Document:

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A
REGISTRATION STATEMENT IN EFFECT WITH RESPECT THERETO UNDER THE ACT AND
APPLICABLE LAWS OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
AND APPLICABLE LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.

     

    
      
        
          	
                  Certificate
      No.  2010-01

                	
                  Warrant
      to Purchase up to 100,000 Shares of

                
	
                  Dated:
      February 17, 2010

                	
                  Common
      Stock (subject to
adjustment)

                

        

      

    

     

    WARRANT
TO PURCHASE COMMON STOCK

    of

    GLEN
ROSE PETROLEUM CORPORATION

    

                This
certifies that, for value received, Evergreen Syndications, LLC, or its
registered assigns (the “Holder”) is entitled,
subject to the terms set forth below, to purchase from Glen Rose Petroleum
Corporation, a Delaware corporation (the “Company”), up to one
hundred thousand (100,000) shares of common stock, par value $0.001 per share
(the “Common
Stock”), as constituted on the date hereof (the “Warrant Issue Date”),
upon surrender hereof, at the principal office of the Company referred to below,
with the Notice of Exercise form annexed hereto duly executed, and simultaneous
payment therefor in lawful money of the United States or otherwise as
hereinafter provided, at the Exercise Price set forth in Section 2 below. The
number and character of such shares of Common Stock and the Exercise Price are
subject to adjustment as provided herein. The term “Warrant” as used herein
shall include this Warrant and any warrants delivered in substitution or
exchange therefor as provided herein. This Warrant is being issued pursuant to
the Termination and Settlement Agreement dated February 17, 2010), by and
between the Company and Evergreen Syndications, LLC and Joseph
Tovey.

     

    1.           Term of Warrant. Subject to
the terms and conditions set forth herein, this Warrant shall be exercisable, in
whole or in part, during the term commencing on the Warrant Issue Date and
ending at 5:00 p.m., Eastern Standard Time, on February 17, 2011 (the “Term”), and shall be
void thereafter.

     

    2.           Exercise Price. The exercise
price at which this Warrant may be exercised shall be $0.50 per share of Common
Stock (the “Exercise
Price”), as such Exercise Price may be adjusted from time to time
pursuant to Section 12 hereof.

     

    Termination
and Settlement Agreement

    Exhibit
A

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    3.           Number of
Warrants.  The warrants shall be exercisable for any amount up
to and including one hundred thousand (100,000) Common Shares of the
Company.  The Warrant Issue Date shall be the date upon which any such
warrant is issued.

     

    4.           Vesting and Exercise of
Warrant.

     

    (a)         
Exercisability – Majority
Ownership. Notwithstanding anything herein to the contrary, should the
number of shares of Common Stock issuable upon the execution of this Warrant,
plus the number of shares of Common Stock issuable upon the any other warrant or
option relating to the Common Stock, plus any Common Stock held by Holder, any
“affiliate” of Holder as defined by defined by SEC Rule 501(b), or any party
acting as a “group” as defined by SEC Rule 13(d)(3) with Holder combined with
any shares held meet or exceed fifty percent (50%) of the Company’s total Common
Shares, this Warrant will only become exercisable (“Vest”) when the Company has
obtained shareholder approval of this Warrant in accordance with applicable
federal securities laws and the rules and regulations of any national securities
exchange or inter-dealer quotation system upon which the Company’s Common Stock
is then traded.

    

    (b)          Exercisability - Dilution.
Notwithstanding anything herein to the contrary, should the number of shares of
Common Stock issuable upon the execution of this Warrant, plus the number of
shares of Common Stock issuable upon the any other warrant or option relating to
the Common Stock held by Holder, any “affiliate” of Holder as defined by defined
by SEC Rule 501(b), or any party acting as a “group” as defined by SEC Rule
13(d)(3) with Holder combined with any shares held meet or exceed twenty percent
(20%) of the Company’s total Common Shares, this Warrant will only become
exercisable (“Vest”) when the Company has obtained shareholder approval of this
Warrant in accordance with applicable federal securities laws and the rules and
regulations of any national securities exchange or inter-dealer quotation system
upon which the Company’s Common Stock is then traded.

     

    (c)          Exercise of Warrant - Method of
Exercise. Subject to sections 4(a) and 4(b) above, the purchase rights
represented by this Warrant are exercisable by the Holder in whole or in part,
at any time, or from time to time, during the Term, by the surrender of this
Warrant and the Notice of Exercise annexed hereto duly completed and executed on
behalf of the Holder, at the principal office of the Company (or such other
office or agency of the Company as it may designate by notice in writing to the
Holder at the address of the Holder appearing on the books of the Company), upon
payment in cash by wire transfer or by check acceptable to the Company of the
purchase price of the shares to be purchased.

     

    (d)          Issuance of Shares. This
Warrant shall be deemed to have been exercised immediately prior to the close of
business on the date of its surrender for exercise as provided above, and the
person entitled to receive the Warrant Shares issuable upon such exercise shall
be treated for all purposes as the holder of record of such shares as of the
close of business on such date. As promptly as practicable on or after such date
and in any event within ten (10) days thereafter, the Company at its expense
shall issue and deliver to the person or persons entitled to receive the same a
certificate or certificates for the number of Warrant Shares issuable upon such
exercise. In the event that this Warrant is exercised in part, the Company at
its expense will execute and deliver a new Warrant of like tenor exercisable for
the remaining number of Warrant Shares for which this Warrant may then be
exercised.

    
       

      Termination
and Settlement Agreement

      Exhibit
A

       

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    5.          
No Fractional Shares or Scrip.
No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of this Warrant. In lieu of any fractional share to
which the Holder would otherwise be entitled (after aggregating all shares that
are being issued upon such exercise), the Company shall make a cash payment
equal to the Exercise Price multiplied by such fraction.

     

    6.          
Replacement of Warrant.
On receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant and, in the case of loss,
theft or destruction, on delivery of an indemnity agreement or bond reasonably
satisfactory in form and substance to the Company or, in the case of mutilation,
on surrender and cancellation of this Warrant, the Company at its expense shall
execute and deliver, in lieu of this Warrant, a new warrant of like tenor and
amount.

     

    7.          
Rights of Stockholders.
Subject to Sections 10 and 12 of this Warrant, the Holder shall not be
entitled to vote or receive dividends or be deemed the holder of the Warrant
Shares or any other securities of the Company that may at any time be issuable
on the exercise hereof for any purpose, nor shall anything contained herein be
construed to confer upon the Holder, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any
matter submitted to stockholders at any meeting thereof or to give or withhold
consent to any corporate action (whether upon any recapitalization, issuance of
stock, reclassification of stock, change of par value, or change of stock to no
par value, consolidation, merger, conveyance, or otherwise) or to receive notice
of meetings, or to receive dividends or subscription rights or otherwise until
this Warrant shall have been exercised as provided herein.

     

    8.          
Transfer of
Warrant.

     

    (a)          Warrant Register. The Company
will maintain a register (the “Warrant Register”)
containing the names and addresses of the Holder or Holders. Any Holder of this
Warrant or any portion thereof may change its address as shown on the Warrant
Register by written notice to the Company requesting such change. Any notice or
written communication required or permitted to be given to the Holder may be
delivered or given by mail to such Holder as shown on the Warrant Register and
at the address shown on the Warrant Register. Until this Warrant is transferred
on the Warrant Register of the Company, the Company may treat the Holder as
shown on the Warrant Register as the absolute owner of this Warrant for all
purposes, notwithstanding any notice to the contrary.

     

    (b)          Warrant Agent. The Company
may, by written notice to the Holder, appoint an agent for the purpose of
maintaining the Warrant Register referred to in Section 7(a) above, issuing the
Warrant Shares or other securities then issuable upon the exercise of this
Warrant, exchanging this Warrant, replacing this Warrant, or any or all of the
foregoing (the “Warrant Agent”).
Thereafter, any such registration, issuance, exchange or replacement, as the
case may be, shall be made at the office of the Warrant Agent.

     

    
      Termination
and Settlement Agreement

      Exhibit
A

       

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c)          Transferability and Negotiability of
Warrant. This Warrant may not be transferred or assigned in whole or in
part without compliance with all applicable federal and state securities laws by
the transferor and the transferee (including the delivery of investment
representation letters and legal opinions reasonably satisfactory to the
Company, if such are requested by the Company). Subject to the provisions of
this Warrant with respect to compliance with the Securities Act of 1933, as
amended (the “Act”), title to this
Warrant may be transferred by endorsement (by the Holder executing the
Assignment Form annexed hereto) and delivery in the same manner as a negotiable
instrument transferable by endorsement and delivery.

     

    (d)          Exchange of Warrant Upon a Transfer.
Upon surrender of this Warrant for exchange, properly endorsed on the
Assignment Form and subject to the provisions of this Warrant with respect to
compliance with the Act and with the limitations on assignments and transfers
contained in this Section 8, the Company at its expense shall issue to or on the
order of the Holder a new warrant or warrants of like tenor, in the name of the
Holder or as the Holder (on payment by the Holder of any applicable transfer
taxes) may direct, for the number of shares issuable upon exercise
hereof.

     

    (e)          Compliance with Securities
Laws.

     

    (i)     
The Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant
and the Warrant Shares to be issued upon exercise hereof are being acquired for
investment purposes, and that the Holder will not offer, sell or otherwise
dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof
except under circumstances that will not result in a violation of the Act or any
applicable state securities laws.

     

    (ii)     
This Warrant and all Warrant Shares issued upon exercise hereof or conversion
thereof shall be stamped or imprinted with a legend in substantially the
following form (in addition to any legend required by state securities
laws):

     

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), OR ANY STATE SECURITIES LAWS.  SUCH SHARES MAY NOT BE SOLD OR
OFFERED FOR SALE IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE ACT.  THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS AND HOLDER RIGHTS AS SET FORTH
IN A REGISTRATION RIGHTS AGREEMENT ENTERED INTO BY THE HOLDER OF THESE SHARES,
THE COMPANY AND CERTAIN OTHER STOCKHOLDERS OF THE COMPANY.  A COPY OF
SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE
FURNISHED BY THE COMPANY TO THE HOLDER HEREOF WITHOUT CHARGE UPON THE WRITTEN
REQUEST TO THE COMPANY.

     

    
      Termination
and Settlement Agreement

      Exhibit
A

       

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    9.          
Reservation of Stock.
The Company covenants that during the Term, the Company will reserve from
its authorized and unissued Common Stock a sufficient number of shares to
provide for the issuance of the Warrant Shares upon the exercise of this Warrant
and, from time to time, will take all steps necessary to amend its Certificate
or Articles of Incorporation (the “Certificate”) to
provide sufficient reserves of Warrant Shares issuable upon exercise of this
Warrant. The Company further covenants that all Warrant Shares that may be
issued upon the exercise of rights represented by this Warrant and payment of
the Exercise Price, all as set forth herein will be duly and validly authorized
and issued, fully paid and nonassessable and free from all taxes, liens and
charges in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously therewith). The Company agrees that its
issuance of this Warrant shall constitute full authority to its officers who are
charged with the duty of executing stock certificates to execute and issue the
necessary certificates for the Warrant Shares upon the exercise of this
Warrant.

     

    10.          Notices.

     

    (a)          Whenever
the Exercise Price or the shares purchasable hereunder shall be adjusted
pursuant to Section 12 hereof, the Company shall issue a certificate signed by
its Chief Financial Officer setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such
adjustment was calculated, and the Exercise Price and the shares purchasable
hereunder after giving effect to such adjustment, and shall cause a copy of such
certificate to be mailed (by first-class mail, postage prepaid) to the Holder of
this Warrant.

     

    (b)          In
case:

     

    (i)     
the Company shall take a record of the holders of its Common Stock (or other
stock or securities at the time receivable upon the exercise of this Warrant)
for the purpose of entitling them to receive any dividend or other distribution,
or any right to subscribe for or purchase any shares of stock of any class or
any other securities, or to receive any other right, or

     

    (ii)     
of any capital reorganization of the Company, any reclassification of the
capital stock of the Company, any consolidation or merger of the Company with or
into another corporation or entity, or any conveyance of all or substantially
all of the assets of the Company to another corporation or entity,
or

     

    (iii)     
of any voluntary or involuntary dissolution, liquidation or winding-up of the
Company, then, and in each such case, the Company will mail or cause to be
mailed to the Holder or Holders a notice specifying, as the case may be, (A) the
date on which a record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, or (B) the date on which such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation or
winding-up is to take place, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such stock or securities at the time
receivable upon the exercise of this Warrant) shall be entitled to exchange
their shares of Common Stock (or such other stock or securities) for securities
or other property deliverable upon such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up. Such
notice shall be mailed at least 20 days prior to the record date specified in
(A) above or 30 days prior to the date specified in (B) above.

     

    
      Termination
and Settlement Agreement

      Exhibit
A

       

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    11.         Amendments and
Waivers.

     

    (a)          Except
as provided in Section 11(b) below, this Warrant, or any provision hereof, may
be amended, waived, discharged or terminated only by a statement in writing
signed by the party against which enforcement of the change, waiver, discharge
or termination is sought.

