CORPORATION, a Nevada corporation (the "Company"),
      at
      the place where the Warrant Office designated pursuant to Section 2.1 is
      located, at a purchase price per share of $[____] (as adjusted pursuant to
      the
      terms of this Warrant, the "Exercise
      Price"),
      [_____] shares of duly authorized, validly issued, fully paid and nonassessable
      shares of Common Stock, $0.001 par value per share, of the Company (the
      "Common
      Stock"),
      and
      is entitled also to exercise the other appurtenant rights, powers and privileges
      hereinafter set forth. The number of shares of the Common Stock purchasable
      hereunder and the Exercise Price are subject to adjustment in accordance with
      Article III hereof. This Warrant shall expire at 5:00 p.m., Midland, Texas
      time,
      on [_______], 20__.

     

    Certain
      Terms used in this Warrant are defined in Article IV.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      I  

     

    Exercise
      of Warrant

     

    1.1    Method
      of Exercise.
      This
      Warrant may be exercised by the Registered Holder as a whole or in part from
      time to time until [_______], 20__, at which time this Warrant shall expire
      and
      be of no further force or effect; provided,
      however,
      that
      the minimum number of Warrant Shares that may be purchased on a single exercise
      shall be 50,000 or the entire number of shares remaining available for exercise
      hereunder, whichever is less. To exercise this Warrant, the Registered Holder
      or
      permitted assignees of all rights of the Registered Holder shall deliver to
      the
      Company, at the Warrant Office designated in Section 2.1, (a)  a written
      notice in the form of the Purchase Form attached as Exhibit
      A
      hereto,
      stating therein the election of the Registered Holder or such permitted
      assignees of the Registered Holder to exercise this Warrant in the manner
      provided in the Purchase Form, (b) payment in full of the Exercise Price
      (in the manner described below) for all Warrant Shares purchased hereunder,
      and
      (c) this Warrant. Subject to compliance with Section 3.1(a)(vi), this
      Warrant shall be deemed to be exercised on the date of receipt by the Company
      of
      the Purchase Form, accompanied by payment for the Warrant Shares to be purchased
      and surrender of this Warrant, as aforesaid, and such date is referred to herein
      as the "Exercise
      Date."
      Upon
      such exercise (subject as aforesaid), the Company shall issue and deliver to
      the
      Registered Holder a certificate for the full number of the Warrant Shares
      purchasable by the Registered Holder hereunder, against the receipt by the
      Company of the total Exercise Price payable hereunder for all such Warrant
      Shares, (a) in cash or by certified or cashier's check or (b) if the Common
      Stock is registered under the Securities Exchange Act of 1934, as amended (the
      "Exchange
      Act"),
      by
      surrendering Warrant Shares having a Current Market Price equal to the Exercise
      Price for all the Warrant Shares so purchased. The Person in whose name the
      certificate(s) for Common Stock is to be issued shall be deemed to have become
      a
      holder of record of such Common Stock on the Exercise Date.

     

    1.2    Net
      Exercise.
      Notwithstanding any provisions herein to the contrary, if the Common Stock
      is
      registered under the Exchange Act, and the Current Market Price of one share
      of
      Common Stock is greater than the Exercise Price (at the date of calculation
      as
      set forth below), in lieu of exercising this Warrant by payment of cash, the
      Registered Holder may elect to receive Warrant Shares equal to the value (as
      determined below) of this Warrant (or the portion thereof being canceled) by
      surrender of this Warrant at the Warrant Office together with the properly
      endorsed Purchase Form in which event the Company shall issue the Registered
      Holder a number of shares of Common Stock computed as follows:

     

    
      	
              X
                =
                Y(A-B)

              A

            

    

     

    
      	
              Where:

            	
              X
                =

            	 	
              the
                number of shares of Common Stock to be
                issued to the Registered
                Holder.

            
	 	
              Y
                =

            	 	
              the
                number of shares of Common Stock
                purchasable under the Warrant or, if
                only a portion of the Warrant is being exercised, the portion of
                the
                Warrant
                being canceled (at the date of such calculation)

            
	 	
              A
                =

            	 	
              the
                Current Market Price of one share of Common
                Stock (at the date of such
                calculation)

            
	 	
              B
                =

            	 	
              Exercise
                Price (as adjusted to the date of such
                calculation)

            
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

    

         

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    1.3    Fractional
      Shares.
      No
      fractional shares of Common Stock shall be issued upon exercise of this Warrant.
      Instead of any fractional shares of Common Stock that would otherwise be
      issuable upon exercise of this Warrant, the Company shall pay a cash adjustment
      in respect of such fractional interest equal to the fair market value of such
      fractional interest as determined in good faith by the Board of
      Directors.

