Document:

EXHIBIT 10.2

                                    AGREEMENT
                                    ---------

         THIS AGREEMENT is executed effective the 29th day of June, 2006, by
and among QUEST MINERALS & MINING CORP., a Utah corporation ("Quest"), GWENCO,
INC., a Kentucky corporation ("Gwenco"), QUEST ENERGY, LTD., a Kentucky
corporation ("QEL"), and GREENWOOD PARTNERS, LP, a Pennsylvania limited
partnership ("Greenwood").

                                R E C I T A L S:

         WHEREAS, pursuant to that certain Unit Purchase Agreement (the "Unit
Agreement") dated as of February 22, 2005, Quest issued to Greenwood (i) a 7%
senior secured convertible promissory note due March 31, 2006 in the aggregate
principal amount of $100,000 (the "Unit Note"), and (ii) a Series A Warrant (the
"Series A Warrant") to purchase (a) up to 600,000 shares of Quest common stock,
par value $0.001 per share ("Common Stock") and (b) a Series B Warrant (the
"Series B Warrant") to purchase up to an additional 600,000 shares of Common
Stock;

         WHEREAS, on April 15, 2005, Quest and Greenwood entered into that
certain Financial Advisory Agreement (the "Advisory Agreement") pursuant to
which Greenwood agreed to provide Quest, on a best efforts basis, certain
financial advisory and consulting services in exchange for the issuance of 10
Units (the "Advisory Units");

         WHEREAS, pursuant to the Advisory Agreement, Quest issued to Greenwood
(i) a series of 7% senior secured convertible promissory note due April 18, 2006
in the aggregate principal amount of $250,000 (the "Advisory Unit Notes"), and
(ii) Series A Warrant (the "Advisory Series A Warrants") to purchase (a) up to
1,500,000 shares of Common Stock and (b) a Series B Warrant to purchase up to an
additional 1,500,000 shares of Common Stock;

         WHEREAS, pursuant to the Unit Agreement, Quest issued to Greenwood (i)
a series of 7% senior secured convertible promissory note due April 18, 2006 in
the aggregate principal amount of $100,000 (the "April Unit Notes"), and (ii)
Series A Warrant (the "April Series A Warrants") to purchase (a) up to 600,000
shares of Common Stock and (b) a Series B Warrant to purchase up to an
additional 600,000 shares of Common Stock;

         WHEREAS, in connection with the Unit Agreement, Quest and Greenwood
entered into that certain Registration Rights Agreement dated as of February 22,
2005 (the "Unit Registration Rights Agreement") pursuant to which Quest agreed
to register the shares of Common Stock issuable to Greenwood upon conversion of
the Unit Notes, exercise of the Series A Warrants, and exercise of the Series B
Warrants;

         WHEREAS, Greenwood contends that Quest is currently in default under
the Unit Agreement, the Unit Registration Rights Agreement, and the Advisory
Agreement;

         WHEREAS, Quest contends that Greenwood is currently in default under
the Advisory Agreement;
<PAGE>

         WHEREAS, Quest and Greenwood wish to settle and resolve all disputes
arising under the Unit Agreement and the Advisory Agreement (collectively, the
"Prior Financings"), and any and all documents related thereto (collectively,
the "Prior Financing Documents").

         NOW, THEREFORE, in consideration of the mutual agreements between the
parties, it is agreed as follows:

1.       RESTRUCTURE. Pursuant to this Agreement, the parties agree to a
complete restructuring of the obligations under the Prior Financing Documents
thereunder, all to be effectuated through the issuance of amended and restated
instruments, new instruments, and common stock. This Agreement together with all
notes, security agreements, mortgages, guaranties, securities and other
documents and instruments executed to effectuate this Agreement shall be
referred to hereafter as the "Restructure Documents."

2.       CLOSING. Subject to all of the terms and conditions set forth in this
Agreement being satisfied, the closing of the transactions contemplated by this
Agreement (the "Closing") shall take place at the offices of the Quest's counsel
on such date, at such place and at such time (the "Closing Date") within two (2)
business days after the satisfaction or waiver of the last of the conditions set
forth in Sections 8 and 9 and hereof as shall be determined by the mutual
consent of the parties hereto.

3.       UNIT AGREEMENT RESTRUCTURING. In accordance with the terms of this
Agreement, Quest and Greenwood shall restructure all obligations under the Unit
Agreement (and all related documentation) as follows:

         3.1.     Cancellation of Five Advisory Units. At Closing, five (5)
                  Advisory Units (which shall include (i) Advisory Unit Notes in
                  the aggregate principal amount of $125,000, and (ii) Advisory
                  Series A Warrants to purchase (a) up to 750,000 shares of
                  Common Stock and (b) Series B Warrants to purchase up to an
                  additional 750,000 shares of Common Stock) will be cancelled
                  and of no further force and effect. Subsequent to the
                  cancellation contemplated hereby, Greenwood will continue to
                  own five (5) Advisory Units.

         3.2.     Issuance of Quest Common Stock. Contemporaneously with the
                  execution of this Agreement, Quest will issue to Greenwood
                  share certificates representing: (i) 650,000 shares of Common
                  Stock per Greenwood's exercise of all remaining Series A
                  Warrants to purchase 1,950,000 shares of Common Stock in full
                  on a cashless basis (the "Series A Warrant Shares"), and (ii)
                  216,667 shares of Common Stock per Greenwood's exercise of all
                  remaining Series B Warrants to purchase 650,000 shares of
                  Quest Common Stock (the "Series B Warrant Shares"). The
                  issuances of Common Stock under this Section 3.2 will
                  constitute full and complete performance by Quest to Greenwood
                  under the remaining Series A and Series B Warrants.

         3.3.     Amended and Restated Unit Notes. At Closing, Quest will sign
                  an amended and restated Unit Note (the "Amended and Restated
                  Unit Notes") in form and substance and payable on the terms
                  approved by Greenwood in the aggregate principal amounts of

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<PAGE>

                  $100,000, $125,000, and $100,000, respectively, in favor of
                  Greenwood, which notes shall be payable on or before February
                  22, April 15, and April 18, 2007, respectively. The Amended
                  and Restated Unit Notes will initially be convertible into
                  Common Stock ("Unit Conversion Shares") at a rate of $.075 per
                  share; provided, however, that, in the event that the Market
                  Price (as defined herein) of Common Stock is less than $0.10
                  for ten (10) consecutive trading days, the conversion price
                  will be reduced to $0.05 per share; provided, further, that if
                  the Market Price of Common Stock is less $0.05 for ten (10)
                  consecutive trading days, the conversion price will become the
                  lesser of (i) $0.05 per share and (ii) 70% of the average of
                  the 5 closing bid prices of Quest's common stock immediately
                  preceding such conversion date. In the event that the Market
                  Price of the Common Stock is less than $0.01 for ten (10)
                  consecutive trading days, the Amended and Restated Unit Notes
                  will become immediately due and payable. "Market Price" shall
                  mean the average of the closing bid prices of the Common Stock
                  as reported by Bloomberg LP for the principal securities
                  exchange or trading market for Common Stock. The conversion
                  price of the Amended and Restated Unit Note will be subject to
                  proportional adjustment for stock splits, stock dividends,
                  recapitalizations, and the like.