     

    (b)          Any
term or condition of this Warrant may be amended with the written consent of the
Company and the Holder. Any amendment effected in accordance with this Section
11(b) shall be binding upon the Holder and each future holder of this Warrant
and the Company.

     

    (c)          No
waivers of, or exceptions to, any term, condition or provision of this Warrant,
in any one or more instances, shall be deemed to be, or construed as, a further
or continuing waiver of any such term, condition or provision.

     

    12.          Adjustments. The Exercise
Price and the shares purchasable hereunder are subject to adjustment from time
to time as follows:

     

    (a)          Merger, Sale of Assets, etc.
If at any time while this Warrant is outstanding and unexpired there shall be
(i) a reorganization (other than a combination, reclassification, exchange or
subdivision of shares otherwise provided for herein), (ii) a merger or
consolidation of the Company with or into another corporation in which the
Company is not the surviving entity, or (iii) a sale or transfer of the
Company’s properties and assets as, or substantially as, an entirety to any
other corporation or other entity, then, as a part of such reorganization,
merger, consolidation, sale or transfer, lawful provision shall be made so that
the holder of this Warrant shall thereafter be entitled to receive upon exercise
of this Warrant, during the period specified herein and upon payment of the
Exercise Price then in effect, the number of shares of stock or other securities
or property of the successor corporation or other entity resulting from such
reorganization, merger, consolidation, merger, sale or transfer that a holder of
the shares deliverable upon exercise of this Warrant would have been entitled to
receive in such reorganization, consolidation, merger, sale or transfer if this
Warrant had been exercised immediately before such reorganization, merger,
consolidation, sale or transfer, all subject to further adjustment as provided
in this Section 12. The foregoing provision of this Section 12(a) shall
similarly apply to successive reorganizations, consolidations, mergers, sales
and transfers and to the stock or securities of any other corporation or other
entity that are at the time receivable upon the exercise of this Warrant. In all
events, appropriate adjustment (as determined in good faith by the Company’s
Board of Directors) shall be made in the application of the provisions of this
Warrant with respect to the rights and interests of the Holder after the
transaction, to the end that the provisions of this Warrant shall be applicable
after that event, as near as reasonably may be, in relation to any shares or
other property deliverable after that event upon exercise of this
Warrant.

     

    
      Termination
and Settlement Agreement

      Exhibit
A

       

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b)          Reclassification, etc. If the
Company, at any time while this Warrant remains outstanding and unexpired, by
reclassification of securities or otherwise, shall change any of the securities
as to which purchase rights under this Warrant exist into the same or a
different number of securities of any other class or classes, this Warrant shall
thereafter represent the right to acquire such number and kind of securities as
would have been issuable as the result of such change with respect to the
securities that were subject to the purchase rights under this Warrant
immediately prior to such reclassification or other change and the Exercise
Price therefor shall be appropriately adjusted, all subject to further
adjustment as provided in this Section 12.

     

    (c)          Split, Subdivision or Combination of
Shares. If the Company at any time while this Warrant remains outstanding
and unexpired shall split, subdivide or combine the securities as to which
purchase rights under this Warrant exist, into a different number of securities
of the same class, the Exercise Price for such securities shall be
proportionately decreased in the case of a split or subdivision or
proportionately increased in the case of a combination and the number of such
securities shall be proportionately increased in the case of a split or
subdivision or proportionately decreased in the case of a
combination.

     

    (d)          Adjustments for Dividends in Stock
or other Securities or Property. If while this Warrant remains
outstanding and unexpired, the holders of the securities as to which purchase
rights under this Warrant exist (including without limitation securities into
which such securities may be converted) at the time shall have received, or, on
or after the record date fixed for the determination of eligible stockholders,
shall have become entitled to receive, without payment therefor, other or
additional stock or other securities or property (other than cash) of the
Company by way of dividend, then and in each case, this Warrant shall represent
the right to acquire, in addition to the number of shares of the security
receivable upon exercise of this Warrant, and without payment of any additional
consideration therefor, the amount of such other or additional stock or other
securities or property (other than cash) of the Company that such holder would
hold on the date of such exercise had it been the holder of record of the
security receivable upon exercise of this Warrant (or upon such conversion) on
the date hereof and had thereafter, during the period from the date hereof to
and including the date of such exercise, retained such shares and/or all other
additional stock available by it as aforesaid during such period, giving effect
to all adjustments called for during such period by the provisions of this
Section 12.

     

    (e)          Calculations. All
calculations under this Section 12 shall be made to the nearest four decimal
points.

     

    (f)          No Impairment. The Company
will not, by amendment of its charter or through reorganization, consolidation,
merger, dissolution, sale of assets or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the holder of this Warrant against
impairment.

     

    13.          Saturdays, Sundays and
Holidays. If the last or appointed day for the taking of any action or
the expiration of any right granted herein shall be a Saturday, Sunday or legal
holiday, then (notwithstanding anything herein to the contrary) such action may
be taken or such right may be exercised on the next succeeding day that is not a
Saturday, Sunday or legal holiday.

    
       

      Termination
and Settlement Agreement

      Exhibit
A

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    14.          Governing Law. This Warrant
shall be governed by and construed in accordance with the laws of the State of
Delaware applicable to agreements made and to be performed entirely within such
State, without regard to the conflicts of law principles of such
State.

     

    15.          Binding Effect. The terms of
this Warrant shall be binding upon and inure to the benefit of the Company and
the Holder and their respective successors and assigns.

      

    IN WITNESS
WHEREOF, Glen Rose Petroleum Corporation has caused this Warrant to be
executed by its officers thereunto duly authorized.

    

    
      
        	 
      	
                Glen
      Rose Petroleum Corporation

              
	 
      	 
      
	 
      	
                By:  ____________________________________

              
	 
      	
                Name:  Andrew
      Taylor-Kimmins

              
	 
      	
                Title:
         Chairman & President

              
	 
      	 
      
	 
      	
                Holder:
      ________________________________

              
	 
      	 
      
	 
      	
                By:  ____________________________________

              
	 
      	
                Name:

              
	 
      	
                Title:

              

      

    

     

    
      Termination
and Settlement Agreement

      Exhibit
A

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

     

    NOTICE
OF EXERCISE

     

    (1)          The
undersigned hereby (A) elects to purchase _______ shares of Common Stock of
GLEN ROSE
PETROLEUM CORPORATION, pursuant to the provisions of Section 4(c)(i) of
the attached Warrant, and tenders herewith payment of the purchase price for
such shares in full.

     

    (2)          In
exercising this Warrant, the undersigned hereby confirms and acknowledges that
the shares of Common Stock to be issued upon exercise hereof are being acquired
for investment purposes, and that the undersigned will not offer, sell or
otherwise dispose of any such shares of Common Stock except under circumstances
that will not result in a violation of the Securities Act of 1933, as amended,
or any applicable state securities laws.

     

    (3)          Please
issue a certificate or certificates representing said shares of Common Stock in
the name of the undersigned or in such other name as is specified
below:

     

    
      
        
          
            
              	 
      	 
      	 
      	
                        

                    
	 
      	 
      	 
      	
                      (Name)

                    
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                      (Name)

                    

            

          

        

      

    

     

    (4)          Please
issue a new Warrant for the unexercised portion of the attached Warrant in the
name of the undersigned or in such other name as is specified
below:

     

    
      
        
          
            
              
                	 
      	 
      	 
      	 
      	
                          

                      
	 
      	 
      	 
      	 
      	
                        (Name)

                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                          

                      	 
      	 
      
	
                        (Date)

                      	 
      	
                        (Signature)

                      	 
      	 
      

              

            

          

        

      

    

     

    
      Termination
and Settlement Agreement

      Exhibit
A

       

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      

    

     

    ASSIGNMENT

     

    FOR VALUE
RECEIVED, the undersigned registered owner of this Warrant hereby sells,
assigns and transfers unto the Assignee named below all of the rights of the
undersigned under the within Warrant, with respect to the number of shares of
Common Stock set forth below:

     

    
      
        
          
            	
                    Name
      of Assignee

                  	
                    Address

                  	
                    No.
      of Shares

                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

          

        

      

    

    

    and does
hereby irrevocably constitute and appoint ____________________________ Attorney
to make such transfer on the books of GLEN ROSE PETROLEUM
CORPORATION, maintained for the purpose, with full power of substitution
in the premises.

     

    The
undersigned also represents that, by assignment hereof, the Assignee
acknowledges that this Warrant and the shares of stock to be issued upon
exercise hereof are being acquired for investment purposes, and that the
Assignee will not offer, sell or otherwise dispose of this Warrant or any shares
of stock to be issued upon exercise hereof except under circumstances which will
not result in a violation of the Securities Act of 1933, as amended, or any
applicable state securities laws.

    

    Dated:
_________________________

     

    
      
        
          	 
      	 
      	
                    

                
	 
      	 
      	
                  Signature
      of Holder

                

        

      

    

     

    
      Termination
and Settlement Agreement

      Exhibit
A

       

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Exhibit
B

    

    

    THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A
REGISTRATION STATEMENT IN EFFECT WITH RESPECT THERETO UNDER THE ACT AND
APPLICABLE LAWS OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
AND APPLICABLE LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.

     

    
      
        
          	
                  Certificate
      No.  2010-02

                	
                  Warrant
      to Purchase up to 100,000 Shares of

                
	
                  Dated:
      February 17, 2010

                	
                  Common
      Stock (subject to
adjustment)

                

        

      

    

     

    WARRANT
TO PURCHASE COMMON STOCK

    of

    GLEN
ROSE PETROLEUM CORPORATION

    

                This
certifies that, for value received, Evergreen Syndications, LLC, or its
registered assigns (the “Holder”) is entitled,
subject to the terms set forth below, to purchase from Glen Rose Petroleum
Corporation, a Delaware corporation (the “Company”), up to one
hundred thousand (100,000) shares of common stock, par value $0.001 per share
(the “Common
Stock”), as constituted on the date hereof (the “Warrant Issue Date”),
upon surrender hereof, at the principal office of the Company referred to below,
with the Notice of Exercise form annexed hereto duly executed, and simultaneous
payment therefor in lawful money of the United States or otherwise as
hereinafter provided, at the Exercise Price set forth in Section 2 below. The
number and character of such shares of Common Stock and the Exercise Price are
subject to adjustment as provided herein. The term “Warrant” as used herein
shall include this Warrant and any warrants delivered in substitution or
exchange therefor as provided herein. This Warrant is being issued pursuant to
the Termination and Settlement Agreement dated February 17, 2010), by and
between the Company and Evergreen Syndications, LLC and Joseph
Tovey.

     

    1.          
Term of Warrant.
Subject to the terms and conditions set forth herein, this Warrant shall
be exercisable, in whole or in part, during the term commencing on the Warrant
Issue Date and ending at 5:00 p.m., Eastern Standard Time, on February 7, 2012
(the “Term”),
and shall be void thereafter.

     

    2.          
Exercise Price. The
exercise price at which this Warrant may be exercised shall be $1.00 per share
of Common Stock (the “Exercise Price”), as
such Exercise Price may be adjusted from time to time pursuant to Section 12
hereof.

     

    
      Termination
and Settlement Agreement

      Exhibit
B

       

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    3.          
Number of
Warrants.  The warrants shall be exercisable for any amount up
to and including one hundred thousand (100,000) Common Shares of the
Company.  The Warrant Issue Date shall be the date upon which any such
warrant is issued.

     

    4.          
Vesting and Exercise of
Warrant.

     

    (a)          Exercisability – Majority
Ownership. Notwithstanding anything herein to the contrary, should the
number of shares of Common Stock issuable upon the execution of this Warrant,
plus the number of shares of Common Stock issuable upon the any other warrant or
option relating to the Common Stock, plus any Common Stock held by Holder, any
“affiliate” of Holder as defined by defined by SEC Rule 501(b), or any party
acting as a “group” as defined by SEC Rule 13(d)(3) with Holder combined with
any shares held meet or exceed fifty percent (50%) of the Company’s total Common
Shares, this Warrant will only become exercisable (“Vest”) when the Company has
obtained shareholder approval of this Warrant in accordance with applicable
federal securities laws and the rules and regulations of any national securities
exchange or inter-dealer quotation system upon which the Company’s Common Stock
is then traded.

    

    (b)          Exercisability - Dilution.
Notwithstanding anything herein to the contrary, should the number of shares of
Common Stock issuable upon the execution of this Warrant, plus the number of
shares of Common Stock issuable upon the any other warrant or option relating to
the Common Stock held by Holder, any “affiliate” of Holder as defined by defined
by SEC Rule 501(b), or any party acting as a “group” as defined by SEC Rule
13(d)(3) with Holder combined with any shares held meet or exceed twenty percent
(20%) of the Company’s total Common Shares, this Warrant will only become
exercisable (“Vest”) when the Company has obtained shareholder approval of this
Warrant in accordance with applicable federal securities laws and the rules and
regulations of any national securities exchange or inter-dealer quotation system
upon which the Company’s Common Stock is then traded.

