Document:

formofmlpa.htm

     

     

     

     

     

    EXHIBIT
      10.1

     

     

    

      FORM
        OF MORTGAGE LOAN PURCHASE AGREEMENT

      

      This
        Mortgage Loan Purchase Agreement (the "Agreement") dated as of August 1,
        2007 is
        between CitiMortgage, Inc. ("CMI" or the "Seller") and Citicorp Mortgage
        Securities, Inc., a Delaware corporation ("CMSI").  The Seller agrees
        to sell, and CMSI agrees to purchase, the mortgage loans originated or acquired
        by CMI as described and set forth in the Mortgage Loan Schedule attached
        as
        exhibit B (the "mortgage loans") to the Pooling and Servicing Agreement dated
        as
        of August 1, 2007 (the "Pooling Agreement"), between CMSI, CMI, U.S. Bank
        National Association, a national banking association, in its individual capacity
        and as Trustee (the "Trustee"), and Citibank, N.A., in its individual capacity
        and as Paying Agent, Certificate Registrar and Authentication Agent, relating
        to
        the issuance of Citicorp Mortgage Securities Trust, Series 2007-7 REMIC
        Pass-Through Certificates class A, class B and residual
        certificates.  Terms used without definition herein shall have the
        respective meanings assigned to them in the Pooling Agreement or, if not
        defined
        therein, in the Underwriting Agreement dated July 25, 2007 (the "Underwriting
        Agreement") among CMSI, Citigroup Inc. and Morgan Stanley & Co. Incorporated
        (the "Underwriter").

      

      1.      Purchase
        Price.  The purchase price (the "Purchase Price") for the mortgage
        loans shall consist of (a) cash in the amount of 94.106803830% of the aggregate
        scheduled principal balance thereof as of the cut-off date, plus accrued
        interest thereon at the rate of 6.00% per annum on the mortgage loans in
        pool I,
        5.50% per annum on the mortgage loans in pool II, and 5.75% per annum on
        the
        mortgage loans in pool III, from and including the cut-off date to but excluding
        the closing date, (b) the class A-PO, IA-IO, IIA-IO, IIIA-IO, B-1, B-2, B-3,
        B-4, B-5 and B-6 certificates, (c) the class LR certificates and (d) the
        class
        PR certificates.  Such cash shall be payable by CMSI to the Seller on
        the closing date in same-day funds, and the Seller will receive on the closing
        date: (a) the class A-PO, IA-IO, IIA-IO, IIIA-IO, B-1, B-2, B-3, B-4, B-5
        and
        B-6 certificates and (b) the class LR and class PR certificates evidencing
        the
        residual interests in the lower-tier REMIC and the pooling REMIC,
        respectively.  If CMSI for any reason shall repay to the Underwriter
        any portion of the price paid to CMSI by the Underwriter pursuant to the
        Underwriting Agreement, the Seller shall simultaneously and in the same manner
        repay to CMSI a proportionate amount of the Purchase Price as such repayment
        to
        the Underwriter.

      

      Upon
        payment of the Purchase Price, the Seller shall transfer, assign, set over
        and
        otherwise convey to CMSI without recourse all of the Seller's right, title
        and
        interest in and to the mortgage loans, including all interest and principal
        received or receivable by the Seller on or with respect to the mortgage loans
        (other than payments of principal and interest due and payable on the mortgage
        loans on or before the cut-off date and prepayments of principal on the mortgage
        loans received or posted prior to the close of business on the cut-off date),
        together with all of the Seller's right, title and interest in and to the
        proceeds of any related title, hazard or other insurance policies and Primary
        Mortgage Insurance Certificates.  The Seller agrees to deliver to CMSI
        all documents, instruments and agreements required to be delivered by CMSI
        to
        the Trustee under the Pooling Agreement and such other documents, instruments
        and agreements as CMSI shall reasonably request.  CMSI hereby directs
        the Seller to execute and deliver to the Trustee assignments of the Mortgages
        to
        the Trustee (and endorsements of any Mortgage Notes relating thereto) in
        recordable form.  Such assignments and endorsements shall not affect
        the rights of the parties hereto or to the Pooling Agreement.