     

    1.4    Termination.
      Notwithstanding any other provision of this Warrant, the right to exercise
      this
      Warrant shall terminate at the close of business on [_______],
      20__.

     

    ARTICLE
      II  

     

    Warrant
      Office; Transfer

     

    2.1    Warrant
      Office.
      The
      Company shall maintain an office for certain purposes specified herein (the
      "Warrant
      Office"),
      which
      office shall initially be the Company's office at 405 N. Marienfield, Ste.
      300,
      Midland, Texas 79701, and may subsequently be such other office of the Company
      or of any transfer agent of the Common Stock in the continental United States
      of
      which written notice has previously been given to the Registered Holder. The
      Company shall maintain, at the Warrant Office, a register for the Warrant in
      which the Company shall record the name and address of the Registered Holder,
      as
      well as the name and address of each permitted assignee of the rights of the
      Registered Holder.

     

    2.2    Ownership
      of Warrant.
      The
      Company may deem and treat the Registered Holder as the holder and owner hereof
      (notwithstanding any notations of ownership or writing hereon made by anyone
      other than the Company) for all purposes and shall not be affected by any notice
      to the contrary, until presentation of this Warrant for registration of transfer
      as provided in this Article II.

     

    2.3    Transfer
      of Warrants.
      The
      Company agrees to maintain at the Warrant Office books for the registration
      and
      transfer of this Warrant. This Warrant may be transferred in whole or in part
      only in compliance with the applicable law and only to shareholders, officers,
      and employees of Sanders Morris Harris Inc. or to any person who succeeds to
      all
      of the assets of Sanders Morris Harris Inc. The Company, from time to time,
      shall register the transfer of this Warrant in such books upon surrender of
      this
      Warrant at the Warrant Office, properly endorsed, together with a written
      assignment of this Warrant, substantially in the form of the Assignment attached
      as Exhibit B hereto. Upon any such transfer, a new Warrant shall be issued
      to
      the transferee, and the Company shall cancel the surrendered Warrant. The
      Registered Holder shall pay all taxes and all other expenses and charges payable
      in connection with the transfer of Warrants pursuant to this Section
      2.3.

     

    2.4    Registration
      Rights.
      The
      Company agrees (a) that the Warrant Shares shall be "Registrable Securities"
      under the Registration Rights Agreement dated as of the date hereof (the
      "Registration Rights Agreement") between the Company and Sanders Morris Harris
      Inc., and (b) that the Registered Holder shall have the rights and obligations
      of a Holder set forth in the Registration Rights Agreement.

     

    2.5    No
      Rights as Shareholder Until Exercise.
      This
      Warrant does not entitle the Registered Holder to any voting rights or other
      rights as a shareholder of the Company prior to the exercise hereof. Upon the
      surrender of this Warrant and the payment of the aggregate Exercise Price,
      the
      Warrant Shares so purchased shall be and be deemed to be issued to the
      Registered Holder as the record owner of such shares as of the close of business
      on the later of the date of such surrender or payment.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    2.6    Expenses
      of Delivery of Warrants.
      Except
      as provided in Section 2.3 above, the Company shall pay all reasonable expenses,
      taxes (other than transfer taxes) and other charges payable in connection with
      the preparation, issuance and delivery of Warrants and related Warrant Shares
      hereunder.

     

    2.7    Compliance
      with Securities Laws.
      The
      Registered Holder (and its transferees and assigns), by acceptance of this
      Warrant, covenants and agrees that such Registered Holder is acquiring the
      Warrants evidenced hereby, and, upon exercise hereof, the Warrant Shares, for
      its own account as an investment and not with a view to distribution thereof.
      Neither this Warrant nor the Warrant Shares issuable hereunder have been
      registered under the Securities Act or any state securities laws and no transfer
      of this Warrant or any Warrant Shares shall be permitted unless the Company
      has
      received notice of such transfer in the form of the assignment attached hereto
      as Exhibit
      B,
      accompanied, if requested by the Company, by an opinion of counsel reasonably
      satisfactory to the Company that an exemption from registration of such Warrant
      or Warrant Shares under the Securities Act is available for such transfer,
      except that no such opinion shall be required after the registration for resale
      of the Warrant Shares has become effective. Upon any exercise of the Warrants
      prior to effective registration for resale or except as in accordance with
      Rule
      144 under the Securities Act, certificates representing the Warrant Shares
      shall
      bear a restrictive legend substantially identical to that set forth as
      follows:

     

    "The
      securities evidenced by this certificate have not been registered under the
      Securities Act of 1933, as amended, and may not be sold, transferred, assigned,
      or hypothecated unless there is an effective registration statement under such
      act covering such securities, the sale is made in accordance with Rule 144,
      or
      the company received an opinion of counsel for the holder of these securities
      reasonably satisfactory to the Company, stating that such sale, transfer,
      assignment, or hypothecation is exempt from the registration and prospectus
      delivery requirements of such act."

     

    Any
      purported transfer of the Warrant or Warrant Shares not in compliance with
      the
      provisions of this section shall be null and void. Stop
      transfer instructions have been or will be imposed with respect to the Warrant
      Shares so as to restrict resale or other transfer thereof, subject to this
      Section 2.7.

     

    ARTICLE
      III 

     

    Anti-Dilution
      Provisions

     

    3.1    Adjustment
      of Exercise Price and Number of Warrant Shares.
      The
      Exercise Price shall be subject to adjustment from time to time as hereinafter
      provided in this Article III. Upon each adjustment of the Exercise Price, except
      pursuant to Sections 3.1(a)(iii), (iv), and (v), the Registered Holder shall
      thereafter be entitled to purchase, at the Exercise Price resulting from such
      adjustment, the number of shares of the Common Stock obtained by multiplying
      the
      Exercise Price in effect immediately prior to such adjustment by the number
      of
      shares of the Common Stock purchasable pursuant hereto immediately prior to
      such
      adjustment and dividing the product thereof by the Exercise Price resulting
      from
      such adjustment.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (a)    Exercise
      Price Adjustments.
      The
      Exercise Price shall be subject to adjustment from time to time as
      follows:

     

    (i)    Adjustment
      for Stock Splits and Combinations.
      If the
      Company shall, at any time or from time to time after the date hereof (the
      "Original
      Issue Date")
      while
      this Warrant remains outstanding, effect a subdivision of the outstanding Common
      Stock, the Exercise Price in effect immediately before such subdivision shall
      be
      proportionately decreased. Conversely, if the Company shall at any time or
      from
      time to time after the Original Issue Date combine the outstanding shares of
      Common Stock into a smaller number of shares, the Exercise Price in effect
      immediately before such combination shall be proportionately increased. Any
      adjustment under this Section 3.1(a)(i) shall become effective at the close
      of
      business on the date the subdivision or combination becomes
      effective.

     

    (ii)    Adjustment
      for Common Stock Dividends and Distributions.
      If the
      Company, at any time or from time to time after the Original Issue Date while
      this Warrant remains outstanding makes, or fixes a record date for the
      determination of holders of Common Stock entitled to receive, a dividend or
      other distribution payable in additional shares of Common Stock, in each such
      event the Exercise Price that is then in effect shall be decreased as of the
      time of such issuance or, in the event such record date is fixed, as of the
      close of business on such record date, by multiplying the Exercise Price then
      in
      effect by a fraction, (i) the numerator of which is the total number of
      shares of Common Stock issued and outstanding immediately prior to the time
      of
      such issuance or the close of business on such record date, and (ii) the
      denominator of which is the total number of shares of Common Stock issued and
      outstanding immediately prior to the time of such issuance or the close of
      business on such record date plus the number of shares of Common Stock issuable
      in payment of such dividend or distribution; provided,
      however,
      that if
      such record date is fixed and such dividend is not fully paid or if such
      distribution is not fully made on the date fixed therefor, the Exercise Price
      shall be recomputed accordingly as of the close of business on such record
      date,
      and thereafter the Exercise Price shall be adjusted pursuant to this Section
      3.1(a)(ii) to reflect the actual payment of such dividend or
      distribution.