     

    (c)          Exercise of Warrant - Method of
Exercise. Subject to sections 4(a) and 4(b) above, the purchase rights
represented by this Warrant are exercisable by the Holder in whole or in part,
at any time, or from time to time, during the Term, by the surrender of this
Warrant and the Notice of Exercise annexed hereto duly completed and executed on
behalf of the Holder, at the principal office of the Company (or such other
office or agency of the Company as it may designate by notice in writing to the
Holder at the address of the Holder appearing on the books of the Company), upon
payment in cash by wire transfer or by check acceptable to the Company of the
purchase price of the shares to be purchased.

      

    (d)          Issuance of Shares. This
Warrant shall be deemed to have been exercised immediately prior to the close of
business on the date of its surrender for exercise as provided above, and the
person entitled to receive the Warrant Shares issuable upon such exercise shall
be treated for all purposes as the holder of record of such shares as of the
close of business on such date. As promptly as practicable on or after such date
and in any event within ten (10) days thereafter, the Company at its expense
shall issue and deliver to the person or persons entitled to receive the same a
certificate or certificates for the number of Warrant Shares issuable upon such
exercise. In the event that this Warrant is exercised in part, the Company at
its expense will execute and deliver a new Warrant of like tenor exercisable for
the remaining number of Warrant Shares for which this Warrant may then be
exercised.

     

    
      Termination
and Settlement Agreement

      Exhibit
B

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    5.          
No Fractional Shares or Scrip.
No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of this Warrant. In lieu of any fractional share to
which the Holder would otherwise be entitled (after aggregating all shares that
are being issued upon such exercise), the Company shall make a cash payment
equal to the Exercise Price multiplied by such fraction.

     

    6.          
Replacement of Warrant.
On receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant and, in the case of loss,
theft or destruction, on delivery of an indemnity agreement or bond reasonably
satisfactory in form and substance to the Company or, in the case of mutilation,
on surrender and cancellation of this Warrant, the Company at its expense shall
execute and deliver, in lieu of this Warrant, a new warrant of like tenor and
amount.

     

    7.          
Rights of Stockholders.
Subject to Sections 10 and 12 of this Warrant, the Holder shall not be
entitled to vote or receive dividends or be deemed the holder of the Warrant
Shares or any other securities of the Company that may at any time be issuable
on the exercise hereof for any purpose, nor shall anything contained herein be
construed to confer upon the Holder, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any
matter submitted to stockholders at any meeting thereof or to give or withhold
consent to any corporate action (whether upon any recapitalization, issuance of
stock, reclassification of stock, change of par value, or change of stock to no
par value, consolidation, merger, conveyance, or otherwise) or to receive notice
of meetings, or to receive dividends or subscription rights or otherwise until
this Warrant shall have been exercised as provided herein.

     

    8.          
Transfer of
Warrant.

     

    (a)         
Warrant Register. The
Company will maintain a register (the “Warrant Register”)
containing the names and addresses of the Holder or Holders. Any Holder of this
Warrant or any portion thereof may change its address as shown on the Warrant
Register by written notice to the Company requesting such change. Any notice or
written communication required or permitted to be given to the Holder may be
delivered or given by mail to such Holder as shown on the Warrant Register and
at the address shown on the Warrant Register. Until this Warrant is transferred
on the Warrant Register of the Company, the Company may treat the Holder as
shown on the Warrant Register as the absolute owner of this Warrant for all
purposes, notwithstanding any notice to the contrary.

     

    (b)         
Warrant Agent. The
Company may, by written notice to the Holder, appoint an agent for the purpose
of maintaining the Warrant Register referred to in Section 7(a) above, issuing
the Warrant Shares or other securities then issuable upon the exercise of this
Warrant, exchanging this Warrant, replacing this Warrant, or any or all of the
foregoing (the “Warrant Agent”).
Thereafter, any such registration, issuance, exchange or replacement, as the
case may be, shall be made at the office of the Warrant Agent.

     

    
      Termination
and Settlement Agreement

      Exhibit
B

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c)          
Transferability and
Negotiability of Warrant. This Warrant may not be transferred or assigned
in whole or in part without compliance with all applicable federal and state
securities laws by the transferor and the transferee (including the delivery of
investment representation letters and legal opinions reasonably satisfactory to
the Company, if such are requested by the Company). Subject to the provisions of
this Warrant with respect to compliance with the Securities Act of 1933, as
amended (the “Act”), title to this
Warrant may be transferred by endorsement (by the Holder executing the
Assignment Form annexed hereto) and delivery in the same manner as a negotiable
instrument transferable by endorsement and delivery.

     

    (d)          
Exchange of Warrant Upon a
Transfer. Upon surrender of this Warrant for exchange, properly endorsed
on the Assignment Form and subject to the provisions of this Warrant with
respect to compliance with the Act and with the limitations on assignments and
transfers contained in this Section 8, the Company at its expense shall issue to
or on the order of the Holder a new warrant or warrants of like tenor, in the
name of the Holder or as the Holder (on payment by the Holder of any applicable
transfer taxes) may direct, for the number of shares issuable upon exercise
hereof.

     

    (e)          
Compliance with Securities
Laws.

     

    (i)     
The Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant
and the Warrant Shares to be issued upon exercise hereof are being acquired for
investment purposes, and that the Holder will not offer, sell or otherwise
dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof
except under circumstances that will not result in a violation of the Act or any
applicable state securities laws.

     

    (ii)     
This Warrant and all Warrant Shares issued upon exercise hereof or conversion
thereof shall be stamped or imprinted with a legend in substantially the
following form (in addition to any legend required by state securities
laws):

     

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), OR ANY STATE SECURITIES LAWS.  SUCH SHARES MAY NOT BE SOLD OR
OFFERED FOR SALE IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE ACT.  THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS AND HOLDER RIGHTS AS SET FORTH
IN A REGISTRATION RIGHTS AGREEMENT ENTERED INTO BY THE HOLDER OF THESE SHARES,
THE COMPANY AND CERTAIN OTHER STOCKHOLDERS OF THE COMPANY.  A COPY OF
SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE
FURNISHED BY THE COMPANY TO THE HOLDER HEREOF WITHOUT CHARGE UPON THE WRITTEN
REQUEST TO THE COMPANY.

     

    
      Termination
and Settlement Agreement

      Exhibit
B

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    9.           
Reservation of Stock.
The Company covenants that during the Term, the Company will reserve from
its authorized and unissued Common Stock a sufficient number of shares to
provide for the issuance of the Warrant Shares upon the exercise of this Warrant
and, from time to time, will take all steps necessary to amend its Certificate
or Articles of Incorporation (the “Certificate”) to
provide sufficient reserves of Warrant Shares issuable upon exercise of this
Warrant. The Company further covenants that all Warrant Shares that may be
issued upon the exercise of rights represented by this Warrant and payment of
the Exercise Price, all as set forth herein will be duly and validly authorized
and issued, fully paid and nonassessable and free from all taxes, liens and
charges in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously therewith). The Company agrees that its
issuance of this Warrant shall constitute full authority to its officers who are
charged with the duty of executing stock certificates to execute and issue the
necessary certificates for the Warrant Shares upon the exercise of this
Warrant.

     

    10.          
Notices.

     

    (a)          
Whenever the Exercise Price or the shares purchasable hereunder shall be
adjusted pursuant to Section 12 hereof, the Company shall issue a certificate
signed by its Chief Financial Officer setting forth, in reasonable detail, the
event requiring the adjustment, the amount of the adjustment, the method by
which such adjustment was calculated, and the Exercise Price and the shares
purchasable hereunder after giving effect to such adjustment, and shall cause a
copy of such certificate to be mailed (by first-class mail, postage prepaid) to
the Holder of this Warrant.

     

    (b)          
In case:

     

    (i)     
the Company shall take a record of the holders of its Common Stock (or other
stock or securities at the time receivable upon the exercise of this Warrant)
for the purpose of entitling them to receive any dividend or other distribution,
or any right to subscribe for or purchase any shares of stock of any class or
any other securities, or to receive any other right, or

     

    (ii)     
of any capital reorganization of the Company, any reclassification of the
capital stock of the Company, any consolidation or merger of the Company with or
into another corporation or entity, or any conveyance of all or substantially
all of the assets of the Company to another corporation or entity,
or

     

    (iii)     
of any voluntary or involuntary dissolution, liquidation or winding-up of the
Company, then, and in each such case, the Company will mail or cause to be
mailed to the Holder or Holders a notice specifying, as the case may be, (A) the
date on which a record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, or (B) the date on which such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation or
winding-up is to take place, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such stock or securities at the time
receivable upon the exercise of this Warrant) shall be entitled to exchange
their shares of Common Stock (or such other stock or securities) for securities
or other property deliverable upon such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up. Such
notice shall be mailed at least 20 days prior to the record date specified in
(A) above or 30 days prior to the date specified in (B) above.

     

    
      Termination
and Settlement Agreement

      Exhibit
B

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    11.           
Amendments and
Waivers.

     

    (a)           
Except as provided in Section 11(b) below, this Warrant, or any provision
hereof, may be amended, waived, discharged or terminated only by a statement in
writing signed by the party against which enforcement of the change, waiver,
discharge or termination is sought.

     

    (b)           
Any term or condition of this Warrant may be amended with the written consent of
the Company and the Holder. Any amendment effected in accordance with this
Section 11(b) shall be binding upon the Holder and each future holder of this
Warrant and the Company.

     

    (c)           
No waivers of, or exceptions to, any term, condition or provision of this
Warrant, in any one or more instances, shall be deemed to be, or construed as, a
further or continuing waiver of any such term, condition or
provision.

     

    12.           
Adjustments. The
Exercise Price and the shares purchasable hereunder are subject to adjustment
from time to time as follows:

     

    (a)           
Merger, Sale of Assets,
etc. If at any time while this Warrant is outstanding and unexpired there
shall be (i) a reorganization (other than a combination, reclassification,
exchange or subdivision of shares otherwise provided for herein), (ii) a merger
or consolidation of the Company with or into another corporation in which the
Company is not the surviving entity, or (iii) a sale or transfer of the
Company’s properties and assets as, or substantially as, an entirety to any
other corporation or other entity, then, as a part of such reorganization,
merger, consolidation, sale or transfer, lawful provision shall be made so that
the holder of this Warrant shall thereafter be entitled to receive upon exercise
of this Warrant, during the period specified herein and upon payment of the
Exercise Price then in effect, the number of shares of stock or other securities
or property of the successor corporation or other entity resulting from such
reorganization, merger, consolidation, merger, sale or transfer that a holder of
the shares deliverable upon exercise of this Warrant would have been entitled to
receive in such reorganization, consolidation, merger, sale or transfer if this
Warrant had been exercised immediately before such reorganization, merger,
consolidation, sale or transfer, all subject to further adjustment as provided
in this Section 12. The foregoing provision of this Section 12(a) shall
similarly apply to successive reorganizations, consolidations, mergers, sales
and transfers and to the stock or securities of any other corporation or other
entity that are at the time receivable upon the exercise of this Warrant. In all
events, appropriate adjustment (as determined in good faith by the Company’s
Board of Directors) shall be made in the application of the provisions of this
Warrant with respect to the rights and interests of the Holder after the
transaction, to the end that the provisions of this Warrant shall be applicable
after that event, as near as reasonably may be, in relation to any shares or
other property deliverable after that event upon exercise of this
Warrant.

     

    
      Termination
and Settlement Agreement

      Exhibit
B

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b)           
Reclassification, etc.
If the Company, at any time while this Warrant remains outstanding and
unexpired, by reclassification of securities or otherwise, shall change any of
the securities as to which purchase rights under this Warrant exist into the
same or a different number of securities of any other class or classes, this
Warrant shall thereafter represent the right to acquire such number and kind of
securities as would have been issuable as the result of such change with respect
to the securities that were subject to the purchase rights under this Warrant
immediately prior to such reclassification or other change and the Exercise
Price therefor shall be appropriately adjusted, all subject to further
adjustment as provided in this Section 12.

     

    (c)           
Split, Subdivision or
Combination of Shares. If the Company at any time while this Warrant
remains outstanding and unexpired shall split, subdivide or combine the
securities as to which purchase rights under this Warrant exist, into a
different number of securities of the same class, the Exercise Price for such
securities shall be proportionately decreased in the case of a split or
subdivision or proportionately increased in the case of a combination and the
number of such securities shall be proportionately increased in the case of a
split or subdivision or proportionately decreased in the case of a
combination.

     

    (d)           
Adjustments for Dividends in
Stock or other Securities or Property. If while this Warrant remains
outstanding and unexpired, the holders of the securities as to which purchase
rights under this Warrant exist (including without limitation securities into
which such securities may be converted) at the time shall have received, or, on
or after the record date fixed for the determination of eligible stockholders,
shall have become entitled to receive, without payment therefor, other or
additional stock or other securities or property (other than cash) of the
Company by way of dividend, then and in each case, this Warrant shall represent
the right to acquire, in addition to the number of shares of the security
receivable upon exercise of this Warrant, and without payment of any additional
consideration therefor, the amount of such other or additional stock or other
securities or property (other than cash) of the Company that such holder would
hold on the date of such exercise had it been the holder of record of the
security receivable upon exercise of this Warrant (or upon such conversion) on
the date hereof and had thereafter, during the period from the date hereof to
and including the date of such exercise, retained such shares and/or all other
additional stock available by it as aforesaid during such period, giving effect
to all adjustments called for during such period by the provisions of this
Section 12.

