Document:

EXHIBIT 10.3

 

Voting Agreement

 

Voting Agreement (this
“Agreement”), dated as of November 14, 2012, between the undersigned stockholder
(“Stockholder”) of Mesa Energy Holdings, Inc., a Delaware corporation (“Mesa”),
and Armada Oil, Inc., a Nevada corporation (“Armada”).

 

WHEREAS, subsequent
to the execution of this Agreement, Mesa, Mesa Energy, Inc., a Nevada corporation and a direct wholly-owned subsidiary of Mesa
(“MEI”), and Armada propose to enter into an Asset Purchase Agreement and Plan of Reorganization (as the same may be
amended from time to time, the “Asset Purchase Agreement”), providing for,
among other things, the acquisition (the “Acquisition”) of the stock of MEI
by Armada pursuant to the terms and conditions of the Asset Purchase Agreement;

 

WHEREAS, as a condition
to its willingness to enter into the Asset Purchase Agreement, Armada has required that Stockholder execute and deliver this Agreement;
and

 

WHEREAS, in order to
induce Armada to enter into the Asset Purchase Agreement, Stockholder is willing to make certain representations, warranties, covenants
and agreements with respect to the shares of common stock, par value $0.0001 per share, of Mesa (“Mesa
Common Stock”) beneficially owned by Stockholder and set forth below Stockholder’s signature on the signature
page hereto (the “Original Shares” and, together with any additional shares
of Mesa Common Stock pursuant to Section 6 hereof, the “Shares”).

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.           Definitions.

 

For purposes of this
Agreement, capitalized terms used and not defined herein shall have the respective meanings ascribed to them in the Asset Purchase
Agreement.

 

2.           Representations
of Stockholder.

 

Stockholder represents
and warrants to Armada that:

 

(a)          (i)
Stockholder owns beneficially (as such term is defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) all of the Original Shares free and clear of any lien, pledge, security interest, claim, charge or
encumbrance, and (ii) except pursuant hereto, there are no options, warrants or other rights, agreements, arrangements or commitments
of any character to which Stockholder is a party relating to the sale, pledge, disposition or voting of any of the Original Shares
and there are no voting trusts or voting agreements with respect to the Original Shares.

 

    	 

    	 

    

 

(b)          Stockholder
does not beneficially own any shares of Mesa Common Stock other than (i) the Original Shares and (ii) any options, warrants or
other rights to acquire any additional shares of Mesa Common Stock or any security exercisable for or convertible into shares of
Mesa Common Stock, set forth on the signature page of this Agreement (collectively, “Options”).

 

(c)          Stockholder
has full corporate power and authority (if Stockholder is an entity) or legal capacity (if Stockholder is an individual) to enter
into, execute and deliver this Agreement and to perform fully Stockholder’s obligations hereunder (including the proxy described
in Section 3(b) below)). This Agreement has been duly and validly executed and delivered by Stockholder and constitutes
the legal, valid and binding obligation of Stockholder, enforceable against Stockholder in accordance with its terms.

 

(d)          None
of the execution and delivery of this Agreement by Stockholder, the consummation by Stockholder of the transactions contemplated
hereby or compliance by Stockholder with any of the provisions hereof will conflict with or result in a breach, or constitute a
default (with or without notice of lapse of time or both) under any provision of, any trust agreement, loan or credit agreement,
note, bond, mortgage, indenture, lease or other agreement, instrument or foreign, federal, state, municipal, provincial or local
law (statutory, common or otherwise) applicable to Stockholder or to Stockholder’s property or assets.

 

(e)          No
consent, approval or authorization of, or designation, declaration or filing with, any United States or non-United States federal,
state, municipal, provincial or local government, court, arbitrator, arbitral tribunal, administrative agency or commission or
other governmental or regulatory agency or authority, or any other individual, corporation, limited liability company, partnership,
association, trust, unincorporated organization or other entity, on the part of Stockholder is required in connection with the
valid execution and delivery of this Agreement. If Stockholder is an individual, no consent of Stockholder’s spouse is necessary
under any “community property” or other laws in order for Stockholder to enter into and perform its obligations under
this Agreement.

 

3.           Agreement
to Vote Shares; Irrevocable Proxy.

 

(a)          Stockholder
agrees during the term of this Agreement to vote the Shares, and to cause any holder of record of Shares to vote, or execute a
written consent or consents if stockholders of Mesa are requested to vote their shares through the execution of an action by written
consent in lieu of any such annual or special meeting of stockholders of Mesa: (i) in favor of the Acquisition and the Asset Purchase
Agreement, at every meeting (or in connection with any action by written consent) of the stockholders of Mesa at which such matters
are considered and at every adjournment or postponement thereof; (ii) against (A) any action, proposal, transaction or agreement
which could reasonably be expected to result in a breach of any covenant, representation or warranty or any other obligation or
agreement of Mesa under the Asset Purchase Agreement or of Stockholder under this Agreement and (B) except under the circumstances
under which Mesa has the right to terminate the Asset Purchase Agreement, any action, proposal, transaction or agreement that could
reasonably be expected to impede, interfere with, delay, discourage, adversely affect or inhibit the timely consummation of the
Acquisition or the fulfillment of Armada’s, Mesa’s or MEI’s conditions under the Asset Purchase Agreement or
change in any manner the voting rights of any class of shares of Mesa (including any amendments to Mesa’s certificate of
incorporation or by-laws).

 

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(b)          Stockholder
hereby appoints Armada and any designee of Armada, and each of them individually, its proxies and attorneys-in-fact, with full
power of substitution and resubstitution, to vote or act by written consent during the term of this Agreement with respect to the
Shares in accordance with Section 3(a). This proxy and power of attorney is given to secure the performance of the duties
of Stockholder under this Agreement. Stockholder shall take such further action or execute such other instruments as may be necessary
to effectuate the intent of this proxy. This proxy and power of attorney granted by Stockholder shall be irrevocable during the
term of this Agreement, shall be deemed to be coupled with an interest sufficient in law to support an irrevocable proxy and shall
revoke any and all prior proxies granted by Stockholder with respect to the Shares. The power of attorney granted by Stockholder
herein is a durable power of attorney and shall survive the dissolution, bankruptcy, death or incapacity of Stockholder. The proxy
and power of attorney granted hereunder shall terminate upon the termination of this Agreement.

 

4.           No
Voting Trusts or Other Arrangement.

 

Stockholder agrees
that Stockholder will not, and will not permit any entity under Stockholder’s control to, deposit any of the Shares in a
voting trust, grant any proxies with respect to the Shares or subject any of the Shares to any arrangement with respect to the
voting of the Shares other than agreements entered into with Armada.

 

5.           Transfer
and Encumbrance.

 

Stockholder agrees
that during the term of this Agreement, Stockholder will not, directly or indirectly, transfer, sell, offer, exchange, assign,
pledge or otherwise dispose of or encumber (“Transfer”) any of the Shares
or enter into any contract, option or other agreement with respect to, or consent to, a Transfer of, any of the Shares or Stockholder’s
voting or economic interest therein. Any attempted Transfer of Shares or any interest therein in violation of this Section 5
shall be null and void. This Section 5 shall not prohibit a Transfer of the Shares by Stockholder, if Stockholder is an
individual, to any member of Stockholder’s immediate family, or to a trust for the benefit of Stockholder or any member of
Stockholder’s immediate family, or upon the death of Stockholder, or, if Stockholder is an entity, to an Affiliate of Stockholder;
provided, that a Transfer referred to in this sentence shall be permitted only if, as a precondition to such Transfer, the transferee
agrees in a writing, reasonably satisfactory in form and substance to Armada, to be bound by all of the terms of this Agreement.

 

6.           Additional
Shares.

 

Stockholder agrees
that all shares of Mesa Common Stock that Stockholder purchases, acquires the right to vote or otherwise acquires beneficial ownership
(as defined in Rule 13d-3 under the Exchange Act) of after the execution of this Agreement shall be subject to the terms of this
Agreement and shall constitute Shares for all purposes of this Agreement.

 

7.           Waiver
of Appraisal and Dissenters’ Rights.

 

Stockholder hereby
waives, and agrees not to assert or perfect, any rights of appraisal or rights to dissent from the Acquisition that Stockholder
may have by virtue of ownership of the Shares.

 

8.           Termination.

 

This Agreement shall
terminate upon the earliest to occur of (i) the time of the effectiveness of the Acquisition and (ii) the date on which the Asset
Purchase Agreement is terminated in accordance with its terms.

 

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9.           No
Agreement as Director or Officer.

 

Stockholder makes no
agreement or understanding in this Agreement in Stockholder’s capacity as a director or officer of Mesa or any of its subsidiaries
(if Stockholder holds such office), and nothing in this Agreement: (a) will limit or affect any actions or omissions taken by Stockholder
in stockholder’s capacity as such a director or officer, including in exercising rights under the Asset Purchase Agreement,
and no such actions or omissions shall be deemed a breach of this Agreement or (b) will be construed to prohibit, limit or restrict
Stockholder from exercising Stockholder’s fiduciary duties as an officer or director to Mesa or its stockholders.

 

10.         Specific
Performance.

 

Each party hereto acknowledges
that it will be impossible to measure in money the damage to the other party if a party hereto fails to comply with any of the
obligations imposed by this Agreement, that every such obligation is material and that, in the event of any such failure, the other
party will not have an adequate remedy at law or damages. Accordingly, each party hereto agrees that injunctive relief or other
equitable remedy, in addition to remedies at law or damages, is the appropriate remedy for any such failure and will not oppose
the seeking of such relief on the basis that the other party has an adequate remedy at law. Each party hereto agrees that it will
not seek, and agrees to waive any requirement for, the securing or posting of a bond in connection with the other party’s
seeking or obtaining such equitable relief.

 

11.         Entire
Agreement.

 

This Agreement supersedes
all prior agreements, written or oral, between the parties hereto with respect to the subject matter hereof and contains the entire
agreement between the parties with respect to the subject matter hereof. This Agreement may not be amended or supplemented, and
no provisions hereof may be modified or waived, except by an instrument in writing signed by both of the parties hereto. No waiver
of any provisions hereof by either party shall be deemed a waiver of any other provisions hereof by such party, nor shall any such
waiver be deemed a continuing waiver of any provision hereof by such party.

 

12.         Notices.

 

All notices, requests,
claims, demands, and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered
by hand (with written confirmation of receipt), (b) when received by the addressee if sent by a nationally recognized overnight
courier (receipt requested), (c) on the date sent by facsimile or e-mail (with confirmation of transmission) if sent during normal
business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, or (d) on the
third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications
must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in
a notice given in accordance with this Section 12):

 

If to Armada:

 

Armada Oil, Inc.

10777 Westheimer Road

Suite 1100

Houston, Texas 77042

Attention: James J. Cerna, Jr.

 

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with a copy (which shall not constitute
notice) to

 

Sierchio & Company, LLP

430 Park Avenue

New York, New York 10022

Attention: Joseph Sierchio, Esq.

 

If to Stockholder,
to the address or facsimile number set forth for Stockholder on the signature page hereof.

 

13.         Miscellaneous.

 

(a)         This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect
to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause
the application of Laws of any jurisdiction other than those of the State of New York.

 

(b)         Each
of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and
obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and
obligations arising hereunder brought by the other party hereto or its successors or assigns shall be brought and determined exclusively
in the Supreme Court of the State of New York sitting in the City and County of New York, or in the event (but only in the event)
that such court does not have subject matter jurisdiction over such action or proceeding, in the United States District Court for
the Southern District of New York sitting in the City and County of New York. Each of the parties hereto agrees that mailing of
process or other papers in connection with any such action or proceeding in the manner provided in Section 12 or in such
other manner as may be permitted by applicable Laws, will be valid and sufficient service thereof. Each of the parties hereto hereby
irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally,
to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement or
any of the transactions contemplated by this Agreement in any court or tribunal other than the aforesaid courts. Each of the parties
hereto hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any action
or proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement
of any judgment in respect of this Agreement and the rights and obligations arising hereunder (i) any claim that it is not personally
subject to the jurisdiction of the above named courts for any reason other than the failure to serve process in accordance with
this Section 13(b), (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or from
any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid
of execution of judgment, execution of judgment or otherwise), and (iii) to the fullest extent permitted by the applicable Law,
any claim that (x) the suit, action or proceeding in such court is brought in an inconvenient forum, (y) the venue of such suit,
action or proceeding is improper, or (z) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

 

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(c)          EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY
TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED
THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 13(c).

 

(d)         If
any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

(e)         This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together
shall constitute one and the same instrument.

 

(f)          Each
party hereto shall execute and deliver such additional documents as may be necessary or desirable to effect the transactions contemplated
by this Agreement.

 

(g)         All
Section headings herein are for convenience of reference only and are not part of this Agreement, and no construction or reference
shall be derived therefrom.

 

(h)         The
obligations of Stockholder set forth in this Agreement shall not be effective or binding upon Stockholder until after such time
as the Asset Purchase Agreement is executed and delivered by Mesa, Armada and MEI, and the parties agree that there is not and
has not been any other agreement, arrangement or understanding between the parties hereto with respect to the matters set forth
herein.

 

(i)          Neither
party to this Agreement may assign any of its rights or obligations under this Agreement without the prior written consent of the
other party hereto, except that Armada may assign, in its sole discretion, all or any of its rights, interests and obligations
hereunder to any of its Affiliates. Any assignment contrary to the provisions of this Section 13(i) shall be null and void.

 

(j)          The
Armada and the Stockholder agree that Mesa shall be an express third-party beneficiary of this Agreement an shall have the right
to enforce this Agreement as if a party hereto. The parties may not amend or terminate this agreement without the prior written
consent of Mesa.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties hereto
have executed and delivered this Agreement as of the date first written above.

  

	 	ARMADA OIL, INC.
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

	 	STOCKHOLDER:
	 	 
	 	 
	 	Name:
	 	 
	 	Number of Shares of Mesa Common Stock Beneficially Owned as of the Date of this Agreement: _________________
	 	 
	 	Type and number of Options Beneficially Owned as of the Date of this Agreement:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	Street Address:
	 	 
	 	City/State/Zip Code:
	 	 
	 	Fax:

 

    	7EXHIBIT 10.1

 

ASSET
PURCHASE AGREEMENT

 

AND

 

PLAN OF
REORGANIZATION

 

DATED
AS OF

 

NOVEMBER
14, 2012

 

AMONG

 

ARMADA
OIL, INC.,

 

MESA ENERGY
HOLDINGS, INC.

 

AND

 

MESA ENERGY,
INC.

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	ARTICLE I THE ACQUISITION
	SECTION 1.1	 	The Acquisition	 	2
	SECTION 1.2	 	The Acquisition Consideration	 	2
	SECTION 1.3	 	The Dissolution	 	3
	SECTION 1.4	 	Closing	 	3
	SECTION 1.5	 	Further Assurances	 	3
	SECTION 1.6	 	Certain Adjustments	 	3
	SECTION 1.7	 	Right to Revise Structure	 	3
	 	 	 
	ARTICLE II DISTRIBUTION OF CERTIFICATES
	SECTION 2.1	 	Distribution Procedures	 	4
	SECTION 2.2	 	Mesa Stock Options; Restricted Stock Grants; Warrants	 	4
	SECTION 2.3	 	No Further Ownership Rights in Mesa Common Stock	 	6
	SECTION 2.4	 	No Liability	 	6
	SECTION 2.5	 	Withholding Rights	 	6
	SECTION 2.6	 	Stock Transfer Books	 	6
	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF MESA
	SECTION 3.1	 	Organization, Standing and Power; Subsidiaries	 	7
	SECTION 3.2	 	Capital Structure	 	7
	SECTION 3.3	 	Authority; No Conflicts	 	9
	SECTION 3.4	 	Reports and Financial Statements	 	9
	SECTION 3.5	 	Information Supplied	 	12
	SECTION 3.6	 	Board Approval	 	12
	SECTION 3.7	 	Vote Required; Dissenters’ Rights	 	13
	SECTION 3.8	 	Brokers or Finders	 	13
	SECTION 3.9	 	Litigation; Compliance with Laws; Permits	 	13
	SECTION 3.10	 	Absence of Certain Changes or Events	 	14
	SECTION 3.11	 	Opinion of Mesa Financial Advisor	 	14
	SECTION 3.12	 	Taxes	 	14
	SECTION 3.13	 	Affiliate Transactions	 	16
	SECTION 3.14	 	Environmental Matters	 	17
	SECTION 3.15	 	Intellectual Property	 	17
	SECTION 3.16	 	Certain Agreements	 	18
	SECTION 3.17	 	Mesa Plans; Labor Matters	 	20
	SECTION 3.18	 	Insurance	 	22
	SECTION 3.19	 	Real Property	 	22
	SECTION 3.20	 	Personal Property	 	22
	SECTION 3.21	 	Regulatory Matters	 	22
	SECTION 3.22	 	Derivatives	 	22
	SECTION 3.23	 	Oil and Gas Interests	 	23
	SECTION 3.24	 	Books and Records	 	24
	SECTION 3.25	 	Accountants	 	24
	SECTION 3.26	 	Mesa Sub Constitutes Substantially All Assets	 	24
	SECTION 3.27	 	Mesa Sub	 	24
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF ARMADA
	SECTION 4.1	 	Organization, Standing and Power	 	26
	SECTION 4.2	 	Capital Structure	 	26

 

    	 

    	 

    

 

	SECTION 4.3	 	Authority; No Conflicts	 	27
	SECTION 4.4	 	Reports and Financial Statements	 	28
	SECTION 4.5	 	Information Supplied	 	31
	SECTION 4.6	 	Board Approval	 	31
	SECTION 4.7	 	No Vote Required	 	31
	SECTION 4.8	 	Ownership of Shares	 	31
	SECTION 4.9	 	Litigation; Compliance with Laws; Permits	 	31
	SECTION 4.10	 	Brokers or Finders	 	32
	SECTION 4.11	 	Absence of Certain Changes or Events	 	32
	SECTION 4.12	 	Taxes	 	32
	SECTION 4.13	 	Affiliate Transactions	 	34
	SECTION 4.14	 	Environmental Matters	 	35
	SECTION 4.15	 	Intellectual Property	 	35
	SECTION 4.16	 	Certain Agreements	 	36
	SECTION 4.17	 	Armada Plans; Labor Matters	 	38
	SECTION 4.18	 	Insurance	 	40
	SECTION 4.19	 	Real Property	 	40
	SECTION 4.20	 	Personal Property	 	40
	SECTION 4.21	 	Regulatory Matters	 	40
	SECTION 4.22	 	Derivatives	 	41
	SECTION 4.23	 	Oil and Gas Interests	 	41
	SECTION 4.24	 	Accountants	 	42
	SECTION 4.25	 	Tax-Free Reorganization	 	42
	 	 	 
	ARTICLE V COVENANTS RELATING TO CONDUCT OF BUSINESS
	SECTION 5.1	 	Conduct of Business of Mesa Pending the Acquisition	 	43
	SECTION 5.2	 	Mesa Operational Matters	 	46
	SECTION 5.3	 	Conduct of Business of Armada Pending the Acquisition	 	46
	SECTION 5.4	 	Armada Operational Matters	 	48
	 	 	 
	ARTICLE VI ADDITIONAL AGREEMENTS
	SECTION 6.1	 	Preparation of the Proxy Statement and Registration Statement	 	49
	SECTION 6.2	 	Access to Information	 	50
	SECTION 6.3	 	Notification of Certain Matters	 	50
	SECTION 6.4	 	All Reasonable Efforts	 	51
	SECTION 6.5	 	No Solicitation of Transactions	 	51
	SECTION 6.6	 	Directors’ and Officers’ Indemnification and Insurance	 	54
	SECTION 6.7	 	Public Announcements	 	55
	SECTION 6.8	 	Takeover Statutes	 	55
	SECTION 6.9	 	Stockholder Litigation	 	56
	SECTION 6.10	 	Tax-Free Reorganization	 	56
	SECTION 6.11	 	Section 16 Matters	 	56
	SECTION 6.12	 	Board of Directors	 	56
	SECTION 6.13	 	Management	 	56
	SECTION 6.14	 	Employment Agreements	 	56
	SECTION 6.15	 	Armada Stock Plan	 	56
	SECTION 6.16	 	Employee Matters	 	56
	SECTION 6.17	 	Disposition of Specified Properties	 	57
	 	 	 
	ARTICLE VII CONDITIONS PRECEDENT
	SECTION 7.1	 	Conditions to Each Party’s Obligation to Effect the Acquisition	 	57

 

    	 

    	 

    

 

	SECTION 7.2	 	Additional Conditions to Obligations of Armada	 	57
	SECTION 7.3	 	Additional Conditions to Obligations of Mesa	 	58
	 	 	 	 	 	 
	ARTICLE VIII TERMINATION AND ABANDONMENT	 	 
	SECTION 8.1	 	Termination	 	59
	SECTION 8.2	 	Effect of Termination	 	60
	SECTION 8.3	 	Termination Fees	 	61
	 	 	 
	ARTICLE IX GENERAL PROVISIONS
	SECTION 9.1	 	Non-Survival of Representations, Warranties and Agreements	 	63
	SECTION 9.2	 	Notices	 	63
	SECTION 9.3	 	Interpretation	 	64
	SECTION 9.4	 	Counterparts	 	64
	SECTION 9.5	 	Entire Agreement; No Third-Party Beneficiaries	 	64
	SECTION 9.6	 	Governing Law; Waiver of Jury Trial	 	64
	SECTION 9.7	 	Severability	 	65
	SECTION 9.8	 	Amendment	 	65
	SECTION 9.9	 	Extension; Waiver	 	65
	SECTION 9.10	 	Assignment	 	65
	SECTION 9.11	 	Submission to Jurisdiction; Waivers	 	65
	SECTION 9.12	 	Specific Performance	 	66
	SECTION 9.13	 	Effect of Investigation	 	66
	SECTION 9.14	 	Definitions	 	66

 

    	 

    	 

    

 

ASSET PURCHASE AGREEMENT
AND PLAN OF REORGANIZATION

 

THIS ASSET PURCHASE AGREEMENT AND PLAN OF
REORGANIZATION, dated as of November 14, 2012 (this “Agreement”), among Armada Oil, Inc., a corporation organized
under the laws of the State of Nevada (“Armada”), Mesa Energy Holdings, Inc., a corporation organized under
the laws of the State of Delaware (“Mesa”) and Mesa Energy, Inc., a corporation organized under the laws of
the State of Nevada and a direct wholly-owned subsidiary of Mesa (“Mesa Sub”). Each of Armada, Mesa and Mesa
Sub are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

 

WITNESSETH:

 

WHEREAS,
Armada is an independent oil and gas company focusing on discovering, acquiring and developing multiple objective onshore
oil and natural gas resources in prolific and productive geological formations in North America;

 

WHEREAS,
Mesa is an exploration and production company in the oil and gas industry with a focus on growing reserves primarily through
the acquisition and enhancement of high quality producing properties and the development of highly diversified developmental drilling
opportunities;

 

WHEREAS, Mesa conducts
all of its operations through Mesa Sub and currently owns producing oil and natural gas properties in Plaquemines and Lafourche
Parishes in Louisiana as well as developmental properties in Major and Garfield Counties, OK and Wyoming County, NY;

 

WHEREAS, Mesa’s one hundred
percent (100%) ownership interest of Mesa Sub constitutes substantially all of its assets;

 

WHEREAS, Armada desires to acquire
substantially all of Mesa’s assets for the Acquisition Consideration, as defined herein, pursuant to Delaware General Corporation
Law (the “DGCL”) §271 (the “Acquisition”) on the terms and conditions set forth herein;

 

WHERAS, Mesa desires to sell to Armada
substantially all of Mesa’s assets for the Acquisition Consideration pursuant to DGCL §271 on the terms and conditions
set forth herein;

 

WHEREAS, Armada, Mesa and Mesa Sub
intend for the Acquisition, followed by the Dissolution, as defined herein, of Mesa (collectively, the “Reorganization”)
to constitute a “reorganization” within the meaning of Section 368(a)(1)(C) of the Code and for this Agreement to constitute
a “plan of reorganization” within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3;

 

WHEREAS, (i) the board of directors
(the “Board of Directors”) of Mesa has approved and recommended approval of this Agreement and the transactions
contemplated hereby, including but not limited to, the Reorganization by its stockholders; (ii) the Board of Directors of Armada
has approved this Agreement and the transactions contemplated hereby, including but not limited to, the Acquisition; and (iii)
Mesa, in its capacity as sole stockholder of Mesa Sub, has agreed to approve this Agreement and the transactions contemplated hereby,
including but not limited to, the Reorganization by unanimous written consent immediately after execution of this Agreement in
accordance with the requirements of the Nevada Revised Statutes (the “NRS”) as provided for herein; and

 

WHEREAS, as a condition and inducement
to Armada’s willingness to enter into this Agreement, Randy M. Griffin, Mesa’s Chairman of the Board and Chief Executive
Officer, Ray L. Unruh, its President, Secretary, and Director, Rachel L. Dillard, its Chief Financial Officer, David L. Freeman,
its Executive Vice President - Oil and Gas Operations, James J. Cerna, Jr., its Director, Kenneth T. Hern, its Director, and Fred
B. Zaziski, its Director each has entered into a Voting Agreement with Mesa simultaneous herewith (collectively, the “Voting
Agreements”), which have been approved by Mesa’s Board of Directors.

 

    	 

    	 

    

 

EXECUTION COPY

 

NOW, THEREFORE, in consideration
of the foregoing and the respective representations, warranties, covenants and agreements set forth in this Agreement, and intending
to be legally bound hereby, the Parties agree as follows:

 

ARTICLE I

THE ACQUISITION

 

SECTION 1.1 The
Acquisition. On the terms and subject to the conditions contained in this Agreement, at the Closing, Mesa shall
sell, assign, transfer and convey to Armada, and Armada shall
purchase, acquire and accept from Mesa, all of the issued and outstanding stock of Mesa
Sub owned by Mesa (collectively, the “Purchased Assets”) for the Acquisition
Consideration, as defined below.

 

SECTION 1.2 The Acquisition
Consideration.

 

(a) The consideration for the Purchased Assets
will consist of the following (collectively, the “Acquisition Consideration”):

 

(i) 0.40 shares
(subject to rounding as provided in Section 1.2(b)) of validly issued, fully paid and non-assessable shares of Armada Common
Stock (the “Stock Consideration”) for each share of the common stock, par value $0.0001 per share, of Mesa (the
“Mesa Common Stock”) issued and outstanding as of the Closing Date (the “Consideration Ratio”),
which Mesa shall distribute pro rata to each holder of shares of Mesa Common Stock as of the close of business on the Business
Day immediately prior to the Closing Date, in accordance with Section 2.1;

 

(ii) Armada shall issue, in satisfaction
of Mesa’s obligations under the Mesa Stock Options, Mesa Restricted Stock Grants and Mesa Warrants, all as defined and described
below, substantially comparable options, restricted shares and warrants (the “Derivative Consideration), with such
share and price adjustments as more fully described below in Section 2.2 hereof; and

 

(iii) Armada shall assume and agree to pay,
perform and discharge all of Mesa’s liabilities arising on or before the Closing Date, as defined below, or as specifically
permitted under the terms of this Agreement.

 

(b)         Notwithstanding
any other provision in this Agreement, no fractional shares of Armada Common Stock and no certificates or other evidence of ownership
thereof will be issued in connection with the Acquisition or the Reorganization, and no holder
of Mesa Common Stock shall be entitled to any voting rights, rights to receive any dividends or distributions or other rights as
a stockholder of Armada with respect to any fractional share of Armada Common Stock that would have otherwise been deliverable
to such holder of Mesa Common Stock in connection with the Reorganization. To the extent that any shareholder of Mesa would otherwise
be entitled to receive a fractional share of Armada Common Stock in connection with the Reorganization, in lieu of any fractional
shares of Armada Common Stock that would have otherwise been issued, the Stock Consideration will be increased by a number of shares
of Armada Common Stock equal to the number of Mesa shareholders entitled to receive an additional share of Armada Common Stock
based upon the rounding up or down to the nearest whole number (with a fractional interest equal to 0.5 rounded upward to the nearest
whole number); provided, that each such holder of Mesa Common Stock shall receive at least one share of Armada Common Stock.

 

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(c)         Notwithstanding any other provision
in this Agreement, any liability of Mesa not constituting the Assumed Liabilities will be a retained liability of Mesa, and shall
remain the sole responsibility of Mesa and shall be retained, paid, performed and discharged by Mesa.

 

SECTION 1.3 The Dissolution.
On the terms and subject to the conditions set forth in this Agreement, and in accordance with the DGCL and the Mesa Stockholder
Consent, as defined herein, within two (2) Business Days after the Closing Date, Mesa shall file a certificate of dissolution (the
“Mesa Certificate of Dissolution”) with the Secretary of State of Delaware to dissolve Mesa (the “Dissolution”)
and to effect the distribution of the Stock Consideration and the Derivative Consideration in accordance with Sections 2.1
and 2.2 in furtherance of the Reorganization.

 

SECTION 1.4 Closing. On the
terms and subject to the conditions set forth in this Agreement, the closing of the Acquisition and the transactions contemplated
by this Agreement (the “Closing”) will take place as soon as possible, but in any event no later than the fifth
(5th) Business Day after the satisfaction or waiver (subject to Applicable Law) of the conditions set forth in Article
VII (other than those conditions which by their nature are intended to be satisfied at the Closing, but subject to the satisfaction
or waiver (subject to Applicable Law) of those conditions at the Closing) unless another time or date is agreed to in writing by
the Parties (the actual time and date of the Closing being referred to herein as the “Closing Date”). The Closing
shall be held at the offices of Sierchio & Company, LLP, 430 Park Avenue, Suite 702, New York, New York 10022, unless another
place is agreed to in writing by the Parties.

 

SECTION 1.5 Further Assurances.
At and after the Closing Date, the officers of Mesa shall be authorized to execute and deliver, in the name and on behalf of Mesa,
any deeds, bills of sale, assignments or assurances and to take and do, in the name and on behalf of Mesa or Mesa Sub, any other
actions and things to vest, perfect or confirm of record or otherwise in Armada any and all right, title and interest in, to and
under any of the rights, properties or assets acquired or to be acquired by Armada as a result of, or in connection with, the Acquisition.

 

SECTION 1.6 Certain Adjustments.
If, between the date of this Agreement and the Closing Date, the outstanding Mesa Common Stock shall have been changed into a different
number of shares or different class by reason of any reclassification, recapitalization, stock split, split-up, combination, readjustment
or exchange of shares or a stock dividend or dividend payable in any other securities shall be declared with a record date within
such period, or any similar event shall have occurred, the Stock Consideration shall be appropriately adjusted to provide to the
holders of Mesa Common Stock, Mesa Warrants, Mesa Stock Options and Mesa Restricted Stock Grants the same economic effect as contemplated
by this Agreement prior to such event; provided, that nothing in this Section 1.6 shall be construed to permit Mesa
to take any action with respect to its securities that is prohibited by this Agreement.

 

SECTION 1.7 Right to Revise Structure.
At Armada’s election, the Acquisition may alternatively be structured so that Mesa or Mesa Sub is merged with and into Armada
or a Subsidiary of Armada; provided, that no such change shall (a) alter or change the amount or kind of the Stock Consideration
or alter or change adversely the treatment of the holders of Mesa Stock Options, Mesa Restricted Stock Grants or Mesa Warrants,
or (b) conflict with Section 6.10. In the event Armada makes such an election, Mesa and Mesa Sub shall cooperate with Armada
and shall execute an appropriate amendment to this Agreement to effect such election.

 

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ARTICLE II

DISTRIBUTION OF CERTIFICATES

 

SECTION 2.1 Distribution Procedures.
Each holder of record of shares of Mesa Common Stock as of the close of business on the Business Day immediately prior to the Closing
Date shall be entitled to receive as a distribution from Mesa 0.40 shares (subject to rounding as provided in Section 1.2(b))
of the Stock Consideration for each share of Mesa Common Stock held by such person as of such time. As promptly as practicable,
but in any event within ten (10) Business Days after the Closing Date, Mesa shall, or shall cause such bank or trust company Mesa
appoints (which shall be reasonably acceptable to Armada) for the purpose of distributing certificates of Armada Common Stock representing
the Stock Consideration (the “Liquidation Agent”) to, send to each holder of record of shares of Mesa Common
Stock as of the close of business on the Business Day immediately prior to the Closing Date certificates of Armada Common Stock
representing the Stock Consideration to which each holder is entitled. Notwithstanding the foregoing, the shares of Armada Common
Stock constituting Stock Consideration to be distributed, at Armada’s option, may be in uncertificated book-entry form, unless
a physical certificate is requested by a holder of shares of Mesa Common Stock or is otherwise required under Applicable Law. If
shares of Armada Common Stock are distributed in uncertificated book-entry form, Mesa or Liquidation Agent shall, or shall cause
the transfer agent for Armada’s Common Stock to, transmit to each holder of Mesa Common Stock who is entitled to receive
the Stock Consideration a confirmation that the Armada Common Stock to be issued to such holder has been registered in such person’s
name on Armada’s stock ledger. No interest will be paid or will accrue on the Stock Consideration. In the event of a transfer
of ownership of shares of Mesa Common Stock which is not registered in the transfer records of Mesa (such shares, the “Unregistered
Transferred Shares”), the aggregate Stock Consideration that the holder of record of such Unregistered Transferred Shares
has the right to receive with respect thereto pursuant to this Section 2.1 may be issued and paid to the transferee of such
Unregistered Transferred Shares if (A) a certificate representing such Unregistered Transferred Shares is presented to Mesa or
Liquidation Agent accompanied by all documents required to evidence and effect such transfer and (B) the Person requesting such
payment of Stock Consideration shall (1) pay to Mesa or Liquidation Agent any applicable stock transfer taxes required as a result
of such payment to a Person other than the registered holder of such Unregistered Transferred Shares or (2) establish to the reasonable
satisfaction of Mesa or Liquidation Agent that such stock transfer taxes have been paid or are not applicable.