       

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      2.      Representations.  The
        Seller hereby represents and warrants to CMSI (i) that CMSI's representations
        and warranties pursuant to the Pooling Agreement to the Trustee with respect
        to
        the mortgage loans are true and correct and (ii) that the Seller has not
        dealt
        with any broker, investment banker, agent or other person (other than CMSI
        and
        the Underwriter) who may be entitled to any commission or compensation in
        connection with the sale of the related mortgage loans.  The Seller
        hereby agrees to cure any breach of such representations and warranties in
        accordance with the terms of the Pooling Agreement.

      

      3.      Underwriting.  The
        Seller hereby agrees to furnish any and all information, documents,
        certificates, letters or opinions reasonably requested by CMSI in order to
        perform any of its obligations or satisfy any of the conditions on its part
        to
        be performed or satisfied at or prior to the closing date.

      

      4.      Costs.  CMSI
        shall pay all expenses incidental to the performance of its obligations under
        the Underwriting Agreement, including without limitation (i) any recording
        fees
        or fees for title policy endorsements and continuations, (ii) the expenses
        of
        preparing, printing and reproducing the Registration Statement, the Prospectus,
        the Underwriting Agreement, the Pooling Agreement and the certificates and
        (iii)
        the cost of delivering the certificates to the offices of The Depository
        Trust
        Company or the Underwriter, as the case may be.

      

      5.      Indemnification.  The
        Seller hereby agrees to indemnify, defend and hold harmless CMSI against
        any and
        all losses, claims, damages or liabilities (i) resulting from the Seller's
        failure to perform any of its obligations hereunder, (ii) resulting from
        the
        inaccuracy of the Seller's representations and warranties herein or of CMSI's
        representations and warranties in the Pooling Agreement or (iii) insofar
        as such
        losses, claims, damages or liabilities (or actions or demands for reimbursement
        or contribution in respect thereof) arise out of or are based upon information
        relating to the Seller or the mortgage loans pursuant to the Underwriting
        Agreement.

      

      6.      Purchase
        and Sale; Security Interest.  The parties hereto intend the
        conveyance by the Seller to CMSI of all of its right, title and interest
        in and
        to the mortgage loans pursuant to this Agreement to constitute a purchase
        and
        sale and not a loan. Notwithstanding the foregoing, to the extent that such
        conveyance is held not to constitute a sale under applicable law, it is intended
        that this Agreement shall constitute a security agreement under applicable
        law
        and that the Seller shall be deemed to have granted to CMSI a first priority
        security interest in all of the Seller's right, title and interest in and
        to the
        mortgage loans.

      

      7.      Notices.  All
        demands, notices and communications hereunder shall be in writing, shall
        be
        effective only upon receipt and shall, if sent to CMSI be addressed to it
        at
        1000 Technology Drive, O’Fallon, Missouri 63368, Attn: Daniel P. Hoffman or if
        sent to Seller be addressed to it at 1000 Technology Drive, O’Fallon, Missouri
        63368, Attn: General Counsel.

      

      8.      Trustee
        Beneficiary.  The representations and agreements made by the
        Seller in this Agreement are made for the benefit of, and may be enforced
        by,
        the Trustee, and the holders of certificates to the same extent that the
        Trustee
        and the holders of certificates, respectively, have rights against CMSI under
        the Pooling Agreement in respect of representations and agreements made by
        CMSI
        therein.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      9.      Cross-Receipt.  The
        Seller, by executing this Agreement below, hereby acknowledges receipt of
        the
        Purchase Price from CMSI.  CMSI, by executing this Agreement below,
        hereby acknowledges receipt of the Mortgage Loans from the Seller.

      

      10.           Miscellaneous.  This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New York.  Neither this Agreement nor any term hereof may be
        changed, waived, discharged or terminated except by a writing signed by the
        party against whom enforcement of such change, waiver, discharge or termination
        is sought.  This Agreement may not be changed in any manner which
        would have a material adverse affect on holders of any class of certificates
        without the prior written consent of the Trustee.  The Trustee shall
        be protected in consenting to any such change to the same extent provided
        in
        section 10 of the Pooling Agreement. This Agreement may be signed in any
        number
        of counterparts, each of which shall be deemed an original, which taken together
        shall constitute one and the same instrument.  This Agreement shall
        bind and inure to the benefit of and be enforceable by CMSI and the Seller
        and
        their respective successors and assigns; provided, however, that
        this Agreement cannot be assigned by either party without the consent of
        the
        other party hereto, and any assignment hereof without such consent shall
        be
        void.