     

    (e)           
Calculations. All
calculations under this Section 12 shall be made to the nearest four decimal
points.

     

    (f)           
No Impairment. The
Company will not, by amendment of its charter or through reorganization,
consolidation, merger, dissolution, sale of assets or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the holder of this Warrant against
impairment.

     

    13.           
Saturdays, Sundays and
Holidays. If the last or appointed day for the taking of any action or
the expiration of any right granted herein shall be a Saturday, Sunday or legal
holiday, then (notwithstanding anything herein to the contrary) such action may
be taken or such right may be exercised on the next succeeding day that is not a
Saturday, Sunday or legal holiday.

     

    
      Termination
and Settlement Agreement

      Exhibit
B

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    14.           
Governing Law. This
Warrant shall be governed by and construed in accordance with the laws of the
State of Delaware applicable to agreements made and to be performed entirely
within such State, without regard to the conflicts of law principles of such
State.

     

    15.           
Binding Effect. The
terms of this Warrant shall be binding upon and inure to the benefit of the
Company and the Holder and their respective successors and assigns.

      

    IN WITNESS
WHEREOF, Glen Rose Petroleum Corporation has caused this Warrant to be
executed by its officers thereunto duly authorized.

    

    
      
        
          
            
              
                	 
      	
                        Glen
      Rose Petroleum Corporation

                      
	 
      	 
      
	 
      	
                        By:  ____________________________________

                      
	 
      	
                        Name:  Andrew
      Taylor-Kimmins

                      
	 
      	
                        Title:
         Chairman & President

                      
	 
      	 
      
	 
      	
                        Holder:
      ________________________________

                      
	 
      	 
      
	 
      	
                        By:  ____________________________________

                      
	 
      	
                        Name:

                      
	 
      	
                        Title:

                      

              

            

          

        

      

    

     

    
      Termination
and Settlement Agreement

      Exhibit
B

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    NOTICE
OF EXERCISE

     

    (1)           
The undersigned hereby (A) elects to purchase _______ shares of Common Stock of
GLEN ROSE
PETROLEUM CORPORATION, pursuant to the provisions of Section 4(c)(i) of
the attached Warrant, and tenders herewith payment of the purchase price for
such shares in full.

     

    (2)           
In exercising this Warrant, the undersigned hereby confirms and acknowledges
that the shares of Common Stock to be issued upon exercise hereof are being
acquired for investment purposes, and that the undersigned will not offer, sell
or otherwise dispose of any such shares of Common Stock except under
circumstances that will not result in a violation of the Securities Act of 1933,
as amended, or any applicable state securities laws.

     

    (3)           
Please issue a certificate or certificates representing said shares of Common
Stock in the name of the undersigned or in such other name as is specified
below:

     

    
      
        
          
            
              
                
                  	 
      	 
      	 
      	
                            

                        
	 
      	 
      	 
      	
                          (Name)

                        
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                          (Name)

                        

                

              

            

          

        

      

    

     

    (4)          
Please issue a new Warrant for the unexercised portion of the attached Warrant
in the name of the undersigned or in such other name as is specified
below:

     

    
      
        
          
            
              
                
                  
                    	 
      	 
      	 
      	 
      	
                              

                          
	 
      	 
      	 
      	 
      	
                            (Name)

                          
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                              

                          	 
      	 
      
	
                            (Date)

                          	 
      	
                            (Signature)

                          	 
      	 
      

                  

                

              

            

          

        

      

    

     

    
      Termination
and Settlement Agreement

      Exhibit
B

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      

    

     

    ASSIGNMENT

     

    FOR VALUE
RECEIVED, the undersigned registered owner of this Warrant hereby sells,
assigns and transfers unto the Assignee named below all of the rights of the
undersigned under the within Warrant, with respect to the number of shares of
Common Stock set forth below:

     

    
      
        
          
            	
                    Name
      of Assignee

                  	
                    Address

                  	
                    No.
      of Shares

                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

          

        

      

    

    

    and does
hereby irrevocably constitute and appoint ____________________________ Attorney
to make such transfer on the books of GLEN ROSE PETROLEUM
CORPORATION, maintained for the purpose, with full power of substitution
in the premises.

     

    The
undersigned also represents that, by assignment hereof, the Assignee
acknowledges that this Warrant and the shares of stock to be issued upon
exercise hereof are being acquired for investment purposes, and that the
Assignee will not offer, sell or otherwise dispose of this Warrant or any shares
of stock to be issued upon exercise hereof except under circumstances which will
not result in a violation of the Securities Act of 1933, as amended, or any
applicable state securities laws.

    

    Dated:
_________________________

     

    
      
        
          
            	 
      	 
      	
                      

                  
	 
      	 
      	
                    Signature
      of Holder

                  

          

        

      

    

     

    
      Termination
and Settlement Agreement

      Exhibit
B

       

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Exhibit
C

    

    

    THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A
REGISTRATION STATEMENT IN EFFECT WITH RESPECT THERETO UNDER THE ACT AND
APPLICABLE LAWS OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
AND APPLICABLE LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.

     

    
      
        
          	
                  Certificate
      No.  2010-03

                	
                  Warrant
      to Purchase up to 100,000 Shares of

                
	
                  Dated:
      February 17, 2010

                	
                  Common
      Stock (subject to
adjustment)

                

        

      

    

     

    WARRANT
TO PURCHASE COMMON STOCK

    of

    GLEN
ROSE PETROLEUM CORPORATION

    

                This
certifies that, for value received, Evergreen Syndications, LLC, or its
registered assigns (the “Holder”) is entitled,
subject to the terms set forth below, to purchase from Glen Rose Petroleum
Corporation, a Delaware corporation (the “Company”), up to one
hundred thousand (100,000) shares of common stock, par value $0.001 per share
(the “Common
Stock”), as constituted on the date hereof (the “Warrant Issue Date”),
upon surrender hereof, at the principal office of the Company referred to below,
with the Notice of Exercise form annexed hereto duly executed, and simultaneous
payment therefor in lawful money of the United States or otherwise as
hereinafter provided, at the Exercise Price set forth in Section 2 below. The
number and character of such shares of Common Stock and the Exercise Price are
subject to adjustment as provided herein. The term “Warrant” as used herein
shall include this Warrant and any warrants delivered in substitution or
exchange therefor as provided herein. This Warrant is being issued pursuant to
the Termination and Settlement Agreement dated February 17, 2010), by and
between the Company and Evergreen Syndications, LLC and Joseph
Tovey.

     

    1.           
Term of Warrant.
Subject to the terms and conditions set forth herein, this Warrant shall
be exercisable, in whole or in part, during the term commencing on the Warrant
Issue Date and ending at 5:00 p.m., Eastern Standard Time, on February 17, 2013
(the “Term”),
and shall be void thereafter.

     

    2.           
Exercise Price. The
exercise price at which this Warrant may be exercised shall be $1.50 per share
of Common Stock (the “Exercise Price”), as
such Exercise Price may be adjusted from time to time pursuant to Section 12
hereof.

     

    
      Termination
and Settlement Agreement

      Exhibit
C

       

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    3.           
Number of
Warrants.  The warrants shall be exercisable for any amount up
to and including one hundred thousand (100,000) Common Shares of the
Company.  The Warrant Issue Date shall be the date upon which any such
warrant is issued.

     

    4.           
Vesting and Exercise of
Warrant.

     

    (a)           
Exercisability – Majority
Ownership. Notwithstanding anything herein to the contrary, should the
number of shares of Common Stock issuable upon the execution of this Warrant,
plus the number of shares of Common Stock issuable upon the any other warrant or
option relating to the Common Stock, plus any Common Stock held by Holder, any
“affiliate” of Holder as defined by defined by SEC Rule 501(b), or any party
acting as a “group” as defined by SEC Rule 13(d)(3) with Holder combined with
any shares held meet or exceed fifty percent (50%) of the Company’s total Common
Shares, this Warrant will only become exercisable (“Vest”) when the Company has
obtained shareholder approval of this Warrant in accordance with applicable
federal securities laws and the rules and regulations of any national securities
exchange or inter-dealer quotation system upon which the Company’s Common Stock
is then traded.

    

    (b)           
Exercisability -
Dilution. Notwithstanding anything herein to the contrary, should the
number of shares of Common Stock issuable upon the execution of this Warrant,
plus the number of shares of Common Stock issuable upon the any other warrant or
option relating to the Common Stock held by Holder, any “affiliate” of Holder as
defined by defined by SEC Rule 501(b), or any party acting as a “group” as
defined by SEC Rule 13(d)(3) with Holder combined with any shares held meet or
exceed twenty percent (20%) of the Company’s total Common Shares, this Warrant
will only become exercisable (“Vest”) when the Company has obtained shareholder
approval of this Warrant in accordance with applicable federal securities laws
and the rules and regulations of any national securities exchange or
inter-dealer quotation system upon which the Company’s Common Stock is then
traded.

     

    (c)           
Exercise of Warrant - Method
of Exercise. Subject to sections 4(a) and 4(b) above, the purchase rights
represented by this Warrant are exercisable by the Holder in whole or in part,
at any time, or from time to time, during the Term, by the surrender of this
Warrant and the Notice of Exercise annexed hereto duly completed and executed on
behalf of the Holder, at the principal office of the Company (or such other
office or agency of the Company as it may designate by notice in writing to the
Holder at the address of the Holder appearing on the books of the Company), upon
payment in cash by wire transfer or by check acceptable to the Company of the
purchase price of the shares to be purchased.

     

    (d)           
Issuance of Shares.
This Warrant shall be deemed to have been exercised immediately prior to the
close of business on the date of its surrender for exercise as provided above,
and the person entitled to receive the Warrant Shares issuable upon such
exercise shall be treated for all purposes as the holder of record of such
shares as of the close of business on such date. As promptly as practicable on
or after such date and in any event within ten (10) days thereafter, the Company
at its expense shall issue and deliver to the person or persons entitled to
receive the same a certificate or certificates for the number of Warrant Shares
issuable upon such exercise. In the event that this Warrant is exercised in
part, the Company at its expense will execute and deliver a new Warrant of like
tenor exercisable for the remaining number of Warrant Shares for which this
Warrant may then be exercised.

     

    
      Termination
and Settlement Agreement

      Exhibit
C

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    5.           
No Fractional Shares or Scrip.
No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of this Warrant. In lieu of any fractional share to
which the Holder would otherwise be entitled (after aggregating all shares that
are being issued upon such exercise), the Company shall make a cash payment
equal to the Exercise Price multiplied by such fraction.

     

    6.           
Replacement of Warrant.
On receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant and, in the case of loss,
theft or destruction, on delivery of an indemnity agreement or bond reasonably
satisfactory in form and substance to the Company or, in the case of mutilation,
on surrender and cancellation of this Warrant, the Company at its expense shall
execute and deliver, in lieu of this Warrant, a new warrant of like tenor and
amount.

     

    7.           
Rights of Stockholders.
Subject to Sections 10 and 12 of this Warrant, the Holder shall not be
entitled to vote or receive dividends or be deemed the holder of the Warrant
Shares or any other securities of the Company that may at any time be issuable
on the exercise hereof for any purpose, nor shall anything contained herein be
construed to confer upon the Holder, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any
matter submitted to stockholders at any meeting thereof or to give or withhold
consent to any corporate action (whether upon any recapitalization, issuance of
stock, reclassification of stock, change of par value, or change of stock to no
par value, consolidation, merger, conveyance, or otherwise) or to receive notice
of meetings, or to receive dividends or subscription rights or otherwise until
this Warrant shall have been exercised as provided herein.

     

    8.           
Transfer of
Warrant.

     

    (a)           Warrant Register. The Company
will maintain a register (the “Warrant Register”)
containing the names and addresses of the Holder or Holders. Any Holder of this
Warrant or any portion thereof may change its address as shown on the Warrant
Register by written notice to the Company requesting such change. Any notice or
written communication required or permitted to be given to the Holder may be
delivered or given by mail to such Holder as shown on the Warrant Register and
at the address shown on the Warrant Register. Until this Warrant is transferred
on the Warrant Register of the Company, the Company may treat the Holder as
shown on the Warrant Register as the absolute owner of this Warrant for all
purposes, notwithstanding any notice to the contrary.

     

    (b)           Warrant Agent. The Company
may, by written notice to the Holder, appoint an agent for the purpose of
maintaining the Warrant Register referred to in Section 7(a) above, issuing the
Warrant Shares or other securities then issuable upon the exercise of this
Warrant, exchanging this Warrant, replacing this Warrant, or any or all of the
foregoing (the “Warrant Agent”).
Thereafter, any such registration, issuance, exchange or replacement, as the
case may be, shall be made at the office of the Warrant Agent.