     

    (iii)    Adjustment
      for Reclassification, Exchange and Substitution.
      If at
      any time or from time to time after the Original Issue Date while this Warrant
      remains outstanding, the Common Stock is changed into the same or a different
      number of shares of any class or classes of stock, whether by recapitalization,
      reclassification or otherwise (other than an Acquisition, Asset Transfer,
      subdivision or combination of shares, stock dividend, reorganization, merger,
      consolidation, or sale of assets provided for elsewhere in this Section 3.1(a)),
      in any such event the Registered Holder shall have the right thereafter to
      convert such stock into the kind and amount of stock and other securities and
      property receivable upon such recapitalization, reclassification or other change
      by holders of the maximum number of shares of Common Stock into which such
      shares of Common Stock could have been converted immediately prior to such
      recapitalization, reclassification or change, all subject to further adjustment
      as provided herein or with respect to such other securities or property by
      the
      terms thereof.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (iv)    Reorganizations,
      Mergers, Consolidations or Sales of Assets.
      If at
      any time or from time to time after the Original Issue Date while this Warrant
      remains outstanding, there is a capital reorganization of the Common Stock
      (other than an Acquisition, Asset Transfer, recapitalization, or subdivision,
      combination, reclassification, exchange, or substitution of shares provided
      for
      elsewhere in this Section 3.1(a)), as a part of such capital reorganization,
      provision shall be made so that the Registered Holder shall thereafter be
      entitled to receive upon exercise hereof the number of shares of stock or other
      securities or property of the Company to which a holder of the number of shares
      of Common Stock deliverable upon exercise immediately prior to such event would
      have been entitled as a result of such capital reorganization, subject to
      adjustment in respect of such stock or securities by the terms thereof. In
      any
      such case, appropriate adjustment shall be made in the application of the
      provisions of this Section 3.1(a) with respect to the rights of the Registered
      Holder after the capital reorganization to the end that the provisions of this
      Section 3.1(a) (including adjustment of the Exercise Price then in effect and
      the number of shares issuable upon exercise) shall be applicable after that
      event and be as nearly equivalent as practicable.

     

    (v)    Rounding
      of Calculations; Minimum Adjustment.
      All
      calculations under this Section 3.1(a) and under Section 3.1(b) shall be made
      to
      the nearest cent. Any provision of this Section 3.1 to the contrary
      notwithstanding, no adjustment in the Exercise Price shall be made if the amount
      of such adjustment would be less than one percent, but any such amount shall
      be
      carried forward and an adjustment with respect thereto shall be made at the
      time
      of and together with any subsequent adjustment which, together with such amount
      and any other amount or amounts so carried forward, shall aggregate one percent
      or more.

     

    (vi)    Timing
      of Issuance of Additional Common Stock Upon Certain Adjustments.
      In any
      case in which the provisions of this Section 3.1(a) shall require that an
      adjustment shall become effective immediately after a record date for an event,
      the Company may defer until the occurrence of such event issuing to the
      Registered Holder after such record date and before the occurrence of such
      event
      the additional shares of Common Stock or other property issuable or deliverable
      upon exercise by reason of the adjustment required by such event over and above
      the shares of Common Stock or other property issuable or deliverable upon such
      exercise before giving effect to such adjustment; provided,
      however,
      that
      the Company upon request shall deliver to such Registered Holder a due bill
      or
      other appropriate instrument evidencing such Registered Holder's right to
      receive such additional shares or other property, and such cash, upon the
      occurrence of the event requiring such adjustment.

     

    (vii)    Voluntary
      Adjustment by the Company.
      The
      Company may at any time during the term of this Warrant, reduce the then current
      Exercise Price to any amount and for any period of time deemed appropriate
      by
      the Board of Directors, in its sole discretion, of the Company. 

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b)    Current
      Market Price.
      The
      "Current
      Market Price"
      shall
      mean, as of any date, (i) if the Common Stock is traded on a securities exchange
      or through the Nasdaq National Market, the Current Market Price shall be deemed
      to be the average of the closing prices of the securities on such exchange
      or
      quotation system, or, (ii) if there has been no sales on any such exchange
      or
      quotation system on any day, the average of the highest bid and lowest asked
      prices on such exchange or quotation system as of 4:00 p.m., New York time,
      or,
      (iii) if on any day such security is not traded on an exchange or quoted in
      the
      Nasdaq Stock Market System, the average of the highest bid and lowest asked
      prices on such day in the domestic over-the-counter market as reported by the
      OTC Electronic Bulletin Board or National Quotation Bureau, Inc. or any similar
      successor organization, in each such case averaged over a period of twenty
      (20)
      days consisting of the Trading Day as of which Current Market Price is being
      determined and the nineteen (19) consecutive Trading Days prior to such day.
      For
      purposes of determining Current Market Price, the term "Trading
      Day"
      shall
      mean a day on which an amount greater than zero can be calculated with respect
      to the Common Stock under any one or more of the foregoing categories (i),
      (ii),
      and (iii). If the Current Market Price cannot be determined under any of the
      foregoing methods, Current Market Price shall mean the fair value per share
      of
      Common Stock on such date as determined by the Board of Directors in good faith,
      irrespective of any accounting treatment.