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      IN
        WITNESS WHEREOF, CMSI and the Seller have caused this Agreement to be duly
        executed by their respective officers as of the day and year first above
        written.

      

      

      CITIMORTGAGE,
        INC.

      

      

      

      By:                                                      

      Deborah
        A. Snow

      Vice
        President

      

      

      

      CITICORP
        MORTGAGE SECURITIES, INC.

      

      

      

      By:                                                      

      David
        L.
        Hicks

      Assistant
        Vice President

      

      
        
           

        

        
          4ex10-31.htm

Exhibit 10.31

    TEXHOMA
      ENERGY, INC.

    

    OPTION
      AGREEMENT

    

                                                        Date:     August
      22, 2007

    

    To
      Whom
      It May Concern:

    

    TEXHOMA
      ENERGY, INC. (the “Company”), for value received, hereby agrees to
      issue common stock purchase options entitling Valeska
      Energy Corp.,
      or its assigns (“Holder”
      or “Option Holder”) to purchase an aggregate of 60,000,000 shares of the
      Company’s common stock (“Common Stock”).  Such option is evidenced by
      an option certificate in the form attached hereto as Schedule 1 (such instrument
      being hereinafter referred to as an “Option,” and such Option and all
      instruments hereafter issued in replacement, substitution, combination or
      subdivision thereof being hereinafter collectively referred to as the
“Option”).  The Option is issued to Holder in consideration for
      services rendered to the Company in connection with a Management Services
      Agreement, and more specially, pursuant to the terms and conditions of the
      Second Amendment to Management Services Agreement, pursuant to which Holder
      has
      agreed to perform management services on the Company’s behalf.  The
      number of shares of Common Stock purchasable upon exercise of the Option is
      subject to adjustment as provided in Section 5 below.  The Option will
      be exercisable by the Option Holder (as defined below) as to all or any lesser
      number of shares of Common Stock covered thereby, at an initial purchase price
      of US $0.02 per share, which represents greater than 110% of the trading price
      of the Company’s common stock on the Pinksheets on the Effective Date (as
      defined below) of the Option (the “Purchase Price”), subject to adjustment as
      provided in Section 5 below, for the exercise period defined in Section 3(a)
      below.    This option evidences the grant of this Option by
      the Company’s Board of Directors on August 21, 2007, and as such, the effective
      date of this Option shall be August 21, 2007 (the “Effective
      Date”).

    

    
      	
               

            	
              1.

            	
              Representations
                and Warranties.

            

    

    

    The
      Company represents and warrants to you as follows:

    

    
      	
               

            	
              (a)

            	
              Corporate
                and Other Action.  The Company has all requisite
                power and authority (corporate and other), and has taken all necessary
                corporate action, to authorize, execute, deliver and perform this
                Option
                Agreement, to execute, issue, sell and deliver the Option and a
                certificate or certificates evidencing the Option, to authorize and
                reserve for issue and, upon payment from time to time of the Purchase
                Price, to issue, sell and deliver, the shares of the Common Stock
                issuable
                upon exercise of the Option (“Shares”), and to perform all of its
                obligations under this Option Agreement and the Option.  The
                Shares, when issued in accordance with this Option Agreement, will
                be duly
                authorized and validly issued and outstanding, fully paid and
                nonassessable and free of all liens, claims, encumbrances and preemptive
                rights. This Option Agreement and, when issued, each Option issued
                pursuant hereto, has been or will be duly executed and delivered
                by the
                Company
                and is or will be a legal, valid and binding agreement of the Company,
                enforceable in accordance with its terms.  No authorization,
                approval, consent or other order of any governmental entity, regulatory
                authority or other third party is required for such authorization,
                execution, delivery, performance, issue or
                sale.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
      	
               

            	
              (b)

            	
              No
                Violation.  The execution and delivery of this
                Option Agreement, the consummation of the transactions herein contemplated
                and the compliance with the terms and provisions of this Option Agreement
                and of the Option will not conflict with, or result in a breach of,
                or
                constitute a default or an event permitting acceleration under, any
                statute, the Articles of Incorporation or Bylaws of the Company or
                any
                indenture, mortgage, deed of trust, note, bank loan, credit agreement,
                franchise, license, lease, permit, or any other agreement, understanding,
                instrument, judgment, decree, order, statute, rule or regulation
                to which
                the Company is a party or by which it is
                bound.