         3.4.     Termination of Advisory Agreement. Each of Greenwood and Quest
                  agree that as of Closing, all of the provisions contained in
                  the Advisory Agreement shall be terminated and of no further
                  force and effect, and no further obligation shall be owed by
                  Greenwood under that Agreement. In addition, each of Greenwood
                  and Quest hereby waive any and all right to any claims or
                  damages previously incurred under the Advisory Agreement due
                  to any default or breach of the other party thereunder.

         3.5.     Termination of Unit Agreement. Each of Greenwood and Quest
                  agree that as of Closing, all of the provisions contained in
                  the Unit Agreement shall, solely as to Greenwood, be
                  terminated and of no further force and effect. In addition,
                  Greenwood hereby waives any and all right to any claims or
                  damages previously incurred under the Unit Agreement due to
                  Quest's default thereunder, including any defaults under the
                  Unit Registration Rights Agreement.

         3.6.     Termination of Unit Registration Rights Agreement. Each of
                  Greenwood and Quest agree that as of Closing, all of the
                  provisions contained in the Unit Registration Rights Agreement
                  shall, solely as to Greenwood, be terminated and of no further
                  force and effect. In addition, Greenwood hereby waives any and
                  all right to any Liquidated Damages previously incurred under
                  the Unit Registration Rights Agreement due to Quest's default
                  thereunder.

4.       Intentionally Omitted.
         ---------------------

5.       SECURITY. The performance of all covenants and agreements contained in
this Agreement and in the other documents executed or delivered as a part of
this transaction and the payment of the notes and all renewals, amendments and
modifications thereof shall continue to be secured under the following
previously executed documents: (i) Amended and Restated Security Agreement,
dated as of May 16, 2005 by and between Quest, Gwenco, QEL and ANC Group, Inc.
(the "Security Agreement"); and (ii) Term Loan Guaranty and Leasehold Mortgage,
Assignment of Leases and Subleases, Security Agreement and Fixture Filing dated
as of May 16, 2005 by Gwenco, Inc. to ANC Group, Inc. (the "Mortgage").

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<PAGE>

6.       SALES PURSUANT TO RULE 144.
         --------------------------

         6.1.     Restrictions on Sale. Greenwood agrees that until February 14,
                  2008, Greenwood and its affiliates shall not make any Net
                  Sales (as defined below) of Common Stock held by it on any
                  single day during such period, a number of shares of Common
                  Stock in excess of 30% of the five day daily trading volume of
                  the Common Stock (as reported by Bloomberg Financial Markets
                  (or any successor thereto)) on each day immediately preceding
                  such sale. "Net Sales" means, with respect to any date of
                  determination, the difference of (A) the number of shares of
                  Common Stock sold, including by way of short sales, or
                  otherwise transferred or disposed of, directly or indirectly,
                  on such date of determination by Greenwood and its affiliates
                  minus (B) the number of shares of Common Stock purchased,
                  directly or indirectly, on such date of determination by
                  Greenwood and its affiliates.

         6.2.     Rule 144. Quest shall file the reports required to be filed by
                  it under the Securities Act of 1933, as amended and the
                  Securities Exchange Act of 1934, as amended and the rules and
                  regulations adopted by the Securities and Exchange Commission
                  thereunder, and will take such further action as Greenwood may
                  reasonably request, all to the extent required from time to
                  time to enable Greenwood to sell share of Common Stock held by
                  it without registration under the Securities Act within the
                  limitation of the exemption provided by Rule 144 or Rule 144A.
                  Upon the request by Greenwood, Quest shall deliver to such
                  holder a written statement as to whether Quest has complied
                  with such requirements. In addition, if any shares of Common
                  Stock issuable under this Agreement, the Series A Warrants,
                  the Series B Warrants, or the Amended and Restated Unit Note,
                  may be resold in the absence of an effective registration
                  thereof under the Securities Act pursuant to Rule 144, then
                  upon the request by Greenwood, Quest shall deliver, at no cost
                  to Greenwood, to such holder an opinion of Quest's counsel to
                  that effect; provided, however, that Quest's obligation to
                  deliver such an opinion shall be conditioned upon Quest's
                  receipt of such documentation as Quest reasonably requests,
                  which shall include, but not be limited to, Greenwood's
                  trading records and/or confirmations to confirm that Greenwood
                  has not violated sales volume restrictions set forth in
                  Section 6.1.

         6.3.     Holding Period. Quest agrees and stipulates that, for purposes
                  of Rule 144 of the Securities Act of 1933, as amended, any
                  shares of common stock issuable upon (i) conversion of
                  $100,000 in principal amount, and any accrued interest
                  thereon, under the Amended and Restated Unit Note are deemed
                  to have been acquired by Greenwood on February 22, 2005, the
                  date on which the Greenwood initially loaned $100,000 to Quest
                  pursuant to the Unit Note, pursuant to Rule 144(d)(3)(ii) of
                  the Securities Act; (ii) conversion of $125,000 in principal
                  amount, and any accrued interest thereon, under the Amended
                  and Restated Unit Note are deemed to have been acquired by

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                  Greenwood on April 15, 2005, the date on which the Greenwood
                  initially provided services under the Advisory Agreement,
                  pursuant to Rule 144(d)(3)(ii) of the Securities Act; (iii)
                  conversion of $100,000 in principal amount, and any accrued
                  interest thereon, under the Amended and Restated Unit Note are
                  deemed to have been acquired by Greenwood on April 18, 2005,
                  the date on which the Greenwood initially loaned $100,000 to
                  Quest pursuant to the Unit Note, pursuant to Rule
                  144(d)(3)(ii) of the Securities Act; (iv) upon cashless
                  exercise of the Series A Warrant or Series B Warrant are
                  deemed to have been acquired on February 22, 2005, the date on
                  which the Series A Warrant was issued, pursuant to Rule
                  144(d)(3)(ii) of the Securities Act; (v) upon cashless
                  exercise of the Advisory Series A Warrant or Advisory Series B
                  Warrant are deemed to have been acquired on April 15, 2005,
                  the date on which the Advisory Series A Warrant was issued,
                  pursuant to Rule 144(d)(3)(ii) of the Securities Act; and (vi)
                  upon cashless exercise of the April Series A Warrant or April
                  Series B Warrant are deemed to have been acquired on April 18,
                  2005, the date on which the Series A Warrant was issued,
                  pursuant to Rule 144(d)(3)(ii) of the Securities Act.

7.       RELEASES. The parties agree that the following releases will be
delivered at the Closing of the transactions contemplated herein:

         7.1.     Greenwood. Greenwood, on behalf of it itself and its
                  subsidiaries, affiliates, officers, directors, shareholders,
                  agents, employees, servants, attorneys and representatives, as
                  well as any respective heirs, personal representatives,
                  successors and assigns of any and all of them (the "Greenwood
                  Parties"), hereby releases, acquits, and discharges Quest and
                  its subsidiaries (including, but not limited to, QEL and
                  Gwenco), affiliates, officers, directors, shareholders,
                  agents, employees, servants, attorneys and representatives, as
                  well as any respective heirs, personal representatives,
                  successors and assigns of any and all of them (the "Quest
                  Parties") from any and all claims, demands, debts, actions,
                  causes of action, suits, contracts, agreements, obligations,
                  accounts, defenses, offsets against indebtedness and
                  liabilities of any kind or character whatsoever, known or
                  unknown, suspected or unsuspected, in contract or in tort, at
                  law or in equity, including without implied limitation, such
                  claims and defenses as fraud, mistake, duress and usury, which
                  the Greenwood Parties ever had, now have, or might hereafter
                  have against the Quest Parties which arise out of or relate to
                  the Prior Financings, except to the extent that the Prior
                  Financings are specifically amended and restated herein and
                  provision for payment is specifically made herein, in the
                  Amended and Restated Unit Notes, or any other document,
                  instrument, agreement, or other papers issued, executed, or
                  delivered pursuant hereto.

