Document:

AGREEMENT

    

    THIS
      AGREEMENT
      is
      effective as of March 26, 2007, by and between Vero Management, L.L.C., a
      Delaware limited liability company with its principal place of business located
      at 936A Beachland Boulevard, Suite 13, Vero Beach, FL 32963 (“Vero”) and
      QuikByte Software, Inc., a corporation organized and existing under the laws
      of
      the state of Colorado, with its principal place of business located at 936A
      Beachland Boulevard, Suite 13, Vero Beach, FL 32963 (“Client”). Vero and Client
      may each be referred to as a “Party” or collectively as the
“Parties.”

    

    RECITALS

    

    WHEREAS,
      Vero is
      engaged in the business of providing managerial and administrative support
      services to public and private companies; and

    

    WHEREAS,
      Client
      desires to engage the services of Vero as described herein and Vero desires
      to
      perform such services, all in accordance with the terms and conditions herein
      set forth;

    

    NOW,
      THEREFORE,
      in
      consideration of the mutual promises and covenants set forth herein, the Parties
      hereby agree as follows:

    

    
      	
              1.

            	
              Intent
                and Services

            

    

     

    It
      is the
      general nature and intent of this Agreement that Vero will provide to Client
      a
      broad range of managerial and administrative services including but not limited
      to assistance in the preparation and maintenance of its financial books and
      records, the filing of various reports with the appropriate regulatory agencies
      as are required by State and Federal rules and regulations, the administration
      of matters relating to Client’s shareholders including responding to various
      information requests from shareholders as well as the preparation and
      distribution to shareholders of relevant Client materials, and the providing
      of
      office space, corporate identity, telephone and fax services, mailing, postage
      and courier services (“Services”). This Agreement shall be liberally construed
      in order to insure that Vero provides to Client those Services necessary for
      Client to efficiently manage its business operations, efficiently respond to
      its
      shareholders and timely comply with its regulatory reporting requirements.
      The
      parties hereto specifically acknowledge and agree that Vero will not provide
      any
      legal, auditing, accounting, investment banking or capital formation services
      to
      Client.

    

    
      	
              2.

            	
              Term

            

    

    

    This
      Agreement shall be in effect for a term of one (1) year commencing on the date
      hereof; provide that either party may terminate this Agreement upon written
      notice to the other party at any time. At the end of the initial term, this
      Agreement shall remain in effect until terminated in writing by either party.
      All duties for payment of compensation owed to Vero and those duties that
      generally survive termination shall survive the termination of this
      agreement.

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    
      	
              3.

            	
              Compensation

            

    

    

    In
      consideration of the services provides hereunder, Vero shall be entitled to
      the
      following compensation: 

    

    
      	 	
              a)

            	
              Client
                shall pay Vero a fee equal to $2,000 per month for each month, or
                any part
                thereof, that the Services hereunder are provided. The Parties
                specifically agree that in no event will the monthly fees be prorated
                either due to the initiation of Services following the first day
                of a
                particular month or the termination of Services prior to month’s
                end;

            

    

    

    
      	 	
              b)

            	
              Client
                shall reimburse Vero for any out-pocket expenses incurred by Vero
                in
                connection with its Services hereunder (including, without limitation,
                expenses of consultants and advisors engaged by Vero to perform all
                or any
                part of the Services hereunder, provided such expenses are approved
                by
                Client in advance). 

            

    

    

    Vero
      shall bill Client for the Services on the first day of each month and payment
      shall be due within seven (7) business days thereafter.

    

    
      	
              4.

            	
              Independent
                Contractor

            

    

    

    Vero
      shall be, and is deemed to be, an independent contractor in the performance
      of
      its duties hereunder. Vero shall have no power to enter into any agreement
      on
      behalf of or otherwise bind Client without the express prior written consent
      of
      Client. Vero shall be free to pursue, conduct, carry on and provide for its
      own
      account (or for the account of others) similar Services to other clients.