            

    

    

    
      	
               

            	
              2.

            	
              Transfer.

            

    

    

    
      	
               

            	
              (a)

            	
              Transferability
                of Option.  The Option Holder agrees that the
                Option is being acquired as an investment and not with a view to
                distribution thereof and that; the Option may not be transferred,
                sold,
                assigned or hypothecated except as provided herein.  The Option
                Holder further acknowledges that the Option may not be transferred,
                sold,
                assigned or hypothecated unless pursuant to a registration statement
                that
                has become effective under the Securities Act of 1933, as amended
                (the
                “Act”), setting forth the terms of such offering and other pertinent data
                with respect thereto, or unless the Option Holder has provided the
                Company
                with an acceptable opinion from acceptable counsel that such registration
                is not required. Certificates representing the Option shall bear
                an
                appropriate legend.  Notwithstanding the foregoing, any request
                to transfer the Option must be accompanied by the Form of Assignment
                and
                Transfer attached hereto as Schedule 2 executed by the Option
                Holder.

            

    

    

    
      	
               

            	
              (b)

            	
              Registration
                of Shares.  You agree not to make any sale or other
                disposition of the Shares except pursuant to a registration statement
                which has become effective under the Act, setting forth the terms
                of such
                offering, the underwriting discount and commissions and any other
                pertinent data with respect thereto, unless you have provided the
                Company
                with an acceptable opinion of counsel acceptable to the Company that
                such
                registration is not required.  Certificates representing the
                Shares, which are not registered as provided in this Section 2, shall
                bear
                an appropriate legend and be subject to a “stop-transfer”
                order.

            

    

    

    
      	
               

            	
              3.

            	
              Exercise
                of Option, Partial
                Exercise.

            

    

    

    
      	
               

            	
              (a)

            	
              Exercise
                Period.  This Option shall expire and all rights
                hereunder shall be extinguished three (3) years from the Effective
                Date.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

           
      (b)           Exercise
      in Full.  Subject to Section 3(a), a Option may be
      exercised in full by the Option Holder by surrender of the Option, with the
      Form
      of Subscription attached hereto as Schedule 3 executed by such Option Holder,
      to
      the Company, accompanied by payment as determined by 3(d) below, in the amount
      obtained by multiplying the number of Shares represented by the respective
      Option by the Purchase Price per share (after giving effect to any adjustments
      as provided in Section 5 below).

    

    
      	
               

            	
              (c)

            	
              Partial
                Exercise.  Subject to Section 3(a), each Option may
                be exercised in part by the Option Holder by surrender of the Option,
                with
                the Form of Subscription attached hereto as Schedule 3 at the end
                thereof
                duly executed by such Option Holder, in the manner and at the place
                provided in Section 3(b) above, accompanied by payment as determined
                by
                3(d) below, in amount obtained by multiplying the number of Shares
                designated by the Option Holder in the Form of Subscription attached
                hereto as Schedule 3 to the Option by the Purchase Price per share
                (after
                giving effect to any adjustments as provided in Section 5
                below).  Upon any such partial exercise, the Company at its
                expense will forthwith issue and deliver to or upon the order of
                the
                Option Holder a new Option of like tenor, in the name of the Option
                Holder
                subject to Section 2(a), calling in the aggregate for the purchase
                of the
                number of Shares equal to the number of such Shares called for on
                the face
                of the respective Option (after giving effect to any adjustment herein
                as
                provided in Section 5 below) minus the number of such Shares designated
                by
                the Option Holder in the aforementioned form of
                subscription.

            

    

    

    
      	
               

            	
              (d)

            	
              Payment
                of Purchase Price.  The Purchase Price may be made
                by any of the following or a combination thereof, at the election
                of the
                Option Holder:

            

    

     

    
      	
               

            	
              (i)      In
                cash; by wire transfer; by certified or cashier’s check, or money order;
                or

            

    

    

    
      	
               

            	
              (ii)     By
                delivery to the Company of an exercise notice that requests the Company
                to
                issue to the Option Holder the
                full number of shares as to which the Option is then
                exercisable, less the number of shares that have
                an aggregate Fair Market Value, as determined by the Board in
                its sole
                discretion at the time of exercise, equal to the aggregate
                purchase price of the shares to which such exercise relates. 
                (This method of exercise allows the Option Holder to use a portion of
                the shares issuable at the time of exercise as payment for the shares
                to which the Option relates and is often referred to as a "cashless
                exercise." For example, if the Option Holder elects to exercise 1,000
                shares at an exercise price of $0.25 and the current Fair Market
                Value of the shares on the date of exercise is $1.00, the Option
                Holder can use 250 of the 1,000 shares at $1.00 per share to pay
                for
                the exercise of the entire Option (250 x $1.00 = $250.00) and
                receive only the remaining 750
                shares).