 

SECTION 2.2 Mesa Stock Options; Restricted
Stock Grants; Warrants.

 

(a) Mesa Stock Options. Subject to
the terms hereof and, to the extent required by the terms of the Mesa Stock Options, the consent thereto of the holders of the
Mesa Stock Options, Armada shall assume all outstanding Mesa Stock Options, vested and unvested, disclosed in Schedule 2.2(a)
of the Mesa Disclosure Letter in connection with the transactions contemplated hereby. Not later than ten (10) days prior to the
scheduled or anticipated Closing Date, Mesa shall send a notice to all holders of Mesa Stock Options, which notice shall notify
such holders that Armada will be assuming all Mesa Stock Options following the Closing Date, or substituting new options therefor,
pursuant to Armada’s Option Plan (a “Converted Option”). All holders of Mesa Stock Options shall be, subject
to Section 2.6, entitled to receive a number of stock options pursuant to Armada’s Option Plan allowing the holder
to purchase a number of shares of Armada Common Stock equal to the product of (i) 0.40 multiplied by (ii) the number of Mesa Stock
Options currently held by such holder immediately prior to the Closing Date (with any fraction resulting from such multiplication
to be rounded to the nearest whole number, and with 0.5 shares rounded upward to the nearest whole number) with the exercise price
per share of the new option equal to the quotient of (y) the exercise price of the Mesa Stock Option divided by (z) 0.40 (rounded
to the nearest whole cent, and with $0.005 rounded upward to the nearest whole cent). Such new stock option, to the extent permitted
by applicable law and Armada’s Option Plan, shall have the same vesting schedule and other terms and conditions as such holder’s
Mesa Stock Option.

 

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(b) Mesa Restricted Stock Grants.
Subject to the terms hereof and, to the extent required by the terms of the Mesa Restricted Stock Grants, the consent thereto of
the holders of Mesa Restricted Stock Grants, Armada shall assume all outstanding Mesa Restricted Stock Grants disclosed in Schedule
2.2(b) of the Mesa Disclosure Letter in connection with the transactions contemplated hereby. Not later than ten (10) days
prior to the scheduled or anticipated Closing Date, Mesa shall send a notice to all holders of Mesa Restricted Stock Grants, which
notice shall notify such holders that Armada will be assuming all Mesa Restricted Stock Grants following the Closing Date, or substituting
new restricted share agreements therefor, pursuant to Armada’s Option Plan (a “Converted Restricted Stock Grant”).
All holders of Mesa Restricted Stock Grants shall be, subject to Section 2.6, entitled to receive a number of restricted
stock awards to purchase a number of shares of Armada Common Stock equal to the product of (i) 0.40 multiplied by (ii) the number
of Mesa Restricted Stock Grants held by such holder immediately prior to the Closing Date (with any fraction resulting from such
multiplication to be rounded to the nearest whole number, and with 0.5 shares rounded upward to the nearest whole number). Such
new restricted grant, to the extent permitted by applicable law and Armada’s Option Plan, shall have the same vesting schedule
and other terms and conditions as such holder’s Mesa Restricted Stock Grants.

 

(c) Mesa Warrants. Subject to the
terms hereof and, to the extent required by the terms of the Mesa Warrants, the consent thereto of the holders of Mesa Warrants,
Armada shall assume all outstanding Mesa Warrants. At Closing, each Mesa Warrant which is outstanding immediately prior to the
Closing Date shall, in accordance with its terms, cease to represent a right to acquire shares of Mesa Common Stock and shall be
converted, at the Closing Date, into a right to acquire shares of Armada Common Stock (a “Converted Warrant”),
on the same contractual terms and conditions as were in effect immediately prior to the Closing Date under the terms of the Mesa
Warrant or other related agreement or award pursuant to which such Mesa Warrant was granted; provided, that (i) the number
of shares of Armada Common Stock subject to each such Converted Warrant shall be equal to the product of (A) 0.40 multiplied by
(B) the number of shares of Mesa Common Stock subject to each such Mesa Warrant immediately prior to the Closing Date (with any
fraction resulting from such multiplication to be rounded to the nearest whole number, and with 0.5 shares rounded upward to the
nearest whole number, unless such Mesa Warrant provides for different treatment of fractions of a share in such circumstances),
with any fractional shares rounded down to the next lower whole number of shares, and (ii) such Converted Warrant shall have an
exercise price per share of Armada Common Stock equal to the quotient of (A) the exercise price per share of Mesa Common Stock
subject to such Converted Warrant immediately prior to the Closing Date divided by (B) 0.40 (rounded to the nearest whole cent,
and with $0.005 rounded upward to the nearest whole cent, unless such Mesa Warrant provides for different treatment of fractions
of a cent in such circumstances), with any fractional cents rounded up to the next higher number of whole cents. Not later than
ten (10) days prior to the scheduled or anticipated Closing Date (or within any other timeframe required by the terms of a Mesa
Warrant), Mesa shall send a notice to all holders of Mesa Warrants of the foregoing.

 

(d) Prior to Closing, Mesa shall take any
actions necessary to effect the transactions anticipated by Section 2.2(a) and (b) under the Mesa Stock Plans and
any option agreement thereunder and any other plan or arrangement of Mesa (whether written or oral, formal or informal). Prior
to the Closing Date, Armada shall take any actions necessary to effect the transactions anticipated by Section 2.2(a) and
(b) under the Armada Stock Plans. As soon as practicable following the date hereof, Mesa shall deliver or cause to be delivered
to each holder of a Mesa Stock Option and/or Mesa Restricted Stock Grant and/or Mesa Warrants any certifications, notices or other
communications required by the terms of such Mesa Stock Option and/or Mesa Restricted Stock Grant and/or Mesa Warrant or any agreement
entered into with respect thereto to be delivered to such holder prior to the consummation of the Acquisition and the other transactions
contemplated by this Agreement.

 

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(e) Armada shall take all corporate action
necessary to reserve for issuance a sufficient number of shares of Armada Common Stock for delivery upon exercise of all Converted
Options, Converted Restricted Stock Grants and Converted Warrants.

 

(f) Mesa shall
take all steps to ensure that, at the Closing Date, neither it nor any of its Subsidiaries is or will be bound by any Mesa Stock
Options, other options, warrants, rights, agreements or awards which would entitle any Person, other than Armada or its Subsidiaries,
to own any capital stock of Mesa or any of its Subsidiaries or to Armada any payment, right or interest in respect thereof.
As soon as practicable after the Closing Date, Armada shall
take appropriate actions to collect Mesa Options and Mesa Restricted
Stock Grants and the agreements evidencing the same, which shall be deemed to be canceled and shall entitle the holder to exchange
the Mesa Options and Mesa Restricted Stock Grants for Converted
Options and Converted Restricted Stock Grants as provided above.

 

SECTION 2.3 No Further Ownership Rights
in Mesa Common Stock. All Stock Consideration paid upon distribution of shares of Armada Common Stock in accordance with
the terms of Article II shall be deemed to have been paid in full satisfaction of all rights pertaining to the shares of
Mesa Common Stock. Upon completion of the Dissolution, all shares of Mesa Common Stock shall be void and no holder of shares of
Mesa Common Stock shall have any further rights or obligations with regard to Mesa.

 

SECTION 2.4 No Liability.
None of Armada, Mesa, Mesa Sub or the Liquidation Agent shall be liable to any Person in respect of any Stock Consideration delivered
to a public official pursuant to any applicable abandoned property, escheat or similar law, or delivered pursuant to the judgment,
order or decree of any court or tribunal.

 

SECTION 2.5 Withholding Rights.
Each of the Liquidation Agent, Armada and Mesa Sub shall be entitled to withhold from any consideration payable or otherwise deliverable
pursuant to this Agreement any portion thereof as is reasonably necessary to ensure all withholding obligations under Applicable
Law are met. To the extent that such consideration is so withheld, it shall be treated for all purposes under this Agreement as
having been paid or delivered to the Person to whom such consideration would otherwise have been paid or delivered.

 

SECTION 2.6 Stock Transfer Books.
The stock transfer books of Mesa shall be closed immediately upon the Closing and there shall be no further registration of transfers
of shares of Mesa Common Stock thereafter on the records of Mesa.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF MESA

 

Except as disclosed in (i) Mesa’s
Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2011 (the “Form 10-K”) and any Mesa SEC Reports
filed subsequent to the filing of the Form 10-K and prior to the date hereof (excluding any risk factor disclosure and any disclosure
included in any “forward-looking statements” disclaimer or other statements included in the Form 10-K and such Mesa
SEC Reports that are predictive, non-specific, forward-looking or primarily cautionary in nature), but only to the extent the relevance
of such disclosure as an exception to a representation or warranty in this Article III is reasonably apparent on its face
or (ii) the disclosure letter delivered by Mesa to Armada on the date hereof (the “Mesa Disclosure Letter”),
provided, that any disclosure in any schedule of the Mesa Disclosure Letter shall only qualify (A) the representation or
warranty made in the corresponding Section of this Article III and (B) other representations and warranties in this
Article III to the extent the relevance of such disclosure to such other representations and warranties is reasonably apparent
on its face (notwithstanding the omission of a reference or cross-reference thereto), Mesa represents and warrants to Armada as
set forth in this Article III.

 

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SECTION 3.1 Organization, Standing
and Power; Subsidiaries.

 

(a) Except as disclosed in Schedule 3.1(a)
of the Mesa Disclosure Letter, Mesa and each of its Subsidiaries is a corporation or other Person duly organized, validly existing
and in good standing under the laws of its respective jurisdiction of incorporation or organization, has the requisite power and
authority to own, lease and operate its assets and properties and to carry on its business as now being conducted. Mesa and each
of its Subsidiaries is duly qualified and in good standing to do business in each jurisdiction in which the nature of its business
or the ownership or leasing of its properties makes such qualification necessary, other than in such jurisdictions where the failure
so to qualify or to be in good standing has not had and would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect on Mesa. The copies of the certificate of incorporation and bylaws of Mesa and of its Subsidiaries that
were previously furnished or made available to Armada are true, complete and correct copies of such documents as in effect on the
date of this Agreement and have not been amended since the date hereof, and neither Mesa nor any of its Subsidiaries is in violation
of any of their respective organizational documents.

 

(b) All the outstanding shares of capital
stock of, or other equity interests in, each of Mesa’s Subsidiaries, including, but not limited to Mesa Sub, have been duly
authorized and validly issued and are fully paid and non-assessable, are not subject to and were not issued in violation of any
preemptive rights, and are owned directly or indirectly by Mesa, free and clear of all Liens, other than Permitted Liens and free
of any other restriction (including any restriction on the right to vote, sell or otherwise dispose of such capital stock or other
ownership interests). Schedule 3.1(b) of the Mesa Disclosure Letter lists all of the Subsidiaries of Mesa and, for each
such Subsidiary, the jurisdiction of its incorporation or organization and its directors and officers as of the date of this Agreement.
Neither Mesa nor any of its Subsidiaries directly or indirectly owns any equity or similar interest in, or any interest convertible
into or exchangeable or exercisable for, any corporation, partnership, joint venture or other business association or entity. Mesa
does not own, directly or indirectly, any voting interest in any Person that would create a filing obligation by Armada under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 

SECTION 3.2 Capital Structure.

 

(a) The authorized capital stock of Mesa
consists of (x) 300,000,000 shares of Mesa Common Stock and (y) 10,000,000 shares of preferred stock, par value $0.0001 per share
(“Mesa Preferred Stock”). As of the date of this Agreement, there were outstanding (i) 84,330,477 shares of
Mesa Common Stock; (ii) no shares of Mesa Preferred Stock; (iii) Mesa Stock Options to purchase an aggregate of 2,827,000 shares
of Mesa Common Stock (of which options to purchase an aggregate of 2,138,000 shares of Mesa Common Stock were exercisable); (iv)
warrants to purchase an aggregate of 500,000 shares of Mesa Common Stock (the “Mesa Warrants”); and (v) 870,000
awarded but unvested Mesa Restricted Stock Grants. Additionally, as of the date of this Agreement, there were no shares of Mesa
Common Stock held by Mesa as Treasury Shares. All outstanding shares of capital stock or other equity securities of Mesa and its
Subsidiaries have been, and all shares of capital stock of Mesa that may be issued pursuant to the Mesa Warrants or any Mesa Stock
Options will be, when issued in accordance with the respective terms thereof, duly authorized and validly issued and are, or will
be, when issued in accordance with the terms, fully paid and non-assessable. No shares of capital stock or other equity interests
of Mesa or any of its Subsidiaries are entitled to or have been issued in violation of any preemptive rights. No Subsidiary of
Mesa owns any shares of capital stock of Mesa. Schedule 3.2(a) of the Mesa Disclosure Letter contains a complete and correct
list as of the date hereof, of (w) each outstanding Mesa Stock Option, including with respect to each such option the holder, date
of grant, exercise price and number of shares of Mesa Common Stock subject thereto, (x) all outstanding Mesa Restricted Stock Grants,
including with respect to each such share and unit the holder and date of grant, (y) all Mesa Warrants, including with respect
to each such Mesa Warrant the holder, date, exercise price and number of shares of Mesa Common Stock subject thereto and (z) all
notes for debt issued by Mesa including the holder, maturity date, conversion price, principal amount and interest rate.

 

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(b) There are no outstanding bonds, debentures,
notes or other indebtedness of Mesa or any of its Subsidiaries having the right to vote (or convertible into, or exchangeable for,
securities having the right to vote) on any matters on which stockholders of Mesa or any of its Subsidiaries may vote. Except for:
(x) 500,000 shares reserved for issuance upon exercise of the Mesa Warrants, and (y) 5,000,000 shares of Mesa Common Stock reserved
for issuance under the Mesa Stock Plans there are no issued, reserved for issuance or outstanding (i) shares of capital stock or
other voting securities of or other ownership interest in Mesa or any of its Subsidiaries, (ii) securities convertible into or
exchangeable for shares of capital stock or other voting securities of or other ownership interest in Mesa or any of its Subsidiaries,
(iii) warrants, calls, options or other rights to acquire from Mesa or any of its Subsidiaries, or other obligations of Mesa or
any of its Subsidiaries to issue, any capital stock, other voting securities or securities convertible into or exchangeable for
capital stock or other voting securities of or other ownership interest in Mesa or any of its Subsidiaries or (iv) restricted shares,
stock appreciation rights, performance units, contingent value rights, “phantom” stock or similar securities or rights
that are derivative of, or provide economic benefits based, directly or indirectly, on the value or price of, any capital stock
of, or other voting securities of or ownership interest in, Mesa or any of its Subsidiaries (the items in clauses (i) through (iv)
being referred to collectively as the “Mesa Securities”). There are no outstanding obligations of Mesa or any
of its Subsidiaries to repurchase, redeem or otherwise acquire any of the Mesa Securities or any shares of capital stock or other
equity interest of any Subsidiary of Mesa. Except for the Voting Agreements, neither Mesa nor any of its Subsidiaries is a party
to or bound by any agreement with respect to the voting or registration of any Mesa Securities or any shares of capital stock or
other equity interest of any Subsidiary of Mesa. To the Knowledge of Mesa, as of the date of this Agreement, other than as set
forth in Schedule 3.2(a) of the Mesa Disclosure Letter, no Person or group beneficially owns five percent (5%) or more of
Mesa’s outstanding voting securities, with the terms “group” and “beneficially owns” having the meanings
ascribed to them under Rule 13d-3 and Rule 13d-5 under the Exchange Act.

 

(c) Except as disclosed in Schedule 3.1(c)
of the Mesa Disclosure Letter, there are no restrictions of any kind which prevent or restrict the payment of dividends or other
distributions by Mesa or any of its Subsidiaries other than those imposed by any Applicable Law.

 

(d) (i) Each grant of Mesa Stock Options
was made in accordance with the terms of the applicable Mesa Stock Plan and any Applicable Laws; (ii) each grant of Mesa Stock
Options has a grant date identical to the date on which such Mesa Stock Option was actually granted; (iii) each grant of Mesa Stock
Options was duly authorized no later than the date on which the grant of such Mesa Stock Options was by its terms to be effective
by all necessary corporate action, including, as applicable, approval by Mesa’s Board of Directors (or a duly constituted
and authorized committee thereof), or a duly authorized delegate thereof, and any required stockholder approval by the necessary
number of votes or written consents; and (iv) the per share exercise price of each Mesa Stock Option was determined in accordance
with the applicable Mesa Stock Plan and, to the extent required pursuant to the terms of the applicable Mesa Stock Plan, was equal
to the fair market value of a share of Mesa Common Stock (determined in accordance with the applicable Mesa Stock Plan) on the
applicable date on which the related grant was by its terms to be effective.

 

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SECTION 3.3 Authority; No Conflicts.

 

(a) Mesa has all requisite corporate power
and authority to enter into this Agreement and to consummate the transactions contemplated hereby, subject to the approval of this
Agreement by the Mesa Stockholder Consent. The execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of Mesa, subject to the
approval of this Agreement by the Mesa Stockholder Consent, and no other corporate or stockholder action on the part of Mesa is
necessary or required. This Agreement has been duly executed and delivered by Mesa and, assuming that this Agreement constitutes
a valid and binding agreement of Armada and constitutes a valid and binding agreement of Mesa, enforceable against Mesa in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and similar laws relating to or affecting creditors generally or by general equity principles (regardless of whether such enforceability
is considered in a proceeding in equity or at law).

 

(b) The execution and delivery of this Agreement
and all other instruments and agreements to be delivered by Mesa as contemplated hereby do not, and the consummation of the transactions
contemplated hereby and thereby will not (i) conflict with any of the provisions of the certificate of incorporation or by-laws
or equivalent charter documents of Mesa or any of its Subsidiaries, in each case as amended to the date of this Agreement, (ii)
create any Lien (other than Permitted Liens) on any of the properties or assets of Mesa or any of its Subsidiaries, (iii) subject
to receipt of the Mesa Necessary Consents, conflict with or result in a breach of, or constitute a default under, or result in
the acceleration of any obligation or loss of any benefits under, any Contract or other instrument to which Mesa or any of its
Subsidiaries is a party or by which any of their respective properties or assets are bound, or (iv) subject to receipt of the Mesa
Necessary Consents, contravene any Applicable Law, except, in the case of clauses (ii), (iii) and (iv) above, for such Liens, conflicts,
breaches, defaults, consents, approvals, authorizations, declarations, filings or notices which have not had and would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect on Mesa; provided, that, for purposes of
this Section 3.3(b), the term Material Adverse Effect shall be deemed to include any event, circumstance, development, state
of facts, occurrence, change or effect that would prevent, materially impair or materially delay the ability of Mesa or any of
its Subsidiaries to consummate the transactions contemplated by this Agreement.

 

(c) No consent, notice, waiver, approval,
order or authorization of, or registration, declaration or filing with, any Governmental Entity or Third Party or expiry of any
related waiting period is required by or with respect to Mesa or any Subsidiary of Mesa in connection with the execution and delivery
of this Agreement by Mesa or the consummation of the Acquisition and the other transactions contemplated hereby, except for those
required under or in relation to (i) state securities or “blue sky” laws (the “Blue Sky Laws”);
(ii) the Exchange Act; (iii) the Securities Act; (iv) the Mesa Certificate of Dissolution; or (v) such consents, approvals, orders,
authorizations, registrations, declarations and filings and expiry of waiting periods the failure of which to make or obtain or
expire would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Armada; and the
consents of Third Parties set forth on Schedule 3.3(c) of the Mesa Disclosure Letter. Consents, approvals, orders, authorizations,
registrations, declarations and filings required under or in relation to any of the foregoing clauses (i) through (v) are hereinafter
referred to as “Mesa Necessary Consents.”

 

SECTION 3.4 Reports and Financial
Statements.

 

(a) Except as disclosed in Schedule 3.
4(a) of the Mesa Disclosure Letter, Mesa has timely filed with or furnished to the SEC all reports, schedules, forms, statements,
prospectuses, registration statements and other documents required to be filed or furnished by Mesa since January 1, 2011 (collectively,
together with documents filed with the SEC during such period by Mesa on a voluntary basis in a Current Report on Form 8-K, but
excluding the Proxy Statement and any exhibits and schedules thereto and other information incorporated therein, the “Mesa
SEC Reports”). No Subsidiary of Mesa is required to file any form, report, registration statement, prospectus or other
document with the SEC.

 

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(b) As of its filing date (and as of the
date of any amendment to the respective Mesa SEC Report), each Mesa SEC Report complied, and each Mesa SEC Report filed subsequent
to the date of this Agreement will comply, as to form in all material respects with the applicable requirements of the Securities
Act, the Exchange Act, and the Sarbanes-Oxley Act, as the case may be.

 

(c) As of its filing date (or, if amended
or superseded by a filing prior to the date of this Agreement, on the date of such subsequent filing), each Mesa SEC Report filed
pursuant to the Exchange Act did not, and each Mesa SEC Report filed subsequent to the date of this Agreement will not, contain
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein,
in the light of the circumstances under which they were made, not misleading.

 

(d) Each Mesa SEC Report that is a registration
statement, as amended or supplemented, if applicable, filed Mesa to the Securities Act, as of the date such registration statement
or amendment became effective, did not contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein (in the case of any prospectus included in such registration statement,
in light of the circumstances under which they were made) not misleading.

 

(e) Mesa has complied in all material respects
with the applicable provisions of the Sarbanes-Oxley Act.

 

(f) Mesa maintains disclosure controls and
procedures required by Rule 13a-15 or 15d-15 under the Exchange Act. Except to the extent otherwise stated in Mesa’s most
recent Form 10-K or Form 10-Q filed with the SEC, such disclosure controls and procedures are designed to ensure that information
required to be disclosed by Mesa is recorded and reported on a timely basis to the individuals responsible for the preparation
of Mesa’s filings with the SEC and other public disclosure documents.

 

(g) Mesa and its Subsidiaries have established
and maintained a system of internal control over financial reporting (as required by in Rule 13a-15 under the Exchange Act) (“internal
controls”). Such internal controls are effective in providing reasonable assurance regarding the reliability of Mesa’s
consolidated financial reporting and the preparation of Mesa’s consolidated financial statements for external purposes in
accordance with generally accepted accounting principles in the United States (“GAAP”). Mesa has disclosed,
based on its most recent evaluation of internal controls prior to the date of this Agreement, to Mesa’s auditors and audit
committee (i) any deficiencies, significant deficiencies and material weaknesses in the design or operation of internal controls
which are reasonably likely to adversely affect Mesa’s ability to record, process, summarize and report financial information,
(ii) any fraud, whether or not material, that involves management or other employees who have a significant role in Mesa’s
internal controls and (iii) any pending and, to the Knowledge of Mesa, threatened claim or allegation regarding any of the foregoing.
Mesa has made available to Armada prior to the date of this Agreement any such disclosure made by management to Mesa’s auditors
and audit committee since January 1, 2011.

 

(h) There are no outstanding loans or other
extensions of credit including in the form of a personal loan (within the meaning of Section 402 of the Sarbanes-Oxley Act) made
by Mesa or any of its Subsidiaries to any executive officer (as defined in Rule 3b-7 under the Exchange Act) or director of Mesa.
Mesa has not, since the enactment of the Sarbanes-Oxley Act, taken any action prohibited by Section 402 of the Sarbanes-Oxley Act.

 

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(i) Each principal executive officer and
principal financial officer of Mesa (or each former principal executive officer and principal financial officer of Mesa, as applicable)
have made all certifications required by Rule 13a-14 and 15d-14 under the Exchange Act and Sections 302 and 906 of the Sarbanes-Oxley
Act and any related rules and regulations promulgated by the SEC, and the statements contained in any such certifications are complete
and correct. For purposes of this Agreement, “principal executive officer” and “principal financial officer”
shall have the meanings given to such terms in the Sarbanes-Oxley Act.

 

(j) Schedule 3.4(j) of the Mesa Disclosure
Letter describes, and Mesa has delivered to Armada copies of the documentation creating or governing, all securitization transactions
and other off-balance sheet arrangements (as defined in Item 303 of Regulation S-K of the SEC) that existed or were effected by
Mesa or its Subsidiaries since January 1, 2011.

 

(k) Other than as disclosed in the Mesa
SEC Reports, since January 1, 2011, there has been no transaction, or series of similar transactions, agreements, arrangements
or understandings, nor are there any proposed transactions as of the date of this Agreement, or series of similar transactions,
agreements, arrangements or understandings to which Mesa or any of its Subsidiaries was or is to be a party, that would be required
to be disclosed under Item 404 of Regulation S-K promulgated under the Securities Act.

 

(l) The audited consolidated financial statements
and unaudited consolidated interim financial statements (including, in each case, any notes thereto) of Mesa included or incorporated
by reference in the Mesa SEC Reports fairly present (and in the case of such consolidated financial statements included or incorporated
by reference in filings made after the date hereof, will fairly present), in conformity with GAAP applied on a consistent basis
(except as may be indicated in the notes thereto), in all material respects the consolidated financial position of Mesa and its
consolidated Subsidiaries as of the dates thereof and their consolidated results of operations and cash flows for the periods then
ended (subject to normal and recurring year-end audit adjustments in the case of any unaudited interim financial statements) and
complied or, in the case of consolidated financial statements included or incorporated by reference in filings made after the date
hereof, will comply, in all material respects with applicable accounting requirements of the SEC.

 

(m) There are no liabilities of Mesa or
any of its Subsidiaries of any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, other
than (i) liabilities reflected in or reserved against in Mesa’s consolidated financial statements filed with Mesa’s
quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2012, (ii) future executory liabilities arising under
any Mesa Contract (other than as a result of a breach thereof) and (iii) accounts payable to trade creditors and accrued expenses
subsequently incurred in the ordinary course of business consistent with past practice and that have not had and would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect on Mesa.

 

(n) Since January 1, 2011, Mesa has not
received written notice from the SEC or any other Governmental Entity that any of its accounting policies or practices are, or
may be, the subject of any review, inquiry, investigation or challenge by the SEC or other Governmental Entity. There are no outstanding
written comments from the SEC with respect to any of the Mesa SEC Reports.

 

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(o) To the Knowledge of Mesa, since January
1, 2011, (i) it has not received any substantive complaint, allegation, assertion or claim that Mesa or any of its Subsidiaries
has engaged in questionable accounting or auditing practices and (ii) no current or former attorney representing Mesa or any of
its Subsidiaries has reported evidence of a material violation of securities laws, breach of fiduciary duty or similar violation
by Mesa or any of its officers, directors, employees or agents to Mesa’s Board of Directors or any committee thereof or to
any director or executive officer of Mesa.

 

(p) To the Knowledge of Mesa, since January
1, 2011, no employee of Mesa or any of its Subsidiaries has provided or is providing information to any law enforcement agency
regarding the commission or possible commission of any crime or the violation or possible violation of any Applicable Laws of the
type described in Section 806 of the Sarbanes-Oxley Act (Protection for Employees of Publicly Traded Companies who Provide Evidence
of Fraud) by Mesa or any of its Subsidiaries. Neither Mesa nor any of its Subsidiaries nor, to the Knowledge of Mesa, any director,
officer, employee, contractor, subcontractor or agent of Mesa or any such Subsidiary has discharged, demoted, suspended, threatened,
harassed or in any other manner discriminated against an employee of Mesa or any of its Subsidiaries in the terms and conditions
of employment because of any lawful act of such employee described in Section 806 of the Sarbanes-Oxley Act.

 

SECTION 3.5 Information Supplied.
None of the information supplied or to be supplied by Mesa or any of its affiliates (as such term is defined in Rule 12b-2 promulgated
under the Exchange Act) for inclusion or incorporation by reference in the registration statement of Armada on Form S-4, or on
any similar successor form thereto, or any amendment or supplement thereto pursuant to which shares of Armada Common Stock issuable
as part of the Acquisition Consideration, upon exercise of all Converted Options, Converted Restricted Stock Grants and Converted
Warrants or otherwise in connection with the Acquisition will be registered with the SEC (the “Registration Statement”)
will at the time the Registration Statement is declared effective by the SEC (or, with respect to any post-effective amendment
or supplement, at the time such post-effective amendment or supplement becomes effective), contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, (with
respect to any prospectus included as part of such registration statement, in light of the circumstances under which they were
made), not misleading. The proxy statement of Mesa to be filed as part of the Registration Statement with the SEC in connection
with the Acquisition and to be sent to the stockholders of Mesa in connection with the Acquisition, and any amendments or supplements
thereto (collectively, the “Proxy Statement”) will not, on the date it is first mailed to the stockholders of
Mesa, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading. The Proxy Statement will
comply as to form in all material respects with the requirements of the Exchange Act. Notwithstanding the foregoing, no representation
or warranty is made by Mesa with respect to statements included or incorporated by reference in the Registration Statement or Proxy
Statement based on information supplied by Armada or any of their respective representatives or advisors in writing specifically
for use or incorporation by reference therein.

 

SECTION 3.6 Board Approval; Mesa Stockholder
Consent. Mesa’s Board of Directors, by resolutions duly adopted at a meeting duly called and held and not subsequently
rescinded or modified in any way, has by unanimous vote of the directors (including the disinterested directors) (i) declared that
this Agreement, the Acquisition, the Voting Agreements and the other transactions contemplated hereby are advisable, fair to and
in the best interests of Mesa and the stockholders of Mesa, (ii) adopted this Agreement and approved the Acquisition, the Voting
Agreements and the transactions contemplated hereby and thereby; (iii) directed that the approval of this Agreement and the Acquisition
be submitted for the written consent of stockholders owning a majority of Mesa’s issued and outstanding common stock (the
“Mesa Stockholder Consent”); and (iv) recommended that the stockholders of Mesa approve this Agreement and the
Acquisition (the “Mesa Recommendation”). Within ten (10) days after the date of this Agreement, or at such later
date as required by the DGCL or other applicable law, Mesa’s Board of Directors shall file a preliminary Proxy Statement
pursuant to which Mesa’s Board of Directors shall solicit the written approval of this Agreement and the transactions contemplated
hereby pursuant to the Mesa Stockholder Consent.

 

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SECTION 3.7 Vote Required; No Dissenters’
Rights.

 

(a) Mesa Stockholders’ Vote Required.
The affirmative vote of the holders of a majority of the outstanding shares of Mesa Common Stock entitled to vote on approval of
this Agreement, the Reorganization and the Dissolution is the only vote of the holders of any class or series of Mesa’s capital
stock necessary to consummate the transactions contemplated hereby, and may be done based upon approval pursuant to the Mesa Stockholder
Consent. Every stockholder of record of Mesa is entitled to one (1) vote for each share of Mesa Common Stock standing in its name
on the records of Mesa.

 

(b) Mesa Sub Stockholder’s Vote
Required. The affirmative vote of Mesa, the sole holder of Mesa Sub’s common stock, is the only vote of the holders of
any class or series of Mesa Sub’s capital stock necessary to consummate the transactions contemplated hereby, and may be
done based upon written consent pursuant to the NRS.

 

(c) No Dissenters’ Rights of Mesa
Stockholders. Holders of Mesa Common Stock who do not sign the Mesa
Stockholder Consent (the “Dissenting Stockholders”) are not entitled to appraisals pursuant to the DGCL,
and neither Mesa nor Armada undertake any obligation to repurchase
any shares owned by any Dissenting Stockholders.

 

(d) Dissenters’ Rights of Mesa
Sub Stockholder. Holders of Mesa Sub Common Stock who do not consent to this Agreement and
the Reorganization have the right to obtain payment for their shares of Mesa Sub Common Stock
pursuant to the NRS. Mesa, as the sole stockholder of Mesa Sub’s
common stock, has agreed to consent to the approval of this Agreement and the Reorganization and will not have the right to obtain
payment for its shares of Mesa Sub Common Stock pursuant to the NRS.