     

    (c)    Statement
      Regarding Adjustments.
      Whenever the Exercise Price shall be adjusted as provided in Section 3.1(a),
      and
      upon each change in the number of shares of the Common Stock issuable upon
      exercise of this Warrant, the Company shall forthwith file, at the office of
      any
      transfer agent for this Warrant and at the principal office of the Company,
      a
      statement showing in detail the facts requiring such adjustment and the Exercise
      Price and new number of shares issuable that shall be in effect after such
      adjustment, and the Company shall also cause a copy of such statement to be
      given to the Registered Holder. Each such statement shall be signed by the
      Company's chief financial or accounting officer. Where appropriate, such copy
      may be given in advance and may be included as part of a notice required to
      be
      mailed under the provisions of Section 3.1(d).

     

    (d)    Notice
      to Holders.
      In the
      event the Company shall propose to take any action of the type described in
      clause (iii) or (iv) of Section 3.1(a), the Company shall give notice to the
      Registered Holder, in the manner set forth in Section 6.6, which notice shall
      specify the record date, if any, with respect to any such action and the
      approximate date on which such action is to take place. Such notice shall also
      set forth such facts with respect thereto as shall be reasonably necessary
      to
      indicate the effect of such action (to the extent such effect may be known
      at
      the date of such notice) on the Exercise Price and the number, kind or class
      of
      shares or other securities or property which shall be deliverable upon exercise
      of this Warrant. In the case of any action which would require the fixing of
      a
      record date, such notice shall be given at least 10 days prior to the date
      so
      fixed, and in case of all other action, such notice shall be given at least
      15
      days prior to the taking of such proposed action. Failure to give such notice,
      or any defect therein, shall not affect the legality or validity of any such
      action.

     

    (e)    Treasury
      Stock.
      For the
      purposes of this Section 3.1, the sale or other disposition of any Common Stock
      of the Company theretofore held in its treasury shall be deemed to be an
      issuance thereof.

     

    3.2    Costs.
      The
      Registered Holder shall pay all documentary, stamp, transfer or other
      transactional taxes attributable to the issuance or delivery of the Warrant
      Shares upon exercise of this Warrant. Additionally, the Company shall not be
      required to pay any taxes which may be payable in respect of any transfer
      involved in the issuance or delivery of any certificate for such Warrant Shares.
      The Registered Holder shall reimburse the Company for any such taxes, described
      in this Section 3.2, assessed against the Company.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    3.3    Reservations
      of Shares.
      The
      Company shall reserve at all times so long as this Warrant remains outstanding,
      free from preemptive rights, out of its treasury Common Stock or its authorized
      but unissued shares of Common Stock, or both, solely for the purpose of
      effecting the exercise of this Warrant, sufficient shares of Common Stock to
      provide for the exercise hereof.

     

    3.4    Valid
      Issuance.
      All
      shares of Common Stock which may be issued upon exercise of this Warrant will
      upon issuance by the Company be duly and validly issued, fully paid and
      nonassessable and free from all taxes, liens and charges with respect to the
      issuance thereof attributable to any act or omission by the Company, and the
      Company shall take no action which will cause a contrary result (including
      without limitation, any action which would cause the Exercise Price to be less
      than the par value, if any, of the Common Stock).

     

    ARTICLE
      IV

     

    Terms
      Defined

     

    As
      used
      in this Warrant, unless the context otherwise requires, the following terms
      have
      the respective meanings set forth below or in the Section
      indicated:

     

    Board
      of Directors
      means
      the Board of Directors of the Company.

     

    Common
      Stock
      means
      the Company's authorized Common Stock, $0.001 par value per share.

     

    Company
      means
      United Fuel & Energy Corporation, a Nevada corporation, and any other
      corporation assuming or required to assume the obligations undertaken in
      connection with this Warrant.

     

    Current
      Market Price
      is
      defined in Section 3.1(b).