            

    

    
      	
               

            	
            

    

     

    For
      purposes of this section, "Fair Market Value” shall be defined as the average
      closing price
      of
      the Common Stock (if actual sales price information on any trading day is not
      available, the closing bid price shall be used) for the five trading days prior
      to the date of exercise of this Option (the “Average Closing Bid Price”), as
      reported by the National Association of Securities Dealers Automated Quotation
      System (“NASDAQ”), or if the Common Stock is not traded on NASDAQ, the Average
      Closing Bid Price in the over-the-counter market or Pinksheets trading market;
      provided, however, that if the Common Stock is listed on a stock exchange,
      the
      Fair Market Value shall be the Average Closing Bid Price on such exchange;
      and,
      provided further, that if the Common Stock is not quoted or listed by any
      organization, the fair value of the Common Stock, as determined by the Board
      of
      Directors of the Company, whose determination shall be conclusive, shall be
      used).  In no event shall the Fair Market Value of any share of Common
      Stock be less than its par value.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	
               

            	
              4.

            	
              Delivery
                of Stock Certificates on
                Exercise.

            

    

    

    Any
      exercise of the Option pursuant to Section 3 shall be deemed to have been
      effected immediately prior to the close of business on the date on which the
      Option together with the Form of Subscription and the payment for the aggregate
      Purchase Price shall have been received by the Company.  At such time,
      the person or persons in whose name or names any certificate or certificates
      representing the Shares or Other Securities (as defined below) shall be issuable
      upon such exercise shall be deemed to have become the holder or holders of
      record of the Shares or Other Securities so purchased.  As soon as
      practicable after the exercise of any Option in full or in part, and in any
      event within Ten (10) business days thereafter, the Company at its expense
      (including the payment by it of any applicable issue taxes) will cause to be
      issued in the name of, and delivered to the purchasing Option Holder, a
      certificate or certificates representing the number of fully paid and
      nonassessable shares of Common Stock or Other Securities to which such Option
      Holder shall be entitled upon such exercise, plus in lieu of any fractional
      share to which such Option Holder would otherwise be entitled, cash in an amount
      determined pursuant to Section 5(e).  The term “Other Securities”
refers to any stock (other than Common Stock), other securities or assets
      (including cash) of the Company or any other person (corporate or otherwise)
      which the Option Holder at any time shall be entitled to receive, or shall
      have
      received, upon the exercise of the Option, in lieu of or in addition to Common
      Stock, or which at any time shall be issuable or shall have been issued in
      exchange for or in replacement of Common Stock or Other Securities pursuant
      to
      Section 5 below or otherwise.

    

    
      	
               

            	
              5.

            	
              Adjustment
                of Purchase Price and Number of Shares
                Purchasable.

            

    

    

    The
      Purchase Price and the number of Shares are subject to adjustment from time
      to
      time as set forth in this Section 5.

           
      (a)           In
      case the Company shall at any time after the date of this Option Agreement
      (i)
      declare a dividend on the Common Stock in shares of its capital stock, (ii)
      subdivide the outstanding Common Stock, (iii) combine the outstanding Common
      Stock into a smaller number of Common Stock, or (iv) issue any shares of its
      capital stock by reclassification of the Common Stock (including any such
      reclassification in connection with a consolidation or merger in which the
      Company is the continuing corporation), then in each case the Purchase Price,
      and the number and kind of Shares receivable upon exercise, in effect at the
      time of the record date for such dividend or of the effective date of such
      subdivision, combination, or reclassification shall be proportionately adjusted
      so that the holder of any Option exercised after such time shall be entitled
      to
      receive the aggregate number and kind of Shares which, if such Option had been
      exercised immediately prior to such record date, he would have owned upon such
      exercise and been entitled to receive by virtue of such dividend, subdivision,
      combination, or reclassification.  Such adjustment shall be made
      successively whenever any event listed above shall occur.