 

SECTION 3.8 Brokers or Finders.
No agent, broker, investment banker, financial advisor or other firm or Person is or will be entitled to any broker’s or
finder’s fee or any other similar commission or fee in connection with any of the transactions contemplated by this Agreement,
based on arrangements made by or on behalf of Mesa, its Subsidiaries or any of their respective officers, directors or employees,
except for C.K. Cooper & Company (the “Transaction Financial Advisor”), whose fees and expenses will be
paid by both Mesa and Armada in accordance with the agreement entered into by Armada, Mesa and the Transaction Financial Advisor.
The amounts of any fees payable to the Transaction Financial Advisor in connection with this Agreement or the transactions contemplated
hereby have been disclosed to Mesa and Armada.

 

SECTION 3.9 Litigation; Compliance
with Laws; Permits.

 

(a) There is (i) no Action pending, or,
to the Knowledge of Mesa, threatened, against or affecting (A) Mesa or any of its Subsidiaries, (B) any of their respective properties,
assets or rights, (C) any of their respective present or former officers, directors or employees in their respective capacities
as such or (D) any other Person for whom Mesa or its Subsidiaries may be liable, in each case that has had or would reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect on Mesa or that in any manner challenges or seeks
to prevent, enjoin, alter or delay the Acquisition or any of the other transactions contemplated hereby and (ii) no judgment, decree,
injunction, rule or order of any Governmental Entity outstanding against, or, to the Knowledge of Mesa, investigation by any Governmental
Entity involving, (A) Mesa or any of its Subsidiaries, (B) any of their respective present or former officers, directors or employees
in their respective capacities as such or (C) any other Person for whom Mesa or its Subsidiaries may be liable, in each case that
has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Mesa or that in
any manner challenges or seeks to prevent, enjoin, alter or delay the Acquisition or any of the other transactions contemplated
hereby. To the Knowledge of Mesa, there is no valid basis for any such Action or investigation. It is agreed that for the purpose
of this Section 3.9(a), effects resulting from or arising in connection with the matters set forth in clause (B) of the
definition of “Material Adverse Effect” shall not be excluded in determining whether a Material Adverse Effect on Mesa
has occurred or would reasonably be expected to occur.

 

    	Page 13 of 73

    	 

    

 

(b) Mesa and each of its Subsidiaries is
and, since January 1, 2011, has been in compliance with, and, to the Knowledge of Mesa, is not under investigation with respect
to and, to the Knowledge of Mesa, has not been threatened to be charged with or given written notice or other written communication
alleging or relating to a possible violation of, Applicable Laws, except for failures to comply or violations that have not had
and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Mesa.

 

(c) Mesa and its Subsidiaries hold all licenses,
authorizations, permits, certificates, consents, approvals, variances, exemptions and orders from Governmental Entities that are
necessary for (i) the lawful operation of their respective businesses as presently conducted and (ii) the lawful ownership, use,
occupancy and operation of their respective assets and properties (the “Mesa Permits”), except to the extent
that failure to hold any such Mesa Permit would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect on Mesa. Mesa and each of its Subsidiaries is and, since January 1, 2011, has been in compliance with the terms
of the Mesa Permits, except for failures to comply or violations that have not had and would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect on Mesa. All Mesa Permits (x) are valid and have not lapsed, been cancelled,
terminated or withdrawn and (y) can be renewed or transferred in the ordinary course of business by Mesa or its Subsidiaries. Any
application for the renewal of any Mesa Permit which is due prior to the Closing Date will be timely made or filed by Mesa or its
Subsidiary prior to the Closing Date. No Action to modify, suspend, revoke, withdraw, terminate or otherwise limit any Mesa Permit
is pending or, to the Knowledge of Mesa, threatened, and to the Knowledge of Mesa there is no valid basis for such Action, including
the transactions contemplated hereby.

 

SECTION 3.10 Absence of Certain Changes
or Events. Since January 1, 2012, the business of Mesa and its Subsidiaries has been conducted in the ordinary course consistent
with past practices, and (a) there has not been any event, circumstance, development, state of facts, occurrence, change or effect
that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Mesa and (b)
neither Mesa nor any of its Subsidiaries has taken any action, or authorized, announced an intention to take or committed or agreed
in writing or otherwise to take any action that, if taken during the Post-Signing Period without Armada ’s consent, would
constitute a breach of Section 5.1.

 

SECTION 3.11 Opinion of Mesa Fairness
Opinion Advisor. Mesa’s Board of Directors has received the opinion of Moyes & Company (the “Mesa Fairness
Provider”), dated the date of this Agreement, to the effect that, in the opinion of the Mesa Fairness Opinion Provider,
as of such date, the Acquisition Consideration is fair, from a financial point of view, to the holders of Mesa Common Stock (such
opinion, the “Mesa Fairness Advisor Opinion”), and a complete copy of the Mesa Fairness Advisor Opinion will
promptly be made available to Armada after receipt by Mesa.

 

SECTION 3.12 Taxes.

 

(a) Tax Returns. Mesa and
each of its Subsidiaries has timely filed or caused to be timely filed with the appropriate Taxing Authorities all material Tax
Returns that are required to be filed by, or with respect to, Mesa or any of its Subsidiaries on or prior to the Closing Date.
The Tax Returns have accurately reflected, and will accurately reflect, all material liabilities for Taxes of Mesa and its Subsidiaries
for the periods covered thereby.

 

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(b) Payment of Taxes. All
material Taxes and Tax liabilities due and payable by or with respect to the income, assets or operations of Mesa and its Subsidiaries
have been timely paid in full. All material Taxes not yet due and payable have been (or will be on or prior to the Closing Date)
accrued and adequately disclosed and fully provided for in accordance with GAAP on Mesa’s quarterly report on Form 10-Q for
the fiscal quarter ended September 30, 2012.

 

(c) Other Tax Matters.

 

(i) Neither Mesa nor any of its Subsidiaries
has been or is currently the subject of an audit or other examination of Taxes by the Tax Authorities of any nation, state or locality
(and no such audit is pending or contemplated) nor has Mesa or any of its Subsidiaries received any notices from any Taxing Authority
relating to any issue which could reasonably be expected to materially affect the Tax liability of Mesa or any of its Subsidiaries.

 

(ii) Neither Mesa nor any of its Subsidiaries
(A) has entered into an agreement or waiver or requested to enter into an agreement or waiver extending any statute of limitations
relating to the payment or collection of Taxes of Mesa or any of its Subsidiaries or (B) is presently contesting the Tax liability
of Mesa or any of its Subsidiaries before any Governmental Entity.

 

(iii) Neither Mesa nor any of its Subsidiaries
has been included in any “consolidated,” “unitary” or “combined” Tax Return provided for under
Applicable Law with respect to Taxes for any Taxable period for which the statute of limitations has not expired (other than a
group of which Mesa and/or its Subsidiaries are the only members).

 

(iv) Taxes that Mesa or any of its Subsidiaries
is (or was) required by Applicable Law to withhold or collect in connection with amounts paid or owing to any employee, independent
contractor, creditor, stockholder, member or other third party have been duly withheld or collected, and have been timely remitted
to the proper authorities to the extent due and payable; and Mesa and each of its Subsidiaries have reported such withheld amounts
to the appropriate Taxing Authority and to each such employee, independent contractor, creditor, stockholder or any other third
party, as required under Applicable Law.

 

(v) No claim has ever been made by any Taxing
Authority in a jurisdiction where Mesa or its Subsidiaries does not file Tax Returns that Mesa or any of its Subsidiaries is or
may be subject to taxation by that jurisdiction.

 

(vi) There are no Tax sharing, allocation,
indemnification or similar agreements in effect as between Mesa or any predecessor or Affiliate thereof and any other party under
which Mesa or any of its Subsidiaries could be liable for any Taxes or other claims of any party.

 

(vii) Mesa and each of its Subsidiaries
has delivered or made available to Armada copies of each of the Tax Returns for income Taxes filed on behalf of Mesa and its Subsidiaries
since January 1, 2011.

 

(viii) Neither Mesa nor any of its Subsidiaries
will be required to include any material item of income in, or exclude any material item of deduction from, Taxable income for
any Taxable period (or portion thereof) ending after the Closing Date as a result of any of the following that occurred or exists
on or prior to the Closing Date: (a) a “closing agreement” as described in Section 7121 of the Code (or any corresponding
or similar provision of state, local or non-U.S. income Tax law), (b) an installment sale or open transaction, (c) a prepaid amount,
(d) an intercompany item under Treasury Regulation section 1.1502-13 or an excess loss account under Treasury Regulation 1.1502-19,
or (e) change in the accounting method of Mesa or any of its Subsidiaries pursuant to Section 481 of the Code or any similar provision
of the Code or the corresponding Tax laws of any nation, state or locality.

 

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(ix) During the five-year period ending
on the date of this Agreement, neither Mesa nor any of its Subsidiaries was a distributing corporation or a controlled corporation
in a transaction intended to be governed by Section 355 of the Code.

 

(x) Neither Mesa nor any of its Subsidiaries
has engaged in a “reportable transaction” within the meaning of Treasury Regulations Section 1.6011-4(b).

 

(xi) Neither Mesa nor any of its Subsidiaries
has a permanent establishment in any foreign country.

 

(xii) Neither Mesa nor any Subsidiary has
requested, received or executed with any Taxing Authority any ruling or binding agreement which could have a material effect in
a post-Closing period.

 

(xiii) Neither Mesa nor any Mesa Subsidiary
has any actual or potential liability for any Tax obligation of any taxpayer other than Mesa and Mesa Subsidiaries (including without
limitation any affiliated group of corporations or other entities that included Mesa or any Mesa Subsidiary during a prior period).

 

(xiv) Neither Mesa nor any Mesa Subsidiary:
(i) is a “consenting corporation” within the meaning of Section 341(f) of the Code, and none of the assets of Mesa
or any Mesa Subsidiary are subject to an election under Section 341(f) of the Code; (ii) has been a United States real property
holding corporation within the meaning of Section 897(c)(2) of the Code during the applicable period specified in Section 897(c)(l)(A)(ii)
of the Code; (iii) has made any payments, is obligated to make any payments, or is a party to any agreement that could obligate
it to make any payments that may be treated as an “excess parachute payment” under Section 280G of the Code; (iv) has
any actual or potential liability for any Taxes of any person (other than Mesa and Mesa Subsidiaries) under Treasury Regulation
Section 1.1502 6 (or any similar provision of federal, state, local, or foreign law), or as a transferee or successor, by contract,
or otherwise; or (v) is or has been required to make a basis reduction pursuant to Treasury Regulation Section 1.1502-20(b) or
Treasury Regulation Section 1.337(d)-2(b).

 

(xv) None of the assets of Mesa or any Mesa
Subsidiary: (i) is property that is required to be treated as being owned by any other person pursuant to the provisions of former
Section 168(f)(8) of the Code; (ii) is “tax-exempt use property” within the meaning of Section 168(h) of the Code;
or (iii) directly or indirectly secures any debt the interest on which is tax exempt under Section 103(a) of the Code.

 

(xvi) Except as disclosed in Schedule
3.12(c)(xvi) of the Mesa Disclosure Letter, no state or federal “net operating loss” of Mesa or any of its Subsidiaries
determined as of the Closing Date is subject to limitation on its use pursuant to Section 382 of the Code or comparable provisions
of state law as a result of any “ownership change” within the meaning of Section 382(g) of the Code or comparable provisions
of any state law occurring prior to the Closing Date.

 

SECTION 3.13 Affiliate Transactions.

 

(a) Other than as disclosed in Schedule
3.13(a) of the Mesa Disclosure Letter, there are no Contracts or other transactions between Mesa or any of its Subsidiaries,
on the one hand, and any: (i) officer or director of Mesa or any of its Subsidiaries; (ii) record or beneficial owner of five percent
(5%) or more of the voting securities of Mesa; (iii) Affiliate of any such officer, director or record or beneficial owner; or
(iv) any other Affiliate of Mesa, on the other hand.

 

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(b) Schedule 3.13(b) of the Mesa
Disclosure Letter lists all loans by Mesa or any of its Subsidiaries to any Person specified in clauses (i), (ii), (iii) and (iv)
of Section 3.13(a) outstanding as of the date hereof, including the date, amount and material terms of such loan and the
date of any amendment to the terms of such loan.

 

SECTION 3.14 Environmental Matters.
(i) Other than as disclosed in Schedule 3.14 of the Mesa Disclosure Letter, no material notice, notification, demand, request
for information, citation, summons or order has been received, and, to the Knowledge of Mesa, no complaint has been filed, no penalty
has been assessed, and no Action or review (or any basis therefor) is pending or, to the Knowledge of Mesa, is threatened by any
Governmental Entity or other Person relating to Mesa or any Subsidiary and relating to or arising out of any Environmental Law;
(ii) to the Knowledge of Mesa, there are no material liabilities or obligations of Mesa or any of its Subsidiaries of any kind
whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise arising under or relating to any Environmental
Law or any Hazardous Substance and there is no condition, situation or set of circumstances that could reasonably be expected to
result in or be the basis for any such liability or obligation; ( (iii) to the Knowledge of Mesa, no material expenditure will
be required in order for Armada to comply with any Environmental Laws in effect at the time of the Closing in connection with the
operation or continued operation of Mesa Sub or any facility or property now owned or operated by Mesa in a manner consistent with
the current operation thereof by Mesa; and (iv) to the Knowledge of Mesa, there are no conditions with respect to the soil, subsurface,
surface waters, groundwater, atmosphere or any environmental medium, whether or not yet discovered, which could result in any material
damage, loss, cost, expense or claim with respect to the Oil and Gas Interests. There has been no environmental investigation,
study, audit, test, review or other analysis conducted of which Mesa has Knowledge that identifies a material issue or issues in
relation to the current or prior business of Mesa or any of its Subsidiaries or any property or facility now or previously owned
or leased by Mesa or any of its Subsidiaries that has not been delivered to Armada prior to the date of this Agreement. For purposes
of this Section 3.14, the terms “Mesa” and “Subsidiaries” shall include any entity
that is or was a predecessor of Mesa or any of its Subsidiaries.

 

SECTION 3.15
Intellectual Property. Schedule 3.15 of the Mesa Disclosure Letter contains a true and complete list of all
Intellectual Property owned by Mesa or any of its Subsidiaries or licensed to Mesa or any of its Subsidiaries for use in their
respective businesses which is registered or for which an application for registration has been filed (the “Mesa Registered
Intellectual Property”). The Mesa Registered Intellectual Property owned by Mesa or any of its Subsidiaries has been
duly registered in, filed in or issued by the United States Patent and Trademark Office, United States Copyright Office, a duly
accredited and appropriate domain name registrar, the appropriate offices in the various states of the United States and the appropriate
offices of other jurisdictions (foreign and domestic), and each such registration, filing and issuance remains valid, enforceable
and in full force and effect. Except as has not had and would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect on Mesa and each of its Subsidiaries owns, or is licensed to use (in each case, free and clear of any
Liens other than Permitted Liens), all Intellectual Property held for use in, used in or necessary for the conduct of its business
as currently conducted. Neither Mesa nor any of its Subsidiaries has received any notice or other communication, or otherwise has
any Knowledge of any pending Action or other information that alleges or indicates that (a) the Mesa Registered Intellectual Property
is or may be invalid or unenforceable; (b) Mesa or its Subsidiaries does not own all right, title, and interest in and to, the
Mesa Registered Intellectual Property owned by Mesa and its Subsidiaries; (c) Mesa or its Subsidiaries have infringed, misappropriated
or otherwise violated the Intellectual Property rights of any Person. To the Knowledge of Mesa, no Person has infringed, misappropriated
or otherwise violated any Intellectual Property right owned by and/or licensed to Mesa or its Subsidiaries. The consummation of
the transactions contemplated by this Agreement will not alter, encumber, impair, terminate or extinguish any Intellectual Property
right of Mesa or any of its Subsidiaries or impair the right of Armada to develop, use, sell, license or dispose of, or to bring
any action for the infringement or misappropriation of, any Intellectual Property right of Mesa or any of its Subsidiaries. Mesa
and its Subsidiaries have taken all necessary and otherwise reasonable steps to maintain it rights in Intellectual Property and
the confidentiality of all Trade Secrets owned, used or held for use by Mesa or any of its Subsidiaries. Neither Mesa nor any of
its Subsidiaries has granted any licenses or other rights, of any kind or nature, in or to any of the Intellectual Property owned
by Mesa or any of its Subsidiaries to any Third Party and no Third Party has granted any licenses or other rights, of any kind
or nature, to Mesa or any of its Subsidiaries for any Third Party Intellectual Property, other
than in-bound licenses that consist solely of “shrink-wrap” and similar commercially available end-user licenses.

 

    	Page 17 of 73

    	 

    

 

SECTION 3.16 Certain Agreements.

 

(a) Schedule 3.16(a) of the Mesa
Disclosure Letter lists each of the following Contracts to which Mesa or any of its Subsidiaries is a party or by which it is bound
as of the date of this Agreement (each such Contract listed or required to be so listed, a “Mesa Material Contract”):

 

(i) any “material contract”
(as such term is defined in Item 601(b)(10) of Regulation S-K under the Exchange Act);

 

(ii) any Contract or series of related Contracts
for the purchase, receipt, lease or use of materials, supplies, goods, services, equipment or other assets involving payments by
or to Mesa or any of its Subsidiaries of more than $200,000 on an annual basis or $1,000,000 in the aggregate;

 

(iii) any O&G Lease;

 

(iv) any Contract or series of related Contracts
involving payments by or to Mesa or any of its Subsidiaries of more than $200,000 on an annual basis or $1,000,000 in the aggregate
that requires consent of or notice to a Third Party in the event of or with respect to the Acquisition, including in order to avoid
a breach or termination of, a loss of benefit under, or triggering a price adjustment, right of renegotiation or other remedy under,
any such Contract;

 

(v) promissory notes, loans, agreements,
indentures, evidences of indebtedness or other instruments providing for or relating to the lending of money, whether as borrower,
lender or guarantor, in amounts greater than $200,000 (other than ordinary course trade payables and receivables);

 

(vi) any material Contract relating to any
interest rate, currency or commodity hedging, swaps, caps, floors and option agreements and other risk management or Derivative
arrangements;

 

(vii) any Contract restricting the payment
of dividends or the repurchase of stock or other equity;

 

(viii) any collective bargaining agreements;

 

(ix) any joint venture, profit sharing,
partnership agreements or other similar agreements;

 

(x) any Contracts or series of related Contracts
relating to the acquisition or disposition of the securities of any Person, any business or any material amount of assets (in each
case, whether by merger, sale of stock, sale of assets or otherwise) other than Contracts of the type referred to in Section
3.16(a)(ii) that are not required to be disclosed in accordance with Section 3.16(a)(ii);

    	Page 18 of 73

    	 

    

 

(xi) any Contract with a Governmental Entity;

 

(xii) any employment, severance, change
in control, restricted stock, termination, personal services or consulting contract;

 

(xiii) all leases or subleases for (i) personal
property involving annual payments by or to Mesa or its Subsidiaries in excess of $200,000 or (ii) real property;

 

(xiv) all Contracts granting any license
to Intellectual Property (other than trademarks and service marks) and any other license (other than real estate) having an aggregate
value per license, or involving payments to Mesa or any of its Subsidiaries, of more than $200,000 on an annual basis;

 

(xv) any Contract that (A) limits the freedom
of Mesa or any of its Subsidiaries to engage or compete in any line of business or with any Person or in any area or which would
so limit the freedom of Armada, Mesa or any of their respective affiliates or successors including Mesa Sub after the Closing Date,
(B) contains exclusivity, “most favored nation,” rights of first refusal, rights of first negotiation, preferential
rights or similar obligations or restrictions that are binding on Mesa or any of its Subsidiaries or that would be binding on Armada,
Mesa or any of their respective affiliates or successors, including Mesa Sub, after the Closing Date or (C) that contains any material
nondisclosure, confidentiality or similar provisions that would be binding on Armada, Mesa or any of their respective affiliates
or successors, including Mesa Sub, after the Closing Date;

 

(xvi) all material outsourcing and specialty
vendor contracts;

 

(xvii) any material Contract providing for
the indemnification by Mesa or any of its Subsidiaries of any Person or under which Mesa or any of its Subsidiaries has guaranteed
any liabilities or obligations of any other Person (other than Mesa or a Subsidiary of Mesa);

 

(xviii) any agreement providing for the
sale or purchase by Mesa or any of its Subsidiaries of Hydrocarbons which contains a “take-or-pay” clause or any similar
prepayment or forward sale arrangement or obligation (excluding “gas balancing” arrangements associated with customary
joint operating agreements) to deliver Hydrocarbons at some future time without then or thereafter receiving full payment therefor;

 

(xix) any agreement pursuant to which Mesa
and its Subsidiaries have paid amounts in respect of or associated with any Production Burden in excess of $200,000 during the
immediately preceding fiscal year or with respect to which Mesa reasonably expects that it and its Subsidiaries will make payments
associated with any Production Burden in any of the next three (3) succeeding fiscal years that could exceed $200,000 per year;

 

(xx) any joint development agreement, exploration
agreement, acreage dedication agreement (including, in respect of each of the foregoing, customary joint operating agreements)
or area of mutual interest agreement that either (A) is material to the operation of Mesa and its Subsidiaries, taken as whole,
or (B) would reasonably be expected to require Mesa and its Subsidiaries to make expenditures in excess of $200,000 in the aggregate
during the twelve (12) month period following the date hereof; and

 

(xxi) all agreements such as Hydrocarbon
sales, purchase, gathering, transportation, treating, storage, compression, marketing, exchange, processing and fractionating contracts
or agreements, division orders, joint operating agreements, and contracts with drilling rig companies, surface leases, salt-water
disposal leases, permits, easements, licenses, farmouts and farmins, unit agreements and all other agreements relating thereto,
in each case involving annual payments by or to Mesa or its Subsidiaries in excess of $200,000.

 

    	Page 19 of 73

    	 

    

 

(b) Mesa has prior to the date of this Agreement
made available to Armada complete and accurate copies of each Mesa Material Contract listed, or required to be listed, in Schedule
3.16(a) of the Mesa Disclosure Letter (including all amendments, modifications, extensions and renewals thereto and waivers
thereunder). All of the Mesa Material Contracts are valid and binding on Mesa and enforceable by and against Mesa or its relevant
Subsidiary (except those which are cancelled, rescinded or terminated after the date of this Agreement in accordance with their
terms and this Agreement and as may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and other laws affecting creditors’ rights generally and general principles of equity), except where the failure to be valid,
binding or enforceable has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect on Mesa, and no written notice to terminate, in whole or part, any of the same has been served (nor, to the Knowledge of
Mesa, has there been any indication that any such notice of termination will be served). Neither Mesa nor any of its Subsidiaries
nor, to the Knowledge of Mesa, any other party thereto is in default or breach under the terms of any Mesa Material Contract except
for such instances of default or breach that have not had and would not be reasonably likely to have, individually or in the aggregate,
a Material Adverse Effect on Mesa.

 

SECTION 3.17 Mesa Plans; Labor Matters.

 

(a) Set forth in Schedule 3.17(a)
of Mesa Disclosure Letter is an accurate and complete list of each employee benefit plan, within the meaning of Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations thereunder (“ERISA”),
whether or not subject to ERISA, and each stock option, restricted stock, stock-based, incentive, bonus, profit-sharing, savings,
deferred compensation, health, medical, dental, life insurance, disability, accident, supplemental unemployment or retirement,
employment, severance or salary or benefits continuation or fringe benefit plan, program, arrangement, agreement or commitment
maintained by Mesa or any Subsidiary thereof (including, for this purpose and for the purpose of all of the representations in
this Section 3.17, any predecessors to Mesa or its Subsidiaries and all employers (whether or not incorporated) that
would be treated together with Mesa and/or any such Subsidiary as a single employer within the meaning of Section 414 of the Code)
or to which Mesa or any Subsidiary thereof contributes (or has any obligation to contribute), has any liability or is a party (collectively,
the “Mesa Plans”).

 

(b) Correct and complete copies of the following
documents with respect to each Mesa Plan have been delivered or made available by Mesa to Armada, to the extent applicable: (i)
all Mesa Plan documents, together with all amendments and attachments thereto (including, in the case of any Mesa Plan not set
forth in writing, a written description thereof); (ii) all trust documents, declarations of trust and other documents establishing
other funding arrangements, and all amendments thereto and the latest financial statements thereof; (iii) the annual report on
IRS Form 5500 for each of the past three (3) years and all schedules thereto; (iv) the most recent IRS determination letter or
opinion letter; and (v) all summary plan descriptions and summaries of material modifications.

 

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(c) Each Mesa Plan is in compliance with
ERISA, the Code, all other Applicable Laws and its governing documents, except as would not reasonably be expected to result, individually
or in the aggregate, in a material liability of Mesa and its Subsidiaries. Each Mesa Plan that is intended to be a qualified plan
under Section 401(a) of the Code has received a favorable determination letter or an opinion letter from the IRS covering all Tax
law changes, and Mesa is not aware of any circumstances that could reasonably be expected to result in the loss of the qualification
of such Mesa Plan under Section 401(a) of the Code. No Mesa Plan is covered by Title IV of ERISA or subject to Section 412 of the
Code or Section 302 of ERISA. All contributions required to be made under the terms of any Mesa Plan have been timely made or have
been reflected in the financial statements of Mesa included in the Mesa SEC Reports filed prior to the date hereof. There has been
no amendment to, announcement by Mesa or any of its Subsidiaries relating to, or change in employee participation or coverage under,
any Mesa Plan which would increase the expense of maintaining such plan above the level of the expense incurred therefor for the
most recent plan year. No Mesa Plan provides for post-employment or retiree health, life insurance or other welfare benefits. Neither
Mesa nor any of its Subsidiaries, nor any of their respective directors, officers or employees, nor, to the Knowledge of Mesa,
any other “disqualified person” or “party in interest” (as defined in Section 4975(e)(2) of the Code and
Section 3(14) of ERISA, respectively) has engaged in any transaction, act or omission to act in connection with any Mesa Plan that
would reasonably be expected to result in the imposition of a material penalty or fine pursuant to Section 502 of ERISA, damages
pursuant to Section 409 of ERISA or a tax pursuant to Section 4975 of the Code. No liability, claim, action, litigation, audit,
examination, investigation or administrative proceeding has been made, commenced or, to the Knowledge of Mesa, threatened with
respect to any Mesa Plan (other than routine claims for benefits payable in the ordinary course). No disallowance of a deduction
under Section 162(m) of the Code for any amount paid or payable by Mesa or any Subsidiary thereof has occurred or is reasonably
expected to occur. All Mesa Plans that are subject to Section 409A of the Code are in compliance with the requirements of Code
Section 409A and the regulations thereunder. Neither the execution of this Agreement, stockholder approval of this Agreement nor
the consummation of the transactions contemplated hereby (either alone or upon the occurrence of any additional or subsequent event)
will: (i) entitle any employees of Mesa or any of its Subsidiaries to severance pay or any increase in severance pay upon any termination
of employment after the date hereof, (ii) accelerate the time of payment or vesting, result in any payment or funding (through
a grantor trust or otherwise) of compensation or benefits under, increase the amount payable or result in any other material obligation
pursuant to, or result in “parachute payment” (as such term is defined in Section 280G of the Code) under any of Mesa
Plans, or (iii) limit or restrict the right of Mesa to merge, amend or terminate any of Mesa Plans. No current or former officer,
director or employee of Mesa or any Subsidiary of Mesa has or will obtain a right to receive a gross-up payment from Mesa or any
such Subsidiary with respect to any excise taxes that may be imposed upon such individual pursuant to Section 409A of the Code,
Section 4999 of the Code or otherwise. Except as required to maintain the tax-qualified status of any Mesa Plan intended to qualify
under Section 401(a) of the Code, no condition or circumstance exists that would prevent the amendment or termination of any Mesa
Plan.

 

(d) Neither Mesa nor any of its Subsidiaries
has been a party to or subject to, or is currently negotiating in connection with entering into, any collective bargaining agreement
or other labor agreement with any union or labor organization, and there has not been any activity or proceeding of any labor organization
or employee group to organize any such employees. There are no (i) unfair labor practice charges or complaints against Mesa or
any of its Subsidiaries pending before the National Labor Relations Board; (ii) labor strikes, slowdowns or stoppages actually
pending or, to the Knowledge of Mesa, threatened against or affecting Mesa or any of its Subsidiaries and there have been no labor
strikes, slowdowns or stoppages against Mesa or any of its Subsidiaries in the past three (3) years; (iii) representation claims
or petitions pending before the National Labor Relations Board; and (iv) grievances or pending arbitration proceedings against
Mesa or any of its Subsidiaries that arose out of or under any collective bargaining agreement.

 

(e) Since January 1, 2011, neither Mesa
nor any of its Subsidiaries has effectuated or announced, or plans to effectuate or announce: (i) a “plant closing”
(as defined in the WARN Act) affecting any site of employment or one or more facilities or operating units within any site of employment
or facility of Mesa or any of its Subsidiaries; (ii) a “mass layoff” (as defined in the WARN Act); or (iii) such other
transaction, layoff, reduction in force or employment terminations sufficient in number to trigger application of any similar Applicable
Law.

 

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SECTION 3.18 Insurance. Mesa
has provided or made available to Armada true, correct and complete copies of its primary director and officer and employee and
officer insurance policies and will make available to Armada, prior to the Closing Date, true and complete copies of all material
policies of insurance to which Mesa or its Subsidiaries is a beneficiary or named insured. Mesa and its Subsidiaries maintain insurance
coverage with reputable insurers in such amounts and covering such risks as are in accordance with normal industry practice for
companies engaged in businesses similar to that of Mesa or its Subsidiaries (taking into account the cost and availability of such
insurance). Each material insurance policy of Mesa and its Subsidiaries is set forth on Schedule 3.18 of the Mesa Disclosure
Letter and is valid, binding and enforceable by and against Mesa or its Subsidiary, as the case may be, has not been terminated
by any party thereto and all premiums due with respect to all such insurance policies have been paid. No notice of cancellation
or termination has been received by Mesa with respect to any insurance policy of Mesa or its Subsidiaries. There is no claim by
Mesa or any of its Subsidiaries pending under any insurance policy of Mesa and its Subsidiaries for an amount in excess of $100,000.
There are no self-insurance arrangements by or affecting Mesa or any of its Subsidiaries.

 

SECTION 3.19 Real Property.
Schedule 3.19 of the Mesa Disclosure Letter sets forth a true and complete list of the following (other than Oil and Gas
Interests): (i) all real property owned by Mesa or any of its Subsidiaries (“Mesa Owned Real Property”); and
(ii) all real property which is leased, licensed, or otherwise occupied by Mesa or one of its Subsidiaries (“Mesa Leased
Real Property”). Mesa or one of its Subsidiaries has indefeasible, good and marketable title to all the Mesa Owned Real
Property and has a valid leasehold interest in all Mesa Leased Real Property, in each case free and clear of all Liens except Permitted
Liens. With respect to Mesa Leased Real Property, each lease or sublease therefor has previously been delivered to Armada and is
valid, binding and enforceable by and against Mesa or its Subsidiary, as applicable, in accordance with its terms and none of Mesa
or any of its Subsidiaries is in breach of or default under such lease or sublease except for such breaches and defaults as have
not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Mesa.

 

SECTION 3.20 Personal Property.
Except as disclosed on Schedule 3.20 of the Mesa Disclosure Letter, Mesa and its Subsidiaries have good and valid title
to, or valid and enforceable right to use under existing franchises, easements or licenses, or valid and enforceable leasehold
interests in, all of its tangible and intangible personal properties, rights and assets necessary to carry on their businesses
as now being conducted, except for such defects that, have not had and would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect on Mesa, in each case free and clear of all Liens, except for Permitted Liens. Except
as, individually or in the aggregate, would not be material to Mesa and its Subsidiaries, taken as a whole, all items of operating
equipment owned or leased by Mesa or any of its Subsidiaries with a fair market value in excess of $200,000 as of the date of this
Agreement (i) are, in the aggregate, in a state of repair so as to be adequate for reasonably prudent operations in the areas in
which they are operated and (ii) are adequate, together with all other properties of Mesa and its Subsidiaries, to comply in the
ordinary course of business consistent with past practice with the requirements of all applicable contracts, including sales contracts.

 

SECTION 3.21 Regulatory Matters.
All natural gas pipeline systems and related facilities constituting Mesa’s and or any of its Subsidiaries’ properties
are (a) “gathering facilities” that are exempt from regulation by the Federal Energy Regulatory Commission under the
Natural Gas Act of 1938, as amended, and (b) not subject to rate regulation or comprehensive nondiscriminatory access regulation
under the laws of any state or other local jurisdiction.

 

SECTION 3.22 Derivatives.
Schedule 3.22 of the Mesa Disclosure Letter contains an accurate and complete list of all outstanding Derivative positions
of Mesa and its Subsidiaries, including Hydrocarbon and financial Derivative positions attributable to the production and marketing
of Mesa and its Subsidiaries as of the date reflected therein, and there have been no changes since the date thereof, except for
changes in financial Derivative positions occurring in the ordinary course of business and in accordance with Mesa’s policies
and practices.