         7.2.     QUEST. Quest, Gwenco, and QEL, on behalf of themselves and the
                  Quest Parties, hereby release, acquit, and discharge the
                  Greenwood Parties from any and all claims, demands, debts,
                  actions, causes of action, suits, contracts, agreements,
                  obligations, accounts, defenses, offsets against indebtedness
                  and liabilities of any kind or character whatsoever, known or
                  unknown, suspected or unsuspected, in contract or in tort, at
                  law or in equity, including without implied limitation, such
                  claims and defenses as fraud, mistake, duress and usury, which

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<PAGE>

                  the Quest Parties ever had, now have, or might hereafter have
                  against the Greenwood Parties which arise out of or relate to
                  the Prior Financings, except to the extent that the Prior
                  Financings are specifically amended and restated herein and
                  provision for payment is specifically made herein, in the
                  Amended and Restated Unit Notes, or any other document,
                  instrument, agreement, or other papers issued, executed, or
                  delivered pursuant hereto.

8.       CONDITIONS OF CLOSING BY INVESTOR. The obligation of Greenwood to
perform this Agreement is subject to the continued performance by Quest of the
following conditions subsequent:

         8.1.     Restructure Documents. The Restructure Documents and all other
                  instruments and documents incidental to the transactions
                  contemplated hereby shall have been duly executed,
                  acknowledged (where appropriate), and delivered to Greenwood
                  by Quest, all in form and substance satisfactory to Greenwood
                  on or before June 29, 2006.

         8.2.     Authority. Greenwood shall have received a certificate of
                  incorporation, certificate of good standing, a certified copy
                  of the bylaws and certified copies of corporate resolutions
                  and other documents reasonably required to authorize the
                  execution, delivery and performance of the Restructure
                  Documents by Quest, QEL, and Gwenco, all in form and substance
                  satisfactory to the Greenwood.

         8.3.     Representations and Warranties. The representations and
                  warranties of Quest set forth in this Agreement shall be true
                  and correct on and as of Closing.

         8.4.     Deliveries. Quest shall have delivered the following to
                  Greenwood:

                  8.4.1.   Notes. The Amended and Restated Unit Notes;

                  8.4.2.   Common Stock. The certificates representing the
                           Series A Warrant Shares and Series B Warrant Shares
                           in definitive form and registered in the name of
                           Investor pursuant to Section 3.3;

                  8.4.3.   Resolutions. Copies of resolutions of the board of
                           directors of Quest authorizing the execution,
                           delivery and performance of the Restructure Documents
                           by Quest;

                  8.4.4.   Articles and Certificate. A copy of the articles of
                           incorporation of Quest, QEL, and Gwenco, and a
                           certificate of good standing as to Quest issued by
                           the secretary of state of Utah;

                  8.4.5.   Instruction Letter. An irrevocable letter of
                           instruction to Quest's transfer agent regarding the
                           issuance of Common Stock issuable under this
                           Agreement, the Series A Warrants, the Series B
                           Warrants, and the Amended and Restated Unit Notes, in
                           form and substance satisfactory to Greenwood.

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<PAGE>

                  8.4.6.   Current Report on Form 8-K. A form of current report
                           on Form 8-K disclosing the execution of this
                           Agreement and the terms hereof, which Quest shall
                           file with the SEC within four (4) business days of
                           the Closing.

9.       CONDITIONS OF CLOSING BY QUEST. The obligations of Quest to perform
this Agreement and consummate the transactions contemplated hereby, is subject
to the performance by Greenwood of each of the following conditions subsequent:

         9.1.     Restructure Documents. The Restructure Documents and all other
                  instruments and documents incidental to the transactions
                  contemplated hereby shall have been duly executed,
                  acknowledged (where appropriate), and delivered to Quest by
                  Greenwood, all in form and substance satisfactory to Quest.

         9.2.     Authority. Quest shall have received certified copies of
                  corporate resolutions and other documents reasonably required
                  to authorize the execution, delivery and performance of the
                  Restructure Documents by Greenwood, all in form and substance
                  satisfactory to the Quest.

         9.3.     Representations and Warranties. The representations and
                  warranties of Greenwood set forth in this Agreement shall be
                  true and correct on and as of Closing.

         9.4.     Deliveries. Greenwood shall have delivered the following to
                  the Quest:

                  9.4.1.   Notes. The original executed Unit Note(s).

                  9.4.2.   Warrants. The original executed Advisory Series A
                           Warrants and Series B Warrants;

                  9.4.3.   Resolutions. Copies of resolutions of the managing
                           partner of Greenwood authorizing the execution,
                           delivery and performance of the Restructure Documents
                           by Greenwood.

10.      REPRESENTATIONS AND WARRANTIES OF QUEST COMPANIES. To induce Greenwood
to enter into this Agreement and, Quest, QEL, and Gwenco (collectively, the
"Quest Companies") represent and warrant to Greenwood that:

         10.1.    Existence and Power. Each Quest Company is a corporation duly
                  incorporated and validly existing in good standing under the
                  laws of its jurisdiction of incorporation and is authorized
                  and qualified to do business in each state where, because of
                  the nature of the activities or assets, such qualification is
                  required, except those states where failure to so qualify will
                  not have a material adverse effect; each Quest Company has
                  adequate authority, power and legal right to enter into,
                  execute, deliver and perform the terms of the Restructure
                  Documents, to borrow money and to give security for borrowings

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<PAGE>

                  as contemplated by the Restructure Documents and to consummate
                  the transactions contemplated thereby, and in doing so, no
                  Quest Company will violate any law or the provisions of any
                  articles, charter or bylaws. The Restructure Documents, upon
                  their execution and delivery, will constitute valid, legal and
                  binding obligations of each Quest Company, enforceable in
                  accordance with their terms, subject only to applicable
                  bankruptcy, insolvency or similar laws generally affecting the
                  enforcement of creditor's rights.

         10.2.    Full Disclosure. Neither this Agreement, the other Restructure
                  Documents nor any statement or documents referred to herein or
                  delivered to Greenwood by the Quest Companies, or any other
                  party on their behalf contains any untrue statement or omits
                  to state a material fact necessary to make the statements
                  herein or therein not misleading.