     

    
      Termination
and Settlement Agreement

      Exhibit
C

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c)           Transferability and Negotiability of
Warrant. This Warrant may not be transferred or assigned in whole or in
part without compliance with all applicable federal and state securities laws by
the transferor and the transferee (including the delivery of investment
representation letters and legal opinions reasonably satisfactory to the
Company, if such are requested by the Company). Subject to the provisions of
this Warrant with respect to compliance with the Securities Act of 1933, as
amended (the “Act”), title to this
Warrant may be transferred by endorsement (by the Holder executing the
Assignment Form annexed hereto) and delivery in the same manner as a negotiable
instrument transferable by endorsement and delivery.

     

    (d)           Exchange of Warrant Upon a Transfer.
Upon surrender of this Warrant for exchange, properly endorsed on the
Assignment Form and subject to the provisions of this Warrant with respect to
compliance with the Act and with the limitations on assignments and transfers
contained in this Section 8, the Company at its expense shall issue to or on the
order of the Holder a new warrant or warrants of like tenor, in the name of the
Holder or as the Holder (on payment by the Holder of any applicable transfer
taxes) may direct, for the number of shares issuable upon exercise
hereof.

     

    (e)           Compliance with Securities
Laws.

     

    (i)     
The Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant
and the Warrant Shares to be issued upon exercise hereof are being acquired for
investment purposes, and that the Holder will not offer, sell or otherwise
dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof
except under circumstances that will not result in a violation of the Act or any
applicable state securities laws.

     

    (ii)     
This Warrant and all Warrant Shares issued upon exercise hereof or conversion
thereof shall be stamped or imprinted with a legend in substantially the
following form (in addition to any legend required by state securities
laws):

     

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), OR ANY STATE SECURITIES LAWS.  SUCH SHARES MAY NOT BE SOLD OR
OFFERED FOR SALE IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE ACT.  THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS AND HOLDER RIGHTS AS SET FORTH
IN A REGISTRATION RIGHTS AGREEMENT ENTERED INTO BY THE HOLDER OF THESE SHARES,
THE COMPANY AND CERTAIN OTHER STOCKHOLDERS OF THE COMPANY.  A COPY OF
SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE
FURNISHED BY THE COMPANY TO THE HOLDER HEREOF WITHOUT CHARGE UPON THE WRITTEN
REQUEST TO THE COMPANY.

     

    
      Termination
and Settlement Agreement

      Exhibit
C

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    9.           
Reservation of Stock.
The Company covenants that during the Term, the Company will reserve from
its authorized and unissued Common Stock a sufficient number of shares to
provide for the issuance of the Warrant Shares upon the exercise of this Warrant
and, from time to time, will take all steps necessary to amend its Certificate
or Articles of Incorporation (the “Certificate”) to
provide sufficient reserves of Warrant Shares issuable upon exercise of this
Warrant. The Company further covenants that all Warrant Shares that may be
issued upon the exercise of rights represented by this Warrant and payment of
the Exercise Price, all as set forth herein will be duly and validly authorized
and issued, fully paid and nonassessable and free from all taxes, liens and
charges in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously therewith). The Company agrees that its
issuance of this Warrant shall constitute full authority to its officers who are
charged with the duty of executing stock certificates to execute and issue the
necessary certificates for the Warrant Shares upon the exercise of this
Warrant.

     

    10.           
Notices.

     

    (a)           
Whenever the Exercise Price or the shares purchasable hereunder shall be
adjusted pursuant to Section 12 hereof, the Company shall issue a certificate
signed by its Chief Financial Officer setting forth, in reasonable detail, the
event requiring the adjustment, the amount of the adjustment, the method by
which such adjustment was calculated, and the Exercise Price and the shares
purchasable hereunder after giving effect to such adjustment, and shall cause a
copy of such certificate to be mailed (by first-class mail, postage prepaid) to
the Holder of this Warrant.

     

    (b)           
In case:

     

    (i)     
the Company shall take a record of the holders of its Common Stock (or other
stock or securities at the time receivable upon the exercise of this Warrant)
for the purpose of entitling them to receive any dividend or other distribution,
or any right to subscribe for or purchase any shares of stock of any class or
any other securities, or to receive any other right, or

     

    (ii)     
of any capital reorganization of the Company, any reclassification of the
capital stock of the Company, any consolidation or merger of the Company with or
into another corporation or entity, or any conveyance of all or substantially
all of the assets of the Company to another corporation or entity,
or

     

    (iii)     
of any voluntary or involuntary dissolution, liquidation or winding-up of the
Company, then, and in each such case, the Company will mail or cause to be
mailed to the Holder or Holders a notice specifying, as the case may be, (A) the
date on which a record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, or (B) the date on which such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation or
winding-up is to take place, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such stock or securities at the time
receivable upon the exercise of this Warrant) shall be entitled to exchange
their shares of Common Stock (or such other stock or securities) for securities
or other property deliverable upon such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up. Such
notice shall be mailed at least 20 days prior to the record date specified in
(A) above or 30 days prior to the date specified in (B) above.

     

    
      Termination
and Settlement Agreement

      Exhibit
C 

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    11.           
Amendments and
Waivers.

     

    (a)           
Except as provided in Section 11(b) below, this Warrant, or any provision
hereof, may be amended, waived, discharged or terminated only by a statement in
writing signed by the party against which enforcement of the change, waiver,
discharge or termination is sought.

     

    (b)           
Any term or condition of this Warrant may be amended with the written consent of
the Company and the Holder. Any amendment effected in accordance with this
Section 11(b) shall be binding upon the Holder and each future holder of this
Warrant and the Company.

     

    (c)           
No waivers of, or exceptions to, any term, condition or provision of this
Warrant, in any one or more instances, shall be deemed to be, or construed as, a
further or continuing waiver of any such term, condition or
provision.

     

    12.           
Adjustments. The
Exercise Price and the shares purchasable hereunder are subject to adjustment
from time to time as follows:

     

    (a)           
Merger, Sale of Assets,
etc. If at any time while this Warrant is outstanding and unexpired there
shall be (i) a reorganization (other than a combination, reclassification,
exchange or subdivision of shares otherwise provided for herein), (ii) a merger
or consolidation of the Company with or into another corporation in which the
Company is not the surviving entity, or (iii) a sale or transfer of the
Company’s properties and assets as, or substantially as, an entirety to any
other corporation or other entity, then, as a part of such reorganization,
merger, consolidation, sale or transfer, lawful provision shall be made so that
the holder of this Warrant shall thereafter be entitled to receive upon exercise
of this Warrant, during the period specified herein and upon payment of the
Exercise Price then in effect, the number of shares of stock or other securities
or property of the successor corporation or other entity resulting from such
reorganization, merger, consolidation, merger, sale or transfer that a holder of
the shares deliverable upon exercise of this Warrant would have been entitled to
receive in such reorganization, consolidation, merger, sale or transfer if this
Warrant had been exercised immediately before such reorganization, merger,
consolidation, sale or transfer, all subject to further adjustment as provided
in this Section 12. The foregoing provision of this Section 12(a) shall
similarly apply to successive reorganizations, consolidations, mergers, sales
and transfers and to the stock or securities of any other corporation or other
entity that are at the time receivable upon the exercise of this Warrant. In all
events, appropriate adjustment (as determined in good faith by the Company’s
Board of Directors) shall be made in the application of the provisions of this
Warrant with respect to the rights and interests of the Holder after the
transaction, to the end that the provisions of this Warrant shall be applicable
after that event, as near as reasonably may be, in relation to any shares or
other property deliverable after that event upon exercise of this
Warrant.

    
       

      Termination
and Settlement Agreement

      Exhibit
C

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b)           
Reclassification, etc.
If the Company, at any time while this Warrant remains outstanding and
unexpired, by reclassification of securities or otherwise, shall change any of
the securities as to which purchase rights under this Warrant exist into the
same or a different number of securities of any other class or classes, this
Warrant shall thereafter represent the right to acquire such number and kind of
securities as would have been issuable as the result of such change with respect
to the securities that were subject to the purchase rights under this Warrant
immediately prior to such reclassification or other change and the Exercise
Price therefor shall be appropriately adjusted, all subject to further
adjustment as provided in this Section 12.

     

    (c)           
Split, Subdivision or
Combination of Shares. If the Company at any time while this Warrant
remains outstanding and unexpired shall split, subdivide or combine the
securities as to which purchase rights under this Warrant exist, into a
different number of securities of the same class, the Exercise Price for such
securities shall be proportionately decreased in the case of a split or
subdivision or proportionately increased in the case of a combination and the
number of such securities shall be proportionately increased in the case of a
split or subdivision or proportionately decreased in the case of a
combination.

     

    (d)           
Adjustments for Dividends in
Stock or other Securities or Property. If while this Warrant remains
outstanding and unexpired, the holders of the securities as to which purchase
rights under this Warrant exist (including without limitation securities into
which such securities may be converted) at the time shall have received, or, on
or after the record date fixed for the determination of eligible stockholders,
shall have become entitled to receive, without payment therefor, other or
additional stock or other securities or property (other than cash) of the
Company by way of dividend, then and in each case, this Warrant shall represent
the right to acquire, in addition to the number of shares of the security
receivable upon exercise of this Warrant, and without payment of any additional
consideration therefor, the amount of such other or additional stock or other
securities or property (other than cash) of the Company that such holder would
hold on the date of such exercise had it been the holder of record of the
security receivable upon exercise of this Warrant (or upon such conversion) on
the date hereof and had thereafter, during the period from the date hereof to
and including the date of such exercise, retained such shares and/or all other
additional stock available by it as aforesaid during such period, giving effect
to all adjustments called for during such period by the provisions of this
Section 12.

     

    (e)           
Calculations. All
calculations under this Section 12 shall be made to the nearest four decimal
points.

     

    (f)           
No Impairment. The
Company will not, by amendment of its charter or through reorganization,
consolidation, merger, dissolution, sale of assets or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the holder of this Warrant against
impairment.

     

    
      Termination
and Settlement Agreement

      Exhibit
C

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    13.           Saturdays, Sundays and
Holidays. If the last or appointed day for the taking of any action or
the expiration of any right granted herein shall be a Saturday, Sunday or legal
holiday, then (notwithstanding anything herein to the contrary) such action may
be taken or such right may be exercised on the next succeeding day that is not a
Saturday, Sunday or legal holiday.

     

    14.           Governing Law. This Warrant
shall be governed by and construed in accordance with the laws of the State of
Delaware applicable to agreements made and to be performed entirely within such
State, without regard to the conflicts of law principles of such
State.

     

    15.           Binding Effect. The terms of
this Warrant shall be binding upon and inure to the benefit of the Company and
the Holder and their respective successors and assigns.

      

    IN WITNESS
WHEREOF, Glen Rose Petroleum Corporation has caused this Warrant to be
executed by its officers thereunto duly authorized.

    

    
      
        
          
            
              
                	 
      	
                        Glen
      Rose Petroleum Corporation

                      
	 
      	 
      
	 
      	
                        By:  ____________________________________

                      
	 
      	
                        Name:  Andrew
      Taylor-Kimmins

                      
	 
      	
                        Title: 
        Chairman & President

                      
	 
      	 
      
	 
      	
                        Holder:
      ________________________________

                      
	 
      	 
      
	 
      	
                        By:  ____________________________________

                      
	 
      	
                        Name:

                      
	 
      	
                        Title:

                      

              

            

          

        

      

    

     

    
      Termination
and Settlement Agreement

      Exhibit
C

    

      

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    NOTICE
OF EXERCISE

     

    (1)           The
undersigned hereby (A) elects to purchase _______ shares of Common Stock of
GLEN ROSE
PETROLEUM CORPORATION, pursuant to the provisions of Section 4(c)(i) of
the attached Warrant, and tenders herewith payment of the purchase price for
such shares in full.

     

    (2)           In
exercising this Warrant, the undersigned hereby confirms and acknowledges that
the shares of Common Stock to be issued upon exercise hereof are being acquired
for investment purposes, and that the undersigned will not offer, sell or
otherwise dispose of any such shares of Common Stock except under circumstances
that will not result in a violation of the Securities Act of 1933, as amended,
or any applicable state securities laws.

     

    (3)           Please
issue a certificate or certificates representing said shares of Common Stock in
the name of the undersigned or in such other name as is specified
below:

     

    
      
        
          
            
              
                
                  	 
      	 
      	 
      	
                            

                        
	 
      	 
      	 
      	
                          (Name)

                        
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                          (Name)

                        

                

              

            

          

        

      

    

     

    (4)           Please
issue a new Warrant for the unexercised portion of the attached Warrant in the
name of the undersigned or in such other name as is specified
below:

     

    
      
        
          
            
              
                
                  
                    	 
      	 
      	 
      	 
      	
                              

                          
	 
      	 
      	 
      	 
      	
                            (Name)

                          
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                              

                          	 
      	 
      
	
                            (Date)

                          	 
      	
                            (Signature)

                          	 
      	 
      

                  

                

              

            

          

        

      

    

    
        

      Termination
and Settlement Agreement

      Exhibit
C

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
       

      
        

      

    

     

    ASSIGNMENT

     

    FOR VALUE
RECEIVED, the undersigned registered owner of this Warrant hereby sells,
assigns and transfers unto the Assignee named below all of the rights of the
undersigned under the within Warrant, with respect to the number of shares of
Common Stock set forth below:

     

    
      
        
          
            	
                    Name
      of Assignee

                  	
                    Address

                  	
                    No.
      of Shares

                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

          

        

      

    

    

    and does
hereby irrevocably constitute and appoint ____________________________ Attorney
to make such transfer on the books of GLEN ROSE PETROLEUM
CORPORATION, maintained for the purpose, with full power of substitution
in the premises.