    

    
      	
               

            	
              (b)

            	
              No
                adjustment in the Purchase Price shall be required if such adjustment is
                less than US $0.001; provided, however, that any adjustments
                which by reason of this subsection (b) are not required to be made
                shall
                be carried forward and taken into account in any subsequent
                adjustment.  All calculations under this Section 5 shall be made
                to the nearest cent or to the nearest one-thousandth of a share,
                as the
                case may be.

            

    

    

    
      	
               

            	
              (c)

            	
              Upon
                each adjustment of the Purchase Price as a result of the calculations
                made
                in subsection (a) of this Section 5, the Option outstanding prior
                to the
                making of the adjustment in the Purchase Price shall thereafter evidence
                the right to purchase, at the adjusted Purchase Price, that number
                of
                Shares (calculated to the nearest thousandth) obtained by (i) multiplying
                the number of Shares purchasable upon exercise of the Option immediately
                prior to adjustment of the number of Shares by the Purchase Price
                in
                effect prior to adjustment of the Purchase Price and (ii) dividing
                the
                product so obtained by the Purchase Price in effect immediately after
                such
                adjustment of the Purchase Price.

            

    

    

    
      	
               

            	
              6.

            	
              Further
                Covenants of the
                Company.

            

    

    

    
      	
               

            	
              (a)

            	
              Dilution
                or Impairments.  The Company will not, by amendment
                of its certificate of incorporation or through any reorganization,
                transfer of assets, consolidation, merger or dissolution, avoid or
                seek to
                avoid the observance or performance of any of the terms of the Option
                or
                of this Option Agreement, but will at all times in good faith assist
                in
                the carrying out of all such terms and in the taking of all such
                action as
                may be necessary or appropriate in order to protect the rights of
                the
                Option Holder against dilution or other impairment.  Without
                limiting the generality of the foregoing, the
                Company:

            

    

    

    
      	
               

            	
              (i)

            	
              shall
                at all times reserve and keep available, solely for issuance and
                delivery
                upon the exercise of the Option, all shares of Common Stock (or Other
                Securities) from time to time issuable upon the exercise of the Option
                and
                shall take all necessary actions to ensure that the par value per
                share,
                if any, of the Common Stock
                (or Other Securities) is at all times equal to or less than the then
                effective Purchase Price per share;
                and

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
      	
               

            	
              (ii)

            	
              will
                take all such action as may be necessary or appropriate in order
                that the
                Company may validly and legally issue fully paid and nonassessable
                shares
                of Common Stock or Other Securities upon the exercise of the Option
                from
                time to time outstanding.

            

    

    

    
      	
               

            	
              (b)

            	
              Title
                to Stock.  All Shares delivered upon the exercise
                of the Option shall be validly issued, fully paid and nonassessable;
                each
                Option Holder shall, upon such delivery, receive good and marketable
                title
                to the Shares, free and clear of all voting and other trust arrangements,
                liens, encumbrances, equities and claims whatsoever; and the Company
                shall
                have paid all taxes, if any, in respect of the issuance
                thereof.

            

    

    

    
      	
               

            	
              (c)

            	
              Exchange
                of Option.  Subject to Section 2(a) hereof, upon
                surrender for exchange of any Option to the Company, the Company
                at its
                expense will promptly issue and deliver to or upon the order of the
                holder
                thereof a new Option or like tenor, in the name of such holder, calling
                in
                the aggregate for the purchase of the number of Shares called for
                on the
                face of the Option surrendered.  The Option and all rights
                thereunder are not transferable in whole or in part upon the books
                of the
                Company.

            

    

    

    
      	
               

            	
              (d)

            	
              Replacement
                of Option.  Upon receipt of evidence reasonably
                satisfactory to the Company of the loss, theft, destruction or mutilation
                of any Option and, in the case of any such loss, theft or destruction,
                upon delivery of an indemnity agreement reasonably satisfactory in
                form
                and amount to the Company or, in the case of any such mutilation,
                upon
                surrender and cancellation of such Option, the Company, at the expense
                of
                the Option Holder, will execute and deliver, in lieu thereof, a new
                Option
                of like tenor.

            

    

    

    
      	
               

            	
              (e)

            	
              Fractional
                Shares.  No fractional Shares are to be issued upon
                the exercise of any Option, but the Company shall round any fraction
                of a
                share to the nearest whole Share.