     

    Exchange
      Act
      is
      defined in Section 1.1.

     

    Exercise
      Date
      is
      defined in Section 1.1.

     

    Exercise
      Price
      is
      defined in the Preamble.

     

    Original
      Issue Date
      is
      defined in Section 3.1(a)(i).

     

    Outstanding
      means
      when used with reference to Common Stock at any date, all issued shares of
      Common Stock (including, but without duplication, shares deemed issued pursuant
      to Article III) at such date, except shares then held in the treasury of the
      Company.

     

    Person
      means
      any individual, corporation, partnership, trust, organization, association
      or
      other entity.

     

    Registered
      Holder
      is
      defined in the Preamble.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Securities
      Act
      means
      the Securities Act of 1933 and the rules and regulations promulgated
      thereunder, all as the same shall be in effect at the time.

     

    Trading
      Day
      is
      defined in Section 3.1(b).

     

    Warrant
      means
      this Warrant and any successor or replacement Warrant delivered in accordance
      with Section 2.3 or 6.8.

     

    Warrant
      Office
      is
      defined in Section 2.1.

     

    Warrant
      Shares
      means
      the shares of Common Stock purchased or purchasable by the
      Registered
      Holder,
      or the permitted assignees of such Registered Holder, upon exercise of this
      Warrant pursuant to Article I hereof.

     

    ARTICLE
      V

     

    Covenant
      of the Company

     

    The
      Company covenants and agrees that this Warrant shall be binding upon any
      corporation succeeding to the Company by merger, consolidation, or acquisition
      of all or substantially all of the Company's assets.

     

    ARTICLE
      VI 

     

    Miscellaneous

     

    6.1    Entire
      Agreement.
      This
      Warrant and the Registration Rights Agreement contain the entire agreement
      between the Registered Holder and the Company with respect to the Warrant Shares
      that it can purchase upon exercise hereof and the related transactions and
      supersedes all prior arrangements or understanding with respect
      thereto.

     

    6.2    Governing
      Law.
      This
      Warrant shall be governed by and construed in accordance with the internal
      laws
      of the State of Texas, without regard to its conflict of law
      provisions.

     

    6.3    Waiver
      and Amendment.
      Any
      term or provision of this Warrant may be waived at any time by the party which
      is entitled to the benefits thereof, and any term or provision of this Warrant
      may be amended or supplemented at any time by the written consent of the parties
      (it being agreed that an amendment to or waiver under any of the provisions
      of
      Article III of this Warrant shall not be considered an amendment of the number
      of Warrant Shares or the Exercise Price). No
      waiver
      by any party of any default, misrepresentation, or breach of warranty or
      covenant hereunder, whether intentional or not, shall be deemed to extend to
      any
      prior or subsequent default, misrepresentation, or breach of warranty or
      covenant hereunder or affect in any way any rights arising because of any prior
      or subsequent such occurrence.

     

    6.4    Illegality.
      In the
      event that any one or more of the provisions contained in this Warrant shall
      be
      determined to be invalid, illegal or unenforceable in any respect for any
      reason, the validity, legality and enforceability of any such provision in
      any
      other respect and the remaining provisions of this Warrant shall not, at the
      election of the party for whom the benefit of the provision exists, be in any
      way impaired.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    6.5    Copy
      of Warrant.
      A copy
      of this Warrant shall be filed among the records of the Company.

     

    6.6    Notice.
      Any
      notice or other document required or permitted to be given or delivered to
      the
      Registered Holder shall be delivered at, or sent by certified or registered
      mail
      to such Registered Holder at, the last address shown on the books of the Company
      maintained at the Warrant Office for the registration of this Warrant or at
      any
      more recent address of which the Registered Holder shall have notified the
      Company in writing. Any notice or other document required or permitted to be
      given or delivered to the Company, other than such notice or documents required
      to be delivered to the Warrant Office, shall be delivered at, or sent by
      certified or registered mail to, the office of the Company at 405 N.
      Marienfield, Ste. 300, Midland, Texas 79701 or any other address within the
      continental United States of America as shall have been designated in writing
      by
      the Company delivered to the Registered Holder.