         10.3.    SEC Reports and Financial Statements.
                  ------------------------------------

                  10.3.1.  Quest has delivered or made available to Greenwood
                           accurate and complete copies (excluding copies of
                           exhibits) of each report, registration statement, and
                           definitive proxy statement filed by the Company with
                           the United States Securities and Exchange Commission
                           ("SEC") since January 1, 2004 (collectively, with all
                           information incorporated by reference therein or
                           deemed to be incorporated by reference therein, the
                           "SEC Reports"). All statements, reports, schedules,
                           forms and other documents required to have been filed
                           by Quest with the SEC have been so filed. As of the
                           time it was filed with the SEC (or, if amended or
                           superseded by a filing prior to the date of this
                           Agreement, then on the date of such filing): (i) each
                           of the SEC Reports complied in all material respects
                           with the applicable requirements of the Securities
                           Act of 1933, as amended, or the Securities Exchange
                           Act of 1934, as amended; and (ii) none of the SEC
                           Reports contained any untrue statement of a material
                           fact or omitted to state a material fact required to
                           be stated therein or necessary in order to make the
                           statements therein, in the light of the circumstances
                           under which they were made, not misleading.

                  10.3.2.  Except for the pro forma financial statements, the
                           consolidated financial statements contained in the
                           SEC Reports: (i) complied as to form in all material
                           respects with the published rules and regulations of
                           the SEC applicable thereto; (ii) were prepared in
                           accordance with GAAP applied on a consistent basis
                           throughout the periods covered (except as may be
                           indicated in the notes to such financial statements
                           and, in the case of unaudited statements, as
                           permitted by Form 10-QSB of the SEC, and except that
                           unaudited financial statements may not contain
                           footnotes and are subject to normal and recurring
                           year-end audit adjustments which will not,
                           individually or in the aggregate, be material in
                           amount); and (iii) fairly present, in all material
                           respects, the consolidated financial position of the
                           Company and its consolidated subsidiaries as of the
                           respective dates thereof and the consolidated results
                           of operations of Quest and its consolidated
                           subsidiaries for the periods covered thereby. All
                           adjustments considered necessary for a fair
                           presentation of the financial statements have been
                           included.

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<PAGE>

         10.4.    Liens. The Collateral (as defined in the Security Agreement)
                  has been duly and validly assigned, delivered and pledged by
                  Quest under the Security Agreement, and the Security
                  Agreement, together with such assignment, delivery and pledge,
                  creates a valid security interest in the Collateral.

         10.5.    Leases. Within thirty days of the Closing, Gwenco shall
                  deliver to Greenwood true and correct copies of all leases
                  described in the Mortgage (the "Leases"). Except as set forth
                  on Schedule 10.5 hereto (which the Quest Companies may
                  supplement or amend currently with the delivery of the
                  Leases), the Leases are legal, valid, binding, and in full
                  force and effect and enforceable by Gwenco in accordance with
                  their respective terms, except as such may be limited by
                  bankruptcy, insolvency, reorganization or other laws affecting
                  creditors' rights generally and by general equitable
                  principles.

         10.6.    Survival of Representations. All representations and
                  warranties made by Quest herein will survive the Closing, and
                  any investigation at any time made by or on behalf of
                  Greenwood will not diminish Greenwood's right to rely thereon.
                  All statements contained in any certificate or other
                  instrument delivered by or on behalf of Quest under or
                  pursuant to this Agreement or in connection with the
                  transactions contemplated hereby will constitute
                  representations and warranties made by Quest hereunder.

11.      REPRESENTATIONS AND WARRANTIES OF GREENWOOD. To induce Quest to enter
into this Agreement, Greenwood represents and warrant to Quest that:

         11.1.    Existence and Power. Greenwood is and will continue to be a
                  limited partnership duly formed and validly existing in good
                  standing under the laws of Pennsylvania and is authorized and
                  qualified to do business in each state where, because of the
                  nature of the activities or assets, such qualification is
                  required, except those states where failure to so qualify will
                  not have a material adverse effect; Greenwood has adequate
                  authority, power and legal right to enter into, execute,
                  deliver and perform the terms of the Restructure Documents and
                  to consummate the transactions contemplated thereby. The
                  Restructure Documents, upon their execution and delivery, will
                  constitute valid, legal and binding obligations of Greenwood,
                  enforceable in accordance with their terms, subject only to
                  applicable bankruptcy, insolvency or similar laws generally
                  affecting the enforcement of creditor's rights.

         11.2.    Information on Subscriber. Greenwood is, and will be at the
                  time of the conversion of the Amended and Restated Unit Note,
                  an "accredited investor", as such term is defined in
                  Regulation D promulgated by the Securities and Exchange
                  Commission under the Securities Act of 1933, as amended, is
                  experienced in investments and business matters, has made
                  investments of a speculative nature and has purchased

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<PAGE>

                  securities of United States publicly-owned companies in
                  private placements in the past and, with its representatives,
                  has such knowledge and experience in financial, tax and other
                  business matters as to enable Greenwood to utilize the
                  information made available by the Quest to evaluate the merits
                  and risks of and to make an informed investment decision with
                  respect to the proposed purchase, which represents a
                  speculative investment. Greenwood has the authority and is
                  duly and legally qualified to purchase and own the Amended and
                  Restated Unit Note, Series A Warrant Shares, the Series B
                  Warrant Shares, and the Unit Conversion Shares (collectively,
                  the "Securities"). Greenwood is able to bear the risk of such
                  investment for an indefinite period and to afford a complete
                  loss thereof.

         11.3.    Purchase of Securities. On the Closing Date, Greenwood will
                  acquire the Amended and Restated Unit Notes as principal for
                  its own account for investment only and not with a view
                  toward, or for resale in connection with, the public sale or
                  any distribution thereof.

         11.4.    Compliance with Securities Act. Greenwood understands and
                  agrees that the Securities have not been registered under the
                  Securities Act of 1933, as amended or any applicable state
                  securities laws, by reason of their issuance in a transaction
                  that does not require registration under the Securities Act of
                  1933, as amended (based in part on the accuracy of the
                  representations and warranties of Greenwood contained herein),
                  and that such Securities must be held indefinitely unless a
                  subsequent disposition is registered under the Securities Act
                  of 1933, as amended or any applicable state securities laws or
                  is exempt from such registration.

         11.5.    Shares Legend. The Series A Warrant Shares, the Series B
                  Warrant Shares, and the Unit Conversion Shares, shall bear the
                  following or similar legend:

                  "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THESE
                  SHARES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
                  HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
                  STATEMENT UNDER SUCH SECURITIES ACT OR ANY APPLICABLE STATE
                  SECURITIES LAW OR AN OPINION OF COUNSEL REASONABLY
                  SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
                  REQUIRED."

         11.6.    Intentionally Omitted.
                  ---------------------

         11.7.    Note Legend. The Amended and Restated Unit Note shall bear the
                  following legend:

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<PAGE>

                  "THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF
                  THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
                  1933, AS AMENDED. THIS NOTE AND THE COMMON SHARES ISSUABLE
                  UPON CONVERSION OF THIS NOTE MAY NOT BE SOLD, OFFERED FOR
                  SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
                  REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID ACT OR AN
                  OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
                  SUCH REGISTRATION IS NOT REQUIRED."

         11.8.    Communication of Offer. The offer to sell the Securities was
                  directly communicated to the Greenwood by Quest. At no time
                  was Greenwood presented with or solicited by any leaflet,
                  newspaper or magazine article, radio or television
                  advertisement, or any other form of general advertising or
                  solicited or invited to attend a promotional meeting otherwise
                  than in connection and concurrently with such communicated
                  offer.