            

    

    

    
      	
               

            	
              7.

            	
              Miscellaneous.

            

    

    

    All
      notices, certificates and other communications from or at the request of the
      Company to any Option Holder shall be mailed by first class, registered or
      certified mail, postage prepaid, to such address as may have been furnished
      to
      the Company in writing by such Option Holder, or, until an address is so
      furnished, to the address of the last holder of such Option who has so furnished
      an address to the Company, except as otherwise provided herein.  This
      Option Agreement and any of the terms hereof may be changed, waived, discharged
      or terminated only by an instrument in writing signed by the party against
      which
      enforcement of such change, waiver, discharge or termination is
      sought.  This Option Agreement shall be construed and enforced in
      accordance with and governed by the laws of the State of Texas.  The
      headings in this Option Agreement are for purposes of reference only and shall
      not limit or
      otherwise affect any of the terms hereof.  This Option Agreement,
      together with the forms of instruments annexed hereto as schedules, constitutes
      the full and complete agreement of the parties hereto with respect to the
      subject matter hereof.  For purposes of this Option Agreement, a faxed
      signature shall constitute an original signature.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    IN
      WITNESS WHEREOF, the Company has caused this Option Agreement to be executed
      on
      this 22nd day of August 2007, to be effective as of August 21, 2007, in Dallas
      Texas, by its proper corporate officers, thereunto duly authorized.

    

    

    TEXHOMA
      ENERGY, INC.

    

    

    By
      /S/ Daniel Vesco

         Daniel
      Vesco

                                                                                                        
      Chief Executive Officer

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE1

    OPTION

    

    THIS
      OPTION AND THE SECURITIES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN
      REGISTERED UNDER: (A) THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), IN
      RELIANCE UPON THE EXEMPTIONS FROM REGISTRATION PROVIDED IN SECTIONS 3 AND 4
      OF
      SUCH ACT AND REGULATION S PROMULGATED THEREUNDER; OR (B) ANY STATE SECURITIES
      LAWS IN RELIANCE UPON APPLICABLE EXEMPTIONS THEREUNDER.  THIS OPTION
      MAY NOT BE EXERCISED BY OR ON BEHALF OF ANY U.S. PERSON UNLESS REGISTERED UNDER
      THE ACT OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.  THIS
      OPTION MUST BE ACQUIRED FOR INVESTMENT ONLY FOR THE ACCOUNT OF THE INVESTOR,
      AND
      NEITHER THE OPTION NOR THE UNDERLYING STOCK MAY BE TRANSFERRED EXCEPT IN
      COMPLIANCE WITH THE PROVISIONS OF REGULATION S AND OTHER LAWS OR PURSUANT TO
      REGISTRATION UNDER THE ACT OR AN AVAILABLE EXEMPTION FROM
      REGISTRATION.  HEDGING TRANSACTIONS INVOLVING THIS OPTION OR THE
      SECURITIES TO BE ISSUED UPON ITS EXERCISE MAY NOT BE CONDUCTED UNLESS IN
      COMPLIANCE WITH THE ACT.

    

    To
      Purchase 60,000,000 Shares

    of
      Common
      Stock

    TEXHOMA
      ENERGY, INC.

    

    This
      certifies that, for value received, the hereafter named registered owner is
      entitled, subject to the terms and conditions of this Option, until the
      expiration date, to purchase the number of shares (the “Shares”) set forth above
      of the common stock (“Common Stock”), of TEXHOMA ENERGY, INC. (the “Company”)
      from the Company at the purchase price per share hereafter set forth below,
      on
      delivery of this Option to the Company with the exercise form duly executed
      and
      payment of the purchase price (in cash or by certified or bank cashier’s check
      payable to the order of the Company) for each Share purchased.  This
      Option is subject to the terms of the Option Agreement between the parties
      thereto dated as of August 22, 2007, the terms of which are hereby incorporated
      herein.  Reference is hereby made to such Option Agreement for a
      further statement of the rights of the holder of this Option, including, but
      not
      limited to the expiration dates of this Option as described in Section 3 of
      the
      Option Agreement.

    

    Registered
      Owner:        Valeska Energy
      Corp.                                                                                     Date:
    August 22, 2007, to be effective August 21,
      2007

    

    Purchase
      Price

      Per
      Share:                      US
      $0.02

    

    
      	
              Expiration
                Date:

            	
              August
                21, 2010, 5:00 p.m. Central Standard
                Time.