     

    6.7    Limitation
      of Liability; Not Stockholders.
      Subject
      to the provisions of Article III, until the exercise of this Warrant, the
      Registered Holder shall not have or exercise any rights by virtue hereof as
      a
      stockholder of the Company, including, without limitation, the right to vote,
      to
      receive dividends and other distributions, or to receive notice of, or attend
      meetings of stockholders or any other proceedings of the Company. Until the
      exercise of this Warrant, no provision hereof, and no mere enumeration herein
      of
      the rights or privileges of the Registered Holder, shall give rise to any
      liability of such Registered Holder for the purchase price of any shares of
      Common Stock or as a stockholder of the Company.

     

    6.8    Exchange,
      Loss, Destruction, etc. of Warrant.
      Upon
      receipt of evidence satisfactory to the Company (an affidavit of the Registered
      Holder shall be satisfactory evidence) of the loss, theft, mutilation or
      destruction of this Warrant, and, in the case of any such loss, theft or
      destruction, upon delivery of a bond of indemnity in such form and amount as
      shall be reasonably satisfactory to the Company, or, in the event of such
      mutilation upon surrender and cancellation of this Warrant, the Company will
      make and deliver a new Warrant of like tenor, in lieu of such lost, stolen,
      destroyed or mutilated Warrant; provided,
      however,
      that
      the original Registered Holder of this Warrant shall not be required to provide
      any such bond of indemnity and may in lieu thereof provide his agreement of
      indemnity. Any Warrant issued under the provisions of this Section 6.8 in lieu
      of any Warrant alleged to be lost, destroyed or stolen, or in lieu of any
      mutilated Warrant, shall constitute an original contractual obligation on the
      part of the Company. This Warrant shall be promptly canceled by the Company
      upon
      the surrender hereof in connection with any exchange or replacement. The
      Registered Holder of this Warrant shall pay all taxes (including securities
      transfer taxes) and all other expenses and charges payable in connection with
      the preparation, execution and delivery of replacement Warrant(s) pursuant
      to
      this Section 6.8.

     

    6.9    Headings.
      The
      Article and Section and other headings herein are for convenience only and
      are
      not a part of this Warrant and shall not affect the interpretation
      thereof.

     

    6.10   Successors
      and Assigns.
      Subject
      to applicable securities laws, this Warrant and the rights and obligations
      evidenced hereby shall inure to the benefit of and be binding upon the
      successors of the Company and the successors and permitted assigns of Registered
      Holder. The provisions of this Warrant are intended to be for the benefit of
      all
      Registered Holders from time to time of this Warrant and shall be enforceable
      by
      any such Registered Holder or holder of Warrant Shares.

     

    [Signature
      Page to Follow]

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be signed in its
      name.

     

     

    
      	
              Dated: [_______],
                200_

            	 
	 	 
	 	UNITED FUEL & ENERGY
              CORPORATION
	 	 
	 	 
	 	
              By:
                __________________________________________

            
	 	 
	 	
              Name:
                ________________________________________

            
	 	
              Title:
                _________________________________________

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      A

     

    PURCHASE
      FORM

     

    
      	To:	
              United
                Fuel & Energy Corporation 

            	 	
              Dated:__________,
                20__

            
	 	405 N. Marienfield, Ste. 300	 	 
	 	Midland, Texas 79701	 	 
	 	 	 	 

    

    The
      undersigned, pursuant to the provisions set forth in the attached Warrant (No.
      ____), hereby irrevocably elects to purchase ________ shares of the Common
      Stock
      covered by such Warrant.

     

    The
      undersigned herewith makes payment of the full exercise price for such shares
      at
      the price per share provided for in such Warrant, which is $_____ per share
      in
      lawful money of the United States.

     

    
      	 	 	 	[______________________________]
	 	 	 	 
	 	 	 	_______________________________
	 	 	 	Name:__________________________ 
	 	 	 	Title:___________________________

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      B

     

    ASSIGNMENT

     

    
      	To:	United Fuel & Energy
              Corporation  	 	
              Dated:__________,
                20__

            
	 	405 N. Marienfield, Ste. 300	 	 
	 	Midland,
              Texas 79701	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

     

     

     

    For
      value
      received, _____________________________, hereby sells, assigns and transfers
      unto _______________________________ the within Warrant, together with all
      right, title and interest therein and does hereby irrevocably constitute and
      appoint ____________ attorney, to transfer said Warrant on the books of the
      Company, with full power of substitution.

     

     

    
      	 	 	 	[______________________________]
	 	 	 	 
	 	 	 	 
	 	 	 	_______________________________
	 	 	 	Name:__________________________
	 	 	 	Title:___________________________

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