         11.9.    Restricted Securities. Greenwood understands that the
                  Securities have not been registered under the Securities Act
                  of 1933, as amended and Greenwood will not sell, offer to
                  sell, assign, pledge, hypothecate or otherwise transfer any of
                  the Securities unless pursuant to an effective registration
                  statement under the Securities Act of 1933, as amended

         11.10.   No Governmental Review. Greenwood understands that no United
                  States federal or state agency or any other governmental or
                  state agency has passed on or made recommendations or
                  endorsement of the Securities or the suitability of the
                  investment in the Securities, nor have such authorities passed
                  upon or endorsed the merits of the offering of the Securities.

12.      MISCELLANEOUS. It is further agreed as follows:

         12.1.    Non-disparagement. The Quest Parties hereby agree not to
                  disparage, portray in a negative light, or take any action
                  that is intended to disparage or portray in a negative light
                  the Greenwood Parties, whether such disparagement, portrayal,
                  communication or action is made publicly or privately,
                  including without limitation, in any and all interviews, oral
                  statements, written materials, electronically-displayed
                  materials, and materials or information displayed on
                  Internet-related sites. Similarly, the Greenwood Parties will
                  not disparage, portray in a negative light, or take any action
                  that is intended to disparage or portray in a negative light
                  the Quest Parties, whether such disparagement, portrayal,
                  communication or action is made publicly or privately,
                  including without limitation, in any and all interviews, oral
                  statements, written materials, electronically-displayed
                  materials, and materials or information displayed on
                  Internet-related sites. Notwithstanding anything in this
                  Section 12.1 to the contrary, neither party to this Settlement
                  Agreement will be prevented from making statements required by

                                       11
<PAGE>

                  law or that such person is advised by counsel should be made
                  or are appropriate to make in any proceeding to which such
                  person is a party and which such person believes are truthful
                  and are supportable by evidence, including complying with any
                  court order, subpoena, or government investigation, or from
                  complying with the requirements of any applicable law or
                  common law duty.

         12.2.    Remedies upon Default/Liquidated Damages. Notwithstanding
                  anything in the Amended and Restated Unit Note to the
                  contrary, the Amended and Restated Unit Note shall become
                  immediately due and payable upon material breach of any the
                  terms of this Agreement or any documents executed in
                  connection herewith. In addition, if any Quest Party should
                  unreasonably refuse to honor its obligations under this
                  Agreement or any of the related documents executed in
                  connection herewith, then Greenwood, and each other person
                  (each a "Settling Investor" and collectively the "Settling
                  Investor") who purchased Units and who enters into a
                  settlement agreement substantially identical in general terms
                  to this Agreement, shall be, in the aggregate, entitled to
                  $100,000, as liquidated damages ("Liquidated Damages"); such
                  Liquidated Damages to be in addition to the amounts payable
                  under the Amended and Restated Unit Notes (or if higher, the
                  value of the securities issuable upon conversion thereof). The
                  $100,000 shall be distributed pro-rata to the Settling
                  Investors based on the amounts of their respective investments
                  in the Units.

         12.3.    Recitals. The recitals are hereby acknowledged by the parties
                  to be true and correct and are adopted and incorporated herein
                  as material terms of this Agreement.

         12.4.    Hold Harmless. Each party hereby agrees to indemnify and hold
                  any other party to this Agreement harmless from all liability,
                  loss, damage or expense, including reasonable attorney's fees,
                  whether incurred under retainer, salary or otherwise, that
                  such party may incur in good faith in compliance with or the
                  enforcement of the terms of this Agreement or any of the
                  Restructure Documents.

         12.5.    Supersession. It is agreed and understood between Quest and
                  Greenwood that: (a) except to the extent the Prior Financing
                  Documents are amended hereby, at and after the Closing, the
                  Prior Financings will remain in full force and effect; and (b)
                  the execution of this Agreement will not discharge, interrupt,
                  impair, abate or otherwise modify the priority or the validity
                  of any lien or security interest securing payment of the
                  indebtedness evidenced by the Prior Financing Documents.

         12.6.    Notices. All notices, requests and demands will be served by
                  first class or express mail, postage prepaid, or sent by
                  telex, telegram, telecopy or other similar form of rapid
                  transmission confirmed by mailing written confirmation at
                  substantially the same time as such rapid transmission, as
                  follows:

                  Quest-                    Quest Minerals & Mining Corp.
                                            18B 5th Street
                                            Paterson, NJ 07524
                                            Telephone:  (973) 684-0075
                                            Attn: Eugene Chiaramonte, Jr.
                                            Fax:  (973) 684-8009

                                       12
<PAGE>

                  With a copy to-           Spectrum Law Group, LLP
                                            1900 Main Street, Suite 125
                                            Irvine, CA 92614
                                            Attn:  Marc A. Indeglia, Esq.
                                            Fax:  (949) 851-5940

                  Greenwood         -       Greenwood Partners, LP
                                            The Pavilion, Suite 424
                                            261 Old York Road
                                            Jenkintown PA 19046
                                            Attn:  Greg Greenberg
                                            Fax:  (215) 886-5487

                  With a copy to -          Cozen O'Connor
                                            1627 I Street, NW Suite 1100
                                            Washington, DC  20006
                                            Attn:  Ralph DeMartino, Esq.
                                            Fax:  (866) 741-8182

                  or at such other address as any party designates for such
                  purpose in a written notice to the other parties. Notices will
                  be deemed to have been given on the date notice is sent by
                  rapid transmission or three business days after notice is
                  placed in the mail, properly addressed, postage prepaid.

         12.7.    Construction. Nothing contained in this Agreement will be
                  construed to constitute Greenwood as a joint venturer with
                  Quest or to constitute a partnership. The descriptive headings
                  of the paragraphs of this Agreement are for convenience only
                  and are not to be used in the construction of the content of
                  this Agreement. This Agreement may be executed in multiple
                  counterparts, each of which will be an original instrument,
                  but all of which will constitute one agreement.

         12.8.    Venue. This Agreement and the documents issued hereunder are
                  executed and delivered as an incident to a lending transaction
                  negotiated and to be performed in New York, New York. The
                  Restructure Documents are intended to constitute a contract
                  made under the laws of the State of New York and to be
                  construed in accordance with the internal laws of said state.
                  Quest and Greenwood hereby waive all objections and
                  irrevocably consent to the jurisdiction and venue of any state
                  or federal court sitting in New York, New York.

         12.9.    Attorney's Fees. The prevailing party in any proceeding
                  instituted to resolve any dispute between any of the parties
                  arising out of or relating to this Agreement shall be

                                       13
<PAGE>

                  entitled, in addition to any award rendered, to all reasonable
                  attorneys' fees, costs and expenses incurred in connection
                  with any such proceeding.

         12.10.   Severability. In case any one or more of the provisions
                  contained in the Restructure Documents should be invalid,
                  illegal or unenforceable in any respect in any jurisdiction,
                  the validity, legality and enforceability of such provision or
                  provisions will not in any way be affected or impaired thereby
                  in any other jurisdiction; and the validity, legality and
                  enforceability of the remaining provisions contained herein
                  and therein will not in any way be affected or impaired
                  thereby.