            

    

    

    WITNESS
      the signature of the Company’s authorized officer:

    

    TEXHOMA
      ENERGY, INC.

    
 

    
 

    By
      /S/ Daniel Vesco

                                                                                                                                            
      Daniel Vesco, Chief Executive Officer

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULE2

    

    FORM
      OF ASSIGNMENT AND TRANSFER

    

    

    For
      value
      received, the undersigned hereby sells, assigns and transfers unto
      __________________________________ the right represented by the enclosed Option
      to purchase _________________ shares of Common Stock of TEXHOMA ENERGY, INC.
      to
      which the enclosed Option relates, and appoints  Attorney to transfer
      such right on the books of TEXHOMA ENERGY, INC. with full power of substitution
      in the premises.

    

    The
      undersigned represents and warrants that the transfer of the enclosed Option
      is
      permitted by the terms of the Option Agreement pursuant to which the enclosed
      Option has been issued, and the transferee hereof, by his, her or its acceptance
      of this Agreement, represents and warrants that he, she or it is familiar with
      the terms of said Option Agreement and agrees to be bound by the terms thereof
      with the same force and effect as if a signatory thereto.

    

    Dated:______________

    

    

    ____________________________________________

    (Signature
      must conform in all respects to name of holder

     as
      specified on the face of  the enclosed Option)

    

    ____________________________________________

    (Printed
      Name)

    

    ____________________________________________

    (Address)

    

    Signed
      in
      the presence of:

    

    ____________________________________

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

                                                                                                                SCHEDULE
      3

    FORM
      OF SUBSCRIPTION

    (To
      be signed only upon exercise of Option)

    

    

    To
      TEXHOMA ENERGY, INC.:

    

    The
      undersigned, the holder of the enclosed Option, hereby irrevocably elects to
      exercise the purchase right represented by such Option for, and to purchase
      thereunder,* shares of Common Stock of TEXHOMA ENERGY, INC. and herewith makes
      payment of US $_______________(or elects to pay for the exercise in shares
      of
      common stock pursuant to Section 3(d)(ii) of the Option Agreement as evidenced
      by the calculation below by checking this box o), and requests
      that the
      certificate or certificates for such shares be issued in the name of and
      delivered to the undersigned.

    

    Dated:______________

    ____________________________________________

    (Signature
      must conform in all respects to name of holder

     as
      specified on the face of  the enclosed Option)

    

    ____________________________________________

    (Printed
      Name)

    

    ____________________________________________

    (Address)

    

    
      	
              (*)

            	
              Insert
                here the number of shares called for on the face of the Option or,
                in the
                case of a partial exercise, the portion thereof as to which the Option
                is
                being exercised, in either case without making any adjustment for
                additional Common Stock or any other stock or other securities or
                property
                which, pursuant to the adjustment provisions of the Option Agreement
                pursuant to which the Option was granted, may be delivered upon
                exercise.

            

    

    
      

    

    

    Calculation
      pursuant to Section 3(d)(ii) of the Option Agreement

    

    ________________
      =  Total Shares Exercised

    

    ________________
      =  Purchase Price
      (as defined and adjusted in the Option Agreement)

    

    ________________
      =   Fair Market Value - the average
      closing price of the Common
      Stock (if actual sales price information on any trading day is not available,
      the closing bid price shall be used) for the five trading days prior to the
      date
      of exercise of this Option (the “Average Closing Bid Price”), as reported by the
      National Association of Securities Dealers Automated Quotation System
      (“NASDAQ”), or if the Common Stock is not traded on NASDAQ, the Average Closing
      Bid Price in the over-the-counter market or the Pinksheets; provided, however,
      that if the Common Stock is listed on a stock exchange, the Fair Market Value
      shall be the Average Closing Bid Price on such exchange; and, provided further,
      that if the Common Stock is not quoted or listed by any organization, the fair
      value of the Common Stock, as determined by the Board of Directors of the
      Company, whose determination shall be conclusive, shall be used).  In no
      event shall the Fair Market Value of any share of Common Stock be less than
      its
      par value.

    

    

    

                                                                                                      Total
      Shares Exercised x Purchase Price

    _____________
      =   Shares to be
      Issued   =     Total Shares
      Exercised            --------------------------------------------------

               Fair
      Market Value

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