     

    The
undersigned also represents that, by assignment hereof, the Assignee
acknowledges that this Warrant and the shares of stock to be issued upon
exercise hereof are being acquired for investment purposes, and that the
Assignee will not offer, sell or otherwise dispose of this Warrant or any shares
of stock to be issued upon exercise hereof except under circumstances which will
not result in a violation of the Securities Act of 1933, as amended, or any
applicable state securities laws.

    

    Dated:
_________________________

     

    
      
        
          
            	 
      	 
      	
                      

                  
	 
      	 
      	
                    Signature
      of Holder

                  

          

        

      

    

     

    
      Termination
and Settlement Agreement

      Exhibit
C

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Exhibit
D

    

    

    THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A
REGISTRATION STATEMENT IN EFFECT WITH RESPECT THERETO UNDER THE ACT AND
APPLICABLE LAWS OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
AND APPLICABLE LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.

     

    
      
        
          	
                  Certificate
      No.  2010-04

                	
                  Warrant
      to Purchase up to 100,000 Shares of

                
	
                  Dated:
      February 17, 2010

                	
                  Common
      Stock (subject to
adjustment)

                

        

      

    

     

    WARRANT
TO PURCHASE COMMON STOCK

    of

    GLEN
ROSE PETROLEUM CORPORATION

    

                This
certifies that, for value received, Evergreen Syndications, LLC, or its
registered assigns (the “Holder”) is entitled,
subject to the terms set forth below, to purchase from Glen Rose Petroleum
Corporation, a Delaware corporation (the “Company”), up to one
hundred thousand (100,000) shares of common stock, par value $0.001 per share
(the “Common
Stock”), as constituted on the date hereof (the “Warrant Issue Date”),
upon surrender hereof, at the principal office of the Company referred to below,
with the Notice of Exercise form annexed hereto duly executed, and simultaneous
payment therefor in lawful money of the United States or otherwise as
hereinafter provided, at the Exercise Price set forth in Section 2 below. The
number and character of such shares of Common Stock and the Exercise Price are
subject to adjustment as provided herein. The term “Warrant” as used herein
shall include this Warrant and any warrants delivered in substitution or
exchange therefor as provided herein. This Warrant is being issued pursuant to
the Termination and Settlement Agreement dated February 17, 2010), by and
between the Company and Evergreen Syndications, LLC and Joseph
Tovey.

     

    1.           
Term of Warrant.
Subject to the terms and conditions set forth herein, this Warrant shall
be exercisable, in whole or in part, during the term commencing on the Warrant
Issue Date and ending at 5:00 p.m., Eastern Standard Time, on February 17, 2014
(the “Term”),
and shall be void thereafter.

     

    
      Exhibit
E

      Evergreen
Syndications Registration Rights Agreement

      Glen Rose
Petroleum Corporation

    

     

    
      
        
        

      

      
        Page 11
of 20

        
          

        

      

      
        
        

      

    

     

    2.           
Exercise Price. The
exercise price at which this Warrant may be exercised shall be $2.00 per share
of Common Stock (the “Exercise Price”), as
such Exercise Price may be adjusted from time to time pursuant to Section 12
hereof.

    

    3.           
Number of
Warrants.  The warrants shall be exercisable for any amount up
to and including one hundred thousand (100,000) Common Shares of the
Company.  The Warrant Issue Date shall be the date upon which any such
warrant is issued.

     

    4.           
Vesting and Exercise of
Warrant.

     

    (a)           Exercisability – Majority
Ownership. Notwithstanding anything herein to the contrary, should the
number of shares of Common Stock issuable upon the execution of this Warrant,
plus the number of shares of Common Stock issuable upon the any other warrant or
option relating to the Common Stock, plus any Common Stock held by Holder, any
“affiliate” of Holder as defined by defined by SEC Rule 501(b), or any party
acting as a “group” as defined by SEC Rule 13(d)(3) with Holder combined with
any shares held meet or exceed fifty percent (50%) of the Company’s total Common
Shares, this Warrant will only become exercisable (“Vest”) when the Company has
obtained shareholder approval of this Warrant in accordance with applicable
federal securities laws and the rules and regulations of any national securities
exchange or inter-dealer quotation system upon which the Company’s Common Stock
is then traded.

    

    (b)           Exercisability - Dilution.
Notwithstanding anything herein to the contrary, should the number of shares of
Common Stock issuable upon the execution of this Warrant, plus the number of
shares of Common Stock issuable upon the any other warrant or option relating to
the Common Stock held by Holder, any “affiliate” of Holder as defined by defined
by SEC Rule 501(b), or any party acting as a “group” as defined by SEC Rule
13(d)(3) with Holder combined with any shares held meet or exceed twenty percent
(20%) of the Company’s total Common Shares, this Warrant will only become
exercisable (“Vest”) when the Company has obtained shareholder approval of this
Warrant in accordance with applicable federal securities laws and the rules and
regulations of any national securities exchange or inter-dealer quotation system
upon which the Company’s Common Stock is then traded.

     

    (c)           Exercise of Warrant - Method of
Exercise. Subject to sections 4(a) and 4(b) above, the purchase rights
represented by this Warrant are exercisable by the Holder in whole or in part,
at any time, or from time to time, during the Term, by the surrender of this
Warrant and the Notice of Exercise annexed hereto duly completed and executed on
behalf of the Holder, at the principal office of the Company (or such other
office or agency of the Company as it may designate by notice in writing to the
Holder at the address of the Holder appearing on the books of the Company), upon
payment in cash by wire transfer or by check acceptable to the Company of the
purchase price of the shares to be purchased.

     

    
      Exhibit
E

      Evergreen
Syndications Registration Rights Agreement

      Glen Rose
Petroleum Corporation

    

     

    
      
        
        

      

      
        Page 12
of 20

        
          

        

      

      
        
        

      

    

     

    (d)           Issuance of Shares. This
Warrant shall be deemed to have been exercised immediately prior to the close of
business on the date of its surrender for exercise as provided above, and the
person entitled to receive the Warrant Shares issuable upon such exercise shall
be treated for all purposes as the holder of record of such shares as of the
close of business on such date. As promptly as practicable on or after such date
and in any event within ten (10) days thereafter, the Company at its expense
shall issue and deliver to the person or persons entitled to receive the same a
certificate or certificates for the number of Warrant Shares issuable upon such
exercise. In the event that this Warrant is exercised in part, the Company at
its expense will execute and deliver a new Warrant of like tenor exercisable for
the remaining number of Warrant Shares for which this Warrant may then be
exercised.

     

    5.           
No Fractional Shares or Scrip.
No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of this Warrant. In lieu of any fractional share to
which the Holder would otherwise be entitled (after aggregating all shares that
are being issued upon such exercise), the Company shall make a cash payment
equal to the Exercise Price multiplied by such fraction.

     

    6.           
Replacement of Warrant.
On receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant and, in the case of loss,
theft or destruction, on delivery of an indemnity agreement or bond reasonably
satisfactory in form and substance to the Company or, in the case of mutilation,
on surrender and cancellation of this Warrant, the Company at its expense shall
execute and deliver, in lieu of this Warrant, a new warrant of like tenor and
amount.

     

    7.           
Rights of Stockholders.
Subject to Sections 10 and 12 of this Warrant, the Holder shall not be
entitled to vote or receive dividends or be deemed the holder of the Warrant
Shares or any other securities of the Company that may at any time be issuable
on the exercise hereof for any purpose, nor shall anything contained herein be
construed to confer upon the Holder, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any
matter submitted to stockholders at any meeting thereof or to give or withhold
consent to any corporate action (whether upon any recapitalization, issuance of
stock, reclassification of stock, change of par value, or change of stock to no
par value, consolidation, merger, conveyance, or otherwise) or to receive notice
of meetings, or to receive dividends or subscription rights or otherwise until
this Warrant shall have been exercised as provided herein.

     

    8.            
Transfer of
Warrant.

     

    (a)           Warrant Register. The Company
will maintain a register (the “Warrant Register”)
containing the names and addresses of the Holder or Holders. Any Holder of this
Warrant or any portion thereof may change its address as shown on the Warrant
Register by written notice to the Company requesting such change. Any notice or
written communication required or permitted to be given to the Holder may be
delivered or given by mail to such Holder as shown on the Warrant Register and
at the address shown on the Warrant Register. Until this Warrant is transferred
on the Warrant Register of the Company, the Company may treat the Holder as
shown on the Warrant Register as the absolute owner of this Warrant for all
purposes, notwithstanding any notice to the contrary.

     

    
      Exhibit
E

      Evergreen
Syndications Registration Rights Agreement

      Glen Rose
Petroleum Corporation

    

     

    
      
        
        

      

      
        Page 13
of 20

        
          

        

      

      
        
        

      

    

     

    (b)           Warrant Agent. The Company
may, by written notice to the Holder, appoint an agent for the purpose of
maintaining the Warrant Register referred to in Section 7(a) above, issuing the
Warrant Shares or other securities then issuable upon the exercise of this
Warrant, exchanging this Warrant, replacing this Warrant, or any or all of the
foregoing (the “Warrant Agent”).
Thereafter, any such registration, issuance, exchange or replacement, as the
case may be, shall be made at the office of the Warrant Agent.

     

    (c)           Transferability and Negotiability of
Warrant. This Warrant may not be transferred or assigned in whole or in
part without compliance with all applicable federal and state securities laws by
the transferor and the transferee (including the delivery of investment
representation letters and legal opinions reasonably satisfactory to the
Company, if such are requested by the Company). Subject to the provisions of
this Warrant with respect to compliance with the Securities Act of 1933, as
amended (the “Act”), title to this
Warrant may be transferred by endorsement (by the Holder executing the
Assignment Form annexed hereto) and delivery in the same manner as a negotiable
instrument transferable by endorsement and delivery.

     

    (d)           Exchange of Warrant Upon a Transfer.
Upon surrender of this Warrant for exchange, properly endorsed on the
Assignment Form and subject to the provisions of this Warrant with respect to
compliance with the Act and with the limitations on assignments and transfers
contained in this Section 8, the Company at its expense shall issue to or on the
order of the Holder a new warrant or warrants of like tenor, in the name of the
Holder or as the Holder (on payment by the Holder of any applicable transfer
taxes) may direct, for the number of shares issuable upon exercise
hereof.

     

    (e)           Compliance with Securities
Laws.

     

    (i)     
The Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant
and the Warrant Shares to be issued upon exercise hereof are being acquired for
investment purposes, and that the Holder will not offer, sell or otherwise
dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof
except under circumstances that will not result in a violation of the Act or any
applicable state securities laws.

     

    (ii)     
This Warrant and all Warrant Shares issued upon exercise hereof or conversion
thereof shall be stamped or imprinted with a legend in substantially the
following form (in addition to any legend required by state securities
laws):

     

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), OR ANY STATE SECURITIES LAWS.  SUCH SHARES MAY NOT BE SOLD OR
OFFERED FOR SALE IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE ACT.  THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS AND HOLDER RIGHTS AS SET FORTH
IN A REGISTRATION RIGHTS AGREEMENT ENTERED INTO BY THE HOLDER OF THESE SHARES,
THE COMPANY AND CERTAIN OTHER STOCKHOLDERS OF THE COMPANY.  A COPY OF
SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE
FURNISHED BY THE COMPANY TO THE HOLDER HEREOF WITHOUT CHARGE UPON THE WRITTEN
REQUEST TO THE COMPANY.

     

    
      Exhibit
E

      Evergreen
Syndications Registration Rights Agreement

      Glen Rose
Petroleum Corporation

    

     

    
      
        
        

      

      
        Page 14
of 20

        
          

        

      

      
        
        

      

    

     

    9.           
Reservation of Stock.
The Company covenants that during the Term, the Company will reserve from
its authorized and unissued Common Stock a sufficient number of shares to
provide for the issuance of the Warrant Shares upon the exercise of this Warrant
and, from time to time, will take all steps necessary to amend its Certificate
or Articles of Incorporation (the “Certificate”) to
provide sufficient reserves of Warrant Shares issuable upon exercise of this
Warrant. The Company further covenants that all Warrant Shares that may be
issued upon the exercise of rights represented by this Warrant and payment of
the Exercise Price, all as set forth herein will be duly and validly authorized
and issued, fully paid and nonassessable and free from all taxes, liens and
charges in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously therewith). The Company agrees that its
issuance of this Warrant shall constitute full authority to its officers who are
charged with the duty of executing stock certificates to execute and issue the
necessary certificates for the Warrant Shares upon the exercise of this
Warrant.