         12.11.   No Oral Modification. This Agreement may not be amended,
                  altered, modified or changed verbally, but only by an
                  agreement in writing signed by the party against whom
                  enforcement of any amendment, waiver, change, modification or
                  discharge is sought.

         12.12.   Exclusive Benefit. All provisions of the Restructure Documents
                  are for the sole and exclusive benefit of the Quest and
                  Greenwood, and no other person will have standing to require
                  satisfaction of the provisions thereof or be entitled to
                  assume that advances thereunder will not be made by the Lender
                  in the absence of strict compliance with the provisions of the
                  Restructure Documents. Any and all provisions of the
                  Restructure Documents may be waived by the Greenwood in whole
                  or in part at any time if, in the sole discretion of the
                  Greenwood, it is advisable to do so.

         12.13.   Binding Effect. This Agreement will be binding on Quest and
                  their successors and permitted assigns and will inure to the
                  benefit of the Greenwood, and Greenwood's successors and
                  assigns.

         12.14.   Counterparts. This Agreement may be executed in multiple
                  counterparts, each of which will be an original instrument,
                  but all of which will constitute one agreement. The parties to
                  this Agreement may rely upon original, fax, digital or scanned
                  signatures in the execution of this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
                  --------------------------------------------

                                       14
<PAGE>

         IN WITNESS WHEREOF, Quest and Greenwood have duly executed this
Agreement effective the date first above written.

                                       QUEST MINERALS & MINING CORP.,
                                       a Utah corporation

                                       By: /s/ EUGENE CHIARAMONTE, JR.
                                           -------------------------------------
                                           Name:  Eugene Chiaramonte, Jr.
                                           Title: Vice President

                                       GWENCO, INC., a Kentucky corporation

                                       By: /s/ EUGENE CHIARAMONTE, JR.
                                           -------------------------------------
                                           Name:  Eugene Chiaramonte, Jr.
                                           Title: Vice President

                                       QUEST ENERGY, LTD., a Kentucky
                                       corporation

                                       By: /s/ EUGENE CHIARAMONTE, JR.
                                           -------------------------------------
                                           Name:  Eugene Chiaramonte, Jr.
                                           Title: Vice President

                                       GREENWOOD PARTNERS, LP, a Pennsylvania
                                       limited partnership

                                       By: /s/ MATTHEW T. KELLY
                                           -------------------------------------
                                           Name:  Matthew T. Kelly
                                           Title: Chief Compliance Officer

                                       15EXHIBIT 10.3

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SAID ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, REGISTRATION UNDER SAID ACT.

THIS NOTE IS AN AMENDMENT, MODIFICATION AND RESTATEMENT OF THAT CERTAIN 7%
SENIOR SECURED CONVERTIBLE NOTE DATED FEBRUARY 22, 2005 IN THE AGGREGATE
PRINCIPAL AMOUNT OF $____________ MADE BY BORROWER IN FAVOR OF HOLDER (THE
"ORIGINAL NOTE") WHICH ORIGINAL NOTE IS NOT BEING REPAID OR REFINANCED BY
VIRTURE OF THE ISSUANCE AND ACCEPTANCE OF THIS INSTRUMENT. IT IS THE INTENT OF
BORROWER AND HOLDER THAT THE INDEBTEDNESS OF THIS INSTRUMENT SHALL BE A
CONTINUANCE OF THE INDEBTEDNESS OF THE ORIGINAL NOTE.

         AMENDED AND RESTATED 7.00% SENIOR SECURED CONVERTIBLE NOTE DUE
                                FEBRUARY 22, 2007

$____________                                                 February 22, 2005
                                                              -----------------
                                     (amended and restated as of June __, 2006)

FOR VALUE RECEIVED, the undersigned, QUEST MINERALS & MINING CORP (the
"Borrower"), promises to pay to ______________________ or its successors or
assigns, as the case may be (in each case, a "Holder"), the principal sum of
____________________ THOUSAND DOLLARS ($__________), together with interest from
the date hereof on the unpaid balance of such principal amount from time to time
outstanding, at the rate of seven percent (7.00%) per annum, until paid in full
or converted pursuant to the terms hereof.

The obligations of the Borrower under this Note are to be secured as set forth
in the Security Agreement, amended and restated as of May 16, 2005, between the
Borrower and the Holders named therein (as amended or restated from time to
time, the "Security Agreement").

Terms used in this Note without definition have the meanings given to such terms
in the Security Agreement.

         1.       Principal and Interest.
                  ----------------------

                  (a)      Subject to the terms and conditions of this Note, the
principal and interest on this Note shall be due and payable as follows:

                           (i)      The entire unpaid balance shall be
immediately due and payable in full on the earlier to occur of February 22, 2007
(the "Maturity Date") or an Acceleration Event (as hereinafter defined).
<PAGE>

                           (ii)     Interest on this Note that accrues until the
Maturity Date shall accrue at a rate of 7.00% per annum and shall be due and
payable on the Maturity Date. If the entire unpaid balance under this Note is
not paid in full or converted into shares of Common Stock pursuant to Section 2
hereof on or prior to the Maturity Date, then after the Maturity Date, the
unpaid balance of the principal under this Note and any accrued interest thereon
shall bear interest at the default rate of fifteen percent (15%) per annum, such
interest payable semiannually, in arrears. All computations of interest payable
hereunder shall be on the basis of a 365-day year and actual days elapsed in the
period of which such interest is payable. If any interest rate under this Note
exceeds the maximum rate permitted by law, such rate shall be reduced to the
maximum rate of interest permitted by law.

                           (iii)    For the purposes of this Note, the term
"Acceleration Event" shall mean the occurrence of any of the following events:
(A) a Change of Control of the Borrower, (B) a sale by the Borrower of any of
its assets, resulting in net proceeds to the Borrower in excess of Five Hundred
Thousand Dollars $500,000, or (C) the occurrence of a Default hereunder or under
the Security Agreement which is not cured expressly provided herein or therein
or waived in writing by Holder. For the purposes of this Note, the term "Change
of Control" shall mean (i) any consolidation or merger of the Borrower with or
into any other person(s) or entity(-ies) (other than a wholly owned subsidiary
of the Borrower), (ii) a sale (whether in a single transaction or a series of
related transactions) of all or substantially all of the assets of the Borrower,
or an issuance, sale, transfer or other disposition of the majority of the
shares the voting capital stock of the borrower or (iii) the acquisition by any
person or entity of beneficial ownership (determined as provided in rule 13d-3
under the Securities Exchange Act) of a majority of the outstanding common stock
of the Borrower.

                  (b)      The principal under this Note and any interest
accrued thereon may be prepaid by the Borrower at any time prior to the Maturity
Date, without any fees or penalties to the Borrower for prepayment; provided
that, at least ten (10) days prior to any such prepayment, the Borrower shall
provide to the Holder reasonable written notice of its intent to prepay this
Note, during which notice period, the Holder shall have the option to convert
this Note in accordance with Section 2 hereof.