 

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SECTION 3.23 Oil and Gas Interests.

 

(a) Except (i) as, individually or in the
aggregate, would not be material to Mesa and its Subsidiaries, taken as a whole; (ii) for goods and other property sold, used or
otherwise disposed of since January 1, 2012, in the ordinary course of business; or (iii) as otherwise disclosed in the Mesa Disclosure
Letter, Mesa and its Subsidiaries are the sole and legal beneficial owners with good and defensible title to all of the Oil and
Gas Interests of Mesa and its Subsidiaries free and clear of all Liens except (A) Permitted Liens and (B) Production Burdens set
forth on Schedule 3.16(a)(iii) of the Mesa Disclosure Letter. For purposes of this Section 3.23, “good
and defensible title” means title that is free from reasonable doubt to the end that a prudent person engaged in the business
of purchasing and owning, developing, and operating producing oil and gas properties in the geographical areas in which they are
located, with knowledge of all of the facts and their legal bearing, would be willing to accept the same acting reasonably.

 

(b) To the Knowledge of Mesa, all of the
Wells of Mesa and its Subsidiaries have been drilled, completed and operated within the limits permitted by the applicable pooling
or unit agreements or other applicable Contracts and Applicable Law, and all drilling and completion of the Wells and all related
development, production and other operations have been conducted in material compliance with all Applicable Laws. Schedule 3.23(b)
of the Mesa Disclosure Letter sets forth, as of the date hereof, Mesa’s and its Subsidiaries’ average net revenue interests
(working interest less Production Burdens) for all Wells. Exhibit B of the Mesa Disclosure Letter sets forth Mesa’s
and its Subsidiaries’ net revenue interests with respect to all O&G Leases.

 

(c) Except as disclosed on Schedule 3.23(c)
of the Mesa Disclosure Letter, (i) each O&G Lease is valid, binding and enforceable by and against Mesa or its Subsidiary (subject
to lease expirations in the ordinary course of business), has been validly recorded or registered with all relevant Governmental
Entities so as to provide actual or constructive notice to and be enforceable against all Third Parties, and has not been terminated;
(ii) neither Mesa nor any of its Subsidiaries, nor to the Knowledge of Mesa, any other party to an O&G Lease, has violated
any provision of, or taken or failed to take any act which, with or without notice, lapse of time, or both, would constitute a
default under the provisions of such O&G Lease; (iii) neither Mesa nor any of its Subsidiaries has breached, violated or defaulted
on any material provision of any O&G Lease or received notice from any other party to an O&G Lease alleging such a breach,
violation or default by Mesa or any of its Subsidiaries; (iv) all payments (including all delay rentals, royalties, shut-in royalties
and valid calls for payment or prepayment under operating agreements) owing by Mesa or any of its Subsidiaries under any O&G
Lease to which it is a party have been and are being made (timely, and before the same became delinquent) by Mesa or such Subsidiary;
(v) to the Knowledge of Mesa, there are no pending claims or demands for material amounts of nonpayment, underpayment or mispayment
of bonus payments, rentals, royalties, overriding royalties, compensatory royalties and other payments due from or in respect of
production with respect to Mesa’s or any of its Subsidiaries’ interests in any O&G Lease; and (vi) neither Mesa
nor any of its Subsidiaries, nor to the Knowledge of Mesa, any other party to an O&G Lease, has failed, partially failed, or
omitted to record or register any O&G Lease or any assignments of record title or operating rights in the real property or
other country records related to the Oil and Gas Interests purported to be owned by Mesa or its Subsidiaries with any Governmental
Entity.

 

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(d) To the Knowledge of Mesa, (i) Mesa or
its Subsidiaries has obtained all permits, licenses, consents, certificates, easements, authorizations, certificates of convenience
and necessity, and other similar rights that are granted by Governmental Entities and that relate to the Oil and Gas Interests
(“Mesa O&G Permits”) necessary to own and operate the Oil and Gas Interests in compliance with all Applicable
Laws and with the provisions of all applicable O&G Leases and Contracts to which Mesa or its Subsidiaries are a party; (ii)
all of the Mesa O&G Permits are in full force and effect; (iii) all fees and charges relating to the Mesa O&G Permits have
been paid; (iv) all applications for renewal of the Mesa O&G Permits have been timely filed; and (v) all government filings
and notices required to be made with respect to the Oil and Gas Interests have been made or given and are current, in full force
and effect, and not in default.

 

(e) There are no change of control or preferential
rights to purchase provisions applicable to the Oil and Gas Interests owned Mesa or its Subsidiaries that are triggered by the
transactions contemplated by this Agreement or the Acquisition.

 

(f) Neither Mesa nor any of its Subsidiaries
is obligated, by virtue of a prepayment arrangement, a “take or pay” arrangement, production payment or any other arrangement,
to deliver oil, gas or other Hydrocarbons produced from its Oil and Gas Interests at some future time without then receiving full
payment therefor. No O&G Lease contains a representation or warranty from Mesa or any of its Subsidiaries with respect to the
amount of oil, gas, or other liquid Hydrocarbons to be delivered from the Oil and Gas Interests. All payments for any Hydrocarbons
sold from the Oil and Gas Interests pursuant to the O&G Leases are being made to Mesa and its Subsidiaries within the time
periods and in accordance with the prices set forth in such O&G Leases, subject to later adjustments in the normal course of
business required by allocations between producers or by other circumstances routinely requiring retroactive payment adjustments
by purchasers in the ordinary course of Mesa’s business consistent with past practice.

 

SECTION 3.24 Books and Records.
The minute books and other similar records of Mesa and each Mesa Subsidiary contain complete and accurate records in all material
respects of all actions taken at any meetings of Mesa’s or such Mesa Subsidiary’s stockholders, board of directors
or any committees thereof and of all written consents executed in lieu of the holding of any such meetings.

 

SECTION 3.25 Accountants.
GBH CPAs, PC (the “Mesa Auditor”) is and has been throughout the periods covered by the audited consolidated
balance sheet of Mesa at December 31, 2011, and the related consolidated statements of operations and cash flows for the years
ended December 31, 2011 and 2010, and the unaudited balance sheet of Mesa at September 30, 2012 and the related statement of operations
and cash flows for the nine months ended September 30, 2012 and 2011, (a) a registered public accounting firm (as defined in Section
2(a)(12) of the Sarbanes-Oxley Act of 2002) and (b) “independent” with respect to Mesa within the meaning of Regulation
S-X. Except as set forth on Section 3.35 of the Mesa Disclosure Letter, the reports of the Mesa Auditor on the financial
statements of Mesa for the past three fiscal years and any subsequent interim period did not contain an adverse opinion or a disclaimer
of opinion, nor were qualified as to uncertainty, audit scope, or accounting principles. During Mesa’s most recent fiscal
year and the subsequent interim periods, there were no disagreements with the Mesa Auditor on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or procedures, and none of the reportable events listed in Item
304(a)(1)(iv) or (v) of Regulation S-K occurred with respect to the Mesa Auditor.

 

Section 3.26 Mesa Sub Constitutes
Substantially All Assets. After giving effect to the Assignment and Assumption Agreement, the Purchased Assets will constitute
substantially all of Mesa’s assets as of the Closing Date.

 

Section 3.27 Mesa Sub. Each
of Mesa and Mesa Sub, jointly and severally, further represent and warrant to Armada that:

 

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(a) Organization. Mesa Sub is a corporation
duly incorporated, validly existing and in good standing under the laws of the State of Nevada. Mesa Sub is a direct wholly-owned
Subsidiary of Mesa.

 

(b) Capitalization; Issued and Outstanding
Shares. The authorized capital stock of Mesa Sub consists of 100,000,000 shares of common stock, par value $0.001 per share,
and 10,000,000 shares of preferred stock, $0.001 par value per share, of which 200 and 0, respectively, are issued and outstanding,
all of which shares of outstanding common stock are owned beneficially and of record directly by Mesa, free and clear of all Liens,
other than Permitted Liens and free of any other restriction (including any restriction on the right to vote, sell or otherwise
dispose of such capital stock or other ownership interests). All of Mesa Sub’s issued and outstanding shares of capital stock
have been duly authorized and validly issued and are fully paid and non-assessable, are not subject to and were not issued in violation
of any preemptive rights.

 

(c) Corporate Authorization. Mesa
Sub has all requisite corporate power and authority to enter into this Agreement and to consummate the transactions contemplated
hereby. The execution, delivery and performance by Mesa Sub of this Agreement and the consummation by Mesa Sub of the transactions
contemplated hereby have been duly authorized by all necessary corporate action on the part of Mesa Sub. Mesa, in its capacity
as sole stockholder of Mesa Sub, has approved this Agreement and the other transactions contemplated hereby as required by the
NRS. This Agreement has been duly executed and delivered by Mesa Sub and, assuming that this Agreement constitutes the valid and
binding agreement of Mesa, constitutes a valid and binding agreement of Mesa Sub, enforceable against Mesa Sub in accordance with
its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and other similar laws relating to or affecting creditors generally or by general equity principles (regardless of whether such
enforceability is considered in a proceeding in equity or at law) or by an implied covenant of good faith and fair dealing.

 

(d) Non-Contravention. The execution,
delivery and performance by Mesa Sub of this Agreement and the consummation by Mesa Sub of the transactions contemplated hereby
do not and will not contravene or conflict with the certificate of incorporation or the bylaws of Mesa Sub.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF ARMADA

 

Except as disclosed in (i) Armada’s
Annual Report on Form 10-K for its Fiscal Year Ended March 31, 2012 (the “Armada Form 10-K”), and any Armada
SEC Reports filed subsequent to the filing thereof and prior to the date hereof (excluding any risk factor disclosure and any Armada
included in any “forward-looking statements” disclaimer or other statements included in the Armada Form 10-K and such
Armada SEC Reports that are predictive, non-specific, forward-looking or primarily cautionary in nature), but only to the extent
the relevance of such disclosure as an exception to a representation or warranty in this Article IV is reasonably apparent
on its face or (ii) the disclosure letter delivered by Armada to Mesa on the date hereof (the “Armada Disclosure Letter”);
provided, that any disclosure in any schedule of the Armada Disclosure Letter shall only qualify (A) the representation
or warranty made in the corresponding Section of this Article IV and (B) other representations and warranties in this Article
IV to the extent the relevance of such disclosure to such other representations and warranties is reasonably apparent on its
face (notwithstanding the omission of a reference or cross-reference thereto), Armada represents and warrants to Mesa as set forth
in this Article IV:

 

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SECTION 4.1 Organization, Standing
and Power.

 

(a) Except as disclosed in Schedule 4.1(a)
of the Armada Disclosure Letter, Armada and each of its Subsidiaries is a corporation duly organized, validly existing and in good
standing under the laws of its respective jurisdiction of incorporation or organization, has the requisite power and authority
to own, lease and operate its assets and properties and to carry on its business as now being conducted. Armada and each of its
Subsidiaries is duly qualified and in good standing to do business in each jurisdiction in which the nature of its business or
the ownership or leasing of its properties makes such qualification necessary, other than in such jurisdictions where the failure
so to qualify or to be in good standing has not had and would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect on Armada. The copies of the certificate of incorporation and bylaws of Armada and of its Subsidiaries
that were previously furnished or made available to Mesa are true, complete and correct copies of such documents as in effect on
the date of this Agreement and have not been amended since the date hereof, and neither Armada nor any of its Subsidiaries is in
violation of any of its organizational documents.

 

(b) All the outstanding shares of capital
stock of, or other equity interests in, each of Armada’s Subsidiaries have been duly authorized and validly issued and are
fully paid and non-assessable, are not subject to and were not issued in violation of any preemptive rights, and are owned directly
or indirectly by Armada, free and clear of all Liens and free of any other restriction (including any restriction on the right
to vote, sell or otherwise dispose of such capital stock or other ownership interests). Schedule 4.1(b) of the Armada Disclosure
Letter lists all of the Subsidiaries of Armada and, for each such Subsidiary, the jurisdiction of its incorporation or organization
and its directors and officers as of the date of this Agreement. Neither the Armada nor any of its Subsidiaries directly or indirectly
owns any equity or similar interest in, or any interest convertible into or exchangeable or exercisable for, any corporation, partnership,
joint venture or other business association or entity, other than a Subsidiary of Armada. Armada does not own, directly or indirectly,
any voting interest in any Person that would create a filing obligation by Armada under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended.

 

SECTION 4.2 Capital Structure.

 

(a) The authorized capital stock of Armada
consists of (x) 100,000,000 shares of Armada Common Stock and (y) 1,000,000 shares of preferred stock, par value $0.001 per share
(“Armada Preferred Stock”). As of the date of this Agreement, there were outstanding (a) 20,294,631 shares of
Armada Common Stock, (b) no shares of Armada Preferred Stock, (c) Armada Stock Options to purchase an aggregate of 964,000 shares
of Armada Common Stock (of which options to purchase an aggregate of 92,000 shares of Armada Common Stock were exercisable); and
(iv) warrants to purchase up to an aggregate of 7,325,896 shares of Mesa Common Stock (the “Armada Warrants”).
Additionally, as of the date of this Agreement, there were no shares of Armada Common Stock held by Armada as treasury stock. All
outstanding shares of capital stock or other equity securities of Armada and its Subsidiaries have been, and all shares of capital
stock of Armada that may be issued pursuant to the options set forth in this Section 4.2 and pursuant to the Converted Options,
Converted Restricted Stock and Converted Warrants will be, when issued in accordance with the respective terms thereof, duly authorized
and validly issued and are, or will be, when issued in accordance with the terms, fully paid and non-assessable. No shares of capital
stock or other equity interests of Armada or any of its Subsidiaries are entitled to or have been issued in violation of any preemptive
rights. No Subsidiary of Armada owns any shares of capital stock of Armada. Schedule 4.2(a) of the Armada Disclosure
Letter contains a complete and correct list of each outstanding Armada Stock Option, including with respect to each such option
the holder, date of grant, exercise price and number of shares of Armada Common Stock subject thereto.

 

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(b) There are no outstanding bonds, debentures,
notes or other indebtedness of Armada or any of its Subsidiaries having the right to vote (or convertible into, or exchangeable
for, securities having the right to vote) on any matters on which stockholders of Armada or any of its Subsidiaries may vote. Except
for (a) 964,000 shares of Armada Common Stock reserved for issuance under the Armada Stock Options, (b) from the Closing Date,
shares reserved for issuance pursuant to the Converted Options, Converted Restricted Stock and Converted Warrants, and (c) up to
7,325,896 shares of Armada Common Stock reserved for issuance pursuant to outstanding Armada Warrants, there are no issued, reserved
for issuance or outstanding (i) shares of capital stock or other voting securities of or other ownership interest in Armada or
any of its Subsidiaries, (ii) securities convertible into or exchangeable for shares of capital stock or other voting securities
of or other ownership interest in Armada or any of its Subsidiaries, (iii) warrants, calls, options or other rights to acquire
from Armada or any of its Subsidiaries, or other obligations of Armada or any of its Subsidiaries to issue, any capital stock,
other voting securities or securities convertible into or exchangeable for capital stock or other voting securities of or other
ownership interest in Armada or any of its Subsidiaries or (iv) restricted shares, stock appreciation rights, performance units,
contingent value rights, “phantom” stock or similar securities or rights that are derivative of, or provide economic
benefits based, directly or indirectly, on the value or price of, any capital stock of, or other voting securities of or ownership
interest in, Armada or any of its Subsidiaries (the items in clauses (i) through (iv) being referred to collectively as the “Armada
Securities”). There are no outstanding obligations of Armada or any of its Subsidiaries to repurchase, redeem or otherwise
acquire any of the Armada Securities or any shares of capital stock or other equity interest of any Subsidiary of Armada. Except
as set forth on Schedule 5.3(d) of the Armada Disclosure Letter, neither Armada nor any of its Subsidiaries is a party to
or bound by any agreement with respect to the voting or registration of any Armada Securities or any shares of capital stock or
other equity interest of any Subsidiary of Armada. To the Knowledge of Armada, as of the date of this Agreement, other than as
set forth in Schedule 4.2(b) of the Armada Disclosure Letter, no Person or group beneficially owns five percent (5%) or
more of Armada’s outstanding voting securities, with the terms “group” and “beneficially owns” having
the meanings ascribed to them under Rule 13d-3 and Rule 13d-5 under the Exchange Act.

 

(c) Except as disclosed in Schedule 4.2(c)
of the Armada Disclosure Letter, there are no restrictions of any kind which prevent or restrict the payment of dividends or other
distributions by Armada or any of its Subsidiaries other than those imposed by any Applicable Law.

 

(d) (i) Each grant of Armada Stock Options
was made in accordance with the terms of the applicable Armada Stock Plan and any Applicable Laws; (ii) each grant of Armada Stock
Options has a grant date identical to the date on which such Armada Stock Option was actually granted; (iii) each grant of Armada
Stock Options was duly authorized no later than the date on which the grant of such Armada Stock Options was by its terms to be
effective by all necessary corporate action, including, as applicable, approval by Armada’s Board of Directors (or a duly
constituted and authorized committee thereof), or a duly authorized delegate thereof, and any required stockholder approval by
the necessary number of votes or written consents; and (iv) the per share exercise price of each Armada Stock Option was determined
in accordance with the applicable Armada Stock Plan and, to the extent required pursuant to the terms of the applicable Armada
Stock Plan, was equal to the fair market value of a share of Armada Common Stock (determined in accordance with the applicable
Armada Stock Plan) on the applicable date on which the related grant was by its terms to be effective.

 

SECTION 4.3 Authority; No Conflicts.

 

(a) Armada has all requisite corporate power
and authority to enter into this Agreement and to consummate the transactions contemplated hereby. The execution, delivery and
performance of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of Armada. This Agreement has been duly executed and delivered by Armada and, assuming that this Agreement
constitutes a valid and binding agreement of Mesa, constitutes a valid and binding agreement of Armada, enforceable against Armada
in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws relating to or affecting creditors generally or by general equity principles (regardless of whether
such enforceability is considered in a proceeding in equity or at law).

 

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(b) The execution and delivery of this Agreement
and all other instruments and agreements to be delivered by Armada as contemplated hereby do not, and the consummation of the transactions
contemplated hereby and thereby will not (i) conflict with any of the provisions of the certificate of incorporation or by-laws
of Armada, in each case as amended to the date of this Agreement, (ii) create any Lien (other than Permitted Liens) on any of the
properties or assets of Armada, (iii) subject to receipt of the Armada Necessary Consents, conflict with or result in a breach
of, or constitute a default under, or result in the acceleration of any obligation or loss of any benefits under, any Contract
or other instrument to which Armada is a party or by which any of its properties or assets are bound, or (iv) subject to receipt
of the Armada Necessary Consents, contravene any Applicable Law, except, in the case of clauses (ii), (iii) and (iv) above, for
such Liens, conflicts, breaches, defaults, consents, approvals, authorizations, declarations, filings or notices which have not
had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Armada; provided,
that, for purposes of this Section 4.3(b), the term Material Adverse Effect shall be deemed to include any event, circumstance,
development, state of facts, occurrence, change or effect that would prevent, materially impair or materially delay the ability
of Armada to consummate the transactions contemplated by this Agreement.

 

(c) No consent, notice, waiver, approval,
order or authorization of, or registration, declaration or filing with, any Governmental Entity or Third Party or expiry of any
related waiting period is required by or with respect to Armada or any Subsidiary in connection with the execution and delivery
of this Agreement by Armada or the consummation of the Acquisition and the other transactions contemplated hereby, except for those
required under or in relation to (i) Blue Sky Laws; (ii) the Exchange Act; (iii) the Securities Act; or (iv) such consents, approvals,
orders, authorizations, registrations, declarations and filings and expiry of waiting periods the failure of which to make or obtain
or expire would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Armada; and
the consents of Third Parties set forth on Schedule 4.3(c) of the Armada Disclosure Letter. Consents, approvals, orders,
authorizations, registrations, declarations and filings required under or in relation to any of the foregoing clauses (i) through
(iv) are hereinafter referred to as “Armada Necessary Consents.”

 

SECTION 4.4 Reports and Financial
Statements.

 

(a) Except as disclosed on the Schedule
4.4(a) of the Armada Disclosure Letter, Armada has timely filed with or furnished to the SEC all reports, schedules, forms,
statements, prospectuses, registration statements and other documents required to be filed or furnished by Armada since January
1, 2011 (collectively, together with documents filed with the SEC during such period by Armada on a voluntary basis in a Current
Report on Form 8-K, but excluding the Registration Statement and any exhibits and schedules thereto and other information incorporated
therein, the “Armada SEC Reports”). No Subsidiary of Armada is required to file any form, report, registration
statement, prospectus or other document with the SEC.

 

(b) As of its filing date (and as of the
date of any amendment to the respective Armada SEC Report), each Armada SEC Report complied, and each Armada SEC Report filed subsequent
to the date of this Agreement will comply, as to form in all material respects with the applicable requirements of the Securities
Act, the Exchange Act, and the Sarbanes-Oxley Act, as the case may be.

 

(c) As of its filing date (or, if amended
or superseded by a filing prior to the date of this Agreement, on the date of such subsequent filing), each Armada SEC Report filed
pursuant to the Exchange Act did not, and each such Armada SEC Report filed subsequent to the date of this Agreement will not,
contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made
therein, in the light of the circumstances under which they were made, not misleading.

 

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(d) Each Armada SEC Report that is a registration
statement (other than the Registration Statement), as amended or supplemented, if applicable, filed pursuant to the Securities
Act, as of the date such registration statement or amendment became effective, did not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein (in the case
of any prospectus included in such registration statement, in light of the circumstances under which they were made) not misleading.

 

(e) Armada has complied in all material
respects with the applicable provisions of the Sarbanes-Oxley Act.

 

(f) Armada maintains disclosure controls
and procedures required by Rule 13a-15 or 15d-15 under the Exchange Act. Except to the extent otherwise stated in the Armada’s
most recent Form 10-K or Form 10-Q filed with the SEC, such disclosure controls and procedures are designed to ensure that information
required to be disclosed by Armada is recorded and reported on a timely basis to the individuals responsible for the preparation
of the Armada’s filings with the SEC and other public disclosure documents.

 

(g) Armada and its Subsidiaries have established
and maintained a system of internal control over financial reporting (as required by in Rule 13a-15 under the Exchange Act) (“internal
controls”). Except to the extent otherwise stated in Armada’s most recent Form 10-K or Form 10-Q filed with the
SEC, such internal controls are effective in providing reasonable assurance regarding the reliability of the Armada’s consolidated
financial reporting and the preparation of Armada’s consolidated financial statements for external purposes in accordance
with GAAP. Armada has disclosed, based on its most recent evaluation of internal controls prior to the date of this Agreement,
to Armada’s auditors and audit committee (i) any deficiencies, significant deficiencies and material weaknesses in the design
or operation of internal controls which are reasonably likely to adversely affect Armada’s ability to record, process, summarize
and report financial information, (ii) any fraud, whether or not material, that involves management or other employees who have
a significant role in Armada’s internal controls and (iii) any pending and, to the Knowledge of Armada, threatened claim
or allegation regarding any of the foregoing. Armada has made available to Mesa prior to the date of this Agreement any such disclosure
made by management to Armada’s auditors and audit committee since January 1, 2011.

 

(h) There are no outstanding loans or other
extensions of credit including in the form of a personal loan (within the meaning of Section 402 of the Sarbanes-Oxley Act) made
by Armada or any of its Subsidiaries to any executive officer (as defined in Rule 3b-7 under the Exchange Act) or director of Armada.
Armada has not, since the enactment of the Sarbanes-Oxley Act, taken any action prohibited by Section 402 of the Sarbanes-Oxley
Act.

 

(i) Each principal executive officer and
principal financial officer of Armada (or each former principal executive officer and principal financial officer of Armada, as
applicable) have made all certifications required by Rule 13a-14 and 15d-14 under the Exchange Act and Sections 302 and 906 of
the Sarbanes-Oxley Act and any related rules and regulations promulgated by the SEC, and the statements contained in any such certifications
are complete and correct. For purposes of this Agreement, “principal executive officer” and “principal financial
officer” shall have the meanings given to such terms in the Sarbanes-Oxley Act.

 

(j) Schedule 4.4(j) of the Armada
Disclosure Letter describes, and Armada has delivered to Mesa copies of the documentation creating or governing, all securitization
transactions and other off-balance sheet arrangements (as defined in Item 303 of Regulation S-K of the SEC) that existed or were
effected by Armada or its Subsidiaries since January 1, 2011.

 

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(k) Other than as disclosed in the Armada
SEC Reports, since January 1, 2011, there has been no transaction, or series of similar transactions, agreements, arrangements
or understandings, nor are there any proposed transactions as of the date of this Agreement, or series of similar transactions,
agreements, arrangements or understandings to which Armada or any of its Subsidiaries was or is to be a party, that would be required
to be disclosed under Item 404 of Regulation S-K promulgated under the Securities Act.

 

(l) The audited consolidated financial statements
and unaudited consolidated interim financial statements (including, in each case, any notes thereto) of Armada included or incorporated
by reference in the Armada SEC Reports fairly present (and in the case of such consolidated financial statements included or incorporated
by reference in filings made after the date hereof, will fairly present), in conformity with GAAP applied on a consistent basis
(except as may be indicated in the notes thereto), in all material respects the consolidated financial position of Armada and its
consolidated Subsidiaries as of the dates thereof and their consolidated results of operations and cash flows for the periods then
ended (subject to normal and recurring year-end audit adjustments in the case of any unaudited interim financial statements) and
complied or, in the case of consolidated financial statements included or incorporated by reference in filings made after the date
hereof, will comply, in all material respects with applicable accounting requirements of the SEC.

 

(m) There are no liabilities of Armada or
any of its Subsidiaries of any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, other
than (i) liabilities reflected in or reserved against in Armada’s consolidated financial statements filed with Armada’s
quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2012, (ii) future executory liabilities arising under
any Armada Contract (other than as a result of a breach thereof) and (iii) accounts payable to trade creditors and accrued expenses
subsequently incurred in the ordinary course of business consistent with past practice and that have not had and would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect on Armada.

 

(n) Since January 1, 2011, Armada has not
received written notice from the SEC or any other Governmental Entity that any of its accounting policies or practices are or may
be the subject of any review, inquiry, investigation or challenge by the SEC or other Governmental Entity. There are no outstanding
written comments from the SEC with respect to any of the Armada SEC Reports.

 

(o) To the Knowledge of Armada, since January
1, 2011 (i) it has not received any substantive complaint, allegation, assertion or claim that Armada or any of its Subsidiaries
has engaged in questionable accounting or auditing practices and (ii) no current or former attorney representing Armada or any
of its Subsidiaries has reported evidence of a material violation of securities laws, breach of fiduciary duty or similar violation
by Armada or any of its officers, directors, employees or agents to Mesa’s or any committee thereof or to any director or
executive officer of Armada.

 

(p) To the Knowledge of Armada, since January
1, 2011, no employee of Armada or any of its Subsidiaries has provided or is providing information to any law enforcement agency
regarding the commission or possible commission of any crime or the violation or possible violation of any Applicable Laws of the
type described in Section 806 of the Sarbanes-Oxley Act by Armada or any of its Subsidiaries. Neither Armada nor any of its Subsidiaries
nor, to the Knowledge of Armada, any director, officer, employee, contractor, subcontractor or agent of Armada or any such Subsidiary
has discharged, demoted, suspended, threatened, harassed or in any other manner discriminated against an employee of Armada or
any of its Subsidiaries in the terms and conditions of employment because of any lawful act of such employee described in Section
806 of the Sarbanes-Oxley Act.

 

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SECTION 4.5 Information Supplied.
The Registration Statement, and any amendments or supplements thereto, when filed will comply as to form in all material respects
with the applicable requirements of the Exchange Act. At the time the Registration Statement or any amendment or supplement thereto
becomes effective, the Registration Statement, as amended or supplemented, will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein (in
the case of any prospectus included as part of the Registration Statement, in light of the circumstances under which they were
made), not misleading. None of the information supplied or to be supplied by Armada for inclusion or incorporation by reference
in the Proxy Statement or any amendment or supplement thereto will (except to the extent revised or superseded by amendments or
supplements contemplated hereby), on the date it is first mailed to the stockholders of Mesa, contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. Notwithstanding the foregoing, no representation or warranty
is made by Armada with respect to statements included or incorporated by reference in the Registration Statement or Proxy Statement
based on information supplied by Mesa or its Subsidiaries or any of their respective representatives or advisors in writing specifically
for use or incorporation by reference therein.

 

SECTION 4.6 Board Approval.
Armada’s Board of Directors, by resolutions duly adopted at a meeting duly called and held and not subsequently rescinded
or modified in any way, has by unanimous vote of the directors (including the disinterested directors) (i) declared that this Agreement,
the Acquisition and the other transactions contemplated hereby are advisable, fair to and in the best interests of Armada and the
stockholders of Armada, and (ii) adopted this Agreement and approved the Acquisition, and the transactions contemplated hereby
and thereby. Armada’s Board of Directors has approved this Agreement, the Acquisition, the Voting Agreements and the transactions
contemplated hereby and thereby.

 

SECTION 4.7 No Vote
Required. No vote of any holders of the outstanding capital stock of Armada is necessary to consummate the transactions
contemplated hereby.

 

SECTION 4.8 Ownership of Shares.
On the date hereof, Armada does not own (directly or indirectly, beneficially or of record) any shares of capital stock of Mesa
and Armada does not hold any rights to acquire or vote any shares of capital stock of Mesa except pursuant to this Agreement and
the Voting Agreements.

 

SECTION 4.9 Litigation; Compliance
with Laws; Permits.

 

(a) There is (i) no Action pending, or,
to the Knowledge of Armada, threatened, against or affecting (A) Armada or any of its Subsidiaries, (B) any of their respective
properties, assets or rights, (C) any of their respective present or former officers, directors or employees in their respective
capacities as such or (D) any other Person for whom Armada or its Subsidiaries may be liable, in each case that has had or would
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Armada or that in any manner challenges
or seeks to prevent, enjoin, alter or delay the Acquisition or any of the other transactions contemplated hereby and (ii) no judgment,
decree, injunction, rule or order of any Governmental Entity outstanding against, or, to the Knowledge of Armada, investigation
by any Governmental Entity involving, (A) Armada or any of its Subsidiaries, (B) any of their respective present or former officers,
directors or employees in their respective capacities as such or (C) any other Person for whom Armada or its Subsidiaries may be
liable, in each case that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect on Armada or that in any manner challenges or seeks to prevent, enjoin, alter or delay the Acquisition or any of the other
transactions contemplated hereby. To the Knowledge of Armada, there is no valid basis for any such Action or investigation. It
is agreed that for the purpose of this Section 4.7(a), effects resulting from or arising in connection with the matters
set forth in clause (B) of the definition of “Material Adverse Effect” shall not be excluded in determining whether
a Material Adverse Effect on Armada has occurred or would reasonably be expected to occur.

 

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(b) Armada and each of its Subsidiaries
is and, since January 1, 2011, has been in compliance with, and, to the Knowledge of Armada, is not under investigation with respect
to and, to the Knowledge of Armada, has not been threatened to be charged with or given written notice or other written communication
alleging or relating to a possible violation of, Applicable Laws, except for failures to comply or violations that have not had
and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Armada.

 

(c) Armada and its Subsidiaries hold all
material licenses, authorizations, permits, certificates, consents, approvals, variances, exemptions and orders from Governmental
Entities that are necessary for (i) the lawful operation of their respective businesses as presently conducted and (ii) the lawful
ownership, use, occupancy and operation of their respective assets and properties (the “Armada Permits”). Armada
and each of its Subsidiaries is and, since January 1, 2011, has been in compliance with the terms of the Armada Permits, except
for failures to comply or violations that have not had and would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect on Armada. All Armada Permits (x) are valid and have not lapsed, been cancelled, terminated or withdrawn
and (y) can be renewed or transferred in the ordinary course of business by Armada or its Subsidiaries. Any application for the
renewal of any Armada Permit which is due prior to the Closing Date will be timely made or filed by Armada or its Subsidiary prior
to the Closing Date. No Action to modify, suspend, revoke, withdraw, terminate or otherwise limit any Armada Permit is pending
or, to the Knowledge of Armada, threatened, and to the Knowledge of Armada there is no valid basis for such Action, including the
transactions contemplated hereby.

 

SECTION 4.10 Brokers or Finders.
No agent, broker, investment banker, financial advisor or other firm or Person is or will be entitled to any broker’s or
finder’s fee or any other similar commission or fee in connection with any of the transactions contemplated by this Agreement,
based on arrangements made by or on behalf of Armada, its Subsidiaries or any of their respective officers, directors or employees,
except for the Transaction Financial Advisor, whose fees and expenses will be paid by Mesa and Armada in accordance with the Parties’
agreement with the Transaction Financial Advisor. The amounts of any fees payable to the Transaction Financial Advisor in connection
with this Agreement or the transactions contemplated hereby have been disclosed to Mesa and Armada.