    

    
      	
              5.

            	
              Indemnification

            

    

    

    Client
      agrees to indemnify and hold Vero and its officers, directors, shareholders,
      managers, members, agents, advisors, consultants and employees (“Indemnified
      Parties”) harmless from any and all losses, expenses, claims, damages or
      liabilities (including reasonable attorneys’ fees) incurred by any Indemnified
      Party arising out of or related to the performance of Vero's duties under this
      Agreement, and Client shall, at the option of Vero, reimburse Vero or pay
      directly for any and all legal or other expenses incurred in connection with
      the
      investigation or defense of any action or claim in connection therewith.
      Notwithstanding the aforesaid, Client shall not be liable for any loss, claim,
      damage or liability that is found (as set forth in a final judgment by a court
      of competent jurisdiction) to have resulted in a material part from any act
      by
      Vero which constitutes fraud or gross negligence by Vero.

    

    
      	6.	
              Confidentiality

            

    

    

    Vero
      agrees that any information provided to it by Client of a confidential nature
      will not be revealed or disclosed to any person or entity, except in the
      performance of this Agreement. Upon the termination of this Agreement and
      following receipt of a written request from Client, all documentation provided
      by Client to Vero will be returned to it or destroyed.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	7.	
              Notices

            

    

    

    All
      notices hereunder shall be in writing addressed to the Party at the address
      herein set forth, or at such other address as to which notice: pursuant to
      this
      section may be given, and shall be given by personal delivery, by certified
      mail
      (return receipt requested), Express Mail or by national overnight courier.
      Notices will be deemed given upon the earlier of actual receipt or three (3)
      business days
      after being mailed or delivered to such courier service.

    

    Notices
      shall be addressed as follows:

    

    
      	
            	If
              to Vero:	
              Vero
                Management, L.L.C.

              
                936A
                  Beachland Boulevard, Suite 13

                Vero
                  Beach, FL 32963

                Attn:
                  Kevin R. Keating, Manager 

              

            

    

     

    
      	
            	If
              to Client:	
              QuikByte
                Software, Inc., 

              
                936A
                  Beachland Boulevard, Suite 13

                Vero
                  Beach, FL 32963

                Attn:
                  Kevin R. Keating, President

              

            

    

    
    

     

    Any
      notices to be given hereunder will be effective if executed by and sent by
      the
      attorneys for the Parties giving such notice, and in connection therewith the
      Parties and their respective counsel agree that, in giving such notice, such
      counsel may communicate directly in writing, with such Parties to the extent
      necessary to give such notice.

    

    
      	8.	
              Representations
                and Warranties of Client

            

    

    

    Client
      represents and warrants that:

    

    
      	 	
              a)

            	
              Client
                will cooperate fully and timely with Vero to enable Vero to perform
                the
                Services that may be rendered
                hereunder;

            

    

    

    
      	 	
              b)

            	
              Client
                has full power and authority to enter into this
                Agreement;

            

    

    

    
      	 	
              c)

            	
              The
                performance by Client of this Agreement will not violate any applicable
                court decree, law or regulation, nor will it violate any provision(s)
                of
                the organizational or corporate governance documents of Client or
                any
                contractual obligation by which Client may be bound;
                and

            

    

    

    
      	 	
              d)

            	
              All
                information supplied to Vero by Client, shall be true and accurate
                and
                complete in all material respects, to the best of Client's
                knowledge.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	9.	
              Representations
                and Warranties of Vero

            

    

    

    Vero
      represents and warrants that:

    

    
      	 	
              a)

            	
              It
                has full power and authority to enter this
                Agreement;

            

    

    

    
      	 	
              b)

            	
              It
                has the requisite skill and experience to perform the Services and
                to
                carry out and fulfill its duties and obligations hereunder;
                and

            

    

    

    
      	 	
              c)

            	
              It
                will use its best efforts to complete all Services in a timely and
                professional manner.