         2.       Conversion.
                  ----------

                  (a)      Right to Convert.The principal amount under this Note
and the accrued interest thereon may, at the sole option of the Holder, be
converted, in whole or in part, at any time into such number of shares (the
"Conversion Shares") of the Common Stock of the Borrower, $0.001 par value per
share (the "Common Stock") equal to the quotient of (a) the sum of the total
unpaid principal being converted under this Note, and the total accrued interest
under this Note through the date of conversion applicable to such principal that
is being converted and (b) the Conversion Price. For example, if the principal
amount of this Note were $5,000 and interest had accrued in the amount of $500,
then this Note would be convertible into 73,333 Conversion Shares, absent an
adjustment in the "Conversion Price." For the purposes of this Note, the
original "Conversion Price" shall equal $0.0750 and shall be subject to
adjustment pursuant to Section 4 hereof. The Conversion Shares, when issued,
shall be duly authorized, fully paid and nonassessable shares of Common Stock of
the Borrower.

                                       2
<PAGE>

                  (b)      Limitations upon Beneficial Ownership. Borrower shall
not effect any conversion of this Note and no holder of this Note shall have the
right to convert any portion of this Note pursuant to Section 2(a) to the extent
that after giving effect to such conversion such holder (together with such
holder's affiliates) (A) would beneficially own in excess of 4.99% of the
outstanding shares of the Common Stock following such conversion and (B) would
have acquired, through conversion of this Note or otherwise, in excess of 4.99%
of the outstanding shares of the Common Stock following such conversion during
the 60-day period ending on and including such conversion date. For purposes of
the foregoing sentence, the number of shares of Common Stock beneficially owned
by a holder and its affiliates or acquired by a holder and its affiliates, as
the case may be, shall include the number of shares of Common Stock issuable
upon conversion of this Note with respect to which the determination of such
sentence is being made, but shall exclude the number of shares of Common Stock
which would be issuable upon (i) conversion of the remaining, unconverted Note
beneficially owned by such holder and its affiliates and (ii) exercise or
conversion of the unexercised or unconverted portion of any other securities of
the Borrower (including, without limitation, any warrants) subject to a
limitation on conversion or exercise analogous to the limitation contained
herein. Except as set forth in the preceding sentence, for purposes of this
Section 2(b), beneficial ownership shall be calculated in accordance with Rule
13d3-1 promulgated under Section 13(d) of the Securities Exchange Act of 1934,
as amended. Notwithstanding anything to the contrary contained herein, each
conversion notice submitted by a holder of this note (a "Conversion Notice")
shall constitute a representation by the holder submitting such Conversion
Notice that, after giving effect to such Conversion Notice, (A) the holder will
not beneficially own (as determined in accordance with this Section 2(b)) and
(B) during the 60-day period ending on and including such conversion date, the
holder will not have acquired, through conversion of this Note or otherwise, a
number of shares of Common Stock in excess of 4.99% of the outstanding shares of
Common Stock as reflected in the Borrower's most recent Form 10-QSB or Form
10-KSB, as the case may be, or more recent public press release or other public
notice by the Borrower setting forth the number of shares of Common Stock
outstanding, but after giving effect to conversions of this Note by such holder
since the date as of which such number of outstanding shares of Common Stock was
reported.

         3.       Default. In the case of one or more of the following events
with respect to the Borrower (each, a "Default") (i) the Borrower fails to pay
when due any payment of principal or interest hereof; or (ii) the Closing Bid
Price (as defined in Section 4.1) of the Common Stock is less than $0.01 for 10
consecutive trading days or (iii) the Borrower applies for a trustee, receiver
or other custodian for it or a substantial part of its property; a trustee,
receiver or other custodian is appointed for such Borrower or for a substantial
part of its property; or any bankruptcy, reorganization, debt arrangement, or
other case of proceeding, is commenced in respect of the Borrower which, in the
case of any involuntary case or proceeding, is not dismissed within thirty (30)
days; or (iv) the Borrower materially breaches any of the covenants or
agreements contained in the Security Agreement or this Note (other than that
covered by clauses (i) and (ii) above) or any other agreement between the Holder
and the Borrower and such breach remains uncured for a period of thirty (30)
days after receipt from the Holder of written notice thereof; then,
notwithstanding the foregoing provisions of this Note, upon the occurrence of

                                       3
<PAGE>

any Default, the Holder may, upon written notice to the Borrower, declare the
unpaid principal and interest on this Note and all other obligations of such
Borrower to the Holder at once due and payable, whereupon in each foregoing case
such principal, interest and other obligations shall become at once due and
payable.

         4.       Adjustments. The Conversion Price and the number of Conversion
Shares shall be subject to adjustment from time to time as set forth in this
Section 4.

                  4.1      Adjustment for Decline in Stock Price. In the event
that the Closing Bid Price (as defined below) of the Common Stock is less than
$0.10 for ten (10) consecutive trading days, the Conversion Price will be
reduced to $0.05 per share; provided, further, that if the Closing Bid Price of
Common Stock is less $0.05 for ten (10) consecutive trading days, the Conversion
Price will become the lesser of (i) $0.05 per share or (ii) 70% of the average
of the 5 Closing Bid prices of the Common Stock immediately preceding such
conversion date. "Closing Bid Price" means, for any security as of any date, the
last closing bid price for such security at 4:00 p.m. Eastern Standard Time on
the Nasdaq National Market as reported by Bloomberg Financial Markets
("Bloomberg"), or, if the Nasdaq National Market is not the principal trading
market for such security, the last closing bid price of such security at 4:00
p.m. Eastern Standard Time on the principal securities exchange or trading
market where such security is listed or traded as reported by Bloomberg, or if
the foregoing do not apply, the last closing bid price of such security in the
over the counter market on the electronic bulletin board for such security at
4:00 p.m. Eastern Standard Time as reported by Bloomberg, or, if no closing bid
price is reported for such security by Bloomberg, the last closing trade price
for such security as reported by Bloomberg, or, if no last closing trade price
is reported for such security by Bloomberg, the average of the bid and ask
prices of any market makers for such security as reported in the "pink sheets"
by the National Quotation Bureau, Inc. If the Closing Bid Price cannot be
calculated for such security on such date on any of the foregoing bases, the
Closing Bid Price of such security on such date shall be the fair market value
as determined in good faith by the Board of Directors of the Borrower. (All such
determinations to be appropriately adjusted for any stock dividend, stock split
or other similar transaction during such period.).

                  4.2      Adjustments for Certain Dilutive Issuances, Splits
and Combinations.

                  (a)      Stock Splits and Dividends. If at any time or from
time to time after the date hereof when any principal amount under this Note is
outstanding, the Borrower fixes a record date for the effectuation of a split or
subdivision of the outstanding shares of Common Stock or the determination of
holders of Common Stock entitled to receive a dividend or other distribution
payable in additional shares of Common Stock or other securities or rights
convertible into, or entitling the holder thereof to receive directly or
indirectly, additional shares of Common Stock (hereinafter referred to as
"Common Stock Equivalents") without payment of any consideration by such holder
for the additional shares of Common Stock or the Common Stock Equivalents
(including the additional shares of Common Stock issuable upon conversion or
exercise thereof), the Conversion Price shall be appropriately decreased and the
number of Conversion Shares issuable to the Holder on exercise of this Note
shall be increased in proportion to such increase of the aggregate total of the

                                       4
<PAGE>

shares of Common Stock outstanding and shares issuable with respect to such
Common Stock Equivalents. In the event that, following any adjustment pursuant
to this Section 4.2(a) with respect to Common Stock Equivalents, the right to
acquire shares of Common Stock pursuant to such Common Stock Equivalents shall
expire or be terminated unexercised, there shall be a proportionate readjustment
to increase the Conversion Price and decrease the number of Conversion Shares.