 

SECTION 4.11 Absence of Certain Changes
or Events. Since January 1, 2012, the business of Armada and its Subsidiaries has been conducted in the ordinary course
consistent with past practices, and (a) there has not been any event, circumstance, development, state of facts, occurrence, change
or effect that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on
Armada and (b) neither Armada nor any of its Subsidiaries has taken any action, or authorized, announced an intention to take or
committed or agreed in writing or otherwise to take any action that, if taken during the Post-Signing Period without Mesa’s
consent, would constitute a breach of Section 5.3.

 

SECTION 4.12 Taxes.

 

(a) Tax Returns. Armada and
each of its Subsidiaries has timely filed or caused to be timely filed with the appropriate Taxing Authorities all material Tax
Returns that are required to be filed by, or with respect to, Armada or any of its Subsidiaries on or prior to the Closing Date.
The Tax Returns have accurately reflected, and will accurately reflect, all material liabilities for Taxes of Armada and its Subsidiaries
for the periods covered thereby.

 

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(b) Payment of Taxes. All
material Taxes and Tax liabilities due and payable by or with respect to the income, assets or operations of Armada and its Subsidiaries
have been timely paid in full. All material Taxes not yet due and payable have been (or will be on or prior to the Closing Date)
accrued and adequately disclosed and fully provided for in accordance with GAAP on Armada’s quarterly report on Form 10-Q
for the fiscal quarter ended September 30, 2012.

 

(c) Other Tax Matters.

 

(i) Neither Armada nor any of its Subsidiaries
has been or is currently the subject of an audit or other examination of Taxes by the Tax Authorities of any nation, state or locality
(and no such audit is pending or contemplated) nor has Armada or any of its Subsidiaries received any notices from any Taxing Authority
relating to any issue which could reasonably be expected to materially affect the Tax liability of Armada or any of its Subsidiaries.

 

(ii) Neither Armada nor any of its Subsidiaries
(A) has entered into an agreement or waiver or requested to enter into an agreement or waiver extending any statute of limitations
relating to the payment or collection of Taxes of Armada or any of its Subsidiaries or (B) is presently contesting the Tax liability
of Armada or any of its Subsidiaries before any Governmental Entity.

 

(iii) Neither Armada nor any of its Subsidiaries
has been included in any “consolidated,” “unitary” or “combined” Tax Return provided for under
Applicable Law with respect to Taxes for any Taxable period for which the statute of limitations has not expired (other than a
group of which Armada and/or its Subsidiaries are the only members).

 

(iv) Taxes that Armada or any of its Subsidiaries
is (or was) required by Applicable Law to withhold or collect in connection with amounts paid or owing to any employee, independent
contractor, creditor, stockholder, member or other third party have been duly withheld or collected, and have been timely paid
over to the proper authorities to the extent due and payable and Armada and each of its Subsidiaries have reported such withheld
amounts to the appropriate Taxing Authority and to each such employee, independent contractor, creditor, stockholder or any other
third party, as required under Applicable Law.

 

(v) No claim has ever been made by any Taxing
Authority in a jurisdiction where Armada or its Subsidiaries does not file Tax Returns that Armada or any of its Subsidiaries is
or may be subject to taxation by that jurisdiction.

 

(vi) There are no Tax sharing, allocation,
indemnification or similar agreements in effect as between Armada or any predecessor or Affiliate thereof and any other party under
which Armada or any of its Subsidiaries could be liable for any Taxes or other claims of any party.

 

(vii) Armada and each of its Subsidiaries
has delivered or made available to Mesa copies of each of the Tax Returns for income Taxes filed on behalf of Armada and its Subsidiaries
since January 1, 2011.

 

(viii) Neither Armada nor any of its Subsidiaries
will be required to include any material item of income in, or exclude any material item of deduction from, Taxable income for
any Taxable period (or portion thereof) ending after the Closing Date as a result of any of the following that occurred or exists
on or prior to the Closing Date: (a) a “closing agreement” as described in Section 7121 of the Code (or any corresponding
or similar provision of state, local or non-U.S. income Tax law), (b) an installment sale or open transaction, (c) a prepaid amount,
(d) an intercompany item under Treasury Regulation section 1.1502-13 or an excess loss account under Treasury Regulation 1.1502-19,
or (e) change in the accounting method of Armada or any of its Subsidiaries pursuant to Section 481 of the Code or any similar
provision of the Code or the corresponding Tax laws of any nation, state or locality.

 

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(ix) During the five-year period ending
on the date of this Agreement, neither Armada nor any of its Subsidiaries was a distributing corporation or a controlled corporation
in a transaction intended to be governed by Section 355 of the Code.

 

(x) Neither Armada nor any of its Subsidiaries
has engaged in a “reportable transaction” within the meaning of Treasury Regulations Section 1.6011-4(b).

 

(xi) Neither Armada nor any of its Subsidiaries
has a permanent establishment in any foreign country.

 

(xii) Neither
Armada nor any Subsidiary has requested, received or executed with any Taxing Authority any ruling or binding agreement which could
have a material effect in a post-Closing period.

 

(xiii) Neither Armada nor any Armada Subsidiary
has any actual or potential liability for any Tax obligation of any taxpayer other than Armada and Armada (including without limitation
any affiliated group of corporations or other entities that included Armada or any Armada Subsidiary during a prior period).

 

(xiv) Neither Armada nor any Armada Subsidiary:
(i) is a “consenting corporation” within the meaning of Section 341(f) of the Code, and none of the assets of Armada
or any Armada Subsidiary are subject to an election under Section 341(f) of the Code; (ii) has been a United States real property
holding corporation within the meaning of Section 897(c)(2) of the Code during the applicable period specified in Section 897(c)(l)(A)(ii)
of the Code; (iii) has made any payments, is obligated to make any payments, or is a party to any agreement that could obligate
it to make any payments that may be treated as an “excess parachute payment” under Section 280G of the Code; (iv) has
any actual or potential liability for any Taxes of any person (other than Armada and Armada Subsidiaries) under Treasury Regulation
Section 1.1502 6 (or any similar provision of federal, state, local, or foreign law), or as a transferee or successor, by contract,
or otherwise; or (v) is or has been required to make a basis reduction pursuant to Treasury Regulation Section 1.1502-20(b) or
Treasury Regulation Section 1.337(d)-2(b).

 

(xv) None of the assets of Armada or any
Armada Subsidiary: (i) is property that is required to be treated as being owned by any other person pursuant to the provisions
of former Section 168(f)(8) of the Code; (ii) is “tax-exempt use property” within the meaning of Section 168(h) of
the Code; or (iii) directly or indirectly secures any debt the interest on which is tax exempt under Section 103(a) of the Code.

 

(xvi) No state or federal “net operating
loss” of Armada or any of its Subsidiaries determined as of the Closing Date is subject to limitation on its use pursuant
to Section 382 of the Code or comparable provisions of state law as a result of any “ownership change” within the meaning
of Section 382(g) of the Code or comparable provisions of any state law occurring prior to the Closing Date.

 

SECTION 4.13 Affiliate Transactions.

 

(a) Other than as disclosed in Schedule
4.13(a) of the Armada Disclosure Letter, there are no Contracts or other transactions between Armada or any of its Subsidiaries,
on the one hand, and any: (i) officer or director of Armada or any of its Subsidiaries; (ii) record or beneficial owner of five
percent (5%) or more of the voting securities of Armada; (iii) Affiliate of any such officer, director or record or beneficial
owner; or (iv) any other Affiliate of Armada, on the other hand.

 

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(b) Schedule 4.13(b) of the Armada
Disclosure Letter lists all loans by Armada or any of its Subsidiaries to any Person specified in clauses (i), (ii), (iii) and
(iv) of Section 4.13(a) outstanding as of the date hereof, including the date, amount and material terms of such loan and
the date of any amendment to the terms of such loan.

 

SECTION 4.14 Environmental Matters.
(i) Other than as disclosed in Schedule 4.14 of the Armada Disclosure Letter, no material notice, notification, demand,
request for information, citation, summons or order has been received, and, to the Knowledge of Armada, no complaint has been filed,
no penalty has been assessed, and no Action or review (or any basis therefor) is pending or, to the Knowledge of Armada, is threatened
by any Governmental Entity or other Person relating to Armada or any Subsidiary and relating to or arising out of any Environmental
Law; (ii) to the Knowledge of Armada, there are no material liabilities or obligations of Armada or any of its Subsidiaries of
any kind whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise arising under or relating to
any Environmental Law or any Hazardous Substance and there is no condition, situation or set of circumstances that could reasonably
be expected to result in or be the basis for any such liability or obligation; (iii) to the Knowledge of Armada no material expenditure
will be required in order for Armada or its Subsidiaries to comply with any Environmental Laws in effect at the time of the Closing
in connection with the operation or continued operation of Armada and its Subsidiaries or any facility or property now owned or
operated by Armada or its Subsidiaries in a manner consistent with the current operation thereof by Armada and its Subsidiaries;
(iv) to the Knowledge of Armada, there are no conditions with respect to the soil, subsurface, surface waters, groundwater, atmosphere
or any environmental medium, whether or not yet discovered, which could result in any material damage, loss, cost, expense or claim
with respect to the Oil and Gas Interests. There has been no environmental investigation, study, audit, test, review or other analysis
conducted of which Armada has Knowledge that identifies a material issue or issues in relation to the current or prior business
of Armada or any of its Subsidiaries or any property or facility now or previously owned or leased by Armada or any of its Subsidiaries
that has not been delivered to Mesa prior to the date of this Agreement. For purposes of this Section 4.14 the terms “Armada”
and “Subsidiaries” shall include any entity that is or was a predecessor of Armada or any of its Subsidiaries.

 

SECTION 4.15 Intellectual Property.
Schedule 4.15 of the Armada Disclosure Letter contains a true and complete list of all Intellectual Property owned by Armada
or any of its Subsidiaries or licensed to Armada or any of its Subsidiaries for use in their respective businesses which is registered
or for which an application for registration has been filed (the “Armada Registered Intellectual Property”).
The Armada Registered Intellectual Property owned by Armada or any of its Subsidiaries has been duly registered in, filed in or
issued by the United States Patent and Trademark Office, United States Copyright Office, a duly accredited and appropriate domain
name registrar, the appropriate offices in the various states of the United States and the appropriate offices of other jurisdictions
(foreign and domestic), and each such registration, filing and issuance remains valid, enforceable and in full force and effect.
Except as has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect
on Armada, Armada and each of its Subsidiaries owns, or is licensed to use (in each case, free and clear of any Liens other than
Permitted Liens), all Intellectual Property held for use in, used in or necessary for the conduct of its business as currently
conducted. Neither Armada nor any of its Subsidiaries has received any notice or other communication, or otherwise has any Knowledge
of any pending Action or other information that alleges or indicates that (a) the Armada Registered Intellectual Property is or
may be invalid or unenforceable; (b) Armada or any of its Subsidiaries does not own all right, title, and interest in and to, the
Armada Registered Intellectual Property owned by Armada and its Subsidiaries; (c) Armada or its Subsidiaries have infringed, misappropriated
or otherwise violated the Intellectual Property rights of any Person. To the Knowledge of Armada, no Person has infringed, misappropriated
or otherwise violated any Intellectual Property right owned by and/or licensed to Armada or its Subsidiaries. The consummation
of the transactions contemplated by this Agreement will not alter, encumber, impair, terminate or extinguish any Intellectual Property
right of Armada or any of its Subsidiaries or impair the right of Armada to develop, use, sell, license or dispose of, or to bring
any action for the infringement or misappropriation of, any Intellectual Property right of Armada or any of its Subsidiaries. Armada
and its Subsidiaries have taken all necessary and otherwise reasonable steps to maintain it rights in Intellectual Property and
the confidentiality of all Trade Secrets owned, used or held for use by Armada or any of its Subsidiaries. Neither Armada nor any
of its Subsidiaries has granted any licenses or other rights, of any kind or nature, in or to any of the Intellectual Property
owned by Armada or any of its Subsidiaries to any Third Party and no Third Party has granted any licenses or other rights, of any
kind or nature, to Armada or any of its Subsidiaries for any Third Party Intellectual Property, other than in-bound licenses that
consist solely of “shrink-wrap” and similar commercially available end-user licenses.

 

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SECTION 4.16 Certain Agreements.

 

(a) Schedule 4.16(a) of the Armada
Disclosure Letter lists each of the following Contracts to which Armada or any of its Subsidiaries is a party or by which it is
bound as of the date of this Agreement (each such Contract listed or required to be so listed, a “Armada Material Contract”):

 

(i) any “material contract”
(as such term is defined in Item 601(b)(10) of Regulation S-K under the Exchange Act);

 

(ii) any Contract or series of related Contracts
for the purchase, receipt, lease or use of materials, supplies, goods, services, equipment or other assets involving payments by
or to Armada or any of its Subsidiaries of more than $200,000 on an annual basis or $1,000,000 in the aggregate;

 

(iii) any O&G Lease;

 

(iv) any Contract or series of related Contracts
involving payments by or to Armada or any of its Subsidiaries of more than $200,000 on an annual basis or $1,000,000 in the aggregate
that requires consent of or notice to a Third Party in the event of or with respect to the Acquisition, including in order to avoid
a breach or termination of, a loss of benefit under, or triggering a price adjustment, right of renegotiation or other remedy under,
any such Contract;

 

(v) promissory notes, loans, agreements,
indentures, evidences of indebtedness or other instruments providing for or relating to the lending of money, whether as borrower,
lender or guarantor, in amounts greater than $200,000 (other than ordinary course trade payables and receivables);

 

(vi) any material Contract relating to any
interest rate, currency or commodity hedging, swaps, caps, floors and option agreements and other risk management or Derivative
arrangements;

 

(vii) any Contract restricting the payment
of dividends or the repurchase of stock or other equity;

 

(viii) any collective bargaining agreements;

 

(ix) any joint venture, profit sharing,
partnership agreements or other similar agreements;

 

(x) any Contracts or series of related Contracts
relating to the acquisition or disposition of the securities of any Person, any business or any material amount of assets (in each
case, whether by merger, sale of stock, sale of assets or otherwise) other than Contracts of the type referred to in Section
4.16(a)(ii) that are not required to be disclosed in accordance with Section 4.16(a)(ii);

 

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(xi) any Contract with a Governmental Entity;

 

(xii) any employment, severance, change
in control, restricted stock, termination, personal services or consulting contract;

 

(xiii) all leases or subleases for (i) personal
property involving annual payments by or to Armada t or its Subsidiaries in excess of $200,000 or (ii) real property;

 

(xiv) all Contracts granting any license
to Intellectual Property (other than trademarks and service marks) and any other license (other than real estate) having an aggregate
value per license, or involving payments to Armada or any of its Subsidiaries, of more than $200,000 on an annual basis;

 

(xv) any Contract that (A) limits the freedom
of Armada or any of its Subsidiaries to engage or compete in any line of business or with any Person or in any area or which would
so limit the freedom of Mesa, Armada or any of their respective affiliates or successors including Mesa Sub after the Closing Date,
(B) contains exclusivity, “most favored nation,” rights of first refusal, rights of first negotiation, preferential
rights or similar obligations or restrictions that are binding on Armada or any of its Subsidiaries or that would be binding on
Mesa, Armada or any of their respective affiliates or successors, including Mesa Sub, after the Closing Date or (C) that contains
any material nondisclosure, confidentiality or similar provisions that would be binding on Mesa, Armada or any of their respective
affiliates or successors, including Mesa Sub, after the Closing Date;

 

(xvi) all material outsourcing and specialty
vendor contracts;

 

(xvii) any material Contract providing for
the indemnification by Armada or any of its Subsidiaries of any Person or under which Armada or any of its Subsidiaries has guaranteed
any liabilities or obligations of any other Person (other than Armada or a Subsidiary of Armada);

 

(xviii) any agreement providing for the
sale or purchase by Armada or any of its Subsidiaries of Hydrocarbons which contains a “take-or-pay” clause or any
similar prepayment or forward sale arrangement or obligation (excluding, “gas balancing” arrangements associated with
customary joint operating agreements) to deliver Hydrocarbons at some future time without then or thereafter receiving full payment
therefor;

 

(xix) any agreement pursuant to which Armada
and its Subsidiaries have paid amounts in respect of or associated with any Production Burden in excess of $200,000 during the
immediately preceding fiscal year or with respect to which Armada reasonably expects that it and its Subsidiaries will make payments
associated with any Production Burden in any of the next three (3) succeeding fiscal years that could exceed $200,000 per year;

 

(xx) any joint development agreement, exploration
agreement, acreage dedication agreement (including, in respect of each of the foregoing, customary joint operating agreements)
or area of mutual interest agreement that either (A) is material to the operation of Armada and its Subsidiaries, taken as whole,
or (B) would reasonably be expected to require Armada and its Subsidiaries to make expenditures in excess of $200,000 in the aggregate
during the twelve (12) month period following the date hereof; and

 

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(xxi) all agreements such as Hydrocarbon
sales, purchase, gathering, transportation, treating, storage, compression, marketing, exchange, processing and fractionating contracts
or agreements, division orders, joint operating agreements, and contracts with drilling rig companies, surface leases, salt-water
disposal leases, permits, easements, licenses, farmouts and farmins, unit agreements and all other agreements relating thereto,
in each case involving annual payments by or to Armada or its Subsidiaries in excess of $200,000.

 

(b) Armada has prior to the date of this
Agreement made available to Mesa complete and accurate copies of each Armada Material Contract listed, or required to be listed,
in Schedule 4.14(a) of the Armada Disclosure Letter (including all amendments, modifications, extensions and renewals thereto
and waivers thereunder). All of the Armada Material Contracts are valid and binding on Armada and enforceable by and against Armada
or its relevant Subsidiary (except those which are cancelled, rescinded or terminated after the date of this Agreement in accordance
with their terms and this Agreement and as may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and other laws affecting creditors’ rights generally and general principles of equity), except where the failure
to be valid, binding or enforceable has not had and would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect on Armada, and no written notice to terminate, in whole or part, any of the same has been served (nor,
to the Knowledge of Armada, has there been any indication that any such notice of termination will be served). Neither Armada nor
any of its Subsidiaries nor, to the Knowledge of Armada, any other party thereto is in default or breach under the terms of any
Armada Material Contract except for such instances of default or breach that have not had and would not be reasonably likely to
have, individually or in the aggregate, a Material Adverse Effect on Armada.

 

SECTION 4.17 Armada Plans; Labor Matters.

 

(a) Set forth in Schedule 4.17(a)
of the Armada Disclosure Letter is an accurate and complete list of each employee benefit plan, within the meaning of Section 3(3)
of ERISA, whether or not subject to ERISA, and each stock option, restricted stock, stock-based, incentive, bonus, profit-sharing,
savings, deferred compensation, health, medical, dental, life insurance, disability, accident, supplemental unemployment or retirement,
employment, severance or salary or benefits continuation or fringe benefit plan, program, arrangement, agreement or commitment
maintained by Armada or any Subsidiary thereof (including, for this purpose and for the purpose of all of the representations in
this Section 4.17, any predecessors to Armada or its Subsidiaries and all employers (whether or not incorporated) that would
be treated together with Armada and/or any such Subsidiary as a single employer within the meaning of Section 414 of the Code)
or to which Armada or any Subsidiary thereof contributes (or has any obligation to contribute), has any liability or is a party
(collectively, the “Armada Plans”).

 

(b) Correct and complete copies of the following
documents with respect to each Armada Plan have been delivered or made available by Armada to Mesa, to the extent applicable: (i)
all Armada Plan documents, together with all amendments and attachments thereto (including, in the case of any Armada Plan not
set forth in writing, a written description thereof); (ii) all trust documents, declarations of trust and other documents establishing
other funding arrangements, and all amendments thereto and the latest financial statements thereof; (iii) the annual report on
IRS Form 5500 for each of the past three (3) years and all schedules thereto; (iv) the most recent IRS determination letter or
opinion letter; and (v) all summary plan descriptions and summaries of material modifications.

 

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(c) Each Armada Plan is in compliance with
ERISA, the Code, all other Applicable Laws and its governing documents, except as would not reasonably be expected to result, individually
or in the aggregate, in a material liability of Armada and its Subsidiaries. Each Armada Plan that is intended to be a qualified
plan under Section 401(a) of the Code has received a favorable determination letter or an opinion letter from the IRS covering
all Tax law changes, and Armada is not aware of any circumstances that could reasonably be expected to result in the loss of the
qualification of such Armada Plan under Section 401(a) of the Code. No Armada Plan is covered by Title IV of ERISA or subject to
Section 412 of the Code or Section 302 of ERISA. All contributions required to be made under the terms of any Armada Plan have
been timely made or have been reflected in the financial statements of Armada included in the Armada SEC Reports filed prior to
the date hereof. There has been no amendment to, announcement by Armada or any of its Subsidiaries relating to, or change in employee
participation or coverage under, any Armada Plan which would increase the expense of maintaining such plan above the level of the
expense incurred therefor for the most recent plan year. No Armada Plan provides for post-employment or retiree health, life insurance
or other welfare benefits. Neither Armada nor any of its Subsidiaries, nor any of their respective directors, officers or employees,
nor, to the Knowledge of Armada, any other “disqualified person” or “party in interest” (as defined in
Section 4975(e)(2) of the Code and Section 3(14) of ERISA, respectively) has engaged in any transaction, act or omission to act
in connection with any Armada Plan that would reasonably be expected to result in the imposition of a material penalty or fine
pursuant to Section 502 of ERISA, damages pursuant to Section 409 of ERISA or a tax pursuant to Section 4975 of the Code. No liability,
claim, action, litigation, audit, examination, investigation or administrative proceeding has been made, commenced or, to the Knowledge
of Armada, threatened with respect to any Armada Plan (other than routine claims for benefits payable in the ordinary course).
No disallowance of a deduction under Section 162(m) of the Code for any amount paid or payable by Armada or any Subsidiary thereof
has occurred or is reasonably expected to occur. All Armada Plans that are subject to Section 409A of the Code are in compliance
with the requirements of Code Section 409A and the regulations thereunder. Neither the execution of this Agreement, stockholder
approval of this Agreement nor the consummation of the transactions contemplated hereby (either alone or upon the occurrence of
any additional or subsequent event) will: (i) entitle any employees of Armada or any of its Subsidiaries to severance pay or any
increase in severance pay upon any termination of employment after the date hereof, (ii) accelerate the time of payment or vesting,
result in any payment or funding (through a grantor trust or otherwise) of compensation or benefits under, increase the amount
payable or result in any other material obligation pursuant to, or result in “parachute payment” (as such term is defined
in Section 280G of the Code) under any of the Armada Plans, or (iii) limit or restrict the right of Armada to merge, amend or terminate
any of the Armada Plans. No current or former officer, director or employee of Armada t or any Subsidiary of Armada has or will
obtain a right to receive a gross-up payment from Armada or any such Subsidiary with respect to any excise taxes that may be imposed
upon such individual pursuant to Section 409A of the Code, Section 4999 of the Code or otherwise. Except as required to maintain
the tax-qualified status of any Armada Plan intended to qualify under Section 401(a) of the Code, no condition or circumstance
exists that would prevent the amendment or termination of any Armada Plan.

 

(d) Neither Armada nor any of its Subsidiaries
has been a party to or subject to, or is currently negotiating in connection with entering into, any collective bargaining agreement
or other labor agreement with any union or labor organization, and there has not been any activity or proceeding of any labor organization
or employee group to organize any such employees. There are no (i) unfair labor practice charges or complaints against Armada or
any of its Subsidiaries pending before the National Labor Relations Board; (ii) labor strikes, slowdowns or stoppages actually
pending or, to the Knowledge of Armada, threatened against or affecting Armada or any of its Subsidiaries and there have been no
labor strikes, slowdowns or stoppages against Armada or any of its Subsidiaries in the past three (3) years; (iii) representation
claims or petitions pending before the National Labor Relations Board; and (iv) grievances or pending arbitration proceedings against
Armada or any of its Subsidiaries that arose out of or under any collective bargaining agreement.

 

(e) Since January 1, 2011, neither Armada
nor any of its Subsidiaries has effectuated or announced, or plans to effectuate or announce: (i) a “plant closing”
(as defined in the WARN Act) affecting any site of employment or one or more facilities or operating units within any site of employment
or facility of Armada or any of its Subsidiaries; (ii) a “mass layoff” (as defined in the WARN Act); or (iii) such
other transaction, layoff, reduction in force or employment terminations sufficient in number to trigger application of any similar
Applicable Law.

 

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SECTION 4.18 Insurance. Armada
has provided or made available to Mesa true, correct and complete copies of its primary director and officer and employee and officer
insurance policies and will make available to Mesa, prior to the Closing Date, true and complete copies of all material policies
of insurance to which Armada or its Subsidiaries is a beneficiary or named insured. Armada and its Subsidiaries maintain insurance
coverage with reputable insurers in such amounts and covering such risks as are in accordance with normal industry practice for
companies engaged in businesses similar to that of Armada or its Subsidiaries (taking into account the cost and availability of
such insurance). Each material insurance policy of Armada and its Subsidiaries is set forth on Schedule 4.18 of the Armada
Disclosure Letter and is valid, binding and enforceable by and against Armada or its Subsidiary, as the case may be, has not been
terminated by any party thereto and all premiums due with respect to all such insurance policies have been paid. No notice of cancellation
or termination has been received by Armada with respect to any insurance policy of Armada or its Subsidiaries. There is no material
claim by Armada or any of its Subsidiaries pending under any insurance policy of Armada and its Subsidiaries for an amount in excess
of $100,000. There are no self-insurance arrangements by or affecting Armada or any of its Subsidiaries.

 

SECTION 4.19 Real Property.
Schedule 4.19 of the Armada Disclosure Letter sets forth a true and complete list of the following (other than Oil and Gas
Interests): (i) all real property owned by Armada or any of its Subsidiaries (“Armada Owned Real Property”);
and (ii) all real property which is leased, licensed, or otherwise occupied by Armada or one of its Subsidiaries (“Armada
Leased Real Property”). Armada or one of its Subsidiaries has indefeasible, good and marketable title to all the Armada
Owned Real Property and has a valid leasehold interest in all the Armada Leased Real Property, in each case free and clear of all
Liens except Permitted Liens. With respect to the Armada Leased Real Property, each lease or sublease therefor has previously been
delivered to Mesa and is valid, binding and enforceable by and against Armada or its Subsidiary, as applicable, in accordance with
its terms and none of Armada or any of its Subsidiaries is in breach of or default under such lease or sublease except for such
breaches and defaults as have not had and would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect on Armada.

 

SECTION 4.20 Personal Property.
Except as disclosed on Schedule 4.20 of the Armada Disclosure Schedule, Armada and its Subsidiaries have good and valid
title to, or valid and enforceable right to use under existing franchises, easements or licenses, or valid and enforceable leasehold
interests in, all of its tangible and intangible personal properties, rights and assets necessary to carry on their businesses
as now being conducted, except for such defects that, have not had and would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect on Armada, in each case free and clear of all Liens, except for Permitted Liens. Except
as, individually or in the aggregate, would not be material to Armada and its Subsidiaries, taken as a whole, all items of operating
equipment owned or leased by Armada or any of its Subsidiaries with a fair market value in excess of $200,000 as of the date of
this Agreement (i) are, in the aggregate, in a state of repair so as to be adequate for reasonably prudent operations in the areas
in which they are operated and (ii) are adequate, together with all other properties of Armada and its Subsidiaries, to comply
in the ordinary course of business consistent with past practice with the requirements of all applicable contracts, including sales
contracts.

 

SECTION 4.21 Regulatory Matters.
All natural gas pipeline systems and related facilities constituting Armada’s and or any of its Subsidiaries’ properties
are (a) “gathering facilities” that are exempt from regulation by the Federal Energy Regulatory Commission under the
Natural Gas Act of 1938, as amended, and (b) not subject to rate regulation or comprehensive nondiscriminatory access regulation
under the laws of any state or other local jurisdiction.

 

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SECTION 4.22 Derivatives.
Schedule 4.22 of the Armada Disclosure Letter contains an accurate and complete list of all outstanding Derivative positions
of Armada and its Subsidiaries, including Hydrocarbon and financial Derivative positions attributable to the production and marketing
of Armada and its Subsidiaries as of the date reflected therein, and there have been no changes since the date thereof, except
for changes in financial Derivative positions occurring in the ordinary course of business and in accordance with Armada’s
policies and practices.

 

SECTION 4.23 Oil and Gas Interests.

 

(a) Except (i) as, individually or in the
aggregate, would not be material to Armada and its Subsidiaries, taken as a whole, (ii) for goods and other property sold, used
or otherwise disposed of since January 1, 2012, in the ordinary course of business, or (iii) as otherwise disclosed in the Armada
Disclosure Letter, Armada and its Subsidiaries are the sole and legal beneficial owners with good and defensible title to all of
the Oil and Gas Interests of Armada and its Subsidiaries free and clear of all Liens except (A) Permitted Liens and (B) Production
Burdens set forth on Schedule 4.17(a)(iii) of the Armada Disclosure Letter. For purposes of this Section 4.23, “good
and defensible title” means title that is free from reasonable doubt to the end that a prudent person engaged in the business
of purchasing and owning, developing, and operating producing oil and gas properties in the geographical areas in which they are
located, with knowledge of all of the facts and their legal bearing, would be willing to accept the same acting reasonably.

 

(b) To the Knowledge of Armada, all of the
Wells of Armada and its Subsidiaries have been drilled, completed and operated within the limits permitted by the applicable pooling
or unit agreements or other applicable Contracts and Applicable Law, and all drilling and completion of the Wells and all related
development, production and other operations have been conducted in material compliance with all Applicable Laws. Schedule 4.23(b)
of the Armada Disclosure Letter sets forth, as of the date hereof, Armada’s and its Subsidiaries’ average net revenue
interests (working interest less Production Burdens) for all Wells. Exhibit C of the Armada Disclosure Letter sets forth
Armada’s and its Subsidiaries’ net revenue interests with respect to all O&G Leases.

 

(c) Except as set forth on Schedule 4.23(c)
of the Armada Disclosure Letter, (i) each O&G Lease is valid, binding and enforceable by and against Armada or its Subsidiary
(subject to lease expirations in the ordinary course of business), has been validly recorded or registered with all relevant Governmental
Entities so as to provide actual or constructive notice to and be enforceable against all Third Parties, and has not been terminated;
(ii) neither Armada nor any of its Subsidiaries, nor to the Knowledge of Armada, any other party to an O&G Lease, has violated
any provision of, or taken or failed to take any act which, with or without notice, lapse of time, or both, would constitute a
default under the provisions of such O&G Lease; (iii) neither Armada nor any of its Subsidiaries has breached, violated or
defaulted on any material provision of any O&G Lease or received notice from any other party to an O&G Lease alleging such
a breach, violation or default by Armada or any of its Subsidiaries; (iv) all payments (including all delay rentals, royalties,
shut-in royalties and valid calls for payment or prepayment under operating agreements) owing by Armada or any of its Subsidiaries
under any O&G Lease to which it is a party have been and are being made (timely, and before the same became delinquent) by
Armada or such Subsidiary; (v) to the Knowledge of Armada, there are no pending claims or demands for material amounts of nonpayment,
underpayment or mispayment of bonus payments, rentals, royalties, overriding royalties, compensatory royalties and other payments
due from or in respect of production with respect to Armada’s or any of its Subsidiaries’ interests in any O&G
Lease; and (vi) neither Armada nor any of its Subsidiaries, nor to the Knowledge of Armada, any other party to an O&G Lease,
has failed, partially failed, or omitted to record or register any O&G Lease or any assignments of record title or operating
rights in the real property or other country records related to the Oil and Gas Interests purported to be owned by Armada or its
Subsidiaries with any Governmental Entity.

 

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(d) To the Knowledge of Armada, (i) Armada
or its Subsidiaries has obtained all permits, licenses, consents, certificates, easements, authorizations, certificates of convenience
and necessity, and other similar rights that are granted by Governmental Entities and that relate to the Oil and Gas Interests
(“Armada O&G Permits”) necessary to own and operate the Oil and Gas Interests in compliance with all Applicable
Laws and with the provisions of all applicable O&G Leases and Contracts to which Armada or its Subsidiaries are a party; (ii)
all of the Armada O&G Permits are in full force and effect; (iii) all fees and charges relating to the Armada O&G Permits
have been paid; (iv) all applications for renewal of the Armada O&G Permits have been timely filed; and (v) all government
filings and notices required to be made with respect to the Oil and Gas Interests have been made or given and are current, in full
force and effect, and not in default.

 

(e) There are no change of control or preferential
rights to purchase provisions applicable to the Oil and Gas Interests owned by Armada or its Subsidiaries that are triggered by
the transactions contemplated by this Agreement or the Acquisition.