            

    

    

    
      	10.	
              Governing
                Law, Dispute Resolution, and
                Jurisdiction

            

    

    

    This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Florida, without giving effect to the conflicts of laws principles
      thereof. All disputes, controversies or claims (“Disputes”) arising out of or
      relating to this Agreement shall in the first instance be the subject of a
      meeting between a representative of each Party who has decision-making authority
      with respect to the matter in question. Should the meeting either not take
      place
      or not result in a resolution of the Dispute within twenty (20) business days
      following notice of the Dispute to the other Party, then the Dispute shall
      be
      resolved in a binding arbitration proceeding to be held in Orlando, Florida,
      in
      accordance with the international rules of the American Arbitration Association.
      The Parties agree that a panel of one arbitrator shall be required. Any award
      of
      the arbitrator shall be deemed confidential information for a minimum period
      of
      five years. The arbitrator may award attorneys’ fees and other arbitration
      related expense, as well as pre- and post-judgment interest on any award of
      damages, to the prevailing Party, in their sole discretion.

    

    
      
        	11.	
                Miscellaneous

              

      

    

    

    
      	 	
              a)

            	
              No
                Waiver.
                No provision of this Agreement maybe waived except by agreement in
                writing
                signed by the waiving Party. A waiver of any term or provision of
                this
                Agreement shall not be construed as a waiver of any other term or
                provision.

            

    

    

    
      	 	
              b)

            	
              Non-assignability.
                This Agreement is not assignable without the written consent of the
                other
                Party.

            

    

    

    
      	 	
              c)

            	
              Multiple
                Counterparts. This
                Agreement may be executed in multiple counterparts, each of which
                shall be
                deemed an original. It shall not be necessary that each Party executes
                each counterpart, or that any one counterpart be executed by more
                than one
                Party so long as each Party executes at least one
                counterpart.

            

    

    

    
      	 	
              d)

            	
              Severability.
                If any provision of this Agreement is declared by any court of competent
                jurisdiction to be invalid for any reason, such invalidity shall
                not
                affect the remaining provisions of this
                Agreement.

            

    

    

    
      	 	
              e)

            	
              Construction.
                No provision of this Agreement shall be construed against any Party
                by
                virtue of the fact that that this Agreement was primarily prepared
                by such
                Party.

            

    

     

    
      	 	
              f)

            	
              Headings.
                The section and paragraph heading shall not be deemed a part of this
                Agreement.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF
      the
      undersigned have executed this Agreement as of the day and year first above
      written.

     

     

    
      	Vero Management,
              L.L.C. 	 	QuikByte Software,
              Inc. 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/
              Kevin R. Keating 	 	By: 	/s/ Kevin R. Keating
	 	Kevin R. Keating, Manager	 	 	Kevin R. Keating,
              President

    

     

    Agreed
      to
      by the Client’s Principal Shareholder:

    
       

      
        	KI Equity Partners
                V,
                LLC	 	 
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/
                Timothy J. Keating	 	 	 
	 	Timothy J. Keating, Manager 	 	 	 

      

       

      
        
          
          

        

        
          5EXHIBIT
      10.1

    

    THIRD
      AMENDMENT TO PURCHASE AND SALE AGREEMENT

    Trinity
      Bay, Redfish Reef, Fishers Reef, North Point Bolivar
      Fields

    in
      Galveston and chambers Counties, Texas

    
      
        

      

    This
      THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT
      (the
“Third Amendment”) is dated effective as of March 1, 2007, and is made by and
      between Masters
      Resources, LLC,
      and
Masters
      Oil & Gas, LLC,
      both
      Texas limited liability companies having their respective principal places
      of
      business at 9801 Westheimer, Suite 1070, Houston, Texas 77042 (collectively,
      “Masters”), and Tekoil
      and Gas Gulf Coast, LLC,
      a
      Delaware limited liability company, having its principal place of business
      at
      5036 Dr. Phillips Blvd., Suite 232, Orlando, Florida 32819 (“Buyer”) (Masters
      and Buyer are sometimes called collectively the “parties” and individually
“party”).