                  (b)      Reverse Stock Splits. If at any time or from time to
time after the Issue Date and while this Note, or any portion thereof, is
outstanding, the number of shares of Common Stock is decreased by a combination
(by reverse stock split or otherwise) of the outstanding shares of Common Stock,
then, following the record date of such combination, the Conversion Price shall
be appropriately adjusted and the Holder shall receive, in lieu of the
Conversion Shares issuable on such conversion immediately prior to such
effective date, the Common Shares or other capital stock to which the Holder
would have been entitled if the Holder had so converted this Note immediately
prior thereto, all subject to successive adjustments thereafter from time to
time pursuant to, and in accordance with, the provisions of this Section 4.

                  4.3      Adjustment for Reorganization, Consolidation, Merger
or Reclassification. If after the date hereof the Borrower shall (i) effect a
capital reorganization, (ii) consolidate with or merge into any other person,
other than a consolidation or merger in which the Company is the continuing
corporation, (iii) change the shares of Common Stock issuable upon conversion of
this Note into the same or a different number of shares of any class(es) or
series of stock, whether by reclassification or otherwise, (iv) exchange on a
statutory basis securities with another corporation (including any exchange
effected in connection with a merger of a third corporation into the Company),
or (v) sell, transfer or convey to another entity of the property or assets of
the Company as an entirety or substantially as an entirety under any plan or
arrangement contemplating the dissolution of the Borrower, then, in each such
case, the Holder, upon the conversion of this Note as provided in Section 2
hereof at any time or from time to time after the consummation of such
reorganization, consolidation, reclassification, merger or sale, or the
effective date of such dissolution, as the case may be, shall receive, in lieu
of the Conversion Shares issuable on such conversion immediately prior to such
consummation or such effective date, as the case may be, the stock and property
(including cash) to which the Holder would have been entitled upon the
consummation of such reorganization, consolidation, reclassification or merger,
or in connection with such dissolution, as the case may be, if the Holder had so
converted this Note immediately prior thereto (assuming the payment by the
Holder of the Conversion Price therefor as required hereby in a form permitted
hereby, which payment shall be included in the assets of the Borrower for the
purposes of determining the amount available for distribution), all subject to
successive adjustments thereafter from time to time pursuant to, and in
accordance with, the provisions of this Section 4. Notice of any such
reorganization, reclassification, consolidation, merger, statutory exchange,
sale or conveyance and of said provisions so proposed to be made, shall be
mailed to the Holders not less than 20 days prior to such event.

         5.       Waiver of Certain Rights. Subject to any applicable notice
periods, all parties to this Note, including maker and any sureties, endorsers,
or guarantors, hereby waive protest, presentment, notice of dishonor, and notice
of acceleration of maturity and agree to continue to remain bound for the

                                       5
<PAGE>

payment of principal, interest and all other sums due under this Note
notwithstanding any change or changes by way of release, surrender, exchange,
modification or substitution of any security for this Note or by way of any
extension or extensions of time for the payment of principal and interest; and
all such parties waive all and every kind of notice of such change or changes
and agree that the same may be without notice or consent of any of them.

         6.       Enforcement. Upon Default, the Holder may employ an attorney
to enforce the Holder's rights and remedies and the maker, principal, surety,
guarantor and endorsers of this Note hereby agree to pay to the Holder
reasonable attorneys' fees, plus all other reasonable expenses incurred by the
Holder in exercising any of the Holder's rights and remedies upon Default. The
rights and remedies of the Holder as provided in this Note shall be cumulative
and may be pursued singly, successively, or together against any other funds,
property or security held by the Holder for payment or security, in the sole
discretion of the Holder. The failure to exercise any such right or remedy shall
not be a waiver or release of such rights or remedies or the right to exercise
any of them at another time.

         7.       No Shareholder Rights. Nothing contained in this Note shall be
construed as conferring upon the Holder or any other person the right to vote or
to consent or to receive notice as a shareholder of the Borrower.

         8.       Miscellaneous.
                  -------------

         The following general provisions apply:

                  (a)      This Note, and the obligations and rights of the
Borrower hereunder, shall be binding upon and inure to the benefit of the
Borrower, the Holder, and their respective heirs, personal representatives,
successors and assigns, except that the Borrower may not assign or transfer any
of its rights or obligations under this Note without the prior written consent
of the Holder. The transfer of this Note by the Holder is subject to
restrictions set forth in the Purchase Agreement.

                  (b)      Changes in or amendments or additions to this Note
may be made, or compliance with any term, covenant, agreement, condition or
provision set forth herein may be omitted or waived (either generally or in a
particular instance and either retroactively or prospectively), upon written
consent of the Borrower and the Holder.

                  (c)      All payments shall be made in such coin and currency
of the United States of America as at the time of payment shall be legal tender
therein for the payment of public and private debts.

                  (d)      All notices, requests, consents and demands shall be
made in writing and shall be mailed postage prepaid, or delivered by reliable
overnight courier service, or delivered by hand, to the Borrower or to the
Holder at their respective addresses set forth below or to such other address as
may be furnished in writing to the other party hereto and shall be effective
upon receipt:

                                       6
<PAGE>

                  If to the Borrower,

                           Quest Minerals & Mining Corp.
                           18B 5th Street
                           Paterson, NJ 07524
                           Telephone:  (973) 684-0075
                           Facsimile:  (973) 684-8009
                           Attention:  Eugene Chiaramonte, Jr.

                  With a copy sent at the same time and by the same means to:

                           Spectrum Law Group, LLP
                           1900 Main Street, Suite 125
                           Irvine, CA 92614
                           Telephone:  (949) 851-4300
                           Facsimile:  (949) 851-5940
                           Attention:  Marc A. Indeglia, Esq.

                  If to the Holder,

                           _________________________
                           _________________________
                           Attn:  __________________
                           Fax: (____) ___-____

                  With a copy to -

                           _________________________
                           _________________________
                           Attn:  __________________
                           Fax: (____) ___-____

                  (e)      This Note will be governed by and interpreted and
construed in accordance with the internal laws of the State of New York (without
reference to principles of conflicts or choice of law that would result in the
application of laws of another jurisdiction). The Borrower and the Holder, by
their acceptance hereof, hereby irrevocably submit to the exclusive jurisdiction
of any state or federal court sitting in Manhattan in the State of New York over
any action or proceeding arising out of or relating to this Note, and hereby
irrevocably agree that all claims in respect to such action or proceeding may be
heard and determined in such state or federal court. The Borrower and the Holder
each agree that a final judgment in any action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law.

                                       7
<PAGE>

         IN WITNESS WHEREOF, the Borrower has caused this instrument to be
executed in its corporate name by its duly authorized officer as of the __th day
of June, 2006.

                                       QUEST MINERALS & MINING CORP.

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       8

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