 

(f) Neither Armada nor any of its Subsidiaries
is obligated, by virtue of a prepayment arrangement, a “take or pay” arrangement, production payment or any other arrangement,
to deliver oil, gas or other Hydrocarbons produced from its Oil and Gas Interests at some future time without then receiving full
payment therefor. No O&G Lease contains a representation or warranty from Armada or any of its Subsidiaries with respect to
the amount of oil, gas, or other liquid Hydrocarbons to be delivered from the Oil and Gas Interests. All payments for any Hydrocarbons
sold from the Oil and Gas Interests pursuant to the O&G Leases are being made to Armada and its Subsidiaries within the time
periods and in accordance with the prices set forth in such O&G Leases, subject to later adjustments in the normal course of
business required by allocations between producers or by other circumstances routinely requiring retroactive payment adjustments
by purchasers in the ordinary course of Armada’s business consistent with past practice.

 

SECTION 4.24 Books and Records.
The minute books and other similar records of Armada and each Armada Subsidiary contain complete and accurate records in all material
respects of all actions taken at any meetings of Armada’s or such Armada Subsidiary’s stockholders, board of directors
or any committees thereof and of all written consents executed in lieu of the holding of any such meetings.

 

SECTION 4.25 Accountants.
Peterson Sullivan LLP (the “Armada Auditor”) has been throughout the periods covered by the audited consolidated
balance sheet of Armada at March 31, 2012, and the related consolidated statements of operations and cash flows for Armada’s
fiscal years ended March 31, 2012 and 2011, and the unaudited balance sheet of Armada at June 30, 2012, and the related statement
of operations and cash flows for the three months ended June 30, 2012 and 2011, (a) a registered public accounting firm (as defined
in Section 2(a)(12) of the Sarbanes-Oxley Act of 2002) and (b) “independent” with respect to Armada within the meaning
of Regulation S-X. Except as set forth on Schedule 4.25 of Armada Disclosure Letter, the reports of the Armada Auditor on
the financial statements of Armada for the past three fiscal years and any subsequent interim period did not contain an adverse
opinion or a disclaimer of opinion, nor were qualified as to uncertainty, audit scope, or accounting principles. During Armada’s
most recent fiscal year and the subsequent interim periods, there were no disagreements with the Armada Auditor on any matter of
accounting principles or practices, financial statement disclosure, or auditing scope or procedures, and none of the reportable
events listed in Item 304(a)(1)(iv) or (v) of Regulation S-K occurred with respect to the Armada Auditor.

 

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SECTION 4.26 Tax-Free Reorganization.

 

(a) Armada (i) is not an “investment
company” as defined in Section 368(a)(2)(F)(iii) and (iv) of the Code; (ii) has no present plan or intention to liquidate
Mesa Sub or to merge Mesa Sub with or into any other corporation or entity, or to sell or otherwise dispose of the stock of Mesa
Sub which Armada will acquire in the Acquisition, or to cause Mesa Sub to sell or otherwise dispose of its assets, all except in
the ordinary course of business or if such liquidation, merger or disposition is described in Section 368(a)(2)(C) or Treasury
Regulation Section 1.368-2(d)(4) or Section 1.368-2(k); and (iii) has no present plan or intention, following the Acquisition,
to issue any additional shares of stock of Mesa Sub or to create any new class of stock of Mesa Sub.

 

(b) Immediately prior to the Acquisition,
Mesa will be in control of Mesa Sub within the meaning of Section 368(c) of the Code.

 

(c) Immediately following the Acquisition,
Mesa Sub will hold at least 90% of the fair market value of the net assets and at least 70% of the fair market value of the gross
assets held by Mesa immediately prior to the Acquisition (for purposes of this representation, amounts used by Mesa to pay reorganization
expenses, if any, will be included as assets of Mesa held immediately prior to the Acquisition).

 

(d) Armada has no present plan or intention
to reacquire any of the Stock Consideration shares.

 

(e) Following the Acquisition, Mesa Sub
will continue Mesa’s historic business or use a significant portion of Mesa’s historic business assets in a business
as required by Section 368 of the Code and the Treasury Regulations promulgated thereunder.

 

ARTICLE V

COVENANTS RELATING TO CONDUCT OF BUSINESS

 

SECTION 5.1 Conduct of Business of Mesa Pending the Acquisition.
From the date of this Agreement until the earlier of (x) the termination of this Agreement pursuant to and in accordance with
Article VIII and (y) the Closing Date (the “Post-Signing Period”), Mesa shall, and shall cause each
of its Subsidiaries to, conduct its business only in the ordinary course consistent with past practice and in compliance with all
Applicable Laws and all material governmental authorizations, and use its commercially reasonable efforts to (i) preserve intact
its present business organization, (ii) maintain in effect all Mesa Permits, (iii) keep available the services of its directors,
officers and employees, (iv) maintain satisfactory relationships with its customers, lenders, suppliers, distributors, licensors,
licensees and others having material business relationships with it and with Governmental Entities with jurisdiction over oil and
gas-related matters, and (v) maintain its exploration and production activities in accordance with the rig schedule attached as
Schedule 5.1 of the Mesa Disclosure Letter. Without limiting the generality of the foregoing and to the fullest extent permitted
by Applicable Law, during the Post-Signing Period, except (1) as set forth in Schedule 5.1 of the Mesa Disclosure Letter,
or (2) with Armada’s prior written consent, Mesa shall not, and shall cause each of its Subsidiaries not to:

 

(a) amend its certificate of incorporation,
bylaws or other similar organizational documents (whether by merger, consolidation or otherwise);

 

(b) form any new Subsidiary;

 

(c) (i) split, combine or reclassify any
shares of its capital stock, (ii) declare, set aside or pay any dividend or make any other distribution (whether in cash, stock,
property or any combination thereof) in respect of any shares of its capital stock or other securities (other than dividends or
distributions by any of its wholly-owned Subsidiaries to Mesa or another direct or indirect wholly-owned Subsidiary of Mesa), or
(iii) redeem, repurchase, cancel or otherwise acquire or offer to redeem, repurchase, or otherwise acquire, directly or indirectly
any Mesa Securities or shares of capital stock of any Subsidiary of Mesa (or options, warrants or other rights exercisable therefor);

 

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(d) (i) issue, grant, deliver, sell, pledge,
dispose of or encumber, or authorize the issuance, grant, delivery, sale, pledge, disposal or encumbrance of, any Mesa Securities
or shares of capital stock of any Subsidiary of Mesa or any securities convertible into, or subscriptions, rights, warrants or
options to acquire, or other agreements or commitments of any character obligating any of them to issue or purchase any such shares
or other convertible securities, other than the issuance of any shares of Mesa Common Stock upon the exercise of Mesa Stock Options,
the Mesa Warrants, or upon the lapse of restrictions on Mesa Restricted Stock Grants, in each case that are outstanding on the
date of this Agreement and disclosed in Schedule 3.2(a) and (b) of the Mesa Disclosure Letter, in accordance with
the terms of those Mesa Stock Options, the Mesa Warrants, or Mesa Restricted Stock Grants or (ii) amend any term of any Mesa Security
or any shares of capital stock of its Subsidiaries (in each case, whether by merger, consolidation or otherwise);

 

(e) (i) acquire (including by merger, consolidation,
or acquisition of stock or assets) any (A) interest in any corporation, partnership, other business organization or any division
thereof or (B) assets that are material, individually or in the aggregate, to Mesa’s or any of its Subsidiaries’ respective
businesses, (ii) merge or consolidate with any other Person or (iii) adopt a plan of complete or partial liquidation, dissolution,
recapitalization or restructuring;

 

(f) sell, lease, license or otherwise dispose
of any material Subsidiary or any material amount of assets, securities or property except in the ordinary course consistent with
past practice in an amount not to exceed $50,000 in the aggregate;

 

(g) authorize or make capital expenditures
or enter into capital commitments or capital transactions exceeding $50,000 individually and $100,000 in the aggregate in any single
month;

 

(h) make any loan, advance or investment
either by purchase of stock or securities, contributions to capital, property transfers, or purchase of any property or assets
of any Person other than investments in its wholly-owned Subsidiaries made in the ordinary course of business consistent with past
practices;

 

(i) (i) repay or retire any indebtedness
for borrowed money or repurchase or redeem any debt securities other than in accordance with Mesa’s current $25 million senior
secured revolving line of credit (the “Credit Facility”) (Mesa shall disclose the terms and conditions of the
Credit Facility and all other currently proposed credit facilities in Schedule 3.2(a) of the Mesa Disclosure Letter); (ii)
assume, guarantee or endorse, or otherwise as an accommodation become responsible for, the obligations of any Person (other than
any direct or indirect wholly-owned Subsidiary of Mesa); or (iii) create a Lien over any of its assets (other than Permitted Liens);

 

(j) (i) enter into any Contract that would
have been a Mesa Material Contract were Mesa or any of its Subsidiaries a party or subject thereto on the date of this Agreement
,or (ii) terminate, renew or amend in any material respect any Mesa Material Contract or waive any material right thereunder;

 

(k) enter into any (i) joint venture, area
of mutual interest agreement or similar arrangement or (ii) joint marketing or any similar arrangement (other than pursuant to
existing Contracts on their current terms;

 

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(l) except as required by Applicable Law
or as required by existing Mesa Plans (i) grant or increase any severance or termination pay to (or amend any existing arrangement
with) any of their respective directors, officers or employees, (ii) increase benefits payable under any severance or termination
pay policies or employment agreements existing as of the date of this Agreement, (iii) enter into any employment, deferred compensation
or other similar agreement (or any amendment to any such existing agreement) with any of their respective directors, officers or
employees, (iv) establish, adopt or amend any collective bargaining, bonus, profit-sharing, thrift, pension, retirement, deferred
compensation, severance, compensation, stock option, restricted stock or other benefit plan or arrangement covering any of their
respective directors, officers or employees or (v) increase the compensation, bonus or other benefits payable to any of their respective
directors, executives or non-executive employees;

 

(m) hire or offer to hire, or terminate
other than for cause, any employee, or make any representations or issue any communications to employees regarding offers of employment
from Armada without the prior written consent of Armada;

 

(n) make any change in any method of accounting
or accounting principles or practice, including with respect to reserves for excess or obsolete inventory, doubtful accounts or
other reserves, depreciation or amortization polices or rates, billing and invoicing policies, or payment or collection policies
or practices, except for any such change required by reason of a concurrent change in GAAP or Regulation S-X under the Exchange
Act, as approved by its independent public accountants;

 

(o) initiate any litigation or settle, or
offer or propose to settle any Action;

 

(p) pay, discharge or satisfy any claims,
liabilities or obligations (absolute accrued, asserted or unasserted, contingent or otherwise), other than the payment, discharge
or satisfaction, in the ordinary course of business and consistent with past practice, of liabilities reflected or reserved against
in the financial statements of Mesa or incurred in the ordinary course of business and consistent with past practice;

 

(q) make any change or modification to its
working capital and cash management practices;

 

(r) make any Tax election or settle and/or
compromise any Tax liability; prepare any Tax Returns in a manner which is inconsistent with the past practices of Mesa or its
Subsidiaries, as the case may be, with respect to the treatment of items on such Tax Returns; incur any liability for Taxes other
than in the ordinary course of business; or file an amended Tax Return or a claim for refund of Taxes with respect to the income,
operations or property of Mesa or its Subsidiaries;

 

(s) purchase or sell any interest in real
property, grant any security interest in real property, or enter into any lease or sublease of, or other occupancy agreement with
respect to, real property (whether as lessor, sublessor, lessee or sublessee) or change, amend, modify, terminate or fail to exercise
any right to renew any lease or sublease of real property except in the ordinary course of business consistent with past practices;

 

(t) enter into any new line of business
which represents a material change in Mesa’s and its Subsidiaries’ operations and which is material to Mesa and its
Subsidiaries, taken as a whole;

 

(u) enter into new Contracts to sell Hydrocarbons
other than in the ordinary course consistent with past practice; provided, that no such new Contract shall have a term longer
than six (6) months;

 

(v) engage in any development drilling,
well completion or other development or production activities with respect to Hydrocarbons except in the ordinary course consistent
with past practice or as otherwise disclosed on Schedule 5.1 of the Mesa Disclosure Letter;

 

(w) authorize, announce an intention, commit
or agree to take in writing or otherwise, any of the actions described in Sections 5.1(a) through 5.1(v).

 

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SECTION 5.2 Mesa Operational Matters.
Mesa shall timely file or furnish all reports, proxy statements, communications, announcements, publications and other documents
required to be filed or furnished by it with the SEC (and all other Governmental Entities) during the Post-Signing Period, and
Mesa shall (to the extent any report, proxy statement, communication, announcement, publication or other document contains any
statement relating to this Agreement or the Acquisition, and to the extent permitted by Law or applicable confidentiality agreement)
consult with Armada for a reasonable time before filing or furnishing any such report, proxy statement, communication, announcement,
publication or other document and deliver to Armada copies of all such reports, proxy statements, communications, announcements,
publications and other documents promptly after the same are filed or furnished. Nothing contained in this Agreement shall give
Armada, directly or indirectly, the right to control or direct the operations of Mesa prior to the Closing Date. Prior to the Closing
Date, Mesa and Armada shall each exercise, consistent with the terms and conditions of this Agreement, complete control and supervision
over its own and its Subsidiaries’ respective businesses and operations.

 

SECTION 5.3 Conduct of Business of
Armada Pending the Acquisition. From the date of this Agreement through the Post-Signing Period, Armada shall, and shall
cause each of its Subsidiaries to, conduct its business only in the ordinary course consistent with past practice and in compliance
with all Applicable Laws and all material governmental authorizations, and use its commercially reasonable efforts to (i) preserve
intact its present business organization, (ii) maintain in effect all Armada Permits, (iii) keep available the services of its
directors, officers and employees, (iv) maintain satisfactory relationships with its customers, lenders, suppliers, distributors,
licensors, licensees and others having material business relationships with it and with Governmental Entities with jurisdiction
over oil and gas-related matters, and (v) maintain its exploration and production activities in accordance with the rig schedule
attached as Schedule 5.3 of the Armada Disclosure Letter. Without limiting the generality of the foregoing and to the fullest
extent permitted by Applicable Law, during the Post-Signing Period, except (1) as set forth in Schedule 5.3 of the Armada
Disclosure Letter, or (2) with Mesa’s prior written consent, Armada shall not, and shall cause each of its Subsidiaries not
to:

 

(a) amend its certificate of incorporation,
bylaws or other similar organizational documents (whether by merger, consolidation or otherwise);

 

(b) form any new Subsidiary;

 

(c) (i) split, combine or reclassify any
shares of its capital stock, (ii) declare, set aside or pay any dividend or make any other distribution (whether in cash, stock,
property or any combination thereof) in respect of any shares of its capital stock or other securities (other than dividends or
distributions by any of its wholly-owned Subsidiaries to Armada or another direct or indirect wholly-owned Subsidiary of Armada),
or (iii) redeem, repurchase, cancel or otherwise acquire or offer to redeem, repurchase, or otherwise acquire, directly or indirectly
any Armada Securities or shares of capital stock of any Subsidiary of Armada (or options, warrants or other rights exercisable
therefor);

 

(d) (i) issue, grant, deliver, sell, pledge,
dispose of or encumber, or authorize the issuance, grant, delivery, sale, pledge, disposal or encumbrance of, any Armada Securities
or shares of capital stock of any Subsidiary of Armada or any securities convertible into, or subscriptions, rights, warrants or
options to acquire, or other agreements or commitments of any character obligating any of them to issue or purchase any such shares
or other convertible securities, other than the issuance of any shares of Armada Common Stock upon the exercise of outstanding
stock options or warrants (collectively, the “Armada Securities”), in each case that are outstanding on the
date of this Agreement and disclosed in Schedule 5.3(d) of the Armada Disclosure Letter, in accordance with the terms of
the Armada Securities or (ii) amend any term of any Armada Securities or any shares of capital stock of its Subsidiaries (in each
case, whether by merger, consolidation or otherwise);

 

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(e) (i) acquire (including by merger, consolidation,
or acquisition of stock or assets) any (A) interest in any corporation, partnership, other business organization or any division
thereof or (B) assets that are material, individually or in the aggregate, to Armada’s or any of its Subsidiaries’
respective businesses, (ii) merge or consolidate with any other Person or (iii) adopt a plan of complete or partial liquidation,
dissolution, recapitalization or restructuring;

 

(f) sell, lease, license or otherwise dispose
of any material Subsidiary or any material amount of assets, securities or property except in the ordinary course consistent with
past practice in an amount not to exceed $50,000 in the aggregate;

 

(g) authorize or make capital expenditures
or enter into capital commitments or capital transactions exceeding $50,000 individually and $100,000 in the aggregate in any single
month;

 

(h) make any loan, advance or investment
either by purchase of stock or securities, contributions to capital, property transfers, or purchase of any property or assets
of any Person other than investments in its wholly-owned Subsidiaries made in the ordinary course of business consistent with past
practices;

 

(i) (i) repay or retire any indebtedness
for borrowed money or repurchase or redeem any debt securities; (ii) assume, guarantee or endorse, or otherwise as an accommodation
become responsible for, the obligations of any Person (other than any direct or indirect wholly-owned Subsidiary of Armada); or
(iii) create a Lien over any of its assets (other than Permitted Liens);

 

(j) (i) enter into any Contract that would
have been an Armada Material Contract were Armada or any of its Subsidiaries a party or subject thereto on the date of this Agreement
,or (ii) terminate, renew or amend in any material respect any Armada Material Contract or waive any material right thereunder;

 

(k) enter into any (i) joint venture, area
of mutual interest agreement or similar arrangement or (ii) joint marketing or any similar arrangement (other than pursuant to
existing Contracts on their current terms;

 

(l) except as required by Applicable Law
or as required by existing Armada Plans (i) grant or increase any severance or termination pay to (or amend any existing arrangement
with) any of their respective directors, officers or employees, (ii) increase benefits payable under any severance or termination
pay policies or employment agreements existing as of the date of this Agreement, (iii) enter into any employment, deferred compensation
or other similar agreement (or any amendment to any such existing agreement) with any of their respective directors, officers or
employees, (iv) establish, adopt or amend any collective bargaining, bonus, profit-sharing, thrift, pension, retirement, deferred
compensation, severance, compensation, stock option, restricted stock or other benefit plan or arrangement covering any of their
respective directors, officers or employees or (v) increase the compensation, bonus or other benefits payable to any of their respective
directors, executives or non-executive employees;

 

(m) hire or offer to hire, or terminate
other than for cause, any employee, or make any representations or issue any communications to employees regarding offers of employment
from Mesa without the prior written consent of Mesa;

 

(n) make any change in any method of accounting
or accounting principles or practice, including with respect to reserves for excess or obsolete inventory, doubtful accounts or
other reserves, depreciation or amortization polices or rates, billing and invoicing policies, or payment or collection policies
or practices, except for any such change required by reason of a concurrent change in GAAP or Regulation S-X under the Exchange
Act, as approved by its independent public accountants;

 

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(o) initiate any litigation or settle, or
offer or propose to settle any Action;

 

(p) pay, discharge or satisfy any claims,
liabilities or obligations (absolute accrued, asserted or unasserted, contingent or otherwise), other than the payment, discharge
or satisfaction, in the ordinary course of business and consistent with past practice, of liabilities reflected or reserved against
in the financial statements of Armada or incurred in the ordinary course of business and consistent with past practice;

 

(q) make any change or modification to its
working capital and cash management practices;

 

(r) make any Tax election or settle and/or
compromise any Tax liability; prepare any Tax Returns in a manner which is inconsistent with the past practices of Armada or its
Subsidiaries, as the case may be, with respect to the treatment of items on such Tax Returns; incur any liability for Taxes other
than in the ordinary course of business; or file an amended Tax Return or a claim for refund of Taxes with respect to the income,
operations or property of Armada or its Subsidiaries;

 

(s) purchase or sell any interest in real
property, grant any security interest in real property, or enter into any lease or sublease of, or other occupancy agreement with
respect to, real property (whether as lessor, sublessor, lessee or sublessee) or change, amend, modify, terminate or fail to exercise
any right to renew any lease or sublease of real property except in the ordinary course of business consistent with past practices;

 

(t) enter into any new line of business
which represents a material change in Armada’s and its Subsidiaries’ operations and which is material to Armada and
its Subsidiaries, taken as a whole;

 

(u) enter into new Contracts to sell Hydrocarbons
other than in the ordinary course consistent with past practice; provided, that no such new Contract shall have a term longer
than six (6) months;

 

(v) engage in any development drilling,
well completion or other development or production activities with respect to Hydrocarbons except in the ordinary course consistent
with past practice or as otherwise disclosed on Schedule 5.3 of the Armada Disclosure Letter;

 

(x) authorize, announce an intention, commit
or agree to take in writing or otherwise, any of the actions described in Sections 5.3(a) through 5.3(u).

 

SECTION 5.4 Armada Operational Matters.
Armada shall timely file or furnish all reports, proxy statements, communications, announcements, publications and other documents
required to be filed or furnished by it with the SEC (and all other Governmental Entities) during the Post-Signing Period, and
Armada shall (to the extent any report, proxy statement, communication, announcement, publication or other document contains any
statement relating to this Agreement or the Acquisition, and to the extent permitted by Law or applicable confidentiality agreement)
consult with Mesa for a reasonable time before filing or furnishing any such report, proxy statement, communication, announcement,
publication or other document and deliver to Mesa copies of all such reports, proxy statements, communications, announcements,
publications and other documents promptly after the same are filed or furnished. Nothing contained in this Agreement shall give
Mesa, directly or indirectly, the right to control or direct the operations of Armada prior to the Closing Date. Prior to the Closing
Date, Armada and Mesa shall each exercise, consistent with the terms and conditions of this Agreement, complete control and supervision
over its own and its Subsidiaries’ respective businesses and operations.

 

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ARTICLE VI

ADDITIONAL AGREEMENTS

 

SECTION 6.1 Preparation of the Proxy
Statement and Registration Statement. Promptly following the date of this Agreement, Mesa and Armada shall prepare and
Mesa shall file with the SEC the Proxy Statement, and Armada shall prepare and file with the SEC the Registration Statement (in
which the Proxy Statement will be included). Mesa and Armada shall use their commercially reasonable efforts to cause the Registration
Statement to become effective under the Securities Act as soon after such filing as practicable and to keep the Registration Statement
effective as long as is necessary to consummate the Acquisition. Each Party shall promptly notify the other Parties of the receipt
of any comments of the SEC with respect to the Registration Statement or the Proxy Statement and of any requests by the SEC for
any amendment or supplement thereto or for additional information, and shall promptly provide to the other Parties copies of all
correspondence between such Party or any of its representatives and the SEC with respect to the Registration Statement and the
Proxy Statement. Each Party shall (i) give the other Parties and their counsel the opportunity to review and comment on the Registration
Statement or the Proxy Statement, as the case may be, and all responses to requests for additional information by, and replies
to comments of, the SEC, (ii) take into good faith consideration all comments reasonably proposed by such other Parties and (iii)
not file such document with the SEC prior to receiving the approval of such other Parties, not to be unreasonably withheld, conditioned
or delayed; provided, that with respect to documents filed by a Party which are incorporated by reference in the Registration
Statement or Proxy Statement, this right of approval shall apply only with respect to information relating to the other Party or
its business, financial condition or results of operations. Each Party shall use commercially reasonable efforts, after consultation
with the other Parties, to respond promptly to all such comments of and requests by the SEC. Each Party will advise the other Parties,
promptly after it receives notice thereof, of the time when the Registration Statement has become effective or any supplement or
amendment thereto has been filed, the issuance of any stop order, the suspension of the qualification of Armada Common Stock issuable
in connection with the Acquisition for offering or sale in any jurisdiction, or any request by the SEC for amendment of the Proxy
Statement or the Registration Statement. Mesa will cause the Proxy Statement to be mailed to its stockholders as promptly as practicable
(but no more than five (5) Business Days) after (but in no event before) the Registration Statement has become effective. Each
Party shall furnish all information concerning itself and its Affiliates as any other Party may reasonably request in connection
with the preparation, Acquisition and distribution of the Registration Statement and the Proxy Statement. If at any time prior
to the Acquisition, any information relating to Mesa, Armada or any of their respective Affiliates should be discovered by Mesa
or Armada that should be set forth in an amendment or supplement to the Registration Statement or Proxy Statement, so that the
Registration Statement and Proxy Statement shall not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading, the Party that discovers such information shall promptly notify the other Parties and an appropriate
amendment or supplement describing such information shall be filed with the SEC by the appropriate Party, and to the extent required
by Applicable Law, disseminated to the stockholders of Mesa. Each of Mesa and Armada shall use its reasonable best efforts to ensure
that the Registration Statement and the Proxy Statement comply as to form in all material respects with the rules and regulations
promulgated by the SEC under the Securities Act and the Exchange Act, respectively. Mesa and Armada shall make all necessary filings
with respect to the Acquisition and the transactions contemplated hereby under the Securities Act and the Exchange Act and applicable
Blue Sky Laws and the rules and regulations thereunder.

 

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SECTION 6.2 Access to Information.
Upon reasonable notice, Mesa and Armada each shall (and each shall cause its Subsidiaries to) afford to the officers, employees,
accountants, counsel, financial advisors and other representatives of the other Party reasonable access during normal business
hours, during the Post-Signing Period, to such of its properties, books, contracts, records, officers and employees as the other
Party may reasonably request and, during such period, Mesa and Armada each shall (and shall cause its Subsidiaries to) furnish
promptly to the other Party (a) a copy of each report, schedule, registration statement and other document filed, published, announced
or received by it during the Post-Signing Period pursuant to the requirements of federal or state securities laws, as applicable
(other than documents which Mesa or Armada, as the case may be, is not permitted to disclose under Applicable Law), and (b) all
other information concerning Mesa or Armada, as the case may be, and its business (including any financial and operating data),
properties and personnel as the other Party may reasonably request; provided, that Mesa or Armada, as the case may be, may
restrict the foregoing access to the extent that (i) any Applicable Law requires Mesa or Armada, as the case may be, or its Subsidiaries
to restrict access to any properties or information or (ii) Mesa or Armada, as the case may be, reasonably determines that such
access or disclosure would jeopardize attorney-client privilege (provided, that Mesa or Armada, as the case may be, shall
use its reasonable best efforts to enable reasonable access without violating such Applicable Law). The Parties will make appropriate
substitute arrangements, where the restrictions imposed by the immediately preceding sentences apply, to allow appropriate access
to the relevant information. Any investigation or request for information pursuant to this Section 6.2 shall be conducted
in such manner as not to interfere unreasonably with the conduct of the business of Mesa or Armada, as the case may be, and its
Subsidiaries. The receiving Party will (and will cause its Subsidiaries to), until the Closing Date, hold any such information
that is non-public in confidence to the extent required by, and in accordance with, the provisions of the Confidentiality Agreement,
except that this Section 6.2 shall not prevent the receiving Party from disclosing such confidential information to of its
any officers, employees, accountants, counsel, financial advisors or other representatives in connection with this Agreement, the
Acquisition and the other transactions contemplated hereby. No investigation by Mesa or Armada, as the case may be, nor any information
or knowledge obtained therefrom, shall affect or modify the representations and warranties of the other Party hereunder Mesa’s
or Armada’s, as the case may be, remedies for any breach of such representations and warranties.

 

SECTION 6.3 Notification of Certain
Matters. Mesa shall give prompt notice to Armada, and Armada shall give prompt notice to Mesa, of (a) any notice or other
communication received by such Party from any Governmental Entity in connection with this Agreement or the consummation of the
transactions contemplated hereby or from any Person alleging that the consent of such Person is or may be required in connection
with this Agreement or the consummation of the transactions contemplated hereby and (b) any Actions commenced or, to the Knowledge
of such Party, threatened against, such Party or any of its Subsidiaries that (i) relates to the Acquisition or (ii) if pending
on the date of this Agreement would have been required to be disclosed by such Party pursuant to such Party’s representations
and warranties. In addition, Mesa shall give prompt notice to Armada, and Armada shall give prompt notice to Mesa, to the extent
that either acquires actual knowledge of (x) the occurrence or non-occurrence of any event the occurrence or non-occurrence of
which has caused or would be reasonably likely to cause (1) any representation or warranty contained in this Agreement to be untrue
or inaccurate or (2) any condition set forth in Article VII not to be satisfied and (y) any failure of a Party to comply
with or satisfy any covenant, condition or agreement to be complied with or satisfied by such Party hereunder; provided,
that the delivery of any information or notice pursuant to this Section 6.3 shall not limit or otherwise affect the remedies
available hereunder to the Party receiving such information or notice.

 

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SECTION 6.4 All Reasonable Efforts.
Mesa and Armada shall cooperate with each other and use commercially reasonable efforts to take or cause to be taken all actions,
and do or cause to be done all things, necessary, proper or advisable on its part under this Agreement and Applicable Laws to consummate
and make effective the Acquisition and the other transactions contemplated by this Agreement as soon as practicable, including
(i) preparing and filing as promptly as practicable all documentation to effect all necessary notices, reports and other filings
and to obtain as promptly as practicable all consents, registrations, approvals, permits and authorizations necessary or advisable
to be obtained from any Third Party or Governmental Entity to consummate the Acquisition or any of the other transactions contemplated
by this Agreement (provided that, notwithstanding the foregoing, in connection with obtaining such consents, the Parties
agree that in no event shall any Party or its Subsidiaries be required or, without the other Party’s prior written consent,
be permitted) to (A) pay, or agree or commit to pay, to any Person whose consent is being solicited any cash or other consideration
(other than de minimis amounts), (B) incur, or agree or commit to incur, any liability (other than de minimis liabilities) due
to such Person, (C) enter into any settlement, undertaking, consent decree, stipulation or agreement with any Governmental Entity
or (D) divest or otherwise hold separate (including by establishing a trust or otherwise), or take any other action (or otherwise
agree to do any of the foregoing) with respect to any of their respective Subsidiaries or any of their respective Affiliates’
businesses, assets or properties), (ii) the defending of any stockholder lawsuits challenging this Agreement or any other agreement
contemplated by this Agreement or the consummation of the transactions contemplated by this Agreement, including seeking to have
any stay or temporary restraining order entered by any court or other Governmental Entity in any such stockholder lawsuit vacated
or reversed, and (iii) the execution and delivery of any additional ancillary instruments necessary to consummate the transactions
contemplated by this Agreement and to fully carry out the purposes of this Agreement and the transactions contemplated hereby.
Subject to Applicable Laws relating to the exchange of information, Armada and Mesa shall have the right to review in advance,
and, to the extent practicable, each will consult with the other on all of the information relating to Armada or Mesa, as the case
may be, and any of their respective Subsidiaries, that appears in any filing made with, or written materials submitted to, any
Third Party and/or any Governmental Entity in connection with the Acquisition and the other transactions contemplated by this Agreement
(including the Proxy Statement). In exercising the foregoing rights, each of Mesa and Armada shall act reasonably and as promptly
as practicable.

 

SECTION 6.5 No Solicitation of Transactions.

 

(a) Subject to Sections 6.5(b), 6.5(c),
6.5(e) and 6.5(f) during the Post-Signing Period, neither Armada, Mesa nor any of their respective Subsidiaries shall,
nor shall Armada, Mesa or any of their respective Subsidiaries authorize or permit any of their respective directors, officers,
employees, affiliates, investment bankers, attorneys, accountants and other advisors or representatives (collectively, “Armada
Representatives” or “Mesa Representatives,” as the context so requires) to, directly or indirectly,
(i) solicit, initiate or take any action to facilitate or encourage, whether publicly or otherwise, the submission of any inquiries,
proposals or offers or any other efforts or attempts that constitute, or may reasonably be expected to lead to, any Alternative
Transaction (an “Acquisition Proposal”); (ii) enter into or participate in any discussions or negotiations,
furnish any information relating to Armada, Mesa or any of their respective Subsidiaries or afford access to the business, properties,
assets, books or records of Armada, Mesa or any of their respective Subsidiaries, or otherwise cooperate in any way with, or assist
or participate in connection with any Acquisition Proposal; or (iii) enter into any agreement, agreement in principle, letter of
intent, term sheet or other similar instrument relating to an Alternative Transaction or enter into any agreement or agreement
in principle (other than an Acceptable Confidentiality Agreement as permitted by this Section 6.5) requiring Armada or Mesa
to abandon, terminate or fail to consummate the transactions contemplated hereby or breach its obligations hereunder or propose
or agree to do any of the foregoing. Subject to Sections 6.5(b) and Section 6.5(c), Armada or Mesa shall immediately
cease and cause to be terminated any solicitation, encouragement, discussion or negotiation with any Persons conducted heretofore
by Armada, Mesa, their respective Subsidiaries or any Armada Representatives or Mesa Representatives with respect to any Alternative
Transaction and shall use its (and will cause Armada Representatives or Mesa Representatives to use their) reasonable best efforts
to require the other parties thereto to promptly return or destroy, in accordance with the terms of any confidentiality agreement
with respect thereto, any confidential information previously furnished by Armada, Mesa, their respective Subsidiaries, Armada
Representatives or Mesa Representatives thereunder. Neither Armada nor Mesa will terminate, amend, modify or waive any provision
of any confidentiality or standstill agreement to which it is a party and shall enforce, to the fullest extent permitted under
Applicable Law, the provisions of any such agreement, including, but not limited to, by obtaining injunctions to prevent any breaches
of such agreements and to enforce specifically the terms and provisions thereof in any court having jurisdiction thereover.