    

    RECITALS

    

    On
      November 13, 2006, Masters and Tekoil and Gas Corporation, a Delaware
      corporation (“Original Buyer”), executed and delivered Purchase and Sale
      Agreement, dated effective as of October 1, 2006, covering the Assets. On
      December 29, 2006, Masters and Original Buyer executed and delivered that
      certain First Amendment to Purchase and Sale Agreement also covering the Assets.
      On February 8, 2007, the parties contemporaneously executed and delivered that
      certain Second Amendment and that certain Assignment and Assumption Agreement
      (the “Assignment”) by and between Buyer and Original Buyer (the Purchase and
      Sale Agreement, the First Amendment to Purchase and Sale Agreement, and the
      Second Amendment to the Purchase and Sale Agreement are herein collectively
      referred to as the “Original Agreement”). The parties now desire to amend the
      Original Agreement in certain respects. Accordingly, the parties agree as set
      out in this Third Amendment. (Unless otherwise noted, defined terms used in
      this
      Third Amendment shall have the meanings set out in the Original
      Agreement.)

    

    
      I.
        AMENDMENTS

    

    

    
      A.           Section
        8.1 of the Original Agreement is deleted and the following is inserted in
        lieu
 thereof:

    

    

    
      	 	
              “8.1

            	
              Date,
                Time and Place of Closing

            

    

    

    Unless
      the parties agree otherwise in writing and subject to the provisions in this
      Agreement, the completion of the transaction contemplated by this Agreement
      (the
“Closing”) will be held on or before March 16, 2007, at 10:00 a.m. Central
      Standard Time (or such earlier date or time as the parties may agree). The
      Closing will be held at the offices of Masters as set forth in the opening
      paragraph of this Agreement (or such other place as the parties may agree).
      In
      the event that the Closing does not occur before the close of business at 5:00
      p.m. on March 16, 2007, Masters shall have the right to terminate this Agreement
      and to retain the Deposit.”

     

    B.           With
      respect to Section 4.1 (A) of the Original Agreement, the Examination Period
      applies to any due diligence being performed or to be performed on behalf of,
      or
      at the request of Buyer’s financing sources, and “February 23, 2007” is deleted
      and “March 9, 2007” is inserted in lieu thereof. Except for the change of dates
      set forth herein, the amendment set forth in Article I.B. of the First Amendment
      to the Original Agreement is unchanged.

     

    C.           In
      Section 9.3 of the Original Agreement, “March 2, 2007” is deleted and
“March
      16, 2007”
      is
      inserted in lieu thereof. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    D.           Section
      4.1 (D) of the Original Agreement is deleted and the following is inserted
      in
      lieu thereof:

    

    “(i) Masters
      will protect and hold Buyer harmless from and against any final and
      non-appealable judgment rendered in that certain litigation matter styled
      [insert
      style of case]
      (the
“Litigation”), including the costs and expenses of defending the same, and at
      the closing the sum of $1 million shall be deposited by Masters and Buyer into
      the Escrow Account, to guarantee the performance by Masters of this obligation
      so that upon the dismissal of the Litigation without recourse against Masters,
      or upon Masters’ payment of any judgment taken against it, or Masters’ payment
      in settlement of the claims against it arising out of the Litigation, then
      the
      portion of the Purchase Price withheld by Buyer shall be paid to Masters; and
      if
      Masters fails to meet the obligation imposed by this section of this Agreement
      so that claims are asserted against Buyer, then the portion of the Purchase
      Price so withheld by Buyer shall be paid to Buyer; provided, however, the
      payment to Buyer of such withheld portion of the Purchase Price shall not
      release or affect in any manner, the obligations of Masters set out above in
      this Section 4.1 (D) (i) or the rights of Buyer to exercise such remedies
      against Masters as may be authorized by applicable law in the event Masters,
      or
      either of them, fail to perform their obligations set out in Section 4.1(D)
      (i).1 