     

    10.           Notices.

     

    (a)           Whenever
the Exercise Price or the shares purchasable hereunder shall be adjusted
pursuant to Section 12 hereof, the Company shall issue a certificate signed by
its Chief Financial Officer setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such
adjustment was calculated, and the Exercise Price and the shares purchasable
hereunder after giving effect to such adjustment, and shall cause a copy of such
certificate to be mailed (by first-class mail, postage prepaid) to the Holder of
this Warrant.

     

    (b)           In
case:

     

    (i)     
the Company shall take a record of the holders of its Common Stock (or other
stock or securities at the time receivable upon the exercise of this Warrant)
for the purpose of entitling them to receive any dividend or other distribution,
or any right to subscribe for or purchase any shares of stock of any class or
any other securities, or to receive any other right, or

     

    (ii)     
of any capital reorganization of the Company, any reclassification of the
capital stock of the Company, any consolidation or merger of the Company with or
into another corporation or entity, or any conveyance of all or substantially
all of the assets of the Company to another corporation or entity,
or

     

    
      Exhibit
E

      Evergreen
Syndications Registration Rights Agreement

      Glen Rose
Petroleum Corporation

    

     

    
      
        
        

      

      
        Page 15
of 20

        
          

        

      

      
        
        

      

    

     

    (iii)     
of any voluntary or involuntary dissolution, liquidation or winding-up of the
Company, then, and in each such case, the Company will mail or cause to be
mailed to the Holder or Holders a notice specifying, as the case may be, (A) the
date on which a record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, or (B) the date on which such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation or
winding-up is to take place, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such stock or securities at the time
receivable upon the exercise of this Warrant) shall be entitled to exchange
their shares of Common Stock (or such other stock or securities) for securities
or other property deliverable upon such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation or winding-up. Such
notice shall be mailed at least 20 days prior to the record date specified in
(A) above or 30 days prior to the date specified in (B) above.

     

    11.           Amendments and
Waivers.

     

    (a)           Except
as provided in Section 11(b) below, this Warrant, or any provision hereof, may
be amended, waived, discharged or terminated only by a statement in writing
signed by the party against which enforcement of the change, waiver, discharge
or termination is sought.

     

    (b)           Any
term or condition of this Warrant may be amended with the written consent of the
Company and the Holder. Any amendment effected in accordance with this Section
11(b) shall be binding upon the Holder and each future holder of this Warrant
and the Company.

     

    (c)           No
waivers of, or exceptions to, any term, condition or provision of this Warrant,
in any one or more instances, shall be deemed to be, or construed as, a further
or continuing waiver of any such term, condition or provision.

     

    12.           Adjustments. The Exercise
Price and the shares purchasable hereunder are subject to adjustment from time
to time as follows:

     

    (a)           Merger, Sale of Assets, etc.
If at any time while this Warrant is outstanding and unexpired there shall be
(i) a reorganization (other than a combination, reclassification, exchange or
subdivision of shares otherwise provided for herein), (ii) a merger or
consolidation of the Company with or into another corporation in which the
Company is not the surviving entity, or (iii) a sale or transfer of the
Company’s properties and assets as, or substantially as, an entirety to any
other corporation or other entity, then, as a part of such reorganization,
merger, consolidation, sale or transfer, lawful provision shall be made so that
the holder of this Warrant shall thereafter be entitled to receive upon exercise
of this Warrant, during the period specified herein and upon payment of the
Exercise Price then in effect, the number of shares of stock or other securities
or property of the successor corporation or other entity resulting from such
reorganization, merger, consolidation, merger, sale or transfer that a holder of
the shares deliverable upon exercise of this Warrant would have been entitled to
receive in such reorganization, consolidation, merger, sale or transfer if this
Warrant had been exercised immediately before such reorganization, merger,
consolidation, sale or transfer, all subject to further adjustment as provided
in this Section 12. The foregoing provision of this Section 12(a) shall
similarly apply to successive reorganizations, consolidations, mergers, sales
and transfers and to the stock or securities of any other corporation or other
entity that are at the time receivable upon the exercise of this Warrant. In all
events, appropriate adjustment (as determined in good faith by the Company’s
Board of Directors) shall be made in the application of the provisions of this
Warrant with respect to the rights and interests of the Holder after the
transaction, to the end that the provisions of this Warrant shall be applicable
after that event, as near as reasonably may be, in relation to any shares or
other property deliverable after that event upon exercise of this
Warrant.

     

    
      Exhibit
E

      Evergreen
Syndications Registration Rights Agreement

      Glen Rose
Petroleum Corporation

    

     

    
      
        
        

      

      
        Page 16
of 20

        
          

        

      

      
        
        

      

    

     

    (b)           Reclassification, etc. If the
Company, at any time while this Warrant remains outstanding and unexpired, by
reclassification of securities or otherwise, shall change any of the securities
as to which purchase rights under this Warrant exist into the same or a
different number of securities of any other class or classes, this Warrant shall
thereafter represent the right to acquire such number and kind of securities as
would have been issuable as the result of such change with respect to the
securities that were subject to the purchase rights under this Warrant
immediately prior to such reclassification or other change and the Exercise
Price therefor shall be appropriately adjusted, all subject to further
adjustment as provided in this Section 12.

     

    (c)           Split, Subdivision or Combination of
Shares. If the Company at any time while this Warrant remains outstanding
and unexpired shall split, subdivide or combine the securities as to which
purchase rights under this Warrant exist, into a different number of securities
of the same class, the Exercise Price for such securities shall be
proportionately decreased in the case of a split or subdivision or
proportionately increased in the case of a combination and the number of such
securities shall be proportionately increased in the case of a split or
subdivision or proportionately decreased in the case of a
combination.

     

    (d)           Adjustments for Dividends in Stock
or other Securities or Property. If while this Warrant remains
outstanding and unexpired, the holders of the securities as to which purchase
rights under this Warrant exist (including without limitation securities into
which such securities may be converted) at the time shall have received, or, on
or after the record date fixed for the determination of eligible stockholders,
shall have become entitled to receive, without payment therefor, other or
additional stock or other securities or property (other than cash) of the
Company by way of dividend, then and in each case, this Warrant shall represent
the right to acquire, in addition to the number of shares of the security
receivable upon exercise of this Warrant, and without payment of any additional
consideration therefor, the amount of such other or additional stock or other
securities or property (other than cash) of the Company that such holder would
hold on the date of such exercise had it been the holder of record of the
security receivable upon exercise of this Warrant (or upon such conversion) on
the date hereof and had thereafter, during the period from the date hereof to
and including the date of such exercise, retained such shares and/or all other
additional stock available by it as aforesaid during such period, giving effect
to all adjustments called for during such period by the provisions of this
Section 12.

     

    
      Exhibit
E

      Evergreen
Syndications Registration Rights Agreement

      Glen Rose
Petroleum Corporation

    

     

    
      
        
        

      

      
        Page 17
of 20

        
          

        

      

      
        
        

      

    

     

    (e)           Calculations. All
calculations under this Section 12 shall be made to the nearest four decimal
points.

     

    (f)           No Impairment. The Company
will not, by amendment of its charter or through reorganization, consolidation,
merger, dissolution, sale of assets or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the holder of this Warrant against
impairment.

     

    13.           Saturdays, Sundays and
Holidays. If the last or appointed day for the taking of any action or
the expiration of any right granted herein shall be a Saturday, Sunday or legal
holiday, then (notwithstanding anything herein to the contrary) such action may
be taken or such right may be exercised on the next succeeding day that is not a
Saturday, Sunday or legal holiday.

     

    14.           Governing Law. This Warrant
shall be governed by and construed in accordance with the laws of the State of
Delaware applicable to agreements made and to be performed entirely within such
State, without regard to the conflicts of law principles of such
State.

     

    15.           Binding Effect. The terms of
this Warrant shall be binding upon and inure to the benefit of the Company and
the Holder and their respective successors and assigns.

      

    IN WITNESS
WHEREOF, Glen Rose Petroleum Corporation has caused this Warrant to be
executed by its officers thereunto duly authorized.

    

    
      
        
          
            
              
                	 
      	
                        Glen
      Rose Petroleum Corporation

                      
	 
      	 
      
	 
      	
                        By:  ____________________________________

                      
	 
      	
                        Name:  Andrew
      Taylor-Kimmins

                      
	 
      	
                        Title:
         Chairman & President

                      
	 
      	 
      
	 
      	
                        Holder:
      ________________________________

                      
	 
      	 
      
	 
      	
                        By:  ____________________________________

                      
	 
      	
                        Name:

                      
	 
      	
                        Title:

                      

              

            

          

        

      

    

     

    
      Exhibit
E

      Evergreen
Syndications Registration Rights Agreement

      Glen Rose
Petroleum Corporation

    

     

    
      
        
        

      

      
        Page 18
of 20

        
          

        

      

      
        
        

      

    

     

    NOTICE
OF EXERCISE

     

    (1)           The
undersigned hereby (A) elects to purchase _______ shares of Common Stock of
GLEN ROSE
PETROLEUM CORPORATION, pursuant to the provisions of Section 4(c)(i) of
the attached Warrant, and tenders herewith payment of the purchase price for
such shares in full.

     

    (2)           In
exercising this Warrant, the undersigned hereby confirms and acknowledges that
the shares of Common Stock to be issued upon exercise hereof are being acquired
for investment purposes, and that the undersigned will not offer, sell or
otherwise dispose of any such shares of Common Stock except under circumstances
that will not result in a violation of the Securities Act of 1933, as amended,
or any applicable state securities laws.

     

    (3)           Please
issue a certificate or certificates representing said shares of Common Stock in
the name of the undersigned or in such other name as is specified
below:

     

    
      
        
          
            
              
                	 
      	 
      	 
      	
                          

                      
	 
      	 
      	 
      	
                        (Name)

                      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                        (Name)

                      

              

            

          

        

      

    

     

    (4)           Please
issue a new Warrant for the unexercised portion of the attached Warrant in the
name of the undersigned or in such other name as is specified
below:

     

    
      
        
          
            
              
                
                  
                    	 
      	 
      	 
      	 
      	
                              

                          
	 
      	 
      	 
      	 
      	
                            (Name)

                          
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                              

                          	 
      	 
      
	
                            (Date)

                          	 
      	
                            (Signature)

                          	 
      	 
      

                  

                

              

            

          

        

      

    

     

    
      Exhibit
E

      Evergreen
Syndications Registration Rights Agreement

      Glen Rose
Petroleum Corporation

    

      

    
      
        
        

      

      
        Page 19
of 20

        
          

        

      

      
        
        

      

    

    
       

      
        

      

       

    

    ASSIGNMENT

     

    FOR VALUE
RECEIVED, the undersigned registered owner of this Warrant hereby sells,
assigns and transfers unto the Assignee named below all of the rights of the
undersigned under the within Warrant, with respect to the number of shares of
Common Stock set forth below:

     

    
      
        
          
            	
                    Name
      of Assignee

                  	
                    Address

                  	
                    No.
      of Shares

                  
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

          

        

      

    

    

    and does
hereby irrevocably constitute and appoint ____________________________ Attorney
to make such transfer on the books of GLEN ROSE PETROLEUM
CORPORATION, maintained for the purpose, with full power of substitution
in the premises.

     

    The
undersigned also represents that, by assignment hereof, the Assignee
acknowledges that this Warrant and the shares of stock to be issued upon
exercise hereof are being acquired for investment purposes, and that the
Assignee will not offer, sell or otherwise dispose of this Warrant or any shares
of stock to be issued upon exercise hereof except under circumstances which will
not result in a violation of the Securities Act of 1933, as amended, or any
applicable state securities laws.

    

    Dated:
_________________________

     

    
      
        
          
            	 
      	 
      	
                      

                  
	 
      	 
      	
                    Signature
      of Holder

                  

          

        

      

    

     

    
      Exhibit
E

      Evergreen
Syndications Registration Rights Agreement

      Glen Rose
Petroleum Corporation

    

     

    
      
        
        

      

      
        Page 20
of 20REGISTRATION RIGHTS
AGREEMENT

    

    THIS
REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made as of
February 17, 2010, by and among Glen Rose Petroleum Corporation a Delaware
corporation (the “Company”) and Joseph Tovey and
Evergreen Syndications, LLC, the holders of certain Warrants to purchase the
$.001 par value common stock of the Company, (“Warrants”) listed on the
signature pages hereto (such holders of Warrants referred to herein as the
“Warrant Holders” and
each individually a “Warrant
Holder”)

    

    RECITALS

    

    A.           Investors
in the capital stock of the Company are acquiring Warrants to purchase the
Company’s par value $0.001 per share common stock (“Warrants”) pursuant to a
Termination and Settlement Agreement dated February 17, 2010 between the Company
and the Warrant Holders (the “Termination and Settlement
Agreement”).

    

    AGREEMENT

    

    NOW,
THEREFORE, in consideration of the mutual promises herein contained, and other
consideration, the receipt and adequacy of which hereby is acknowledged, the
parties hereto agree as follows:

     

    1.     
       Certain
Definitions

     

    1.1           “Affiliate”
or “Affiliated entity or person” means, as to any specified Person any other
Person that, directly or indirectly through one or more intermediaries or
otherwise, controls, is controlled by or is under common control with the
specified Person.  As used in this definition, "control" means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person (whether through ownership
of capital stock of that Person, by contract or otherwise), or the ability to
exercise investment discretion through contractual provisions or
otherwise.