 

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(b) If at any time following the date of
this Agreement and prior to the attainment of the Mesa Stockholder Consent (but in no event after the attainment of the Mesa Stockholder
Consent) (i) Mesa receives a bona fide written Acquisition Proposal from a Third Party without breaching its obligations under
this Section 6.5, (ii) Mesa’s Board of Directors reasonably determines in good faith, after consultation with its
financial advisor (which shall be a financial advisor of nationally recognized reputation) and outside legal counsel, that such
Alternative Transaction constitutes or such Acquisition Proposal is reasonably likely to lead to a Superior Proposal from such
Third Party, and (iii) Mesa’s Board of Directors reasonably determines in good faith, after consultation with its outside
legal counsel, that failure to take such action would constitute a breach of its fiduciary duties under Applicable Law, then Mesa
may (A) furnish information with respect to Mesa and its Subsidiaries to such Third Party making such Acquisition Proposal and
(B) enter into, participate and maintain discussions or negotiations with, such Third Party making such Acquisition Proposal; provided,
that Mesa (x) will not, and will not allow Mesa Representatives to, disclose any non-public information to such Third Party without
entering into an Acceptable Confidentiality Agreement, and (y) will promptly provide to Armada any non-public information concerning
Mesa or its Subsidiaries provided to such Third Party which was not previously provided to Armada. Mesa shall notify Armada promptly
(but in any event within twenty-four (24) hours) of any Acquisition Proposals received by, or any such discussions or negotiations
sought to be initiated or continued with, Mesa or any Mesa Representatives, indicating the identity of such Third Party and providing
to Armada a summary of the material terms of such Acquisition Proposal. Mesa shall keep Armada informed, on a reasonably prompt
basis, of the material terms of any Acquisition Proposals and of any material developments in respect of any such discussions,
negotiations or Acquisition Proposals and shall deliver to Armada a summary of any material changes to any such Acquisition Proposals.

 

(c) Notwithstanding anything in this Agreement
to the contrary, if prior to the attainment of the Mesa Stockholder Consent (and in no event after the attainment of the Mesa Stockholder
Consent), Mesa’s Board of Directors receives a Superior Proposal without breaching its obligations under this Section
6.5 and Mesa’s Board of Directors reasonably determines in good faith after consultation with its outside counsel that
the failure to take such action would constitute a breach of its fiduciary duties under Applicable Law, Mesa’s Board of Directors
may terminate this Agreement pursuant to Section 8.1(i) to enter into a definitive agreement with respect to such Superior
Proposal; provided, that Mesa’s Board of Directors may not terminate this Agreement pursuant to Section 8.1(i)
unless (A) it gives Armada three (3) Business Days’ prior written notice (the “Mesa Notice Period”) of
its intention to do so (unless at the time such notice is otherwise required to be given there are less than three (3) Business
Days prior to obtaining the Mesa Stockholder Consent, in which case Mesa shall provide as much notice as is reasonably practicable)
attaching the most current version of all relevant proposed transaction agreements and other material documents (and a description
of all material terms and conditions thereof (including the identity of the Person making such Superior Proposal), (B) during the
Mesa Notice Period, Mesa, if requested by Armada, shall have engaged in good faith negotiations to amend this Agreement (including
by making its officers and its financial and legal advisors reasonably available to negotiate in good faith) so that such Alternative
Transaction ceases to constitute a Superior Proposal and (C) Armada does not make, within three (3) Business Days of its receipt
of such written notification, an offer that Mesa’s Board of Directors determines in good faith, after consultation with its
financial and legal advisors, is at least as favorable to the stockholders as such Superior Proposal. In the event of any material
revisions to the applicable Superior Proposal, Mesa shall be required to deliver a new written notice to Armada and to comply with
the requirements of this Section 6.5(c) with respect to such new written notice (to the extent so required).

 

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(d) Nothing contained herein shall prevent
Mesa’s Board of Directors from taking and disclosing to its stockholders a position contemplated by Rules 14d-9 and 14e-2(a)
promulgated under the Exchange Act with regard to an Acquisition Proposal; provided, that any disclosure made pursuant to
this Section 6.5(d) (other than a “stop, look and listen” letter or similar communication of the type contemplated
by Rule 14d-9(f) under the Exchange Act) shall be deemed to be an Change in Mesa Recommendation unless Mesa’s Board of Directors
expressly states in such disclosure that the Mesa Recommendation has not changed.

 

(e) If at any time following the date of
this Agreement and prior to the attainment of the Mesa Stockholder Consent (but in no event after the attainment of the Mesa Stockholder
Consent) (i) Armada receives a bona fide written Acquisition Proposal from a Third Party without breaching its obligations under
this Section 6.5, (ii) Armada’s Board of Directors reasonably determines in good faith, after consultation with its
financial advisor (which shall be a financial advisor of nationally recognized reputation) and outside legal counsel, that such
Alternative Transaction constitutes or such Acquisition Proposal is reasonably likely to lead to a Superior Proposal from such
Third Party and (iii) Armada’s Board of Directors reasonably determines in good faith, after consultation with its outside
legal counsel, that failure to take such action would constitute a breach of its fiduciary duties under Applicable Law, then Armada
may (A) furnish information with respect to Armada and its Subsidiaries to such Third Party making such Acquisition Proposal and
(B) enter into, participate and maintain discussions or negotiations with, such Third Party making such Acquisition Proposal; provided,
that Armada (x) will not, and will not allow Armada Representatives to, disclose any non-public information to such Third Party
without entering into an Acceptable Confidentiality Agreement, and (y) will promptly provide to Mesa any non-public information
concerning Armada or its Subsidiaries provided to such Third Party which was not previously provided to Mesa. Armada shall notify
Mesa promptly (but in any event within twenty-four (24) hours) of any Acquisition Proposals received by, or any such discussions
or negotiations sought to be initiated or continued with, Armada or any Armada Representatives, indicating the identity of such
Third Party and providing to Mesa a summary of the material terms of such Acquisition Proposal. Armada shall keep Mesa informed,
on a reasonably prompt basis, of the material terms of any Acquisition Proposals and of any material developments in respect of
any such discussions, negotiations or Acquisition Proposals and shall deliver to Mesa a summary of any material changes to any
such Acquisition Proposals.

 

(f) Notwithstanding anything in this Agreement
to the contrary, if prior to the attainment of the Mesa Stockholder Consent (and in no event after the attainment of the Mesa Stockholder
Consent), Armada’s Board of Directors receives a Superior Proposal without breaching its obligations under this Section
6.5 and Armada’s Board of Directors reasonably determines in good faith after consultation with its outside counsel that
the failure to take such action would constitute a breach of its fiduciary duties under Applicable Law, Armada’s Board of
Directors may terminate this Agreement pursuant to Section 8.1(l) to enter into a definitive agreement with respect to such
Superior Proposal; provided, that Armada’s Board of Directors may not terminate this Agreement pursuant to Section
8.1(l) unless (A) it gives Mesa three (3) Business Days’ prior written notice (the “Armada Notice Period”)
of its intention to do so (unless at the time such notice is otherwise required to be given there are less than three (3) Business
Days prior to Mesa obtaining the Mesa Stockholder Consent, in which case Armada shall provide as much notice as is reasonably practicable)
attaching the most current version of all relevant proposed transaction agreements and other material documents (and a description
of all material terms and conditions thereof (including the identity of the Person making such Superior Proposal), (B) during the
Armada Notice Period, Armada, if requested by Mesa, shall have engaged in good faith negotiations to amend this Agreement (including
by making its officers and its financial and legal advisors reasonably available to negotiate in good faith) so that such Alternative
Transaction ceases to constitute a Superior Proposal and (C) Mesa does not make, within three (3) Business Days of its receipt
of such written notification, an offer that Armada’s Board of Directors determines in good faith, after consultation with
its financial and legal advisors, is at least as favorable to the stockholders as such Superior Proposal. In the event of any material
revisions to the applicable Superior Proposal, Armada shall be required to deliver a new written notice to Mesa and to comply with
the requirements of this Section 6.5(f) with respect to such new written notice (to the extent so required).

 

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(g) Nothing contained herein shall prevent
Armada’s Board of Directors from taking and disclosing to its stockholders a position contemplated by Rules 14d-9 and 14e-2(a)
promulgated under the Exchange Act with regard to an Acquisition Proposal; provided, that any disclosure made pursuant to
this Section 6.5(g) (other than a “stop, look and listen” letter or similar communication of the type contemplated
by Rule 14d-9(f) under the Exchange Act) shall be deemed to be an Change in the Armada Recommendation unless Armada’s Board
of Directors expressly states in such disclosure that the Armada Recommendation has not changed.

 

(h) As used in this Agreement, the term
“Acceptable Confidentiality Agreement” means a confidentiality agreement that contains provisions that are no
less favorable in the aggregate to Mesa than those contained in the Confidentiality Agreement.

 

(i) During the Post-Signing Period, Mesa
shall not take any actions to make any state takeover statute or similar statute inapplicable to any Alternative Transaction.

 

(j) The Parties agree that any violation
of the restrictions on Mesa set forth in this Section 6.5 by any Subsidiary of Mesa or any Mesa Representative shall be
a breach of this Section 6.5 by Mesa.

 

SECTION 6.6 Directors’ and Officers’
Indemnification and Insurance.

 

(a) After the Closing Date Armada shall
(i) indemnify and hold harmless, and provide advancement of expenses to, the present and former directors and officers of Mesa
and its Subsidiaries (the “Indemnified Persons”), in each case to the same extent the Indemnified Persons are
indemnified or have the right to advancement of expenses as of the date hereof by Mesa pursuant to Mesa’s certificate of
incorporation, bylaws and any indemnification agreements in existence on the date hereof with any such Indemnified Persons (but
in any event to the fullest extent permitted by Applicable Law) for acts or omissions occurring at or prior to the Closing Date
(including for acts or omissions occurring in connection with the approval of this Agreement and the consummation of the transactions
contemplated hereby) and (ii) purchase as of the Closing Date a tail policy to the current policy of directors’ and officers’
liability insurance maintained by Mesa which tail policy shall be effective for a period from the Closing Date through and including
the date two (2) years after the Closing Date with respect to claims arising from facts or events that occurred on or before the
Closing Date, and which tail policy shall contain substantially the same coverage and amounts as, and contain terms and conditions
no less advantageous than, in the aggregate, the coverage currently provided by such current policy.

 

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(b) Any Indemnified Person wishing to claim
indemnification under Section 6.6(a), upon learning of any such Action, shall promptly notify Armada and the Mesa Sub thereof,
but the failure to so notify shall not relieve Mesa Sub of any liability it may have to such Indemnified Person if such failure
does not materially prejudice the indemnifying party. In the event of any such Action (whether arising before or after the Closing
Date), (i) Armada or Mesa Sub shall have the right to assume the defense thereof and neither Armada nor Mesa Sub shall be liable
to such Indemnified Person for any legal expenses of other counsel or any other expense subsequently incurred by such Indemnified
Person in connection with the defense thereof, except that if Armada or Mesa Sub elects not to assume such defense or counsel for
the Indemnified Person advise that there are issues which raise conflicts of interest between Armada or Mesa Sub and such Indemnified
Person, such Indemnified Person may retain counsel satisfactory to such Indemnified Person, and Armada shall, and shall cause Mesa
Sub to, pay all reasonable fees and expenses of such counsel for such Indemnified Person promptly as statements therefor are received;
provided, that Mesa Sub shall be obligated pursuant to this Section 6.6(b) to pay for only one (1) firm of counsel
for all Indemnified Persons in any jurisdiction unless the use of one (1) counsel for all such Indemnified Persons would, in the
opinion of such counsel, present such counsel with a conflict of interest; provided, further, that the fewest number
of counsel necessary to avoid such conflicts of interest shall be used, (ii) such Indemnified Person will cooperate with Armada
in the defense of any such Action and (iii) neither Armada nor Mesa Sub shall be liable for any settlement effected without Armada’s
prior written consent; and provided, further, that neither Armada nor Mesa Sub shall have any obligation hereunder
to any Indemnified Person if and when a court of competent jurisdiction shall ultimately determine, and such determination shall
have become final, that the indemnification of such Indemnified Person in the manner contemplated hereby is prohibited by Applicable
Law.

 

(c) Notwithstanding anything herein to the
contrary, if any Action (whether arising before, at or after the Closing Date) is made against any Indemnified Persons, the provisions
of this Section 6.6 shall continue in effect until the final disposition of such Action.

 

(d) The covenants contained in this Section
6.6 are intended to be for the benefit of, and shall be enforceable by, each of the Indemnified Persons and their respective
heirs and legal representatives and shall not be deemed exclusive of any other rights to which an Indemnified Person is entitled,
whether pursuant to law, Contract or otherwise.

 

(e) If Armada, Mesa Sub or any of their
respective successors or assigns (i) consolidates with or merges into any other Person and shall not be the continuing or surviving
corporation or entity of such consolidation or merger or (ii) transfers or conveys all or substantially all of its properties and
assets to any Person, then, and in each such case, proper provision shall be made so that the successors or assigns of Armada or
Mesa Sub, as the case may be, shall succeed to the obligations set forth in this Section 6.6.

 

SECTION 6.7 Public Announcements.
Unless otherwise required by Applicable Law or by obligations pursuant to any listing agreement with or rules of any securities
exchange, Mesa and Armada shall consult with each other for a reasonable time before issuing any press release or otherwise making
any public statement or communication (including any press conference, conference call with investors or analysts, or communication
that would require a filing under Rule 14a-12 of the Exchange Act), with respect to this Agreement or the transactions contemplated
hereby. In addition to the foregoing, except to the extent disclosed in the Proxy Statement in accordance with the provisions of
Section 6.1, prior to the Closing Date no Party shall issue any press release or otherwise make any public statement or
disclosure concerning the other Party or the other Party’s business, financial condition or results of operations without
the consent of such other Party.

 

SECTION 6.8 Takeover Statutes.
If any takeover statute or similar statute or regulation of any state is or becomes applicable to this Agreement, the Acquisition,
the Voting Agreements or any other transactions contemplated by this Agreement or the Voting Agreements, Mesa and Mesa’s
Board of Directors shall grant such approvals and take such actions as are necessary to ensure that the Acquisition and the other
transactions contemplated by this Agreement and the Voting Agreements may be consummated as promptly as practicable on the terms
contemplated hereby and otherwise to minimize the effect of such statute or regulation on this Agreement, the Voting Agreements,
the Acquisition and the other transactions contemplated by this Agreement and the Voting Agreements.

 

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SECTION 6.9 Stockholder Litigation.
Mesa or Armada, as the case may be, shall promptly advise the other Party orally and in writing of any stockholder litigation against
Mesa or Armada, as the case may be, and/or its directors relating to this Agreement, the Acquisition and/or the transactions contemplated
by this Agreement and shall keep the other Party fully informed regarding any such stockholder litigation. Mesa or Armada, as the
case may be, shall give the other Party the opportunity to consult with Mesa or Armada, as the case may be, regarding the defense
or settlement of any such stockholder litigation, shall give due consideration the other Party’s advice with respect to such
stockholder litigation and shall not settle any such litigation without the other Party’s consent (not be unreasonably withheld,
delayed or conditioned).

 

SECTION 6.10
Tax-Free Reorganization. Each of Armada and Mesa
(i) shall cause the Reorganization to qualify as a “Tax-Free Reorganization” and (ii) hereby adopt this Agreement
as a “plan of reorganization” within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3. Neither Armada
nor Mesa has taken or will take, either before or after consummation of the Reorganization,
any action which, to the knowledge of such party, would cause, nor will either party fail to perform, or otherwise breach, this
Agreement in any way which would cause the Reorganization to fail, or result in the Reorganization failing, to constitute a Tax-Free
Reorganization. Each of Armada and Mesa shall (i) report the
Reorganization on all Tax Returns and filings as a Tax-Free Reorganization, and (ii) not take any position or action that is inconsistent
with the characteristics of the Reorganization as a Tax-Free Reorganization in any audit, administrative proceeding, litigation
or otherwise.

 

SECTION 6.11 Section 16 Matters.
Prior to the Closing Date, each of Armada and Mesa shall take all such steps as may be required to cause any dispositions of Mesa
Common Stock (including derivative securities with respect to Mesa Common Stock) or acquisitions of Armada Common Stock (including
derivative securities with respect to Armada Common Stock) resulting from the transactions contemplated by Article I and
Article II by each individual who is subject to the reporting requirements of Section 16(a) of the Act with respect to Mesa,
or will become subject to such reporting requirements with respect to Armada, to be exempt under Rule 16b-3 promulgated under the
1934 Act.

 

SECTION 6.12 Board of Directors.
Immediately after the Closing Date, the Board of Directors of Armada shall consist of seven (7) members, including Randy M. Griffin
(Chairman), James Cerna, David Moss, Ray Unruh, Kenneth Hern and two directors selected by the foregoing directors who qualify
as “independent” under applicable SEC standards and the listing standards of NYSE MKT.

 

SECTION 6.13 Management. Immediately
after the Closing Date, the following persons shall hold the following offices in Armada: Randy M. Griffin, Chief Executive Officer:
James Cerna, President; Ray Unruh, Chief Operating Officer; Rachel Dillard, Chief Financial Officer.

 

SECTION 6.14 Employment Agreements.
Armada shall assume all employment agreements disclosed in Schedule 6.14 of the Mesa Disclosure Letter (each a “Mesa
Employment Agreement”) until the termination of the Mesa Employment Agreement by its terms, or upon entry into a new
employment agreement between Armada and the employee that is party to such Mesa Employment Agreement.

 

SECTION 6.15 [RESERVED].

 

SECTION 6.16 Employee Matters.
Other than as disclosed in Schedule 6.16 of each of the Mesa Disclosure Letter and Armada Disclosure Letter, there are no
payments that would be required to be made to any of Mesa’s or Armada’s employees, whether such employee(s) serve in
an executive or a non-executive position, as a result of a change in control of either Mesa or Armada.

 

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SECTION 6.17 Disposition of Specified
Properties. Mesa acknowledges that during the Post-Signing Period Armada may sell the Specified Properties to Third Parties
for such Specified Properties’ fair market value and otherwise on terms and conditions reasonably acceptable to Armada, including
a requirement that any Third Party acquiring a Specified Property indemnify Mesa for any and all liabilities relating to the relevant
Specified Property or Properties under any Environmental Laws or on account of the presence or alleged presence at, or the migration
or alleged migration from, the relevant Specified Property or Properties of any Hazardous Substance. Schedule 6.17 of the
Armada Disclosure Letter shall set forth all “Specified Properties” that may be sold pursuant to this paragraph.

 

ARTICLE VII

CONDITIONS PRECEDENT

 

SECTION 7.1 Conditions to Each Party’s
Obligation to Effect the Acquisition. The respective obligations of the Parties effect the Acquisition are subject to the
waiver by both Armada and Mesa or the satisfaction, on or prior to the Closing Date, of the following conditions:

 

(a) No Injunctions or Restraints, Illegality.
No court or other Governmental Entity of competent jurisdiction shall have issued, enacted, entered, promulgated or enforced any
Applicable Law (and that has not been vacated, withdrawn or overturned) that restrains, enjoins or otherwise prohibits consummation
of the Acquisition or any of the other transactions contemplated in this Agreement or makes the Acquisition illegal.

 

(b) Mesa Stockholder Approval. This
Agreement shall have been approved pursuant to the Mesa Stockholder Consent no later than February 18, 2013, or at such later date
as required by the DGCL or other applicable law.

 

(c) Necessary Consents. The Necessary
Consents shall have been made or obtained and shall be in full force and effect.

 

(d) Registration Statement. The Registration
Statement shall have been declared effective and no stop order suspending the effectiveness of the Registration Statement shall
be in effect and no proceedings for such purpose shall be pending before the SEC.

 

(e) Directors. All directors of Armada
and Mesa, other than the persons specifically named in Section 6.12, shall have duly resigned as directors.

 

(f) Assignment and Assumption Agreement.
Immediately prior to the Closing, Mesa and Mesa Sub shall have entered into the Assignment and Assumption Agreement, substantially
in the form of Exhibit A attached hereto (the “Assignment and Assumption Agreement”), assigning
the Assumed Liabilities and substantially all assets of Mesa not already owned by Mesa Sub to Mesa Sub.

 

SECTION 7.2 Additional Conditions
to Obligations of Armada. The obligations of Armada and to effect the Acquisition are subject to the waiver by Armada or
the satisfaction, on or prior to the Closing Date, of the following conditions:

 

(a) Representations and Warranties.
(i) The representations and warranties of Mesa contained in Section 3.2(a), Section 3.2(b), Section 3.3(a),
Section 3.3(b)(i), Section 3.4(l), Section 3.6, Section 3.7, Section 3.8 and Section 3.10
shall be true and correct in all respects as of the date of this Agreement and as of the Closing Date as if made on and as of such
dates (except to the extent any such representation or warranty is made as of a specified date, which such representation or warranty
shall be true and correct in all respects as of such specified date); and (ii) all other representations and warranties of Mesa
contained in this Agreement shall be true and correct (without giving effect to any “material”, “materially”,
“Material Adverse Effect” or similar qualifiers contained in any of such representations and warranties) as of the
date of this Agreement and as of the Closing Date as if made on and as of such dates (except to the extent any such representation
or warranty is made as of a specified date, which such representation or warranty shall be true and correct as of such specified
date), except where the failures of such other representations and warranties to be true and correct have not had and would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Mesa. Armada shall have received
a certificate of the Chief Executive Officer and the Chief Financial Officer of Mesa to such effect.

 

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(b) Performance of Obligations of Mesa
and Mesa Sub. Mesa and Mesa Sub shall have performed or complied with, in all material respects, all agreements and covenants
required to be performed by it pursuant to this Agreement prior to the Closing Date. Armada shall have received a certificate of
the Chief Executive Officer and the Chief Financial Officer of Mesa to such effect.

 

(c) No Proceedings. No Action shall
have been threatened, commenced or instituted (and which remains pending at what would otherwise be the Closing Date) before any
court or other Governmental Entity of competent jurisdiction seeking to restrain, enjoin or otherwise prohibit consummation of
the Acquisition or any other transaction contemplated by this Agreement or make the Acquisition illegal.

 

(d) No Material Adverse Effect. After
the date of this Agreement, there shall not have occurred any event, circumstance, development, state of facts, occurrence, change
or effect that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect on
Mesa.

 

(e) Dissolution. The Dissolution
shall have been approved by the stockholders of Mesa pursuant to the Mesa
Stockholder Consent and Mesa hereby undertakes to file the Mesa
Certificate of Dissolution with the Secretary of State of Delaware within two (2) Business Days after the Closing Date.

 

(f) Secretary’s Certificate. Armada
shall have received a certificate of the Secretary or an Assistant Secretary of Mesa certifying
true, complete and correct copies of Mesa’s certificate of incorporation or by-laws or
equivalent charter documents, all resolutions of Mesa’s Board of Directors and stockholders
relating to the transactions contemplated by this Agreement, the incumbency of all officers of the of Mesa
executing this Agreement and all other agreement and documents contemplated hereby and such other customary matters as Armada
may reasonably request.

 

(g) Legal Opinion. Armada
shall have received from Gottbetter & Partners, LLP, counsel to Mesa, addressed to
Armada and dated as of the Closing Date, an opinion on the matters reasonably requested by Armada.

 

SECTION 7.3 Additional Conditions
to Obligations of Mesa and Mesa Sub. The obligations of Mesa and Mesa Sub to effect the Acquisition are subject to the
waiver by Mesa or the satisfaction, on or prior to the Closing Date, of the following conditions:

 

(a) Representations and Warranties.
The representations and warranties of Armada contained in Section 4.2(a), Section 4.2(b), Section 4.3(a),
Section 4.3(b)(i), Section 4.4(l), Section 4.6, Section 4.7, Section, Section 4.8 and
Section 4.9 shall be true and correct in all respects as of the date of this Agreement and as of the Closing Date as if
made on and as of such dates (except to the extent any such representation or warranty is made as of a specified date, which such
representation or warranty shall be true and correct in all respects as of such specified date) and (ii) all other representations
and warranties of Armada contained in this Agreement shall be true and correct (without giving effect to any “material,”
“materially,” “Material Adverse Effect” or similar qualifiers contained in any of such representations
and warranties) as of the date of this Agreement and as of the Closing Date as if made on and as of such dates (except to the extent
any such representation or warranty is made as of a specified date, which such representation or warranty shall be true and correct
as of such specified date), except where the failures of such other representations and warranties to be true and correct have
not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Armada. Mesa
shall have received a certificate of the Chief Executive Officer and the Chief Financial Officer of Armada to such effect.

 

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(b) Performance of Obligations of Armada.
Armada shall have performed or complied with, in all material respects, all agreements and covenants required to be performed by
them pursuant to this Agreement prior to the Closing Date. Mesa shall have received a certificate of the Chief Executive Officer
and Chief Financial Officer of Armada to such effect.

 

(c) No Material Adverse Effect. After
the date of this Agreement, there shall not have occurred any event, circumstance, development, state of facts, occurrence, change
or effect that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect on
Armada.

 

(d) Assumption
of Liabilities. Armada shall have assumed and agreed to pay, defend, discharge and perform as and when due and performable
all of the Assumed Liabilities.

 

(e) Secretary’s Certificate.
Mesa shall have received a certificate of the Secretary or an Assistant Secretary of Armada
certifying true, complete and correct copies of Armada’s certificate of incorporation
or by-laws or equivalent charter documents, all resolutions of Armada’s Board of Directors
and stockholders relating to the transactions contemplated by this Agreement, the incumbency of all officers of the of Armada
executing this Agreement and all other agreement and documents contemplated hereby and such other customary matters as Armada
may reasonably request.

 

(f) Legal Opinion. Mesa
shall have received from Sierchio & Company, LLP, counsel to Armada, addressed to
Mesa and dated as of the Closing Date, an opinion on the matters reasonably requested by Mesa.

 

ARTICLE VIII

TERMINATION AND ABANDONMENT

 

SECTION 8.1 Termination. This
Agreement may be terminated and the Acquisition contemplated hereby may be abandoned at any time prior to the Closing Date, whether
before or after the approval by the stockholders of Mesa referred to in Section 7.1(b):

 

(a) by mutual written consent of Armada
and Mesa;

 

(b) by either Armada or Mesa if the Closing
Date shall not have occurred on or before February 28, 2013, unless extended by the mutual written consent of the Parties; provided,
that the right to terminate this Agreement pursuant to this Section 8.1(b) shall not be available to any Party whose breach
of any provision of this Agreement has been the principal cause of the failure of the Acquisition to be consummated on or before
such date;

 

(c) by Armada, if Mesa takes any action
described in Section 6.5(a)(iv), or if Mesa’s Board of Directors authorizes, endorses, approves or recommends to Mesa’s
stockholders, or otherwise authorizes, endorses, approves or publicly recommends, an Alternative Transaction;

 

(d) by either Armada or Mesa, if the Mesa
Stockholder Consent shall not have been obtained before February 18, 2013;

 

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(e) by either Armada or Mesa, if any court
or other Governmental Entity of competent jurisdiction shall have issued, enacted, entered, promulgated or enforced any Applicable
Law (that is final and non-appealable and that has not been vacated, withdrawn or overturned) or taken any other action restraining,
enjoining or otherwise prohibiting the Reorganization or making it illegal; provided, that the Party seeking to terminate
pursuant to this Section 8.1(e) shall have complied with its obligations, if any, under Section 6.4;

 

(f) by Mesa, if any representation or warranty
of Armada contained in this Agreement shall fail to be true and correct or there shall have been a breach by Armada of any covenant
or agreement of Armada contained in this Agreement, which failure to be true and correct or breach (i) would, individually or in
the aggregate with all other such failures and breaches, result in the failure of a condition set forth in Section 7.3(a)
or Section 7.3(b) (irrespective of whether the Closing has occurred) and (ii) is incapable of being cured prior to the Closing
Date by Armada or, if curable, is not cured within thirty (30) days after written notice thereof is given to Armada by Mesa; provided,
that Mesa may not terminate this Agreement pursuant to this Section 8.1(f) if Mesa is in material breach of this Agreement;

 

(g) by Armada, if any representation or
warranty of Mesa contained in this Agreement shall fail to be true and correct or there shall have been a breach by Mesa of any
covenant or agreement of Mesa contained in this Agreement, which failure to be true and correct or breach (i) would, individually
or in the aggregate with all other such failures and breaches, result in the failure of a condition set forth in Section 7.2(a)
or Section 7.2(b) (irrespective of whether the Closing has occurred) and (ii) is incapable of being cured prior to the Closing
Date by Mesa or, if curable, is not cured within thirty (30) days after written notice thereof is given to Mesa by Armada; provided,
that Armada may not terminate this Agreement pursuant to this Section 8.1(g) if Armada is in material breach of this Agreement;

 

(h) By Armada, if Mesa shall have breached
Section 6.5; or

 

(i) By Mesa if, prior to obtaining the Mesa
Stockholder Consent, Mesa’s Board of Directors authorizes Mesa, subject to complying with the terms of this Agreement, to
enter into a written agreement concerning a Superior Proposal; provided, that concurrently with such termination, Mesa pays
the Mesa Termination Fee, as defined below, payable pursuant to Section 8.3(a); and provided, further, that
Mesa complies with Section 6.5;

 

(j) by Mesa, if Armada takes any action
described in Section 6.5(a)(iv), or if Armada’s Board of Directors authorizes, endorses, approves or recommends to
Armada’s stockholders, or otherwise authorizes, endorses, approves or publicly recommends, an Alternative Transaction;

 

(k) By Mesa, if Armada shall have breached
Section 6.5; or

 

(l) By Armada if, prior to Mesa obtaining
the Mesa Stockholder Consent, Armada’s Board of Directors authorizes Armada, subject to complying with the terms of this
Agreement, to enter into a written agreement concerning a Superior Proposal; provided, that concurrently with such termination,
Armada pays the Armada Termination Fee, as defined below, payable pursuant to Section 8.3(e); and provided, further,
that Mesa complies with Section 6.5.

 

SECTION 8.2 Effect of Termination.
Any Party desiring to terminate this Agreement pursuant to Section 8.1 shall provide written notice to the other Parties
specifying in reasonable detail the provision pursuant to which such termination is made and the basis for such termination. In
the event of a valid termination of this Agreement pursuant to Section 8.1, this Agreement shall become void and have no
effect, and the obligations of the Parties hereunder shall terminate and there shall be no liability on the part of any Party;
provided, that the confidentiality obligations of Section 6.2, and all of the provisions of this Section 8.2,
Section 8.3 and Article IX shall survive any termination of this Agreement. Nothing in this Section 8.2 shall
relieve or release any Party of any liability for any willful breach of this Agreement.

 

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SECTION 8.3 Termination Fees.

 

(a) If this Agreement is terminated pursuant
to Section 8.1(i), then Mesa shall pay to Armada, concurrently with and as a condition to such termination, by wire transfer
of immediately available funds to an account designated in writing by Armada, a fee in the amount of $250,000 (the “Mesa
Termination Fee”).

 

(b) If this Agreement is terminated pursuant
to Section 8.1(c), then Mesa shall pay to Armada, within two (2) Business Days following such termination, by wire transfer
of immediately available funds the Mesa Termination Fee to an account designated in writing by Armada; provided, that if
either Armada or Mesa terminates this Agreement pursuant to Section 8.1(d) and circumstances would have permitted Armada
to terminate this Agreement pursuant to Section 8.1(c), this Agreement will be deemed terminated pursuant to Section
8.1(c) for purposes of this Section 8.3(b).

 

(c) If this Agreement is terminated pursuant
to:

 

(i) Section 8.1(b) and (A) the Mesa
Stockholder Consent has not been obtained and (B) a proposal with respect to an Alternative Transaction for Mesa shall have been
publicly announced (or any Third Party shall have publicly announced, communicated or made known a bona fide intention to propose
an Alternative Transaction) at any time after the date of this Agreement and prior to the date of termination of this Agreement;

 

(ii) Section 8.1(d), if a proposal
with respect to an Alternative Transaction shall have been publicly announced (or any Third Party shall have publicly announced,
communicated or made known a bona fide intention to propose an Alternative Transaction) at any time after the date of this Agreement
and prior to the date of the Mesa Stockholder Consent; or

 

(iii) Section 8.1(h);

 

then, if within twelve (12) months after
such termination Mesa either consummates an Alternative Transaction or enters into a definitive agreement with respect to an Alternative
Transaction, Mesa shall pay to Armada the Mesa Termination Fee within two (2) Business Days of the earlier of entering into such
definitive agreement or the consummation of such Alternative Transaction; provided, that for purposes of this Section
8.3(c), each reference to ten percent (10%) in the definition of “Alternative Transaction” shall be deemed to be
fifty percent (50%).