    

    (ii) Masters
      will protect and hold Buyer harmless from and against any final and
      non-appealable judgment rendered in any litigation brought by Erskine Energy
      Partners II, L.P. (“Erskine”) based upon the claim asserted (or the facts giving
      rise thereto) on behalf of Erskine in that certain letter dated February 7,
      2007, from Elizabeth Miller at Scott, Douglass & McConnico, LLP, addressed
      to Masters (the “Erskine Claim”), including the costs and expenses of defending
      the same, and at the closing a sum, to be stated in the separate agreement
      referenced hereinbelow, shall be deposited by Masters into an Escrow Account,
      to
      guarantee the performance by Masters of this obligation so that upon the
      dismissal with prejudice and without recourse against Masters, Buyer, its
      permitted assigns and any of the Assets of any such litigation, or upon Masters’
payment of any judgment taken against it, or Masters’ payment in settlement of
      all claims against it, Buyer, its permitted assigns and any of the Assets
      arising out of the Erskine Claim, then the portion of the Purchase Price
      withheld by Buyer shall be paid to Masters; and if Masters fails to meet the
      obligation imposed by this section of this Agreement so that claims are asserted
      against Buyer, its permitted assigns and any of the Assets, then the portion
      of
      the Purchase Price so withheld by Buyer shall be paid to Buyer; provided,
      however, the payment to Buyer of such withheld portion of the Purchase Price
      shall not release or affect in any manner, the obligations of Masters set out
      above in this Section 4.1 (D) (ii) or the rights of Buyer to exercise such
      remedies against Masters as may be authorized by applicable law in the event
      Masters, or either of them, fail to perform their obligations set out in Section
      4.1(D) (ii). The substance of this amendment is being documented in a separate
      agreement between Masters and Buyer, and to the extent that there may be any
      conflict between such agreement and this Agreement, that separate agreement
      pertaining to the Erskine Claim shall govern and control over Section 4.1(D)
      (ii) of the Original Agreement as amended herein.”

    

    II. MISCELLANEOUS

    

    A.           To
      the
      extent any provision of the Original Agreement, conflicts with any provision
      of
      this Third Amendment, the provisions of this Third Amendment shall control
      and
      be used to determine the obligations of the Parties.

    

    B.           The
      parties ratify confirm and adopt the Original Agreement as amended and
      supplemented by this Third Amendment.

    ____________________
1
      The
      parties acknowledge that the paragraph referred to as Section 4.1 (D) (i) in
      this Third Amendment was inadvertently deleted in that certain Second Amendment
      to the Purchase and Sale Agreement dated February 8, 2007, and thus is
      reinserted and incorporated as part of the Original Agreement.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    C.           Facsimile
      delivery of this Third Amendment signed by each party to the other shall be
      binding and effective the same as if an original signed copy has been delivered
      by each party to the other. This Third Amendment may be executed in multiple
      counterparts, each of which shall be considered an original and all of which
      together shall constitute one and the same document.

    

    

    

    [SIGNATURE
      PAGE FOLLOWS]

    

    

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Third Amendment as of March 1,
      2007.

    

    

    

    TEKOIL
      AND GAS GULF COAST, LLC

    

    
      	By:	
              Tekoil
                & Gas Corporation,

            

      	 	Its Sole
              Member

    

     

    
      	By:	
              /s/
                Mark Western  

            

      	 	
              
                
Name:
                Mark Western

              Title: President

            

    

     

    

    

    

    
      	MASTERS
              RESOURCES, LLC:	 	MASTERS
              OIL & GAS, LLC:
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/ John
              W. Barton	 	
              By:

            	/s/ John
              W. Barton
	 	
              
Name: John
              W. Barton	 	 	
              
Name:
              John W. Barton
	 	Title: Manager 	 	 	Title: Manager

    

    
      
        
        

      

      
        4

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