     

    1.2           “Common
Stock” means the Company's common stock, par value $0.001 per
share.

     

    1.3           “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the SEC promulgated thereunder, all as the same shall be in
effect at that time.

     

    1.4           “Holder”
shall mean a holder of Registrable Securities.

     

    1.5           “Piggyback
Registrations” means registrations effected pursuant to Section 3.1(a) of this
Agreement.

    

    
      
        
          
            	
                    Exhibit
      E

                  	 
      
	
                    Evergreen
      Syndications Registration Rights Agreement

                  	
                      
      

                  
	
                    Glen
      Rose Petroleum Corporation

                  	
                    Page
      1 of 6

                  

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    1.6           The
terms “register”, “registered” and “registration” refer to a registration
effected by preparing and filing a registration statement in compliance with the
Securities Act (as defined below), and the declaration or ordering of the
effectiveness of such registration statement.

     

    1.7           “Registrable
Securities” shall mean the shares of Common Stock of the Company issuable or
issued upon execution of the Warrants.

     

    1.8           “SEC”
shall mean the Securities and Exchange Commission or any other federal agency at
the time administering the Securities Act.

     

    1.9           “Securities
Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder, all as the same shall be in
effect at the time.

     

    1.10         “Stock”
means and includes all securities and options issued by the
Company.

     

    1.11         “Warrants”
means the Warrants as defined in the Termination and Settlement
Agreement

     

    2.        
    Restrictive
Legend.  Each certificate representing Registrable Securities
shall (unless otherwise permitted or unless the securities evidenced by such
certificate shall have been registered under the Securities Act) be stamped or
otherwise imprinted with a legend substantially in the following form (in
addition to any legend required under applicable state securities
laws):

    

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), OR ANY STATE SECURITIES LAWS.  SUCH SHARES MAY NOT BE SOLD OR
OFFERED FOR SALE IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS
NOT REQUIRED UNDER THE ACT.  THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS AND HOLDER RIGHTS AS SET FORTH
IN A REGISTRATION RIGHTS AGREEMENT ENTERED INTO BY THE HOLDER OF THESE SHARES,
THE COMPANY AND CERTAIN OTHER STOCKHOLDERS OF THE COMPANY.  A COPY OF
SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE
FURNISHED BY THE COMPANY TO THE HOLDER HEREOF WITHOUT CHARGE UPON THE WRITTEN
REQUEST TO THE COMPANY.”

    

    Upon
request of a holder of such a certificate, the Company shall remove the
foregoing legend from the certificate or issue to such holder a new certificate
therefor free of any transfer legend, if, with such request, the Company shall
have received either: (i) a written opinion of legal counsel to the holder,
addressed to the Company and reasonably satisfactory in form and substance to
the Company's counsel, to the effect that the proposed transfer of the Stock may
be effected without registration under the Securities Act and that the legend
may be removed; or (ii) a “no-action” letter from the SEC to the effect that the
distribution of such securities without registration will not result in a
recommendation by the staff of the SEC that action be taken with respect
thereto, and provided that the Company shall not be obligated to remove any such
legends prior to the date of the initial public offering of the Company's Common
Stock under the Securities Act.

    

    
      
        
          	
                  Exhibit
      E

                	 
      
	
                  Evergreen
      Syndications Registration Rights Agreement

                	
                   
      

                
	
                  Glen
      Rose Petroleum Corporation

                	
                  Page
      2 of 6

                

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    3.            Registration
Rights

     

    a.            Company Registration
(Piggyback Registration). If the Company files a registration statement with the
U.S. Securities and Exchange Commission, the Company shall provide 10 days
notice to Warrant Holder of said registration statement and include Warrant
Holder’s Registrable Securities at Warrant Holder’s option.  Warrant
Holder acknowledges that plans to file a registration statement may be material
non-public information and hereby covenants not to trade in company shares
between the time of receipt of notice of the planned registration statement
filing and the actual filing of the registration statement.  Warrant
Holder’s registration rights shall not apply to Form S-8 registration
statements, registration statements relating to shares for employee benefit
plans, and registration statements, such as a Form 10 registration statement,
that are not intended to authorize the secondary sale of
securities.  These registration rights shall further be limited by
reference to SEC Rule 415 in that the number of shares to be registered shall be
reduced on a pro rata basis with other shareholders’ common shares to be
included in the registration statement if the number of shares to be included in
the registration statement is required to be limited by SEC Rule
415.  The determination of how many shares may be subject to the SEC
Rule 415 limitation shall be determined by the Company in its sole
discretion.

    

    b.            Rule 144
Reporting.  With a view to making available the benefits of
certain rules and regulations of the SEC which may permit the sale of the
Registrable Securities to the public without registration, the Company agrees
to:

     

    
      	
               
      

            	
              i.

            	
              Make
      and keep public information available as those terms are understood and
      defined in Rule 144 under the Securities Act, at all times from and after
      ninety (90) days following the effective date of the first registration
      under the Securities Act filed by the Company for an offering of its
      securities to the general public;

            

    

     

    
      	
               
      

            	
              ii.

            	
              Use
      its commercially reasonable efforts to file with the Commission in a
      timely manner all reports and other documents required of the Company
      under the Securities Act and the Exchange Act at any time after it has
      become subject to such reporting
requirements;

            

    

     

    
      	
               
      

            	
              iii.

            	
              So
      long as a Warrant Holder owns any Registrable Securities or Warrant to
      purchase Registrable Securities, furnish to Warrant Holders forthwith upon
      request a written statement by the Company as to its compliance with the
      reporting requirements of Rule 144 (provided that the Company remains
      subject to reporting requirements under the Securities Exchange Act of
      1934).

            

    

     

    c.   
        Termination of
Rights.  Unless otherwise provided herein, the rights and
provisions of this Article 3 shall terminate five years following the date of
this Agreement.

    

    
      
        
          	
                  Exhibit
      E

                	 
      
	
                  Evergreen
      Syndications Registration Rights Agreement

                	
                      

                
	
                  Glen
      Rose Petroleum Corporation

                	
                  Page
      3 of 6

                

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    d.            Transfer or Assignment of
Registration Rights.  The rights to cause the Company to
register Warrant Holders’ securities granted by the Company under this Article 3
are not transferable without the written consent of the Company.

    

    4.         
   Termination, Waiver, Miscellaneous.

     

    4.1           Waivers.  Any
waiver by a party of its rights hereunder will be effective only if evidenced by
a written instrument executed by such party or its authorized representative and
shall not constitute a waiver of any rights provided in this Agreement with
respect to any subsequent transactions covered by this Agreement.

     

    4.2           Obligation of the
Company.  The Company shall enforce the terms of this
Agreement, promptly inform Warrant Holders of any breach hereof (to the extent
the Company has knowledge thereof) and assist Warrant Holders in the exercise of
their rights and the performance of their obligations hereunder.

     

    4.3           Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be
deemed an original and all of which together shall constitute one
instrument.

     

    4.4           Governing
Law.  This Agreement shall be construed in accordance with, and
governed in all respects by, the internal laws of the State of
Delaware.

     

    4.5           Arbitration
Clause.  Any controversy or claim arising out of or relating to
this Agreement, or the breach thereof, including the arbitrability of any
controversy or claim, shall be settled by arbitration in accordance with the
Commercial Arbitration Rules and the Optional Rules for Emergency Measures of
Protection of the American Arbitration Association (“AAA”), and judgment upon
the award rendered by the arbitrator(s) may be entered in any court having
jurisdiction thereof.  Any provisional remedy which would be available
from a court of law shall be available from the arbitrator to the Parties to
this Agreement pending arbitration.  Civil discovery shall be
permitted for the production of documents and taking of depositions. The
arbitrator(s) shall be guided by the Court Rules of the New York Unified Court
System in allowing discovery and all issues regarding compliance with discovery
requests shall be decided by the arbitrator(s).  The Federal
Arbitration Act shall govern all arbitration proceedings under this Agreement.
This Agreement shall in all other respects be governed and interpreted by the
laws of the State of New York, excluding any conflicts or choice of law rule or
principles that might otherwise refer construction or interpretation of this
Agreement to the substantive law of another jurisdiction.  The
arbitration shall be conducted in New York, New York by one neutral arbitrator
chosen by AAA according to its Commercial Arbitration Rules if the amount of
claim is one million ($1,000,000.00) or less and by three neutral arbitrators
chosen by AAA in the same manner if the amount of the claim is more than one
million ($1,000,000.00).  Neither Party nor the arbitrator(s) may
disclose the existence, content, or results of any arbitration hereunder without
the prior written consent of both Parties. All fees and expenses of the
arbitration shall be borne by the Parties equally.  Each Party shall
bear the expense of its own counsel, experts, witnesses, and preparation and
presentation of proofs, however, the prevailing Party shall be entitled to an
award of reasonable attorney’s fees and expenses, including the cost of the
mediation, and such Party’s share of the arbitration fees and
expenses.  This agreement to arbitrate shall survive the termination
and repudiation of this Agreement.  Any award rising from such
arbitration shall be final and binding on the Parties and may be entered in any
court of competent jurisdiction to the extent necessary for the enforcement
thereof, and the prohibition against non-disclosure provided in this section
shall not apply to such actions.

    

    
      
        
          	
                  Exhibit
      E

                	 
      
	
                  Evergreen
      Syndications Registration Rights Agreement

                	
                      

                
	
                  Glen
      Rose Petroleum Corporation

                	
                  Page
      4 of 6

                

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    4.6           Notices.  All
notices and other communications required or permitted hereunder shall be in
writing and shall be mailed by first-class mail, postage prepaid, or otherwise
delivered by hand or by messenger, at the most recently provided address as such
party shall have furnished to the Company.

     

    4.7           Severability.  If
one or more provisions of this Agreement are held to be unenforceable under
applicable law, portions of such provisions, or such provisions in their
entirety, to the extent necessary, shall be severed from this Agreement, and the
balance of the Agreement shall be interpreted as if such provision were so
excluded and shall be enforceable in accordance with its terms.

     

    4.8           Further
Assurances.  Each party hereby agrees to execute and deliver
all such further instruments and documents and take all such other actions as
the other party may reasonably request in order to carry out the intent and
purposes of this Agreement.

     

    4.9           Titles and
Subtitles.  The titles and subtitles used in this Agreement are
used for convenience in construing or interpreting this Agreement.

     

    4.10         Delays or
Omissions.  No delay or omission to exercise any right, power
or remedy accruing to any party to this Agreement, upon any breach or default of
the other party, shall impair any such right, power or remedy of such
non-breaching party nor shall it be construed to be a waiver of any such breach
or default, or an acquiescence therein, or of any similar breach or default
thereafter occurring; nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter
occurring.  Any waiver, permit, consent or approval of any kind or
character on the part of any party of any breach or default under this
Agreement, or any waiver on the part of any party of any provisions or
conditions of this Agreement, must be made in writing and shall be effective
only to the extent specifically set forth in such writing.  All
remedies, either under this Agreement, or by law or otherwise afforded to any
Warrant Holder, shall be cumulative and not alternative.

     

    4.11         Entire
Agreement.  This Agreement and the documents referred to herein
constitute the entire agreement between the parties hereto pertaining to the
subject matter hereof and any other written or oral agreements between the
parties hereto are expressly canceled.

     

    4.12         Amendments.  This
Agreement may not be amended without the written consent of the Company and the
holders of a majority of the issued and outstanding Warrants.

    

    
      
        
          	
                  Exhibit
      E

                	 
      
	
                  Evergreen
      Syndications Registration Rights Agreement

                	
                     

                
	
                  Glen
      Rose Petroleum Corporation

                	
                  Page
      5 of 6

                

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    4.13         Additional
Parties.  Any purchaser of Warrants issued pursuant to the
Termination and Settlement Agreement shall become a party to this Agreement by
executing and delivering to the Company a counterpart to this
Agreement.  Upon such execution and delivery, such purchaser shall be
deemed to be a Warrant Holder hereunder with all of the rights and obligations
thereof.

     

    *****

    IN
WITNESS WHEREOF, this Agreement has been executed by the parties hereto as of
the day and year first above written.

    

    
      
        	
                Glen
      Rose Petroleum Corporation

              
	 
      
	
                By:

              	
                  

              
	 
      	
                Andrew
      Taylor-Kimmins

              
	 
      	 
      
	 
      	
                President

              
	 
      
	
                WARRANT
      HOLDERS:

              
	 
      
	
                  

              
	
                Joseph
      Tovey

              
	 
      
	
                Evergreen
      Syndications, LLC

              
	 
      
	
                By:

              	
                  

              
	 
      	
                Joseph
      Tovey, Manager

              

      

    

    

    
      
        
          	
                  Exhibit
      E

                	 
      
	
                  Evergreen
      Syndications Registration Rights Agreement

                	
                      

                
	
                  Glen
      Rose Petroleum Corporation

                	
                  Page
      6 of 6

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