 

(d) Notwithstanding anything in Section
8.3(a) through (c) to the contrary, if this Agreement is terminated pursuant to Section 8.1(g), Mesa shall pay
to Armada, within two (2) Business Days following such termination, the Mesa Termination Fee payable pursuant to this Section
8.3, by wire transfer of immediately available funds to an account designated in writing by Armada.

 

(e) If this Agreement is terminated pursuant
to Section 8.1(l), then Armada shall pay to Mesa, concurrently with and as a condition to such termination, by wire transfer
of immediately available funds to an account designated in writing by Mesa, a fee in the amount of $250,000 (the “Armada
Termination Fee”).

 

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(f) If this Agreement is terminated pursuant
to Section 8.1(j), then Armada shall pay to Mesa, within two (2) Business Days following such termination, by wire transfer
of immediately available funds the Armada Termination Fee to an account designated in writing by Mesa; provided, that if
either Mesa or Armada terminates this Agreement pursuant to Section 8.1(d) and circumstances would have permitted Mesa to
terminate this Agreement pursuant to Section 8.1(j), this Agreement will be deemed terminated pursuant to Section 8.1(j)
for purposes of this Section 8.3(f).

 

(g) If this Agreement is terminated pursuant
to:

 

(i) Section 8.1(b) and (A) the Mesa
Stockholder Consent has not been obtained and (B) a proposal with respect to an Alternative Transaction shall have been publicly
announced (or any Third Party shall have publicly announced, communicated or made known a bona fide intention to propose an Alternative
Transaction) at any time after the date of this Agreement and prior to the date of termination of this Agreement;

 

(ii) Section 8.1(d), if a proposal
with respect to an Alternative Transaction for Armada shall have been publicly announced (or any Third Party shall have publicly
announced, communicated or made known a bona fide intention to propose an Alternative Transaction) at any time after the date of
this Agreement and prior to the date of the Mesa Stockholder Consent; or

 

(iii) Section 8.1(k);

 

then, if within twelve (12) months after
such termination Armada either consummates an Alternative Transaction or enters into a definitive agreement with respect to an
Alternative Transaction, Armada shall pay to Mesa the Armada Termination Fee within two (2) Business Days of the earlier of entering
into such definitive agreement or the consummation of such Alternative Transaction; provided, that for purposes of this
Section 8.3(g), each reference to ten percent (10%) in the definition of “Alternative Transaction” shall be
deemed to be fifty percent (50%).

 

(h) Notwithstanding anything in Section
8.3(e) through (g) to the contrary, if this Agreement is terminated pursuant to Section 8.1(f), Mesa shall pay
to Armada, within two (2) Business Days following such termination, the Mesa Termination Fee payable pursuant to this Section
8.3, by wire transfer of immediately available funds to an account designated in writing by Armada.

 

(i) Except as otherwise specifically provided
herein, each Party shall bear its own expenses in connection with this Agreement and the transactions contemplated hereby.

 

(j) Each Party agrees that the provisions
contained in this Section 8.3 are an integral part of the transactions contemplated by this Agreement, and that without
these agreements the Parties would not have entered into this Agreement. If Mesa fails to pay Armada the Mesa Termination Fee under
Section 8.3(a), Section 8.3(b), or Section 8.3(c) or the termination fee pursuant to Section 8.3(d)
in accordance with the terms hereof, Mesa shall pay the costs and expenses (including reasonable legal fees and expenses) of Armada
in connection with any action, including the filing of any lawsuit or other legal action, taken to collect payment. If Armada fails
to pay Mesa the Armada Termination Fee under Section 8.3(e), Section 8.3(f), or Section 8.3(g) or the termination
fee pursuant to Section 8.3(h) in accordance with the terms hereof, Armada shall pay the costs and expenses (including reasonable
legal fees and expenses) of Mesa in connection with any action, including the filing of any lawsuit or other legal action, taken
to collect payment.

 

(h) Any amounts not paid when due pursuant
to this Section 8.3 shall bear interest from the date such payment is due until the date paid at a rate equal to five percent
(5%) per annum.

 

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ARTICLE IX

GENERAL PROVISIONS

 

SECTION 9.1 Non-Survival of Representations,
Warranties and Agreements. None of the representations, warranties, covenants and other agreements in this Agreement or
in any instrument delivered pursuant to this Agreement, including any rights arising out of any breach of such representations,
warranties, covenants and other agreements, shall survive the Closing Date or the termination of this Agreement, as the case may
be, except (a) in the event the Closing Date occurs, for those covenants and agreements contained herein that by their terms apply
or are to be performed in whole or in part after the Closing Date (including the terms of this Article IX) and (b) as otherwise
provided in Section 8.2.

 

SECTION 9.2 Notices. Except
as otherwise provided herein, all notices, requests, claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed effective and duly given (a) immediately when sent by facsimile or by email in .pdf format or (b) when received
if delivered by hand or overnight courier service or certified or registered mail on any Business Day. All notices hereunder shall
be delivered as set forth below, or pursuant to such other written instructions as may be designated in writing by the Party to
receive such notice:

 

(a) if to Armada, to:

 

Armada Oil, Inc.

10777 Westheimer Road

Suite 1100

Houston, Texas 77042

Attention: James J. Cerna, Jr.

 

with a copy (which shall not constitute
notice) to:

 

Sierchio & Company, LLP

430 Park Avenue

Suite 702

New York, New York 10022

Attention: Joseph Sierchio, Esq.

 

(b) if to Mesa or Mesa Sub, to

 

Mesa Energy Holdings, Inc.

5220 Spring Valley Road

Suite 615

Dallas, Texas 75254

Attention: Randy M. Griffin

 

with a copy (which shall not constitute
notice) to:

 

Gottbetter & Partners, LLP

488 Madison Avenue

12th Floor

New York, New York 10022

Attention: Adam Gottbetter, Esq.

 

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Notices sent by multiple means, each of
which is in compliance with the provisions of this Agreement will be deemed to have been received at the earliest time provided
for by this Agreement.

 

SECTION 9.3 Interpretation.
When a reference is made in this Agreement to Sections or Schedules, such reference shall be to a Section of or Schedule to this
Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation.” The Parties agree that they have been represented by counsel during the negotiation and execution
of this Agreement and have participated jointly in the drafting of this Agreement, and therefore, waive the application of any
Applicable Law, holding or rule of construction providing that ambiguities in an agreement or other document will be construed
against the party drafting such agreement or document.

 

SECTION 9.4 Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered an original and one and the same agreement
and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties,
it being understood that all Parties need not sign the same counterpart. Signed counterparts of this Agreement may be delivered
by facsimile and by scanned .pdf image.

 

SECTION 9.5 Entire Agreement; No Third-Party
Beneficiaries.

 

(a) This Agreement, including the schedules
hereto, the Confidentiality Agreement, Mesa Disclosure Letter and the Armada Disclosure Letter constitute the entire understanding
of the Parties with respect to the subject matter contained herein and supersede all prior agreements and understandings, both
written and oral, among the Parties with respect to the subject matter hereof and thereof.

 

(b) Except for (i) the rights of holders
of Mesa Common Stock, Mesa Stock Options, and Mesa Restricted Stock Grants to receive the Derivative Consideration or Armada Common
Stock pursuant to Section 2.2 and (ii) Section 6.6, this Agreement shall bind and inure solely to the benefit of
each Party and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to
or shall confer on any other Person any right, benefit, obligation, liability or remedy of any nature whatsoever under or by reason
of this Agreement other than the Parties and their respective successors and permitted assigns.

 

SECTION 9.6 Governing Law; Waiver
of Jury Trial.

 

(a) This Agreement and the legal relations
between the Parties shall be governed by and construed in accordance with the laws of the State of New York, without regard to
the conflict of laws rules thereof, applicable to contracts executed in and to be performed entirely within the State of New York,
except that, to the extent applicable, the provisions of the DGCL shall govern the Dissolution.

 

(b) EACH PARTY IRREVOCABLY AND UNCONDITIONALLY
WAIVES, AND SHALL CAUSE ITS SUBSIDIARIES AND AFFILIATES TO WAIVE, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

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SECTION 9.7 Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity or enforceability or the other provisions hereof. If any term, covenant, restriction or provision contained in Agreement,
is held by a Governmental Entity to be invalid, void, against its regulatory policy or unenforceable, the remainder of the terms,
provisions, covenants and restrictions contained in this Agreement shall remain valid and binding and shall in no way be affected,
impaired or invalidated, so long as the economic and legal substance of the transactions contemplated hereby are not affected in
any manner materially adverse to any Party. Upon such a determination, the Parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as possible so that the transactions contemplated hereby
can be consummated as originally contemplated to the fullest extent possible.

 

SECTION 9.8 Amendment. This
Agreement may be amended by the Parties at any time before or after approval of this Agreement by the stockholders of Mesa; provided,
that after any such approval, no amendment shall be made which by law or in accordance with the rules of any relevant stock exchange
requires further approval by such stockholders without such further approval. This Agreement may not be amended except by an instrument
in writing signed on behalf of each of the Parties.

 

SECTION 9.9 Extension; Waiver.
At any time prior to the Closing Date, the Parties may, to the extent legally allowed, (i) extend the time for the performance
of any of the obligations or other acts of the other Parties, (ii) waive any inaccuracies in the representations and warranties
of the other Parties contained herein or in any document, certificate or writing delivered pursuant hereto, or (iii) waive compliance
with any of the agreements or covenants of the other Parties contained herein. Any agreement on the part of a Party to any such
extension or waiver shall be valid only if set forth in a written instrument signed on behalf of the Party against which such waiver
or extension is to be enforced. No failure or delay on the part of any Party in the exercise of any right hereunder shall impair
such right or be construed as a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement
herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right.

 

SECTION 9.10 Assignment. Neither
this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the Parties, in whole or in
part, without the prior written consent of the other Parties, and any attempt to make any such assignment without such consent
shall be null and void; provided, that that Armada may transfer or assign its rights, interests and obligations under this
Agreement, in whole or in part, to any Person after the Closing Date; provided, that any such transfer or assignment shall
not relieve Armada of its obligations hereunder. This Agreement will bind, inure to the benefit of and be enforceable by the Parties
and their respective successors and permitted assigns.

 

SECTION 9.11 Submission to Jurisdiction;
Waivers. Each Party hereby irrevocably (a) agrees that any legal action or proceeding with respect to this Agreement or
for recognition and enforcement of any judgment in respect hereof brought by another Party or its successors or permitted assigns
shall be brought and determined exclusively in any federal or state court of competent jurisdiction located in the Borough of Manhattan
in the State of New York and (b) consents to the jurisdiction of and venue in such courts and in the courts hearing appeals therefrom.
Each Party hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any
action or proceeding with respect to this Agreement, any claim that such Party is not personally subject to the jurisdiction of
the above-named courts for any reason other than the failure to serve process in accordance with this Section 9.11,
that its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether
through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise),
and to the fullest extent permitted by Applicable Law, that the suit, action or proceeding in any such court is brought in an inconvenient
forum, or that this Agreement, or the subject matter hereof, may not be enforced in or by such courts and further irrevocably waives,
to the fullest extent permitted by Applicable Law, the benefit of any defense that would hinder, fetter or delay the levy, execution
or collection of any amount to which the Party is entitled pursuant to the final judgment of any court having jurisdiction. Each
Party hereby (x) agrees that process in any such action may be served on any Party anywhere in the world, whether within or without
the jurisdiction of any such court and (y) mailing of process or other papers in connection with any such action or proceeding
in the manner provided in Section 9.2 or in such other manner as may be permitted by Applicable Law shall be valid and sufficient
service thereof.

 

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SECTION 9.12 Specific Performance.
The Parties agree that irreparable damage would occur in the event that any Party should breach any of its covenants or agreements
hereunder and that it would be extremely impracticable to measure the resulting damages and that an award of money damages would
be inadequate in such event; accordingly, each Party, in addition to any other available rights or remedies such Party may have
under the terms of this Agreement, shall be entitled to specific performance and/or to obtain an injunction or injunctions, without
proof of actual damages, to prevent breaches of another Party’s covenants or agreements hereunder, and each Party expressly
waives the defense that a remedy in damages will be adequate. Each Party further agrees that no Party or any other Person shall
be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy
referred to in this Section 9.12, and each Party irrevocably waives any right it may have to require the obtaining, furnishing
or posting of any such bond or similar instrument. Each Party further agrees that the only permitted objection that it may raise
in response to any action for equitable relief is that it contests the existence of a breach or threatened breach of a covenants
or agreements hereunder.

 

SECTION 9.13 Effect of Investigation.
Notwithstanding anything in this Agreement to the contrary, no investigation (nor any information or knowledge obtained therefrom)
by Armada, nor any notice or information provided to Armada from Mesa or any other Person, shall affect or modify the representations,
warranties, covenants and agreements made by Mesa pursuant to this Agreement or the remedies of Armada for breaches of those representations,
warranties, covenants and agreements.

 

SECTION 9.14 Definitions.

 

(a) Except as otherwise expressly provided
in this Agreement, or unless the context otherwise requires, whenever used in this Agreement, the following terms shall have the
respective meanings specified therefor below.

 

(i) “Action” means any
legal, administrative, governmental or regulatory proceeding or other action, suit, proceeding, appeal, demand, assessment, litigation,
hearing, claim, arbitration, mediation, alternative dispute resolution procedure, inquiry or investigation by or before any arbitrator,
mediator, court or other Governmental Entity, at law or in equity.

 

(ii) “Affiliate” means,
with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such
Person; provided, that an Affiliate of any Person shall also include (i) any Person that directly or indirectly owns, or
in which such Person directly or indirectly owns more than five percent (5%) of any class of capital stock or other equity interest
of such Person and (ii) any officer or director of such Person; provided, further, that, (i) Mesa and its Subsidiaries
shall not be considered an Affiliate of Armada and (ii) Armada and its Subsidiaries shall not be considered an Affiliate of Mesa.
For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by”
and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting
securities, by Contract or otherwise.

 

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(iii) “Alternative Transaction”
means any of the following events: (i) any tender or exchange offer (including a self-tender offer or exchange offer) that, if
consummated, would result in a Third Party beneficially owning ten percent (10%) or more of any class of equity or voting securities
of Armada or Mesa or any of their respective Subsidiaries whose assets, individually or in the aggregate, constitute ten percent
(10%) or more of the consolidated assets of Armada or Mesa, (ii) any merger, consolidation, share exchange, business combination,
reorganization, recapitalization, liquidation, dissolution, sale of substantially all the assets or other similar transaction involving
Armada or Mesa or any of their respective Subsidiaries whose assets individuality or in the aggregate, constitute ten percent (10%)
or more of the consolidated assets of Armada or Mesa, or (iii) the acquisition by a Third Party of ten percent (10%) or more of
any class of equity or voting securities of Armada or Mesa or any of their respective Subsidiaries whose assets individuality or
in the aggregate, constitute ten percent (10%) or more of the consolidated assets of Armada or Mesa, or of ten percent (10%) or
more of the assets or operations of Armada or Mesa and its Subsidiaries, taken as a whole, in a single transaction or a series
of related transactions.

 

(iv) “Applicable Law”
means, with respect to any Person, any foreign, federal, state, municipal, provincial or local law (statutory, common or otherwise),
constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, writ, ruling or other
similar requirement enacted, adopted, promulgated or applied by a Governmental Entity, and any judicial interpretation thereof,
that is binding upon or applicable to such Person or such Person’s properties or assets, as the same may be amended from
time to time unless expressly specified otherwise herein.

 

(v) “Armada Common Stock”
means the common stock, par value $0.001 per share, of Armada.

 

(vi) “Armada Recommendation”
means the recommendation by Armada’s Board of Directors to approve this Agreement and the transactions contemplated hereby.

 

(vii) “Armada Stock Options”
means any option granted, and not exercised, expired or terminated, to a current or former employee, director or independent contractor
of Armada or any Subsidiary thereof or any predecessor thereof to purchase shares of Armada Common Stock pursuant to Armada Stock
Plans or any other Contract entered into by Armada and any Subsidiary of Armada.

 

(viii) “Armada Stock Plans”
means Armada’s 2012 Long-Term Incentive Plan, and any other stock option, stock bonus, stock award, or stock purchase plan,
program, or arrangement of Armada or any Subsidiary of Armada or any predecessor thereof.

 

(ix) “Business
Day” means any day other than Saturday or Sunday or any other day on which commercial banks in The City of New
York are authorized or required by law to remain closed.

 

(x) “Code” means the
Internal Revenue Code of 1986, as amended, and the rules and Treasury regulations promulgated thereunder.

 

(xi) “Confidentiality Agreement”
means that certain Mutual Confidentiality Agreement made as of September 25, 2012, by and between Mesa and Armada.

 

(xii) “Contract” means
any note, bond, mortgage, indenture, guarantee, franchise, contract, agreement, obligation, commitment, arrangement, understanding,
letter of intent, instrument, permit, lease or license, whether oral or written, and any amendments thereto.

 

(xiii) “Derivative” means
a derivative transaction within the coverage of SFAS No. 133, including any swap transaction, option, hedge, warrant, forward purchase
or sale transaction, futures transaction, cap transaction, floor transaction or collar transaction relating to one or more currencies,
commodities, bonds, equity securities, loans, interest rates, credit-related events or conditions or any indexes, or any other
similar transaction (including any option with respect to any of these transactions) or combination of any of these transactions,
including collateralized mortgage obligations or other similar instruments or any debt or equity instruments evidencing or embedding
any such types of transactions, and any related credit support, collateral, transportation or other similar arrangements related
to such transactions.

 

    	Page 67 of 73

    	 

    

 

(xiv) “Environmental Laws”
means any Applicable Law, or any written agreement with any Governmental Entity, relating to (i) the control of any pollutant or
protection of the air, water or land, (ii) solid, gaseous or liquid waste generation, handling, treatment, storage, disposal or
transportation, (iii) human health and safety, or (iv) the environment.

 

(xv) “Environmental Permits”
means all permits, licenses, certificates, approvals and other similar authorizations of Governmental Entities required by Environmental
Laws and affecting, or relating to, the business of Mesa or any of its Subsidiaries as conducted as of the date of this Agreement.

 

(xvi) “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and including all rules and regulations promulgated thereunder.

 

(xvii) “good standing”
means, when used with respect to the status of any entity domiciled or doing business in a particular state, that such entity has
filed its most recent required annual report, if any, and (i) if a domestic entity, has not filed articles of dissolution and (ii)
if a foreign entity, has not applied for a certificate of withdrawal and is not the subject of a proceeding to revoke its certificate
of authority.

 

(xviii) “Governmental Entity”
means any United States or non-United States federal, state, municipal, provincial or local government, court, arbitrator, arbitral
tribunal, administrative agency or commission or other governmental or regulatory agency or authority or any securities exchange.

 

(xix) “Hazardous Substance”
means any pollutant, contaminant, waste or chemical or any toxic, radioactive, ignitable, corrosive, reactive or otherwise hazardous
substance, waste or material (including any gasoline or petroleum or any crude oil or fraction thereof), or any substance, waste
or material having any constituent elements displaying any of the foregoing characteristics, including any substance, waste or
material regulated under any Environmental Law.

 

(xx) “Hydrocarbons” means,
collectively, crude oil, natural gas and natural gas liquids (including coalbed gas) and other liquid and gaseous hydrocarbons
produced in association therewith.

 

(xxi) “Intellectual Property”
means (i) trademarks, service marks, brand names, certification marks, trade dress, domain names and other indicia of origin, the
goodwill associated with the foregoing and registrations in any jurisdiction for, and applications in any jurisdiction to register,
the foregoing, including any extension, modification or renewal of any such registration or application; (ii) inventions, formulae,
processes, designs and discoveries, whether patentable or not, in any jurisdiction; patents, applications for patents (including,
without limitation, divisions, continuations, continuations-in-part and renewal applications), and any renewals, continuations,
continuations-in-part, divisions, reexaminations, extensions or reissues thereof, in any jurisdiction; (iii) Trade Secrets; (iv)
writings and other works of authorship, whether copyrightable or not, in any jurisdiction, and any and all copyright rights, whether
registered or not; and registrations or applications for registration of copyrights in any jurisdiction, and any renewals or extensions
thereof; (v) moral rights, database rights, shop rights, design rights, industrial property rights, publicity rights and privacy
rights; and (vi) any other similar intellectual property or proprietary rights and any all derivatives and improvements of any
of the foregoing.

 

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(xxii) “Knowledge” means,
(i) with respect to Armada, the actual knowledge of the Chief Executive Officer and Chief Financial Officer and (ii) with respect
to Mesa, the actual knowledge of the Chief Executive Officer, the Chief Financial Officer and the President; in each case, after
reasonable due inquiry by such individuals; provided, that for the purposes of this definition, each such individual shall
be deemed to have made reasonable due inquiry of any fact, circumstance or condition under this Agreement if such individual has
(A) reviewed this Agreement and the Armada Disclosure Letter or Mesa Disclosure Letter, as applicable, and (B) reviewed such records
and consulted with such subordinate Persons as such individual deems reasonably likely to contain or have information relating
to such fact, circumstance or condition.

 

(xxiii) “Liens” means
any mortgage, pledge, option, right of first refusal, claim, easement, indenture, deed of trust, right of way, restriction on the
use of real property, encroachment, license to third parties, lease to third parties, security agreement, hypothecation, assignment,
deposit arrangement, lien (statutory or other), other charge or security interest or any other encumbrance and other restriction
or limitation on ownership or use of real or personal property or irregularities in title thereto; or any preference, priority
or other agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional
sale or other title retention agreement, or any capital lease having substantially the same economic effect as any of the foregoing).

 

(xxiv) “Material Adverse Effect”
means, with respect to any Party any event, circumstance, development, state of facts, occurrence, change or effect that is materially
adverse to the business, assets, results of operations or condition (financial or otherwise) of such Party and its Subsidiaries,
taken as a whole; provided, that none of the following shall in and of itself constitute, and no event, circumstance, development,
state of facts, occurrence, change or effect resulting solely from any of the following shall constitute, a Material Adverse Effect
with respect to such Party: (A) United States or global economic or political conditions (including any terrorist activities, war
or other armed hostilities) or securities or capital markets in general; (B) the announcement of this Agreement and of the transactions
contemplated hereby; (C) other than with respect to changes to Applicable Laws related to hydraulic fracturing or similar processes
that would reasonably be expected to have the effect of delaying, making illegal or commercially impracticable such hydraulic fracturing
or similar processes (which changes may be taken into account in determining whether there has been a Material Adverse Effect),
changes after the date hereof in Applicable Law or in GAAP or regulatory accounting principles; (D) other than with respect to
changes to Applicable Laws related to hydraulic fracturing or similar processes that would reasonably be expected to have the effect
of delaying, making illegal or commercially impracticable such hydraulic fracturing or similar processes (which changes may be
taken into account in determining whether there has been a Material Adverse Effect), conditions in or affecting the oil and gas
exploration, development and/or production industry or industries (including changes in oil, gas or other commodity prices); (E)
any failure, in and of itself, of such Party to meet internal or published revenue or earnings projections (it being understood
and agreed that the underlying event, circumstance, development, state of facts, occurrence, change or effect giving rise to such
failure may constitute or contribute to a Material Adverse Effect); or (F) any change in the price of Armada Common Stock or Mesa
Common Stock on the OTCQB (it being understood and agreed that the underlying event, circumstance, development, state of facts,
occurrence, change or effect giving rise to such change may constitute or contribute to a Material Adverse Effect); provided,
that with respect to clauses (A), (C) and (D), such events, circumstances, developments, states of facts, occurrences, changes
or effects do not disproportionately impact such Party and its Subsidiaries relative to other companies in the industries in which
such Party and its Subsidiaries operate.

 

(xxv) “Mesa Restricted Stock Grant”
means each share of Mesa Common Stock underlying an unvested restricted stock award granted pursuant to the Mesa Stock Plan outstanding
as of the date hereof and disclosed in Schedule 3.2(a) of the Mesa Disclosure Letter.

    	Page 69 of 73

    	 

    

 

(xxvi) “Mesa Stock Options”
means as of the date hereof any option granted, and not exercised, expired or terminated, to a current or former employee, director
or independent contractor of Mesa or any Subsidiary thereof or any predecessor thereof to purchase shares of Mesa Common Stock
pursuant to the Mesa Stock Plans or any other Contract entered into by Mesa and any Subsidiary of Mesa and disclosed in Schedule
3.2(a) of the Mesa Disclosure Letter.

 

(xxvii) “Mesa Stock Plans”
means Mesa’s 2009 Equity Incentive Plan, and any other stock option, stock bonus, stock award, or stock purchase plan, program,
or arrangement of Mesa or any Subsidiary of Mesa or any predecessor thereof.

 

(xxviii) “Mesa Sub Common Stock”
means the common stock, par value $0.001 per share, of the Mesa Sub.

 

(xxix) “O&G Lease”
means any oil and/or gas lease, sublease, right of way, easement or license under which Mesa or any of its Subsidiaries leases,
subleases or licenses or otherwise acquires or obtains legal and beneficial ownership of and rights in any Oil and Gas Interests,
including, without limitation, any Contract relating to any Oil and Gas Interest, as the context so requires, of Mesa, Armada or
any of their respective Subsidiaries.

 

(xxx) “Oil and Gas Interests”
means direct and indirect interests in and rights with respect to all Hydrocarbons and related properties and assets of any kind
and nature, direct or indirect, including working and leasehold interests in the lands covered thereby and operating rights and
royalties, overriding royalties, production payments, net profit interests and other non-working interests and non-operating interests;
all Hydrocarbons or revenues therefrom, all Contracts in connection therewith and claims and rights thereto (including all oil
and gas leases, production sharing agreements, operating agreements, unitization and pooling agreements and orders, division orders,
transfer orders, mineral deeds, royalty deeds, oil and gas sales, exchange and processing contracts and agreements, and in each
case, interests thereunder), surface interests, fee interests, reversionary interests, reservations, and concessions; payout balances,
production payments and other interests relating to oil, gas or other minerals attributable or allocable to the Wells; all easements,
rights of way, licenses, permits, leases, and other interests associated with, appurtenant to, or necessary for the operation of
any of the foregoing; and all interests in equipment and machinery (including all Wells, well equipment and machinery), oil and
gas production, gathering, transmission, treating, processing, and storage facilities (including tanks, tank batteries, pipelines,
and gathering systems), pumps, water plants, electric plants, gasoline and gas processing plants, refineries, and other tangible
personal property and fixtures associated with, appurtenant to, or necessary for the operation of any of the foregoing.

 

(xxxi) “Permitted Liens”
means: (i) any Liens for Taxes not yet due and payable or which may thereafter be paid without penalty; (ii) carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s or other similar Liens arising in the ordinary course of Mesa’s
business securing amounts that are not past due; (iii) easements, rights-of-way, restrictions and other similar encumbrances incurred
in the ordinary course of Mesa’s business which, individually or in the aggregate, are not substantial in amount and which
do not in any case materially detract from the value or impair the use or operation of the property subject thereto; and (iv) Liens
set forth on Section 9.14(a)(xxxi) of the Mesa Disclosure Letter or Armada Disclosure Letter, as applicable. Permitted Liens
shall not include any Production Burden.

 

(xxxii) “Person” means
an individual, corporation, limited liability company, partnership, association, trust, unincorporated organization, other entity
or group (as defined in the Exchange Act), including any Governmental Entity.

 

    	Page 70 of 73

    	 

    

 

(xxxiii) “Production Burdens”
means all royalty interests, overriding royalty interests, production payments, net profit interests or other similar interests
that constitute a burden on, and are measured by or are payable out of, the production of Hydrocarbons or the proceeds realized
from the sale or other disposition thereof (including any amounts payable to publicly traded royalty trusts), other than Taxes
and assessments of Governmental Entities.

 

(xxxiv) “Sarbanes-Oxley Act”
means the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated thereunder.

 

(xxxv) “SEC” means the
United States Securities and Exchange Commission.

 

(xxxiii) “Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(xxxvi) “Subsidiary”
when used with respect to any Party means any corporation or other organization, whether incorporated or unincorporated, (i) of
which such Party or any other Subsidiary of such Party is a general partner (excluding partnerships in which the general partnership
interests held by such Party or any Subsidiary of such Party do not have a majority of the voting interests in such partnership)
or (ii) at least a majority of the securities or other interests of which having by their terms ordinary voting power to elect
a majority of the board of directors or others performing similar functions with respect to such corporation or other organization
is directly or indirectly owned or controlled by such Party or by any one or more of its Subsidiaries.

 

(xxxvii) “Superior Proposal”
means a bona fide written proposal made by a Third Party (i) which is for a tender or exchange offer, merger, consolidation, share
exchange, business combination, reorganization, recapitalization, liquidation, dissolution or other similar transaction involving
Armada, t Mesa or any of their respective Subsidiaries, or any purchase or acquisition of, (A) more than fifty percent (50%) of
the voting power of Armada’s or Mesa’s capital stock or (B) all or substantially all of the consolidated assets or
operations of Armada or Mesa and their respective Subsidiaries and (ii) which is otherwise on terms which Armada’s Board
of Directors or Mesa’s Board of Directors reasonably determines in good faith by majority vote after consultation with its
outside legal counsel and financial advisors (which financial advisors shall be nationally recognized reputation) and taking into
account all the terms and conditions of the proposal, including expected timing and likelihood of consummation, break-up fees,
expense reimbursement provisions and conditions, (A) would result in a transaction that, if consummated, is more favorable and
would provide greater financial value to Armada’s or Mesa’s stockholders from a financial point of view than the Acquisition
or, if applicable, any proposal by Armada or Mesa to amend the terms of this Agreement taking into account all the terms and conditions
of such proposal and this Agreement and (B) is reasonably likely to be completed on the terms proposed, taking into account all
financial, regulatory, legal and other aspects of such proposal and for which financing (if a cash transaction, whether in whole
or in part) is then fully committed.

 

(xxxviii) “Tax” (including,
with correlative meaning, the terms “Taxes” and “Taxable”) means all
taxes, assessments, charges, duties, fees, levies or other governmental charges including all United States federal, state, local,
foreign and other income, franchise, profits, gross receipts, capital gains, capital stock, transfer, sales, use, value-added,
occupation, property, excise, severance, windfall profits, stamp, license, payroll, social security, withholding and other taxes,
assessments, charges, duties, fees, levies or other governmental charges of any kind whatsoever (whether payable directly or by
withholding and whether or not requiring the filing of a Tax Return), all estimated taxes, deficiency assessments, additions to
tax, penalties and interest and shall include any liability for such amounts as a result of (i) being a transferee or successor
or member of a combined, consolidated, unitary or affiliated group, or (ii) a contractual obligation to indemnify any Person.

 

    	Page 71 of 73

    	 

    

 

(xxxix) “Taxing Authority”
means any domestic or foreign Governmental Entity responsible for the imposition of any Tax.

 

(xl) “Tax Return” means
all returns, statements, forms and reports (including elections, declarations, disclosures, schedules, estimates, information returns,
claims for refund and amended returns) relating to Taxes.

 

(xli) “Third Party” means
any Person other than Armada, Mesa, Mesa Sub or any Affiliate thereof.

 

(xlii) “Trade Secret”
means the whole or any portion or phase of any scientific or technical information, invention, analysis, design, process, method,
procedure, formula, database, algorithm, business or marketing plan, personal information, financial information, supplier information,
specification, or improvement which is confidential and proprietary.

 

(xliii) “Wells” means
all oil and/or gas wells, whether producing, operating, shut-in or temporarily abandoned, located on any real property associated
with an Oil & Gas Interest Mesa or any of its Subsidiaries or pooled therewith, together with all oil, gas and mineral production
from such wells.

 

(b) Additional Defined Terms. In
addition to the terms defined in this Section 9.14(a), additional defined terms used in this Agreement shall have the respective
meanings assigned thereto throughout this Agreement.

 

[Signature
Page Follows]

 

    	Page 72 of 73

    	 

    

 

IN WITNESS WHEREOF, Armada, Mesa
and Mesa Sub have caused this Agreement to be signed by their respective officers thereunto duly authorized, all as of the date
first written above.

 

	ARMADA	 
	 	 
	Armada Oil, Inc.	 
	 	 
	By:	/s/ James J. Cerna, Jr.	 
	Name:	James J. Cerna, Jr.	 
	Title:	President and Chief Executive Officer	 
	 	 
	MESA	 
	 	 
	Mesa Energy Holdings, Inc.	 
	 	 
	By:	/s/ Randy M. Griffin	 
	Name:	Randy M. Griffin	 
	Title:	Chief Executive Officer	 
	 	 
	MESA SUB	 
	 	 
	Mesa Energy, Inc.	 
	 	 
	By:	/s/ Randy M. Griffin	 
	Name:	Randy M. Griffin	 
	Title:	Chief Executive Officer	 

 

[Signature
Page to Asset Purchase Agreement and Plan of Reorganization]

 

    	Page 73 of 73

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